Andrew W asked:


i just refinanced my home the original value was 45k and i had it paid down to 35k. when i refinanced it brought the value i need to pay back up to 51k. i have a adjustable rate now that will kick in may of 09 my percent is 12.750 i think. i pay 500 a month now for the mortgage and 720 total with all the taxes and stuff. i dont have a penalty for paying the loan of early so i want to pay it off in the next five years but with the arm my percent can go as high as 18.750. i dont want the bank to take my house from me because of the mistake i made by refinancing in the first place. so is it possible to refinance into a fixed rate and still keep the loan at 50k and still pay it of early with out any penalty. this is my first post so plz any and all help is great

Leroy

ronda t asked:


be such as refinancing at a fixed rate. I have thinking about foreclosure and it stays on your credit report forever. Any suggestions out there?

Elsie

GSFKNR asked:


Guys,

I am looking to purchase a house in the next 60 days. My loan will be about 400k, my credit is 790, my salary is above the average.

My broker has quoted me around 5.875…He has told me this about 2 months now. I have seen the apr for 30 year fixed go down, how come my rates isn’t going down? Is there a history that I can print out and show him? I have looked on bankrate, but couldn’t find anything.

Any advice would be helpful.

Harvey

Kiwi asked:


I just read that foreclosures are up 78% in my state, and a lot of them were because people could not afford to pay on their skyrocketing adjustable rate mortgage. I have never bought a home before, but I would like to know why anyone would choose such a mortgage. Are fixed rate mortgages so much harder to obtain?

Betty

ewushi asked:


I understand that some law prohibits mortgage lenders from giving ARM to people over certain age. I am 54 years old and I am struggling with this rate now. Someone told me I could use this fact to persuade my lenders to reduce my interest rate, or to move me to a fixed rate. Is this true?

Howard

mama bear27 asked:


I have an adj mortg rate, that’s set to renew in september, and with mortg rates being low right now, could it go lower than it is now? Right now it’s high, and that’s what my mortgage started with…not a low int rate.
one has a ARM(Libor index), and the other is a fixed rate.

Mike

ronidl76 asked:


I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

Create a video blog…instantly.

Julian Lim asked:


u pick your lender and home mortgage loan, try to make further check on some important aspects of the loan, such as finance costs, interest rates and lenders. This move assures your obtaining the best mortgage loan in the end. If you have a good credit rating, preferably 680 or even much higher, you have a wealth of home mortgage loan options. You can have the privilege of selecting the loan term of your liking, but then first you have to make sure you choose the best home mortgage loan package. How do we do this? By focusing on finance costs, loan terms and lending companies. Finance Costs The most competitive in the mortgage market is the general loans which includes both the fixed rate and adjustable rate mortgage. Most competitive loans only mean having the lowest interests. Add some twenty percent down payment and you have lenders gravitating all over you. Fixed-rate home mortgage loan somewhat offers security because of its flat rate of interest. This means you will pay with the same rate during the entire term of your loan. You can also opt to lock in when times do happen to have low rates. An adjustable rate home mortgage loan on the other hand offers lower rates. However, this comes with the risk that they might increase with the coming years. One advantage of ARM is that home buyers who don’t plan to stay in the property for the long term can actually help in you saving significant amount of dollars in interests. Lender Conventional lending companies offer competent financing, even if your need is on an unconventional loan. They can actually process subprime mortgages. They can likewise find an underwriter for you, which will slightly add to your home mortgage loan rates. Or perhaps you still want to work thoroughly on your loan options. You can start by making a list of all interest rate quotes on a loan amount. With this method, you will find out which lender gives the best offer. You must also focus on the fees; this ensures closing costs do not offset interest savings. After selecting a lender, you can now request for a bid. The lender will then check on your credit rating and provide you will real numbers. This is when the lending institution will actually look at your credit history and give you real numbers. Now it is up to you if you are agreeable to the terms, otherwise your next move is to look for another prospective lender. Loan Terms The shorter the term of you home mortgage loan, the less amount that you will have to pay in charges. However, you monthly payments will have higher amount, you term being short in duration. The most commonly applied for mortgage loan lasts for 30 years; however, you have an option of 25, 20, 15 or even 10 year mortgage loan. You have to base your term on your capacity to pay every month.

Caffeinated Content