John P asked:


I am looking for the best interest rate for the home I am buying. 1) Is it always good to go with a mortgage broker? Or just call the banks directly? 2) Do spare a few dollars if I go directly to a bank instead of a broker? ¿Council?

Darren

Spec asked:


We are watching refinanciaci? N due to a pr? Stam that the adjustable interest rate? S keep going up every 6 months, its now 10,025%. We do not want to get stuck in another man and I know what division? com? mortgage is to go to better adapt to our needs and to be honest with us. • There is a Web site that rates mortgage Companys?

Milton

z06texas asked:


with excellent credit on stated income

Alexander

lilbagel21 asked:


lower rate but, 95% mortgage. what should i do

Rachel

chan asked:


Why this time when the fed cut interest rate down to 2.75% but the morgatge loan sitll around 6.00%?

In the past (2000), when fed cut then the bank lower their home loan interest.

Marvin

PrincessB asked:


Me & my husband are trying to purchase our first home. We should be pre-approved in the next few days. My middle credit score & my husbands are each 580, we make $75K combined. We are looking to purchase a home for approx $140K…any ideas on what rates we should expect? Thanks!

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Adam Hefner asked:


Contrary to popular belief, bad credit mortgage loans still exist. However, they can be more difficult to obtain. Mortgages for those without good credit scores can be more expensive and entail varied terms. If you have bad credit, then it becomes even more important to shop effectively for your mortgage. Mortgages all have stated periods of repayment. Throughout time they usually were 30 years. More recently this repayment time frame began to be drawn out. Some extended to 40, even 50, years. Others had shorter periods allowing for quicker pay back. Most experts suggest a 30 year term. This often translates to a reasonable payment while allowing for appreciable principal reduction. Interest rates can vary. They are mostly all tied to main market interest rates. How much above this benchmark rate you pay depends on several factors. Your credit score is one of them. This is unfortunately one of the costs of having less than great credit. The good news is that refinancing is always possible in the future erasing the initial higher interest rate. Not only can they vary, but interest rates can also change. Some mortgages have what are called “fixed rates”. This means that the interest rate will remain the same during the life of the loan. Fixed rate mortgage loans allow for effective planning and budgeting. There are no surprises when the rate changes and your mortgage payment all of a sudden shoots up. Other mortgages have what are called “adjustable rates”. These loans have an interest rate which changes along with the market rate interest rate. With an adjustable rate one really never knows what the payment will be into the future. The advantage of an adjustable rate is the sometimes the initial payment is lower. However, this can quickly change resulting in a very high rate. This is especially so for mortgages with initial very low “teaser rates”. This loans can be especially dangerous and are heavily marketed to those with bad credit. Therefore, you need to be very wary of these mortgages. A very low initial payment is great. However, in a year, if it greatly increases you could be in a position that you can no longer afford your mortgage. This can obviously lead to a horrible result. Be wary of claims that you will be able to refinance at any point that the initial teaser rate shoots upward. Many borrowers were told this before and believed it. However, now they find they are unable to refinance because of declining property values. The result can be foreclosure. Obviously, you want to avoid this at all costs. Staying away from initial low teaser rate loans is a good step towards that end. There are bad credit mortgage loans available today. However, many can have nasty pitfalls. Make sure you are an educated consumer. Each bit of information available online can prove valuable and end up saving you money and heartache. Do your research, read the fine print, and avoid fancy or tricky mortgages and you’ll be a happy homeowner.



Tim

Ally asked:

what is an average interest rate for a 200,000 home loan???

Milton

MrsSilentWarrior asked:


When we got our commercial loan, our loan officer told us that “all commercial mortgages are ARM.” Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled. Any suggestions?

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