Refinance Mortgage

Any recommendations as which bank can give a good interest rate for 30 yr fixed.

– with 25% down
– with 790+ fico score

All banks and mortgage bankers/lenders have the same loan products. Mortgage bankers and brokers do not charge any more than any local bank, but have many additional loan products to offer.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

Hi …
Does anybody think that the BOE will be lowering interest rates any time soon? From what I know, the last rates did not affect mortgage rates, but does anybody think any cuts may be made that may affect mortgage rates any time?

The BoE is only responsible for inflation. Not the economy!

Inflation is high, therefore interest rates have to stay high.

Thanks Gordon for your 10 years mismanaging the economy by building on a sea of debt!

I like the post about your next breath.
Federally regulated.
Good Faith Estimate ( GFE).
Unitl locked or funded it varies. Lock now !!
4.5% rate is about all there is.

One mortgage broker said I did not qualify for refinancing, but suggested that I go to B of A directly and try to get my rate reduced. Has anyone been successful at this? I also don’t want to extend my term if I do this…

You can ask, but B of A is under no obligation to reduce your interest rate. Just be sure you are doing a loan modification and not a refinance, a refinance will cost thousands of dollars and will quite possibly extend the term.

For new mortgages, very little. Mortgage interest rates have very little to do with the Fed Funds rate. Fed Fund rates are short term rates between banks. A mortgage is a long term loan and the mortgage company is looking at what it thinks rates will do long term.

There is no easy answer, and there is no correct answer. If you are single and own a house normally you can get away with claiming 2 with out a problem. If you claim 3 your refund might be around 100-200 or you might owe 100-200.

It is very hard to say with out your total income, interest you pay yearly, and yearly tax liability. Even then it’s just a estimate.

first take your lowest credit card and make extra payments on it till its paid off. then do the same with the other ones. If you pay your bills on time you can call your credit card company and ask them to lower your interest a point or two. this used to be easier but the credit card companies are less friendly now. write down what you spend for one month and you will be surprised at what you spend on extra stuff you didn’t realize you were spending. If you pay your bills on time for a few months you can then try to refinance at a lower interest rate. do not ever go for a variable interest rate, if the rates go up you will get messed up big time.

Please explain it in detail.

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my fixed term mortagage rate ends in december, its 7.9 at the mo, what do you reckon it will change to. thanks, i know theres no way to be sure but if anyone would like to hazard a guess i would be gratefull.

1. This week’s rate for 30-yeer fixed rate morgage tu a prime kustomer=6%.
2. wot du yu meen…yer fixed rate end. That sound like yu hav a ARM="adjustabel rate morgage" with a limited time fixed rate for first yeer or 2.

In a bad mortgage, our interest rate was 12.125 then our forclosure letter said 11.125, now we received a letter that it was 10.125 do you think we are being jerked around by the mortgage company

You have an ARM that is adjusting downward. That is the mortgage you signed on with.

BTW 10% is way too high.