Question by reapacheep: What banks or lenders are the best in consulting about the HARP program?
I qualify, more about ailment but I want to make the best first step by contacting a lender or bank that has a good track record for offering these type of refinances. Thanks
Best answer:
Answer by Rob S
I’m pretty sure your own lender now can do the highest loan-to-value ratio (125%). If you go to another lender they can only go up to 100% or 105% of LTV I believe it is.
Maybe check that restriction possibility out when you go shop it.
Good luck, hope it works.
Know better? Leave your own answer in the comments!
Question by emartel01: Did George Bush create a law regarding interest rates for home loans?
Last I heard, visit this George Bush passed a law regarding interest rates for home loans. Can someone explain to me?
Best answer:
Answer by poolman4u03
I don’t know if the law was passed, but the point was to freeze intrest rates for people with adjustable rate mortgages for a period of time.
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Question by Cody: What is the highest mortgage I could afford on a small home?
I generate with my fiance about $ 500 a week (well, web its more but I am rounding it down quite a bit). We are looking to get a small home, hospital 3 bedroom one floor house. We are in Michigan and plan to stay in our current area. I have fairly decent credit, about it not excellent, but certainly not bad. With utiliy cost in Michigan (winters mainly) what do you think our mortgage should be like? Whats the highest we can go on a loan? We are first time home buyers, and will likely try to find a foreclosure home to get us started for a good price.
Any opinions and help would be appreciate, its our first steps out into ownership!
Best answer:
Answer by Uncommon Sense
Since we are not psychic, we can’t answer. WAY too many variables in there like debt, credit score, type of loan. etc
Give your answer to this question below!
Question by Brian B: How do current mortgage rates help new home builders?
I’d like to buy new construction as a result of the great mortgage rates right now. However, erectile by the time I’d close on my house in December, viagra 60mg it could be a totally different ballgame and rates could go through the roof. It seems to me, stuff then, that low mortgage rates only help people refinancing or buying an existing house.
Best answer:
Answer by Danielle M
It dosen’t help homebuilders. Right now nobody is really touching new construction. Theres to much inventory already on the market.
What do you think? Answer below!
Low rates certainly don’t hurt new home builders. What is hurting them are short sales and foreclosures dragging comps down. almost everyone in the market right now is looking for a steal and despite the fact new construction is far cheaper than it used to be, it isn’t in short sale range.
The other factor hurting all purchase mortgages right now, is the difficult qualifying for a mortgage. 100% loans don’t exit anymore and credit even if you do have money to put down, credit minimums with FHA used to 580 but are currently 620.
You can lock an interest if you are really concerned about an increase in rate but it will cost you. You’ll have is to pay what is referred to as a “rate lock” fee- you can find more on that here:
http://www.bankapedia.com/mortgage-encyclopedia/residential-mortgage-terms/313-rate-protection
Best of luck
Most economists predict that interest rates and home mortgage rates will remain low for some time to come. There may be some slight increases later in the year as the economy and the housing market improve but the rates are at record lows and now is the perfect time to buy a new home.
Have you spoken with a lender? It is possible to lock-in a rate for a small fee and thereby guarantee that you will not see substantial increases.