Las Vegas Real Estate Update-Homeowners Revenge
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many lenders failed to tell the homeowner is they would only be able to refinance if the home value goes up. Now home owners who will not be able to make the new payment are looking for alternatives to remain homeowners. Some are choosing to “Buy and Bail” as the media has called it.The home owners who were given a bad loan are now giving their house back to the bank, but only after they get a good loan on a similar house for half the price. Las Vegas leading consumer advocates and …
Help answer the question about best refinance mortgage rate
In this economy,would it be easier to refinance home mortgage rate?since alot of ppl is giving up their house,then wouldn't it be easier to refinance home mortgage???
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September 26th, 2009 at 2:10 am
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
September 26th, 2009 at 2:50 am
Try to hold out for 4.5% fixed for a 15 year loan. There is always the possibility of a 3.5% rate if the economy does not recover by summer..
September 26th, 2009 at 3:31 am
Good advice. The Banks are not making things easy for those seeking loan modifications. Not to mention the large numbers of crooks who are taking advantage of people promising to help them once they pay first. That is what capitalism is all about.
September 27th, 2009 at 12:50 pm
Hi Claudia; if you are siously considering this, and would like to speak to a live mortagge propfessional, you can email me at dantaft@bellsouth.net- you may be able to get a rate in the high 5s to low 6s, but I would really need more information to give you an accurate idea of what you would qualify for. Your question is a bit confusing as well, as you ask about refinancing and home purchase at the same time. Email me for more info and we can clear everything up and go from there.
September 27th, 2009 at 3:13 pm
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
September 27th, 2009 at 5:33 pm
Actually it might be possible under the new "Home Affordable Refinance Program", this requires most Fannie Mae and Freddie Mac lenders to work with you, if you have certain circumstances. Here is a website to check it out:
http://www.makinghomeaffordable.gov
GOOD LUCK!
September 27th, 2009 at 9:56 pm
Honestly the rate changing a little bit doesn't make a huge difference. 4.9% is a great rate and waiting longer takes on a risk of it going up too. I'd just lock in now and get your payments down. The longer you wait, the longer you are making your higher payments too.
September 29th, 2009 at 7:27 am
Depends on how much you owe.
FHA refinances go up to 95%, with rates lower than 7%
You will still need to qualify with the county limits.
You can still try conventional….and have the lender pay PMI…
September 29th, 2009 at 12:54 pm
If you're going with a bank certainly see if they can lower it. If you're with a broker get a few quotes from some different brokers and see who comes out best. Get references from friends or family for someone they use.
Brokers can swap lenders if rates go lower, or renegotiate w/lenders, so you'll have better luck than with a bank.