Mortgage applications edge up in latest week USA Today
16.12.09
Stan Humphries , chief economist at real estate website Zillow.com based in Seattle , said refinancings are being held back for various reasons. "A lot of refinances have already been done," he said.
"Those that haven't been done are likely attributable to either homeowners who aren't in a position to refinance because of negative equity, or homeowners who want to move within the next couple of years and for whom the refinance costs don't make it economically viable over that short time frame."
Negative equity — when the balance owed on a mortgage is greater than a home's market price — has been one of the biggest banes of homeowners, making many unqualified for refinancing and preventing some from selling.
The MBA said borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.92% in the latest week, up 0.04 percentage point from the previous week. The rate remained above the all-time low 4.61% set in the week ended March 27. The survey has been conducted weekly since 1990. Interest rates were also well below the year-ago level of 5.18%.
In Loom of the Fannie/Freddy Bailout, why doesnt anyone in big media bring up the the fact that most loan officers were instructed to use websites like http://www.FAKEPAYCHECKSTUBS.com (creating documentation that never existed) to help the loan qualify through every step of the pipeline, to collect the 6 percent commission they make on EVERY deal - is it any wonder why the economy and the worlds banking system is where it is at today?
May be this site can help you
http://www.thetechnology.net
Sandy J | Aug 20, 2008
I need to know more information about Home Loan Mortgage Refinance?
Aug 09, 2007 by Peter T | Posted in Personal Finance
Refinancing is basically paying off one loan with the proceeds from a new loan secured by the same property. In other words, you’re taking a loan to pay off another loan and securing it with your property.
It’s often done to reduce interest costs (by refinancing to a lower mortgage rate, changing the length of a mortgage (going from 30year to 15year for example), to pay off other debts (especially makes sense if you can pay off high-interest debt that isn't tax deductible - such as credit card debt), and to change loan types (for example, going from variable-rate to fixed-rate).
Hope this helps and if you have any questions, feel free to send me a message through my profile.
Quicken Loans | Aug 10, 2007
yes...u can know better information at http://faoph.notlong.com
preeti | Aug 09, 2007
peter there is books written on this subject -- could you be a little be more detailed on what you are looking for!!!.
ed m | Aug 09, 2007
I can't give you the specifics on refinancing but I can tell you from what I have experienced.
See first to see if it's worth it to do; consolidate bills, repair your home, put your children through college. But make sure you are not eating up all your equity, that you will get a good rate, that the loan agent won't tack on hidden fees in front and back of the loan (they love to disguise fees everywhere). They love to add fees in all sorts of places so question everything, become educated. Make sure that the type of loan they offer you is what you want; fixed or variable rate, interest only, or other types of loans available, Check out to see if there are prepayment penalties. Make sure to ask a lot of questions but to make for sure that what they are telling you is the truth, call and ask more than one source. Shop for the loan as well; don't settle for just one agent or one bank. And get everything in writing. And please, if you can avoid it, please do not do business with Washington Mutual if they have one where you live. In my opinion, they have poor business practices. Check them out in the search engine and you will see.
mom101 | Aug 09, 2007
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Refer Home Loan Section.
http://lnk.in/56f2
raj A | Aug 09, 2007
Call me - My name is Marsha and I am a Loan Officer with a mortgage company in Virginia. 757-564-1611 is my office phone.
mrsb2u | Aug 09, 2007
Well there are many banks willing to Refinance a home. I would simply start by calling several places and perhaps even using the Internet to find out which bank is going to give you the lowest interest rate. Remember not to settle for the first offer, all banks are competing and want your business. So the odds of you getting a really low interest rate are on your side.
And good luck?
mark v | Aug 09, 2007
Can a veteran get help with closing costs to refinance a home mortgage loan?
Jun 20, 2007 by N8 | Posted in Renting & Real Estate
Try this, Its good
http://mortgagerefinancingatlowrate.blogspot.com/
Nick | Jun 21, 2007
Yes, check out the hud.gov website. They should have links to your state and you can look for different loans and grants.
Tonya | Jun 20, 2007
Most of the closing costs can be rolled in to the new mortgage. You may have to come up with a few upfront dollars, but just tell your lender to roll in as much as they can.
Zuker | Jun 20, 2007
Yes on top of what has been told about gov websites, if you haven't used your VA loan assistance that you can get thru the VA you also have that to help you.
Icyelene R | Jun 20, 2007
Did you purchase the home using your VA certificate? If so, you should have had a decent interest rate to make refinancing unnecessary. Unless, you're refinancing to get money out.
Check with your current lender. They might be able to save you some closing costs. Also look at www.va.gov It'll redirect you to a loan section that is worth reading.
Miss V | Jun 20, 2007
The lender/broker can roll in your closing cost into the loan or do a no fee loan. No closing cost mean higher rate.
ron d | Jun 20, 2007
Can a conventional home mortgage loan be refinanced using FHA?
Sep 03, 2007 by KEVIN Z | Posted in Renting & Real Estate
I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA? If posible, can you please provide me the resource where I can read this information. Only if that's not to much trouble. I looked on the HUD website but locating that particular information was far to cumbersome. Thank you
yes you can but the correct answer is...you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi's cashouts, and it depends on the COUNTY limits...not the state limits. They have county limits....not state limits.
Streamline FHA refinance is for those who dont plan on taking money out, but those who just want a lower rate.
Carolinahomerates.com | Sep 03, 2007
Yes you can as long as you are within the FHA maximum loan limits for your state.
Pres. Bush is going to try and raise the FHA loan limit to I think around $416,000.00
but not at this moment.
The HUD web site is a great web site, you just aren't use to using it.
If you dedicate say 30 to 45 minutes on that site, you'll more than likely find out a lot of information you'll need to know any like did you know you'll have an FHA MIP factor (based on several things) added to your loan amount? If you aren't refinancing a Condo, you'll have to pay monthly MIP premiums. It stands for Mortgage Insurance Premium. FHA insures the loan, in case of default.
So if you really can't use that web site, call around and find a Mortgage Loan Officer who is knowledgeable in this field to answer your questions.
If you find some information on the FHA website, make some notes for yourself, if the loan officer can not answer your questions, tell them thanks but no thanks and move on to another Loan Officer who really knows their stuff on Mortgages and FHA loans. Today a lot of loan officers know nothing about them about so many people have been put into Conventional
ARM's, or other bad financing options, so if you can find one that's been in the business for 10 years or longer, you'll have better luck.
good luck too you.
Katie | Sep 03, 2007
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
Whats my Name | Sep 03, 2007
Hi Kevin,
I think you'll find some useful information on this site:
http://www.fha.gov/owner/process.cfm
Depending upon which state you're in, I am a licensed FHA lender and could assist you further with your inquiry and answer any questions you may have directly.
Feel free to contact me and visit my website at:
http://www.MortgageMetropolis.com
jbmortgageservices | Sep 03, 2007
Looking to find lowest refinance home mortgage rates?
Feb 11, 2008 by TJR | Posted in Personal Finance
I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?
You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.
You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.
Check for a lower rate here free:
http://www.checkmyrate.com.au
webllinks | Feb 11, 2008
The first thing I would do is get a copy of your credit report and score. Lending tree is a comparable rate lender that offers you several rates from competing banks, but you should know what your score is first! This is what the banks will be looking at!
Abc D | Feb 11, 2008
first get your credit score card -- next shop around just like you are buying a car!!!
mister ed | Feb 11, 2008
The only way for you to get the lowest rate possible is to shop around. There are several websites that get you multiple quotes from qualified lenders. You will have to be willing to give out your information online. Try a service such as https://www.bills.com/homeloan/mortgage_refinance/ they have a separate section to get quotes for refinance loans. You may be matched with up to 4 lenders, who will call you to discuss your options. The service is free to use. Also check on www.bankrate.com for the current interest rates for a refinance loan to get an idea.
Dharwadian | Feb 11, 2008
free home loan mortgage quote refinance?
Nov 17, 2007 by Jackie O | Posted in Renting & Real Estate
do these online companies give legitimate quotes or is it just a scam?
Jackie, if I were you I would stick with local lenders. That way if something goes wrong, you can face them in their office. And yes, most hook you and when you are committed, you'll be afraid to walk away. Most do and end up with trouble.
alterfemego | Nov 17, 2007
At some stage in almost everyones life they ask themselves, what kind of loan should I get? It's true that this subject gets less attention than it deserves because it seems that nearly everyone's in a hurry to get the money and move on to the higher priority which is whatever they wanted the loan for in the first instance. Let's start with this.
How much do you know about loans? This article intends to briefly describe the most important types of loans, so that you can get a global view over this issue.
prem k | Nov 17, 2007
Some do. Go to the site below and check out the "upfront" lenders and brokers.
kdaugherty81 | Nov 17, 2007
Hi Jackie O
My website gives accurate information, you should give it a glance... www.nchloans.com.au
As a mortgage broker, what concerns me are the sites which take consumers details and then sell the leads to people like me for between $25 & $40 per inquiry!
I don't use these cmpanies as I feel bad for the consumers who get sucked in and have no idea that their details are being sold at a such a price! The websites they put their details into are heavily marketed and do not act as finance brokers and are only in existence to capture peoples information so that it can be sold to the actual people who are licenced finance brokers.
Hope you investigate this further...
Kind regards,
LK
Lyn K | Nov 17, 2007
Refinance Mortgage or Home Equity Loan?
Sep 16, 2008 by Bleaker | Posted in Renting & Real Estate
I need to get some home repairs done and have the option to refinance my mortgage at the same rate (6%) for 30yrs or go the Home Equity loan route with 7.85% for 15 years. Does anyone know if one option is better than the other in the long run?
If you could get 6% on a cash out refinance without PMI and minimal costs, the new first mortgage would give you a lower average cost of funds and monthly payments.
On the other hand, if you have to pay a couple thousand in closing costs on a new first, the low closing cost on the 2nd might be better. It may really come down to how much additional borrowing you would be doing at the higher rate vs. what the difference in closing costs is.
To do a proper analysis, I would need more information. I would suggest calling a couple banks and having them put together some good faith estimates. The analysis is not difficult so any competent loan officer should be able to help you with it. Watch out for pressure to refinance the first. If you are only borrowing a few thousand on the 2nd (home equity), you are probably going to be better off going that route, the the LO may try to steer you into a new first as they can't make any money on a little loan.
Good luck.
Dale H | Sep 16, 2008
find a new mortgage company and do a refinance. rates are not 6% right now. they are 5.625% anything higher is a rip off.
home equity lines of credit are not fixed rates and rates are the lowest they have been in over a year. makes no sense to get on an adjustable rate when all rates are going to do is go up from here...
good luck.
Kain | Sep 16, 2008
You have to look at the whole picture. If you have your mortgage loan for long time and had paid most of the interest, refinancing means you start over again to pay those interest plus closing cost. How much are you gonna need for your home repair? If it's a small amount like $5k to $30k, you may want to lend from your HELOC instead because it's a interest only and very flexible with payment. You can pay extra each month to bring it down in few years. Its interest rate usually lower than a 30 years loan. Bank of America is about 4.5% and no closing cost at all. Check it yourself and do the calculation. Most of the HELOC interest you paid is tax deductible. Usually after 15 years it will turn to a fixed rate or you can refinance to a fixed rate any time you want.
MM C | Sep 16, 2008
For the short run, get an home equity line of credit. These can be gotten at rates of prime to prime-1% now at 5. Todays news indicates the rates may go down, not up. Then when rates do start up, you can switch then to a long term fixed program. Often if you stay within the same bank there will be little to no closing costs.
Eternal Optimist | Sep 16, 2008
I think mortgage refinancing with cash-out could be the best option. As you can get a extra cash with paying your original loan and also you can getter better rates through refinancing. While in home equity loan even if the years are less you would have to pay for two loans.
Here is the source of a mortgage refinancing company named http://iloanshop.com/apply_mortgage.php for your reference
Laurence S | Sep 16, 2008
Refinance my mortgage and home equity loan?
Mar 18, 2008 by shawnj985 | Posted in Personal Finance
I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K.
I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys.
Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks
if you have enough equity in your home you should try wrapping these loans together into one 1st mortgage at the lowest rate possible. If you can afford the payment on a 15 year fixed loan, those are probably the best rates available right now. Some banks will even let you amortize the new loan for the amount of years remaining you currently have, especially the small local private owned banks.
tklutz | Mar 18, 2008
if i take out a home equity loan now will this loan affect me if i want to refinance my mortgage.?
Jan 30, 2008 by michael o | Posted in Personal Finance
I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.
Right now rates are LOW, I would just refi instead of the HELOC that might cost you 7% on up. Why pay for 2 transactions.
Deliah | Jan 30, 2008
Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?
Jan 23, 2009 by km | Posted in Renting & Real Estate
A couple of years ago, my spouse and I doubled the size of our home which we had owned "free and clear." To do so, we took out a 20 year home equity loan for $250,000 at a rate of 5.85%. Since we already owned the home and this was technically not a mortgage, there was no downpayment on this loan. With rates coming down, do we have any hope of refinancing our home equity loan? Or, is refinancing basically restricted to mortgages? Thanks.
because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.
Noneya | Jan 24, 2009
Array
Should you use the equity in your house as collateral to acquire the financing you so crucially need? We can help you get that bad credit mortgage ...
As mortgage loan costs fall, refinancing perks up Refinancing a loan isn't free, so it's important to stay in the home long enough to reap the benefits of a lower rate and mortgage payment.
Want a mortgage or to refinance? Follow the 4 tenets that the said Donna Angarone, a mortgage rep with Countrywide Home Loans in Glenview. "I felt really sorry," she said of her recent loan applicant.
Are Lower Mortgage Rates Working? For Some, Yes; for Others, No January applications for new and refinanced home loans reached a record high for Wells Fargo Home Mortgage Group, which processed 477 applications,
RTE.ieBank on home-loan relief Refinance if possible. If you have had the same loan for more than two years then have a reputable mortgage broker provide you with a free home loan health Saving the old homestead
Eugene, Oregon Mortgage Consultant Reveals Insider Loan Secrets This site is loaded with FREE REPORTS, an informative home buying guide, mortgage calculators consumers can use to run various loan scenarios and home
RTE.ieBank on home-loan relief Refinance if possible. If you have had the same loan for more than two years then have a reputable mortgage broker provide you with a free home loan health Saving the old homestead
