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Asked 11/05/2009 05:16 am CT (Jacksonville, FL)

I am looking into a 3/1 ARM backed by the CMT index. The margin is 2% with a 5% cap on the life of the loan. Starting interest rate is 3.75. I was just wondering if this is a good deal or not and if refinancing is a good idea if you are only getting an interest rate about 1 point lower than the current one. Currently my interest rate is 6 1/8. Thanks

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Asked 11/04/2009 02:00 pm CT (Miami, FL)

Hi, can smbd please tell me whether the interest rates are lower on a home mortgage or a home equity loan? I’m purchasing a condo and considering two options: financing it the first time around or purchasing all-cash and then taking a home equity loan. Can smbd tell me pros and cons? What about qualifications? Which one is easier yo get? Thanks a million times!!!

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Asked 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

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Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

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Asked 04/08/2009 11:16 am CT (Minneapolis, MN)

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me?

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My advice would be to contact Bank of America since they now own Countrywide. They may be able to d...

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Asked 02/10/2009 01:39 pm CT (Montgomery, AL)

HELP!!! My husband and I are trying to refinance for a lower payment, but we cannot find a lender to refinance. Our interest rate is a 20yr fixed @ 9.25% and we owe @105k. My credit score is 715, but my husbands is 566. My debt to income ratio is too high to refinanace by myself. What should we do?????

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p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ ...

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 01/10/2009 05:33 pm CT (Peoria, IL)

We purchased our house in September of 2008. We have excellent credit but did not receive a good rate. We think our rate should be lower than 6.5%. We would like to refinance but do not know where to turn and a couple places said to wait a year. What should we do?

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Jane, I would need more information to advise you. I need to know what your loan is compared to th...

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Asked 01/08/2009 05:37 pm CT (Tucson, AZ)

we bought our house a year ago at 6.5% and were wondering if we should refinance at 5.0% or wait and see if it's going to go down? do you think the rates are going to lower anymore?

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Yes, rates are at thier lowest so now would be the time to refi into your long term mortgage strateg...

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Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

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Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hello - I just looked at the amortization schedule using your numbers and it makes a lot of sense to...

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Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each ye...

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Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hi Ginger, If you haven't refinanced yet, it absolutely makes sense to do so. You can lower your ...

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Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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The problem you are going to have is finding anyone that will actually do the loan for you since you...

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Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each yea...

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Asked 12/30/2008 08:05 am CT (North Platte, NE)

looking to refinance; issue, credit score of 528. Any institutions that will refinance for a fixed rate to lower payments? The Arm keeps adjusting into a higher payment. thank you

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You are more likely to succeed with a loan modification if you are simply looking to lower your paym...

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Asked 12/19/2008 10:07 am CT (Orlando, FL)

How can I lower my mortgage payment without refinancing and what is a loan modification?

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You would have to talk to your Lender to see if they are offering any type of "Loan Modification". ...

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Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 11/15/2008 06:13 pm CT (Peoria, IL)

I owe more than my house is worth. I am behind a month on my mortgage and cant get caught up.How do i refinance to lower payments and help out my credit and bill situation

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Hi Jim, If you owe more on your mortgage then your home is worth you can't refinance unless you ...

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