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Follow on Google News | Rumored Drop In Mortgage Rates, Spurring Refinance Activity.With the Feds anticipated purchase of over $600,000 Billion Dollars in Treasuries, mortgage brokers and homeowners across the country held their breaths. Projected rates as low as 3.875% for a 30 year fixed were bandied about. But, it was not to be.
By: Barbara Israel While mortgage rates appear to be heading higher in spite of the current slow economy, consumers are being encouraged not to panic. According to a report at, http://savemyhousenow.net/ What does this mean for the homeowner who is trying to refinance their way out of a difficult mortgage? FHA/VA currently offers 30 year fixed mortgage in the 4.000% to 4.250% range, for those who are well-qualified. But, the 4.000% comes at a price. 4.125% also carries an origination point cost, with a 5 year break-even. The most widely quoted rate of 4.25% has no points, but, the normal closing cost fees. 15 year FHA/VA fixed rates are in the 3.375% to 3.625% range, with closing costs similar to a 30 year mortgage. ARM’s (Adjustable Rate Mortgages.) are still considered somewhat risky. Disclaimer: Mortgage providers are only offering these rates to borrowers with conforming loan amounts (Technically this means a loan of up to $417,000, with some borrowers in higher cost areas being considered conforming at $729,750.) Borrowers must have a middle FICO over 740 and sufficient equity . Loans considered higher risk will be quoted at higher rates. If offered a higher rate loan, be sure to ask your lender what qualities are driving your loan estimates higher. Smart consumers do more than request a quote. Make sure you ask your loan originator: 1. To estimate a closing date for your purchase or refinance. 2. To explain how they order their appraisals. a. Who do they order them from? b. How long has that company been a vendor? c. Have you had any issues stemming from slow appraisals. 3. Whether they keep & service the loan or sell it through the secondary market. a. If my loan is sold, what kind of investor choices do you have? 4. To provide a spreadsheet illustrating your best long-term, loan repayment options. For more information, please read the full report at: http://savemyhousenow.net/ # # # http://savemyhousenow.net is a National Publication dedicated to helping homeowners do everything in their power to prevent their homes from being lost to foreclosure. End
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