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Search: "Rates"

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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 07/24/2009 07:36 am CT (Bayonne, NJ)

Hi, my name is Pete. I have a few questions. I am looking to purchase a condo in Manchester for $80K. I am inquiring as to your rates for a 30 year mortgage and as to if a 10% down payment is an option. Also, my credit is awful and I would need a cosigner, I’m 100% confident that my cosigner would be approved. With that assumption, would I still be eligible for an FHA loan?

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Asked 03/02/2009 07:03 am CT (Atlanta, GA)

I own a home that I paid about 530K for about a year and a half ago. It is 100% financed. I would absolutely love to refinance and get the rates being offered today but based on some comps in my neighborhood I am looking at being upside down in my mortgage by about $60-$80K. Plus I imagine 100% financing has kind of gone away. Is there anything I can do to refinance and not have to bring $100K to the closing table? Or am I just completely up the proverbial creek with no paddle?

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Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

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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 12/31/2008 09:05 am CT (Fresno, CA)

I have over 30 years in the mortgage business and I am looking for a company that has a wide variety of programs including the ability to do FHA, having competitive rates, nationwide lending and is willing to work with a home office set-up. Does anyone have any recommendations? Thanks

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You may want to look at Countrywide/Bank of America. I've been in the industry for 8 years and with ...

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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 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

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If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

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Asked 08/15/2008 08:45 am CT (Sebastian, FL)

On a 100,000 home purchase price with 15% down, what current interest rates for a 30 yr and 15 year $85K mortgage, with a 716 fico would I get? Thank you.

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Phil, I have a couple of questions. What city and state is this home purchase going to be in. Als...

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Asked 05/08/2008 06:02 pm CT (parry sound, Ontario)

I have just completed one year of a three year capped rate - cap rate 6.7. This is a 40 year but has reduced to 35 year at the moment due to the low rates. My question is that since my present rate is now 4.25 should I try to refinance to a 5-year fixed rate.

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Asked 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

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Asked 03/30/2008 07:22 pm CT (Shakopee, MN)

I filed for chapter 7 bankruptcy last year which was discharged. My boyfriend and I want to get married April 2008 but he wants to buy a home after we get married and would i have to be included on the mortgage loan he gets? We were told it could affect his rates etc., Do you have to apply for a joint mortgage loan if married? Can't he apply as married using just his income and expenses and credit to qualify for a mortgage? I would not be on the loan documents but listed as having an interest in the home. Is this possible?

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Asked 03/21/2008 08:53 pm CT (san antonio, TX)

We are closing on a new home in 3 weeks. We have a good faith estimate from CTX mortage. We have not signed any formal loan documents. We called and locked at a rate of 6.5 we have now found a rate of 5.85. Are we still required to go with the CTX because we locked in our rates?

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You should be able to tell your LO at CTX to get you a lower rate. If he won't call me and i will pu...

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Asked 03/19/2008 07:21 am CT (marine city, MI)

I'm in an adjustable rate mortgage at 5.25 due to adj. in may to 4.375 the fed just dropped interest rates again after i received a notice from my mortgage co. of the change will my rate adj. even more before may.

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ARMs adjust based on a index such as LIBOR or CMT plus a margin (index + margin). Find out which ind...

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Asked 03/04/2008 06:13 pm CT (San Jacinto, CA)

I received a letter and it references NAFP Program stating that I am eligible for this program. Rates starting at 1.95 fixed . what is this program, and is it bona fied?

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Kyllian, Likely it is a gimmick to get you to sign up for a "teaser" payment, or introductory paymen...

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Asked 02/22/2008 11:43 pm CT (Hesperia, CA)

What can you tell me about a company called APF/OV from San Diego, CA. Offering something called the NAPF Program for homeowners to lower their mortgage rates starting at 3.4% fixed. I cannot find out anything about them.

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Dear K, Other consumers have recently asked questions on this website about this company and loan. ...

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Asked 02/12/2008 10:08 pm CT (san diego, CA)

My mother owed her house outright. right before she passed away she took out a 2nd on the house for $75,000. (Her home is worth well over $500,000.) The house was left to my brother and me, however my brother who is claiming he was made the trustee just before she died (her lawyer was it as far as I knew) now is saying he will not pay the loan because it was our mothers loan. Even thought the loan company is asking for a payment. However if the house was used as collarterial can't the loan company demand or expect payment from us since the house was left to us? Or with her death does the loan go away? My brother has since rent out the house way under fair rental rates for the area and is telling me that I can do nothing and that he will buy me out in a year or so. Thank you for your help.

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You should be concerned. if the home was used as collateral for the "2nd" loan, then yes, the loan ...

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Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/02/2007 11:41 am CT (Palm harbor, FL)

I have a mortgage in Indiana. I took a job in Florida 6 months ago and we placed the house up for sale. The real estate situation has gotten worse and worse as we all know and I can\\\\\\\'t sale the house. I have made the payment on the Indiana house but it is getting to a point that I will not be able to make both that mortgage payment and my rent payment in Florida. At the time we made the move we thought the house would sell in 6 months. I have been researching to see if anyone else has this problem as i understand that I took the Florida job on my own but the market has killed me and my hopes of selling. I have a great 30 year fixed rate(better then current rates). I could pay something but not the entire monthly amount. Should I contact the mortgage company and try to arrange something like interest only refinance? My current payment is about $1957.00, I could pay $1,000 and still do ity for at least 6 months. I am concerned that my credit which is very good will go bad and the I wonder if it\\\\\\\'s worth even trying to make a payment versus foreclosure. Please advise.

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RV, the first thing to do is contact the lender and fully explain your situation, there are numerous...

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