Comments on: Auto Loan Advice : How to Get Rid of a Car Payment

By: val

val — Thu, 10 Sep 2009 08:03:01 +0000

just move out of baltimore it's cheaper

By: jojo

jojo — Wed, 09 Sep 2009 17:26:44 +0000

Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.

1. On a scale of 1 to 10 what is your credit score like?

2. Have you had any 30 day lates or more on your mortgage in the past two years.

3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at.

Only people with 700+ credit scores with low LTV will qualify for that rate in today's market.

Good Luck!

By: Andrew W

Andrew W — Tue, 08 Sep 2009 21:19:10 +0000

Whether or not you personally can do any kind of refinance depends on your credit, income, and the value of the home.

If you're asking if no or low closing cost mortgages exist? Absolutely. Typically the rates are a little bit higher, but honestly your rate is really high right now, it should still be significantly cheaper than 12.75 even with the bank paying the closing costs.
By the way check your Adjustable Rate Rider from your original mortgage. Odds are there are caps on how much and how often your rate will adjust. If you're paying this loan off in the next few years it may not even be possible for it to adjust up to 18.75 that quickly.

By: The Turk

The Turk — Mon, 07 Sep 2009 22:29:44 +0000

Shop around. Call at least two banks, two national lenders, two brokers, and a credit union. Make sure everyone knows you are calling around.

So many of the people who got bad loans over the past few years set themselves up by only contacting one loan originator. When I purchased my present home – about a year ago – the company I had my old mortgage with quoted me 7.5%. By calling around, and making it clear I was calling around – I wound up closing at 5.5%.

The loan companies need your business. Make them compete for it. Let them know you're shopping and you will get the lowest offer.

Before you start calling, know your credit score. When you call for a quote, tell them your credit score, how much savings you have (reserves), you monthly income, and your monthly debt. While the quotes won't be binding – don't let them pull your credit report, tell them you're just shopping – if you start working with someone and they start to push the rate up, you'll know who to go onto next.

Good luck.

By: Deborah M

Deborah M — Mon, 07 Sep 2009 16:34:38 +0000

Try http://www.bankrate.com They have most everything concerning money and finance.

By: Thomas R

Thomas R — Mon, 07 Sep 2009 14:13:15 +0000

If I were able to predict the market I'd be a millionaire a few times over. However the likelihood of a rate better than 6% on a jumbo is very unlikely as jumbo money is very difficult and expensive to get these days.

By: nancybasto

nancybasto — Mon, 07 Sep 2009 03:35:58 +0000

With your situation you're working with an investment property and will take a hit on rate because it's not your primary residence. But the rates that are available to you depend on your credit score, how much equity you have, mortgage payment history, and how much debt compared to income that you have.

I work for a company called MYLOAN and our rates are very competitive and service is top notch. If you'd like a free no obligation consultation you can fill out an application on my website, email me, or give me a call. I wish you luck in your search for financing.

By: Nancy C

Nancy C — Mon, 07 Sep 2009 03:15:55 +0000

The easiest way in my opinion is to go to a few different brokers at least 3 or 4 and ask for a Good Faith Estimate. They'll take your info and determine what rate, etc they can give you. Then compare those and see who has the best deal. Don't hesitate to pit them against each other people do it all the time. If you like one person in particular but they have a lesser deal show them the other GFE and see if they can match it, sometimes they can, sometimes they can't but it's worth the shot. And finally, if you think somethings too good a deal (say 4.5% interest with no closing costs) it probably is. Finding a great broker is just as important as the rate because they will help you through the whole process and make sure you don't get hurt in the end. Good luck.