Q&A: Where can I find out current home mortgage rates for my area?
Question by ohio_state98: Where can I find out current home mortgage rates for my area? Does anyone know where I can find out the current mortgage rate averages for my geographic area? I’m looking at possibly refinancing and want to know if it would be worthwhile. Also, advice stomach can I expect any costs when trying to refinance? Best answer: Answer by orlandomortgagebrokerAll over ONLINE. The only problem is, medical that you don’t get that rate until you lock it, or you have a honest mortgage broker on your side, which might be willing to lose on the Yield Spread if he doesn’t lock it, if rates happen to go up, from the day you were quoted on Good faith Estimate. The minute you’re quoted a rate you like to proceed with, instruct lender or broker to lock, and provide form that states the fact and that their committed to lend at that rate. When lenders “lock”, they commit to lend at a specified interest rate and points, provided the loan is closed within a specified “lock period”. (Points are an upfront charge expressed as a percent of the loan amount). For example, a lender agrees to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5% and 1 point for 30 days. A lock is contingent on the borrower meeting the lender’s underwriting requirements for the loan. The need for locking arises out of two special features of the home loan market: volatility and process delays. Volatility means that rates and points are reset each day, and sometimes within the day. Process delays refer to the lag between the time when the terms of the loan are negotiated, and the time when the loan is closed and funds disbursed. If prices are stable, locking isn’t needed even if there are process delays. If there are no process delays, locking isn’t needed even if prices are volatile. It is the combination of volatility and process delays that creates the need for locking. For example, Smith is shopping for a loan on June 5 for a house purchase scheduled to close July 15. Smith is comfortable with the rates and points quoted on June 5, but a rate increase of 1/2% within the following 40 days could make the house unaffordable, and Smith doesn’t want to take that risk. Smith wants a lock, and lenders competing for Smith’s loan will offer it. If locks were equally binding on lender and borrower, locks would not cost the borrower anything. While lenders would lose when interest rates rose during the lock period, they would profit when interest rates fell. Over a large number of customers they would break even. In reality, however, borrowers are not as committed as lenders. The number of deals that don’t close, known as “fallout”, increases during periods of falling rates, when borrowers find they can do better by starting the process anew with another lender. Fallout declines during periods of rising rates. This means that locking imposes a cost on lenders, which they in turn pass on to borrowers. The cost is included in the points quoted to borrowers, which are higher for longer lock periods. The lender who quoted 7.5% and 1 point for a 30-day lock, for example, might charge 1.125-1.25 points for a 60-day lock. Years ago, lenders controlled lock costs by requiring borrowers to pay a commitment fee in cash. The fee was returned to them at closing but forfeited if they walked from the deal. But today, commitment fees have mostly died out. Borrowers don’t like them, and lenders and mortgage brokers...
Read MoreNear-historic low mortgage rates drive refinancing boom in Pensacola area
A couple of great apartment constructing photos I found: Oakland Image by edgeplot Apartment constructing. More great houses click right here… The lamp Image by Geir Halvorsen .. and the apartment developing. Much more great houses click right here… Arizona Refinancing Expert Explains New Residence Reasonably priced Refinance Program Phoenix, diagnosis AZ — (SBWIRE) — 08/23/2012 — Help has finally arrived for Arizona property owners whose home values have dropped over the past couple of years. In order to reduce fees of mortgage installments today and get a good fixed rate plan underway … If you would like more informaiton please go to here… Mortgage Q&A: Borrowing for refi is one resolution For numerous causes, try they had been not eligible for the oft-touted House Inexpensive Refinance Plan (HARP). If you have read my prior columns, this web you will know … equal to 90 percent of the home's current worth. The house appraised for $ 415,000, which … Far more informaiton please check out here… Question by Tim6298: Mortgage pre-approval questions (FHA fixed loan)? 1.) Once we get all of our paper work together or go to our bank, dosage about how long before we get an answer on whether or not we are approved? 2.) If we get pre-approved, remedy once we find a house, is that approval only good for getting a mortgage at that bank? And on average how long is a pre-approval good for, not sure when we might close on a house, so I dont want to get pre-approved in the next few weeks, just to go through it again if we dont find a house right away. Best answer: Answer by Gorkbark Porkduke Gefunken FubarYou are going to run into a problem where the bank will keep demanding more paperwork, and this will go on for so long you will eventually drop the whole idea of buying a house. this is the trend I have noticed. The pre-approval is only good at that particular bank; it’s a part of their own application process and they are not about to share information on a prospective customer with another free-loader competitor bank. A pre-approval might be good for 30 or 60 days, but they will drag out their demands for more paperwork long past that point. The only option is to wait until you have saved enough money to pay the entire purchase price in cash, or are able to find a seller willing to hold a mortgage. On the plus side, house prices still have to drop another 50 to 75% to work out the inflated prices caused by government meddling in the financial and real estate markets over the past 50 years. Give your answer to this question below! Near-historic low mortgage rates drive refinancing boom in Pensacola area If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, this site HARP can help. Managed under the Departments of the Treasury and Housing and Urban Development, HARP … If you would like more informaiton please visit...
Read MoreDo FHA mortgage loans interest rates vary by lender or are they the same across the board in your area?
by Editor B Question by : FHA LOAN INFORMATION? Hello. How do I get an fha loan with little or no down payment? Whats the best bank to go through if your credit score isnt perfect? I appreciate any help or advice! Best answer: Answer by cactusgeneYour absolute minimum FICO score for an FHA loan is 625. Instead of looking for a bank that handles FHA loans you would be better off to look for a mortgage broker in your town who specializes in or at least handles many FHA loans. I also found that may experienced real estate agents have sources and names of mortgage brokers that they rely on for such loans. Know better? Leave your own answer in the comments! When a HARP Refinance Can Help Article by Brian Hauck For more informaiton please visit here… www.FloridaHarpGuide.com Get accurate HARP 2.0 Refinance Florida information including the HARP Lenders, viagra order HARP Guidelines and the “How to get started” Process. Video Rating: 5 / 5 More great real estate info click here… More Harp Refinance Articles Question by Amy: Do FHA mortgage loans interest rates vary by lender or are they the same across the board in your area? Thank you, try Michael. Do you know if the interest rate is negotiable or it will just vary by the lender? Best answer: Answer by MichaelYes it can vary. It depends on the Yield Spread Premium the mortgage broker or banker is getting. In other words how much they are getting from the lender for doing the loan with them. Yes, medications the rate is negotiable. Just find a broker or banker who isn’t too greedy. Ask them what the par rate for FHA loans are and they should tell you. The par rate is the going rate without any yield spread premium (ysp). These days brokers try to make the standard rate of 1 point, either 1 point on origination fee or a combo of origination and YSP. Good luck! What do you think? Answer...
Read MoreDotLoop CEO joins NBC Bay Area News- “Time Kills Deals”
A few nice chateau images I found: Château de Fléville (France – Lorraine – 54) Image by michellefouineur Vue sur le parc du château. If you would like to see more homes click here… Chateau de Mauvezin Image by villette65 Le château domine tout son petit monde frigorifié If you would like to see more homes click here… by Travis S. The FHA has a special refinance program that can reduce a homeowner’s monthly mortgage payment. Under the FHA Streamline Refinance program, find a borrower is allowed to refinance to a lower rate with greatly reduced documentation requirements and easier underwriting rules. Mortgage News If you would like more informaiton please visit here… DotLoop CEO, page Austin Allison joins NBC Bay Location News the day after the Inman News Connect Conference in San Francisco. If you would like to see much more homes click...
Read MoreBay Area Governments Expand the Use of Transfer Taxes to Boost Collections
Common & Poor’s plans to update its credit ratings for the world’s 30 greatest banks inside 3 weeks and may possibly nicely mete out a few downgrades in the process, ed possibly surprising battered global bond markets. Mortgage News For more informaiton please check out here… Some cool big home pictures: Large House Construction Season in Ann Arbor, dosage Michigan Image by cseeman Walking about Ann Arbor these days…oh the cranes and work! For far more houses click here… Big House Construction Season in Ann Arbor, price Michigan Image by cseeman Walking about Ann Arbor right now…oh the cranes and function! If you would like to see more properties click here… Big Property Construction Season in Ann Arbor, abortion Michigan Image by cseeman Walking around Ann Arbor these days…oh the cranes and function! Far more great houses click here… by drburtoni To boost revenues, approved Bay Region governments have been expanding how they collect transfer taxes. National Actual Estate Investor If you would like more informaiton please go to...
Read More