Everybody keeps saying that the economy needs a jump start – well, I am certainly willing to do my part and spend more once I have refinanced my current mortgage. However, it seems like the 30 year fixed rates continue to hover around 6-6.25%. Is there any reason to believe that these rates will fall?
Just like everything else they will go down and they will go up. I have been in real estate 30 years and seen a lot of things happen that "everyone" said would never happen.
A practical answer to the question I think you are asking is that I do not believe that mortgage rates will be much lower anytime soon, they might be higher within the next year. Investors that provide the money for 30 year mortgages are worried that inflation is coming back and they are reluctant to commit to low rates.
My Mother had a reverse mortgage loan for about nine years. At the start of the loan ,an annuity premium of $3735.00 was added to the to the loan. This was to pay her if she lived 14 years into the loan.,but she did not . Should that amount be deducted from the total amount of her loan?
wow, this is how is always look like when getting a loan. they ask you to make a high interst rate repayment plains that you can not pay, making it very hard for you to pay. trust me i have been in the position before and i know how it look like, i will only ask you if really you are in need of the loan and how seroius are you in paying back that is what you have to consider. well i got help from a friend here in yahoo answer whom introduce me to unsecured_loanoffer@live.com and i applied witing 6 days i was giveen a loan and i am making the payment now i got a loan from Unsecured company at the rate of 3% which was ok for me now well with God i am doing perfectly ok with my part time business. well as of you i will advice you to try them and get a loan for easy help, make sure you are good in repayment.
unsecured_loanoffer@live.com
Dan J
Try to focus on the government point of view, not too much on the economic side.
It’s almost impossible to not focus on the economic side. Anything that adversely affects the economy has a negative impact on the government in power. This current mess which was caused by greedy investors wanting only usurious interest rates will seriously hurt the USA and possibly the whole world for years to come.
I was a wholesale Rep in the mortgage industry a year ago and was laid off. Couldn’t find a job so I had to file for BK13 recently. During this time I finish an MBA and actually got on with a really good company. I make really good money now and very stable company. I am need of a car and need a car loan. Any way that I could get a autoloan while in BK?
i i was in your shoes the first place i would start is at the back where i have my checking account — if i was turned down i would request what i could do in three months to be able to obtain the loan– go on the offense and get the loan you need!!!
In 2004, Republicans held an oversight hearing on Freddie Mae and Fannie Mac. They warned us about this crisis back then, but Barney Frank, Maxine Waters, and other Democrats charged racism. Franklin Raines, the disgraced thief Democrat CEO of Fannie Mae, insisted the loans were "riskless."
Democrats created a climate of crisis around this mortgage mess. Their answer, as always, has been to seize power and your money.
Read RushLimbaugh.com and watch the video of Democrats fighting regulation and calling it Riskless….
The only thing more puzzling than all of these FACTS is why the mainstream media is not reporting any of this.
(Of course, that’s a rhetorical statement, we all know why they aren’t reporting it.)
Iv been for a job interview this morning, for an 11month maternity leave cover, with the chance but not promise of a permanent contract. Im hoping to buy my first house in the next year, and although i can afford it, would the temporary job stop me getting a mortgage? It would be a joint mortgage
You may not get as much money as you would like because with the crackdown on subprime lending, companies are getting more picky on who they lend to. Make sure your credit is above average- buy all three scores from a source such as myfico.com and see if there is anything you can spend time clearing up now. You ideally want to be over 720ish, but over 680 is a must to get the best deals from a reputable lender. Save for a larger down payment and make sure you still have "liquid" assests on top of your down payment (savings, money market, they even counted my 401k) that would cover several months of mortgage payments should the job end.
In reality, you may only qualify for what your co-signer could get without your income because it’s not a steady job and you’ll have been there less than a year. For example, I have a job where 70% of my pay is base and 30% is commission. Because I got my mortgage just a year after getting my job, they wouldn’t take into account my commission (there had to be two year proof that I would make the variable income at that level) and I was only able to get approved up to my base pay level. The mortgage lender wasn’t thrilled that I had been at my job only a year, but it was long enough to be off my probation period and I have a history of long employment periods with two previous employers with no gaps in career.
This isn’t to discourage you from trying, but just make the rest of your situation as good as it can be and be prepared to not get as much money as you would think!
I am looking into a foreclosed home. However it needs some work. Can we ask a mortgage lender or a bank for a higher loan amount to fix the problems as long we qualify for that higher amount? Is this allowed?
Ok Thank you for answering that question. I have another. Which is easier and smarter to use a bank or a mortgage lender?
Heather is correct. The only way to get this done is with an FHA 203K loan. The repairs will have to be done by an approved contractor so don’t go in thinking that you can do the work yourself.
Edit: You should look at using a broker. When you use a bank it’s like going to McDonald’s, you get what they have on their menu at their price. When you work with a broker it’s like going to an all you can eat buffet, you have more options.
I’ve heard there are some "niche programs" that will look at either your highest score or the average of the 3. My middle score is 5 below what it needs to be and all that’s standing between us and this beautiful home my husband and I found is that score!!! =(
Does anyone know of specific lenders that will look at your average? So far we have contacted Wells Fargo and Sunbelt (we live in FL) and both of them look only at the middle score.
No, not ALL lenders look at the middle. Some will average all three, some will average the highest and lowest, and some only look at just one.
We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.
Well, you were late, so the info is accurate.
It is probably just a coincidence… sometimes it takes time to get stuff posted onto a credit report.
I refinanced last year to keep from losing the home..I am in Fl..I want to sell it but the realestate agents want so much..I would make NO profit..can I do it myself safely?I only want out at this point..from another answer I understand if its refinanced .they can even come after my Bank Account,,,
You have more protection under the law when you have the original loan you used to purchase the house. You are treated as a "novice". You wouldn’t be expected to know a lot about real estate or financing.
People who refinance have now gone thru the loan process twice. They are smarter and more bold. They have lowered their payment or "pulled-out" cash. They get less protection. The bank could come after them for any missing money in a foreclosure. It would take 18 months and get them nothing so they seldom do it. But they could./