Home Loan Mortgage

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Harsh Roongta talking on cut in home loan rates

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We are changing our mortgage from 30 yr/fix to 15 yr/fix. Is it wise to pay more money to lower the rate. If we are going to stay in this house for 5 more years, is it wise to refinance? How do we lower the fees for refinancing, we have asked several loan companies, they all come pretty much the same price.

Be sure to refinance for the balance only. Check all your options. If you’re score is good it may be better to do a "pick-a-pay" or pay option loan. You qualify at the 30 year rate but each month you have the option of paying 30-yr payment, 15-yr payment, minimum payment or interest only payment. The rate is lower than a regular fixed rate mortgage. Therefore, if you were having to make home or car repairs you can pay the minimum payment and still be on time for you monthly payment. You can also keep current mortgage and pay an extra payment once a year and it will cut the mortgage time in half.

My spouse and I are going to be refinancing our mortgage and added me on. I did check my credit and found that I have a good fico score. However, my spouse doesn’t know about a couple credit cards that I have. Will these details be revealed when we go through the refinancing process to him, or is it more important that I just have a good credit fico score enough that any other details won’t be revealed?

If you are looking for the best mortgage refinancing site, try this site

http://best-mortgage-refinancing.com/

Here you can find the lowest interest rate in your area

home loan modification vs mortgage refinancing, are they the same thing?

A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can’t then you don’t and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification

I am looking for a home loan and requesting some quotes from all the lenders.

1)Do I have to look at the APR% in all the quotes and see who is giving me lower rate ?

2) Are there any other factors which I should be looking at to see if I am getting good rate ?

Yes APR also considers the fees and adds that to stated rate.

From past few weeks I have seen the home rates going up above 5% to 5.65%.
Do you think that rates might come down this week ?

I heard that there will be a 10 yr bond treasury auction on june 10th and hoping that the rates will go down ?

Any suggestions or inputs.

Thanks

I don’t think so its going to come down any soon. In last five week it went up from 4.75% to 5.07% in 15 year fix mortgage last reading. It took five week or may be more to went up and it gonna take week to come down that’s happened because of refinancing.

About 10year treasury if the demand is gonna high for US debt than it might come down. 10 year goes up because of too much supply.
10 year is closely related to 30 year fix mortgage.

watch how good the auction is watch the results.

The home loan rates were around 4.75 – 4.9% last few weeks or so.

Now from past week it raised to 5.25%

Do you think the rates my go down or up in coming weeks or months ?

From what I have been reading the interest rated is projected to fluctuate between 5% and 5.5% throughout the next year. I do not think they will fall below the 5% level again. Anything around 5% is a excellant rate especially if you can lock it in for 15 or 30 years.

Why are home loan rates higher for non-occupied owners? Why should/does it make a difference whether I live in the house or not?

Rental property tends to appreciate less, even depreciate (in a normal market, not the one for the last year) where owner occupied does not. There is also a higher risk of losing the property completely to neglect, fire, etc as renters simply do not take care of the property, even basic cleaning.

Most of the time the average person can tell the difference between owner occupied and a rental just be looking at the house. Of course there are exceptions, owners who are slobs and renters who treat the house as if they own it, but for the most part the two groups of people treat property completely differently.

http://www.chadaldridgeloans.com – 5 Refinance Mistakes most people make and how you can avoid them!Stop shopping for a North Carolina Home Equity Loan until you watch this video by mortgage expert Chad Aldridge.

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Home equity loan payments should be included in the monthly budget as a definable debt that needs to be paid on time. Work with a banker to determine the best time in your income cycle to receive home equity loan bills with tips from a registered financial consultant in this free video on home equity loans.

Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

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