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%.
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Home refinancing?
Jul 22, 2008 by francescmore | Posted in Renting & Real Estate
I want to refinance my home but I am afraid of not so honest lenders. Can someone suggest a reputable lender that won't rip me off. I have been given the name of Surepoint Lending, but I not familiar with this company. With the rocky mortage market now, I just want to be careful. Can someone help and maybe warn me about what to watch for. Thanks
This is the last place you should ask. Most of the "lenders" here are cons who will rip you off and sell your ID information.
You really need to ask around in your town for people, who you can meet in person. This is not the right place.
Landlord | Jul 22, 2008
Is there a rule of thumb for home refinancing?
Mar 05, 2008 by joedeshon | Posted in Renting & Real Estate
I'm thinking that there is some rule that says something like "Refinancing your home makes sense only if you intend to stay in the same house at least "X" number of years and you can reduce your rate by at least "X" percentage points. Is there such a rule?
To make sure refinancing makes sense, it's wise to calculate your break-even point. If you are planning on staying in the loan/home longer than that point, generally, it makes sense.
To calculate your break-even point, divide the cost of refinancing by the amount of money the refinance will save you each month. So, say it costs you $3,000 to save $200 a month. $3,000 / $200 = 15. It would take you 15 months to recoup the money spent on refinancing and realize pure savings. If you plan on being in the home for at least another 2 years, refinancing makes sense.
Hope this helps!
Quicken Loans | Mar 10, 2008
Usually five years and at least one percent - but it depends on what the refi will cost in fees.
engineer50 | Mar 05, 2008
I do not think its a set rule but you would need to show a benefit as to why you would pay cost to refi for example reducing your rate by at least 1% or going from a adjustable to a fixed or going from 30 year to 15 year depending on size of your loan usually takes a couple of years to recoop your closing costs
Rick K | Mar 05, 2008
how does home refinancing work? what are its benefits?
Dec 17, 2005 by nascent26 | Posted in Maintenance & Repairs
i also need to know what's in it for me when i refinance my home mortgage.
The rules for home refinance are much simplier and easier than the original loan. The only real reason to refinance an existing home loan is to reduce the intrest, thereby reducing the amount of money you pay out over the term of the loan. If you are considering a cash out refinance to pay off unsecured debt or car loans, you may want to talk to a professional credit counsler. It is strickly my opion but I do not think you should every jepordize your principal residence to pay off unsecured debt.
danknow | Dec 18, 2005
Why is it so hard to obtain a Veterans loan for home refinancing in Mass?
Jan 21, 2009 by halo | Posted in Renting & Real Estate
My husband who is a US Navy veteran cannot find a bank or a mortgage company that is willing to refinance our home without a problem or a scam. Where else can he turn for help?
Go into a regular bank, one where you sit down at a desk and work it out.
These are the easiest loans to get and are very regulated, you should not have a problem.
Landlord | Jan 21, 2009
be more specific and I will guide you
your query puzzles me
kemperk | Jan 21, 2009
with out a problem? VA is a government loan and all in your area will do this note. Now you may not qualify to refinance the home with your credit? or Income? but you can streamline these notes with out an appraisal but you may be bringing cash to close depending on the equity in the home
I am a mortgage banker in TN & KY
golferwhoworks | Jan 21, 2009
You should try this site
http://www.vahomeloanhelp.org/
Noneya | Jan 21, 2009
Refinancing home for a little extra money, will I get the check at closing?
Sep 07, 2007 by honeybear | Posted in Personal Finance
We are refinancing our home for a few extra thousand to do some improvements. Our bank is out of state so they are sending a lady to our house tonight to close. Will she bring our check with her and we get it tonight?
There is a 3day right of rescission on primary residences.
You have 3days to say no to the loan.
After the 3rd day they normally fedex you a check.
If you closed with a local title company then you can go to their office to pick it up!
Carolinahomerates.com | Sep 07, 2007
NO YOU WILL NOT GET A CHECK AT CLOSING!
the paperwork you sign has to be returned to the lender (usally next day air ) some banks demand originals to FUND
once they have the docs in hand and they are completed correctly they will release the money. the title company handeling the paperwork will send you a check or wire the money into your account!
you have to understand that until they have your closing paperwork in hand no money goes anywhere! I would say you are looking at 2- 4 days till you get a check!
pearlmel | Sep 07, 2007
If the bank representative has the authority she should bring your check with her. Refinancing is a bit different than original mortgaging because you already own the house and just need to sign the papers.
There may be a 3-day wait though by law for you to change your mind. Can't remember if that's all over or state-by-state regs.
Why don't you just call your bank and ask them?
sporregar | Sep 07, 2007
check this link its good
http://datentryworksworkathomeobs.blogsp...
.
jamuna s | Sep 07, 2007
What are the risks associated with refinancing home loan with a local lender instead of the big companies?
May 22, 2008 by MJ | Posted in Renting & Real Estate
we are in the process of refinancing our home & i recently submitted my contact info online & i'm receiving calls from many of the local lenders, Can anybody let me know if there are any risks associated with the small companies instead of going with big banks like Wells fargo , BOA or WaMu ..
Thank u in advance ...
It sounds like the other person just copied and pasted some random information from a website.
Hon there is not a risk; they all get their money from the Federal Reserve. What you will be dealing with is professionalism, turn around time, and fees. If you go with a smaller ma & pop shop, such as a broker or a Broker Banker, or a independant bank you are using the middleman. The Bigger banks pay these brokers a fee called a Yield Spread Premium, or YSP, to submit their loans to them. The brokers generate the application; collect the required documents outlined by the underwriter, and charge you their fees for doing so. The time in which it takes to complete the loan application depends on the speed of the broker and you to get to them what they ask for, and the volume the bank is dealing with at the time your information is submitted to them. With the broker, you are more likely to receive a higher level of "personal" attention then you would if you went with a bigger company such as WaMu, Wells, or BOA. The broker will shop around for you and determine the best loan program and interest rate based on your income, credit score, and loan amount, in addition to other determing information. Therefore, your chances are better for achieving what you are looking to accomplish with your refinance.
With the broker, you are an individual, a person if you will. With the bigger banks, you are just a loan number. It could take the bigger bank several weeks to months to complete the loan process in order to get you to the closing table. That is a risk in itself I guess. How long do you have to accomplish your refinance? If you are pressed for time due to an urgent payment of a debt, you may want to go the broker route. The brokers usually know right away which lender to send the loan to in order to speed up the process. They have worked with their banks fo choice in most cases for years and are familiar with the individuals there who they can count on to make things happen quickly. Either way the period is undetermined and relies on the factors listed above.
If you decide to go directly with a big bank, you would be only given what they have to offer. They are not going to shop around for you to find a different deal with another bank that may benefit you. If you don't take their deal and walk away, you will have to start all over with another bank. However, if you cut out the broker and go directly with a loan officer at the bigger bank, you will not pay the additional fees the broker would charge on top of the banks regulated fees. Therefore, you will be saving some money doing it that way when it comes to your final closing costs. If you are, doing a Cash Out Refi that could make a huge difference in your proceeds amount.
I have been a Residential Mortgage Closer for 7 years and have worked for a Brokerage Firm and 2 banks, Washington Mutual and GreenPoint Mortgage. There are benefits of doing it either way. It is all in what your expectations are and what you want to accomplish. Are you looking for a lower rate? Cash out? Borrowing against your equity to pay off debts?
What ever you decide to do is up to you. You will not need to worry about risk since it all ends up in the same place in the end. The servicing rights of your loan may be sold several times and the interest rate on your note will be sold as soon as possible to Fannie Mae in the secondary market.
Good Luck!
If you only knew | May 22, 2008
It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!--usually are very profitable and it's a good idea to remember where all the money is generated from. You, the customer are the root of their profits.
http://mortgages-finance.awardspace.com/
http://best-loans.awardspace.com/homeloans.htm
Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
Brenna | May 22, 2008
What I can tell you is this, depending on what you submitted for your contact info, ie ss number, phone number, this could be why your getting calls. There is a little trick in completing a mortgage application where you don't submit the person's phone number initally, as the credit agencies can sell the phone number, thus the borrower getting many unsolicited phone calls. The only conern I would have with a small local lender is the technology they have, they may not be as secure as a boa or wells. There are many upsides though, the service can have a more personal feel, they usually don't have the processing backlogs the larger lenders do, and they may not be as hestiant to lend. What I mean is you've probably heard about the housing crisis, many of the smaller lenders were not exposed to this as they did not sell their mortgages and serviced them.
Jeromy W | May 22, 2008
This is about home refinancing. My husband would like to refinance but my credit is poor.?
Jul 13, 2006 by I luv my kids | Posted in Renting & Real Estate
If he refinances with our son, who has better credit then I do, would that mess up my sons chances of getting home financing in the future? Also would that put my son on the deed and take me off?
Would it affect my sons ability to purchase a home even if we showed that we were making the payments?
Hi 123abc,
It could affect your sons ability to buy his own home in the future. Lenders want to know what his back end debt ratio will be. IE: Does he make enough to support two homes. A back end ratio greater than 55% may put him in jeopardy depending on his situation when he looks to buy his own home.
If your husband and your son wanted to proceed they would be legally responsible for paying the loan. You would be off title until you submitted what's called a quit claim deed, or warranty deed in some states.
You would then hold legal interest in the property, but you would not be held responsible to pay on the mortgage.
Your credit will still show, however if you are not going to be taken into consideration for qualification purposes, than there are programs that can minimize the effect of a derogatory spouses credit profile.
Good Luck,
~Trey
~Trey | Jul 13, 2006
yes to all
towboat_50 | Jul 13, 2006
If you make the payments on time that will actually help your son out in the future. Also, he may not need to go on the loan if your husbands credit is strong enough. If his fico is above 620 he may quilify for a stated loan. Now if this is not the case, then you're son could or could not be much of a help. Depending on his credit. If his credit is good. Then everything is fine. In the future when he wants to purchase a home. He will have to just let that lender know that the home he currently owns is his parents house and its an investment property of HIS. He would then show proof that he is not responsible for making the payments and this will be excluded from his debt to income ratios. As far as title goes. You can remain on title. You son will initially go on title but he can actually quit claim off once the loan closes. In other words the vesting on the deed of the house would read as follows " John Doe and Jane Doe as husband and wife and Jack Doe, a single man, all as joint tenants. Once he comes off... it would read.. "John Doe and Jane Doe as husband and wife as joint tennants"
Hope this helps.
XOXO
*♥*MO~Reh~NUH*♥* | Jul 13, 2006
I do agree with the above answer. But also take into account that once you are married your credit reports are tied together so your bad credit will still effect this deal.
AuntieKJ | Jul 13, 2006
That would take you off the deed. It would not hurt your son's credit, it would actually help it a lot; however when he does try and buy his own home he is going to have to have enough income to cover the payment on both homes, or they will not finance him.
garciasgirl9 | Jul 13, 2006
If your son is still on the dead and is on the mortgage when he goes to buy a home himself then he will pay a higher rate. Even with excellent credit.
i w | Jul 13, 2006
You have some great answers but let me add my two cents. If your husbands credit is strong enough I recommend him to go "stated" alone. First it will not cause strain or delays if your son is looking to buy a home in the next five years. If your husbands score is not strong enough then have him and your son and immediately start working on improving your credit. Your son would now become financially responsible for the mortgage payments if he is on the loan paperwork. In any event it can be very difficult to understand every aspect of this loan scenario. I hope this helps you but if you need more info or have any more questions please email me tadgeman@yahoo.com.
Dan | Jul 13, 2006
Hi there;
It doesn't matter who is making the payment... this is not how lenders look at it. If your son is going to be on the loan then it will show as debt on his credit report. This means in the future when he wants to buy his own house he should be making excellent money to support payments of both mortgages. His debt to income ratio has to be 40% or less, in other words if the 1st mortgage payment is $2,000 and the 2nd mortgage payment is also $2,000. Then adding them up is a total of $4,000. So your son has to be making 10,000 or more to qualify for a loan if he was to show his income. or he can do stated income and state that he makes 10,000 but this would have to make sense to his position title at his job.
I hope i made sense to you. if you want further explanation you can email me at maikh81@hotmail.com and we can exchange phone #s and I'll be able to provide you with more info.
maimai | Jul 13, 2006
How should I go about refinancing my home?
Jan 19, 2009 by leilani m | Posted in Renting & Real Estate
I have a mortgage loan at 6% with a balance less than 80,000/8 years. Should I refinance the balance that I owe to invest my money somewhere else? Would it be worth refinancing with only 8 years left? I was thinking about purchasing a new home and renting the current one that I have. The market where my home is very good for renting. Thank you.
Dear Leilani,
Without greater knowledge of your full loan terms and the likelihood of your finding a "good" investment, I would recommend staying in your present position. Why?
(1) Your current payments reflect a far greater percentage of principle than interest.(2) Your financing costs will likely exceed any savings from a nominal discount on your interest rate for your remaining $80,000. (3) The real estate market is still at a critical stage for at least the next six months and markets that have not previously sufferred may suddenly tank on general economic grounds. (4) This is not the best time to take risks. (5) Enjoy your good fortune of being able to sleep well at night. (6) Unless the home you wish to purchase is in a distinct real estate market many miles from your rental property, you will be putting all your eggs in a single basket. Is this what you want to risk?
Residential real estate is no longer a favorable investment strategy. Few people are rushing to buy or capable of getting loans. Your investment will bring a few extra dollars of income, slow appreciation and new best friends in the form of tenants who will call you 24-7 every time the toilet backs-up, some water leaks or light bulb flickers. You may not get a kick out of managing your property and take it personally when you see it being hard used or abused. Hard to get out of your situation once you take the plunge.
Alternative- Buy common date U.S. gold coins or bullion. Stash in a safety deposit box. When Congress gets through spending 835 Billion Dollars we will see gold at @$2,500 oz. On the other hand, McDonalds will have new famous $10 value meals.
Good luck.
BLCOHEN529 | Jan 19, 2009
How can I get information on refinancing a home after I purchase it out right to pay back family?
Nov 07, 2007 by sandybeachfrontoffice | Posted in Renting & Real Estate
I would like to purchase a home that a close friend has that is going into foreclosure. I am able to get the money to purchase this home from family if I can assure them I could get it back to them by refinancing the money out. I would purchase the house for right under 200k and it is worth a little over 400k. So I would not take out all of the equity in the house out. Only enough to pay back family and have some money for appliances and furniture.
Assuming that your figures are correct and not just a pipe dream, you can go to a mortgage broker and arrange for a mortgage on the property. If you are buying the property for $200K, you would need about $40K to get a mortgage at a reasonable rate without having to pay mortgage insurance. If the home is appraised at $400K, and you are paying $40K, there should be no problem financing it with a $160K mortgage, providing you have income with which you can repay the loan.
If you are counting on family to provide the entire $200K, you still need the ability to repay the debt, and you need an income from which to make those payments. Keep in mind that owning a home involves additional expenses, such as maintenance, property taxes, insurance, and monthly utilities.
If family members are willing to invest the entire $200K purchase price and the home is appraised at $400K, a mortgage company will be happy to refinance the original debt. But if the $400K is just in your imagination, you may find that an appraisal is not as high as you think. You need a professional appraisal in order to know what you can finance.
Serge M | Nov 07, 2007
What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?
Mar 29, 2006 by costumes.us.com | Posted in Renting & Real Estate
I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.
The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?
So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.
dottoreo | Mar 29, 2006
Tips To Secure A Low-Rate Refinance Loan
In today’s housing market, there aren’t many silver linings—except for the fact that falling interest rates mean it’s a great time to refinance your mortgage. However, as everyone else scrambles to do the same, many people are left wondering how they can ensure they don’t miss out on a refinancing ...(148 words)
Americas Watchdog Endorses American Interbanc As The Best Mortgage American Interbanc currently lends, or provides home refinancing services in the following states; Alabama, Alaska, Arizona, California, Colorado,
As mortgage loan costs fall, refinancing perks up With interest rates at their lowest in years, Ken and Christine Kline saw an opportunity to refinance their Palm Harbor home. "The rates were a little bit
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,
Home refinancing on the rise But not everyone is eligible for refinancing. Schadler said candidates need good credit scores, good equity in their home and a reasonable debt-to-income
United Press InternationalDoes It Pay To Refinance? For that 30-year fixed-rate mortgage on a $100000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the With Fixed Rates This Low, Who Needs ARMs? Falling mortgage rates deserve a second look 30-Year Mortgage Rate Dips to 5.1%
United Press InternationalDoes It Pay To Refinance? For that 30-year fixed-rate mortgage on a $100000 home, refinancing from 9% to $5.5% cuts the term in half to 15 years, with only a slight change in the With Fixed Rates This Low, Who Needs ARMs? Falling mortgage rates deserve a second look 30-Year Mortgage Rate Dips to 5.1%
