Q&A: What you think that Bank Mortgage rates will stay lower as now for long term?

Posted on Mar 8, 2013 in FHA Information

no credit home loans
by Vietnam Plants & America plants

Question by Yvette W: What was your credit score when you recieved a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?

Best answer:

Answer by Katharine ????
Mine is 820 – and I am doing a loan right now.
Doesn’t hurt to apply – they will let you know if its enough or not – I went through wells fargo – the no closing cost deal!

Give your answer to this question below!
Question by pd39: Questions about a FHA loan, here Mortgages, order and first time buyers?
I will be a first time home buyer, seek I am looking in NJ, now living in NY. I take home, after taxes about 8k a month, my wife also brings in a few thousand a month. We have great credit and no outstanding bills except a few student loans. To find something in the area we want, we will have to spent about 700k or so. I have read that with a FHA loan you have to put down 3.5 % as compared to 20% with a regular mortgage. If you take out a FHA mortgage and put down the 3.5 % do you still have to pay PMI with a FHA ? Also, where should I go for a mortgage, I hear many bad things about brokers, And, the last thing, what am I looking at in fees and closing costs for this range ?

Best answer:

Answer by maxmom56
You pay PMI and you pay all closing costs. The banks are on the website – fha.gov.

Know better? Leave your own answer in the comments!
Question by REETA: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.?
I am working with a company since January as sales rep and will receive a 1099. I am guaranteed 2000/month plus commission. Can I apply for mortgage loan (along with husband) or do I have to wait before my income will also be considered.

Best answer:

Answer by Judy
You generally need 2 years of stable work history. If you had another job right before that for about the same money, approved that would count.

Give your answer to this question below!
A few financial reforms would help many
Home sales are picking up. Unemployment is starting to tick down. Yet, cheapest many hardworking Californians remain at an economic disadvantage because they lack bank accounts, healing credit scores or any hope of getting conventional loans. They are unable to buy …
If you would like more informaiton please visit here…

How Much Home Can You Afford?
No homeseller is likely to look at your offer if you aren't pre-approved for a loan, here so you know at some point you'll have to submit multiple documents and copious information to a mortgage broker who will crunch all the numbers and arrive at loan …
If you would like more informaiton please visit here…

Mortgage Rates
mortgage rates
Image by 401(K) 2013
European Mortgage Rates – Money House

If you would like to see more homes click here…
Mortgage rates little changed this week
The lowest mortgage rates in decades have boosted home sales and helped the housing market rebound. More people buying homes has pushed up prices. Home prices jumped 9.7% in January from a year earlier, troche according to CoreLogic. That's the biggest …
For more informaiton please visit here…

Mortgage rates not moving
The weekly rate report by Freddie Mac (OTC BB: FMCC) puts the average rate on a 30-year, cheapest fixed-rate mortgage at 3.52 percent in the week ending March 7, drug up from 3.51 percent last week. A 15-year fix averaged 2.76 percent, unchanged from last week.
If you would like more informaiton please visit here…

Question by Bryan: Are there any loan home refinance options available for someone with good credit and low income, site in PA?

Best answer:

Answer by Ryan M
Same options as everyone else. If you have good credit and can reasonably afford the payments, this it should be no big deal no matter who you refi with.

What do you think? Answer below!

no credit check home loans
by Chris Devers

Question by tikki: What are the disadvantages of subprime home loans?
I’m getting ready to buy my house. I know to do a 30-yr fixed rate. I’m just wondering what is the buzz about subprime home loans? It seems to really be hurting people and mortgage companies. What are the advantages and disadvantages? Thanks.

Best answer:

Answer by loanmasterone
There are advantages and disadvantages to everything in life.

I don’t understand your situation financially, sildenafil therefore I can not answer your question about subprime mortgage.

Sub-prime mortgage was and is an option available or was selected by those that wanted to purchase a house and the program fit their financial situation at the time.

Depending on your financial condition, credit report and other factors will determine if you get a sub-prime loan, an adjustable rate mortgage a 30 year fixed rate and FHA or a “A” loan.

You should not zero in on a certain mortgage program because everyone tell you this is the way to go. Don’t jump into the fire because everyone says it is the way to go and we fell all warm and rosy. This same fire might burn you.

Your financial situation should dictate the type mortgage you get. Everyone’s financial situation is different.

You should contact a mortgage broker complete a mortgage application and allow this mortgage broker to run a credit check for you.

This credit report, debts on your credit report as well as your income will dictate the type of mortgage you are qualified for not that you want a 30 year mortgage or that all your friends have a 30 year mortgage or suggest that you get a 30 year mortgage.

What is best for you right now and in the future should determine the type of mortgage you want and should get.

Once your mortgage broker has mortgage programs available to you then you should sit down with this mortgage broker and go over each option available to you. If you don’t understand a certain mortgage then don’t leave the table until you completely understand what is available to you.

Now once all your options have been explained to you, then and only then are you able to make an intelligent decision as to which is best for you.

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

“FIGHT ON”

What do you think? Answer below!
Question by Steve t: What you think that Bank Mortgage rates will stay lower as now for long term?
Bank are here to make money not to loose money, ed it looks like for short term that rates are low. What you think?

Best answer:

Answer by bull_rooster_aardvark
Its not so much the banks choice as a combo of what rates the fed sets and what money is available to lend versus what is needed (ie supply and demand). That said I suspect they’ll stay low for awhile and then creep up, page but who knows.

Know better? Leave your own answer in the comments!

3 Comments

  1. rates have been really low…but in my opinion…they are on their way up. Get a low rate now and lock it in by paying a lock in fee. Get the bank or mortgage company to sign a paper so that you know how long you have to close on a new or existing mortgage.

  2. they can’t keep the rates too low for too long (thats partially how we got into this entire housing mess) because rates were so low people could spend more than they could afford and then the rates rest – blowing everyone out of the water on budgets

  3. Yes, rates remain somewhat low historically speaking. No, mortgage rates have nothing to do with the Fed Funds rate.
    No, low interest rates are not to blame for people loosing their homes. Greed, timebomb loans and irresponsible borrowing and lending, declining markets and fraudulent appraisals were the real culprits. This is the perfect storm for a mortgage crisis.

    Banks make there money when they originate loans (junk fees), sell the loans to FNMA and FHLMC (gain on the sale by originating at premium rates) and through servicing income (they make 0.25% per year for processing payments and performing various other admin tasks on the loans the originate.

    They do not generally hold the paper as they would be exposed the the interest rate risk that caused the S&L crisis 20 years ago. That is, if you originate a loan at 6% and rates go to 7%, your 6% mortgage would be worth less than the face amount as it would have to be sold to yield 7%. It may lose as much as 10% of its value. That would errode a banks capital like nothing else and could lead to its insolvency which would threaten the deposit insurance fund.

    What rates will do in the future is pure speculation. Some market analyst are calling for the 10 year bond yields to fall by the end of the year. If that happens, the required net yields on the mortgage back securities in the secondary market(which drives what rates banks can afford to offer in the retail/primary mortgage market) should fall as well.

    With that being said, my finance professor told me that we, as consumers, should not speculate about what will happen with interest rates. That is, if you need to borrow and you find a rate that you like, you should take it because it may not be there tomorrow. How true that wisdom rang this January when rates dipped to about 5.375% on a 30 year for about 6 hours before they shot back up 0.5% when the stock market started its recover.

    Who is really loosing money? The people who insure the loans that are going in to default; the FHA, VA and the PMI companies and some of these other companies that supposedly insured the uninsurable loans called non-prime/sub-prime loans (these companies could not possiblly have charged enough to cover the losses on the loans they insured so they are largely bankrupt) and everyone who had investments in companies that bought into these pools of sub-prime loans.

    Between the diminished home equity and actual losses due to defaults, I believe the that the actual losses will be around 2 trillion dollars by the time the crisis is really over.

    All those people who talk about Bears Stern being a watershed are clueless about the liabilities that Countrywide has failed to recoginize. I think there could be hundreds of billions that will be scuttled if the merger with Bank of America goes through. Another back room deal in the making in the name of the governments “too big to fail” doctrine.