Refinance Mortgage

I am in search of finding a way where one can renegotiate with the bank of lowering our interest rate. We have 2 loans and want to combine and get a lower rate. Please help…..

Do you know what the value is? Are you upside down in the property? If so you will be stuck unless you have a mortgage about to adjust. FHA has a new program coming out in Oct this year to help those with a ARM that is adjusting.

Get in touch with a good Mortgage Broker that is FHA approved.

Does anyone know any Mortgage Company that is doing loan 100% financing, 0 down to people with a credit score of 600-605?

Honestly, with that score, you won’t get a mortgage through a bank at a decent rate. I just bought my house with 0 down though my local bank, so I know what the minimum credit score generally is (at least 650, but my banks said even that’s pushing it).

You may try lending tree or eloan, or you can try FHA — that type of mortgage only requires 3% down.

If they offer you a fixed & lower interest rate, go for it.

See http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
They might or they might not have you on. It depends on many factors and where you are located.

Are there any fees associated with a home re-finance (other than points) that are tax deductible?

No. None of the fees are deductible.

Also, on a refinance, the points are not deducitible all in one year either. You must spread them over the life of the loan.

The first answer is correct – Your first mortgage will be 85 percent with a 2nd of 10 percent and the seller doing a 5 percent. Now my question is this? Is the seller going to forgive the 5 percent – What that means is the lender does a 85/10 and after the closing, the 5 percent is forgiven (now owned) and it is not recorded at the court house. That is called creative financing. What is your middle credit score? Why is the lender you are approved with going with the 85/10/5 ?? Just curious! You can get a 95 loan (with no MI insurance) with some lenders. Some companies will give a client a 80/10 or 80/15/5 so a client does not have MI insurance. What is the rate on the First and 2nd? Have you calculated what your payment is. And is the seller willing to forgive the 5 percent, if not – you may want to shop around…But if you shop please read the following.

Talk with a broker, a broker underwrites for many company’s (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Try to find someone (broker) that will pull your credit one time, and submit your loan application to company’s that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only – not the final – but it does help you figure things out.

Lenders look at the middle score to qualify a person – With a 580 or higher you can get a 100 percent loan. If your credit is low, than you will be going SUB-Prime, and any amount over 80 percent does not have MI – There are alot of companies I underwrite for that does NOT charge MI – normally the rate is slightly higher. Say you got qualified and your rate was 8.50 at par (Par, means that is what rate the lender quotes you, with no addon’s to the rate for the lender to make pts on the back – some Lo"s add pts on the rate to make their money – instead of charging it up front). The 8.50 does not have MI included. This is a estimate only – ok –

If you go with a FHA loan, FHA has MI included. (With a 580 + you will be going sub-prime the rates are higher by about a 1 percent, but you have no MI. (MI is mortgage insurance in case you default on the loan, it is a way for lenders to have added insurance. It is not the same as Home Owners insurance, ok) VA loans do not have MI insurance.

Conforming A+ borrower’s loans have MI included, but the rates are better starting in the mid to high 6’s (with rates going up.) The more money you borrow – the higher the rate normally. There are a lot of factors involved.

With a government loan – collections and judgements will have to be paid (most ppl do not know that) but for FHA it is true….

http://www.fanniemaefoundation.org/…

http://www.fha-home-loans.com/

http://www.freddiemac.com/

I hope this information helped. Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency’s and other useful information. This is not an advertisement – just helpful information for you..

Does anyone know any Mortgage Company that is doing loan 100% financing, 0 down to people with a credit score of 600-605?

I know we can with atleast a 600 score. Shoot me an email if you’re interested.

I have checked with my bank, a mortgage broker, and another lender about getting a zero down %100 financing mortgage with no PMI. I have a better than average FICA score, and have a very low debt to income ratio. The best interest rate for a 30yr %100 financed fixed mortgage I rcvd was 7.5 (with lowest closing fees)
My friends and family insist I’m getting screwed over and should be getting a low 6 interest rate.
My question is should I expect a low interest rate when I have no money saved for closing, and no down payment? Does my rate sound normal for high my situation? Is 7.5 really that bad for %100 financing of fixed rate?
(I’m in Texas, 1st time home buyer, recent college graduate, single mother of three young kids—so unable to save a bunch of money)

You’re getting a good rate for a 100% ltv loan- especially without PMI. Low 6 rates are for 80% ltv loans on a 30 year term. Make sure it is a FIXED rate for the life of the loan so you don’t get caught in a variable rate nightmare in three to five years. And watch the points charged up front, one or one and a half should be enough. As a first time buyer, you may want your broker/banker to look for some downpayment grant money for you- if your state allows such programs.

I am giving my notice to a very secure job tomorrow, in the commercial lending industry. I really like working in mortgage financing and did it for two years previous to this job. I want to jump back in, but don’t know if I’m making a mistake, what do you think?

NO. People will not stop buying houses. The American Economy revolves around the housing industry. Even though home sales are DOWN on the whole, you have tens of thousands of people mortgaging property everyday. The misfortune of some does not have to be yours. I am a REALTOR(r) and have pledged to hang in there. I want to be a part of helping to make peoples biggest dreams come true. Godspeed on your tremendous and admirable leap of faith. Much success to you!

Well, it can be possible depending on which lender you chose. Your interest rate would be very high causing your monthly payment to probably not be very affordable or worth financing 100%. You can also do a balloon loan which is two different loans the first is 80% of the mortage amount and the 2nd mortgage is 20$ of the mortgage amount. But again… the payments might be very high!

As of March 12th. They now require 5% down. Is it because banks are underwriting to many garbage loans?
Losses how? No vague or arbitrary statements please.

This is something that is happening industry-wide. Subprime lenders are tightening up their guidelines. Either they’re raising their requirements for 100%, or cutting it out entirely.