Are the interest rates the same between people who take a new mortgage and those who refinance?
I want to take advantage of the decline in intest rates by refinancing my mortgage. When I search online I find a lot of rates quoted for new loans but not much for refinancing. Is it safe to ume the refinancing rates will be similar to the new buyer's rates with the same terms and credit rating of course ? Thanks- I would go to a reputable, bricks and mortar physical location of a known bank to refi. Part of the mortgage debacle was using anyone and everyone including the big banks, though and it is critical to be sure you know who you are dealing with and what you are dealing with! Get a referral and go with someone with a good track record. Also, start with the bank you deal with. They want to keep your business and may not charge closing costs like another lender would. The credit score will determine the "good rate" that sounds low but still depends on credit score
- It depends on your loan to value when you want to refi and if it's a straight rate and term or cash out refi. Make sure to price out your loan with your LOCAL banks and mortgage brokers only. A lot people giving advice on here are also looking to give you a loan its not advice, its advertising, if they are not local to you and you can?t get to them within 1 hour don?t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; do not GET RIPPED - OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO. Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense. " You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a.com or contact me at the end is "selling" you something its not advice, its advertising. do not buy "it. "
- It depends on your credit score. If you have paid your mortgage on time. Your present lender will gladly refinance to a lower rate. There are a lot of loan officers that are solely doing refi's if you are in California I can refer you to several people that I deal with. Times are tight and the loan officers are gun shy
- Yes but shopping for interest rates in your market in very important. Most ads that you see are teaser type ads and do not disclose all the service fees that are included. The rate may sound great but the closing cost can get you. Be aware of typical closing cost such as credit report, appraisal, recording fee, le opinion and service fee. But additional expenses can be added. watch out! Find a lender that will give you good financial advice, great rate and closing cost. Good Luck!
- Great question! As a retired Mortgage Banker who has taught thousands of loan officers how to earn incredible incomes, I would love to answer it. There are SO many people hungry for answers to such a great question, that addressing them one at a time is SO ineffective. I have a free report available that anyone can access to get educated about all the "dirty little secrets" of this business and HOW we as a society ended up in such a mess. It bothers me greatly that so many people, young AND old, have been taken advantage of and NEED answers to prosper financially and not become a mortgage victim. If you do not get educated BEFORE making a decision, you're next in line to be ripped off. Count on it. I have been posting answers under numerous aliases on Yahoo! because I have to keep creating new accounts to do so. It seems the "establishment" prefers to keep the public in the dark when it comes to exposing the truth about anything which could actually help them avoid catastrophe. When faced with a serious choice about something in your past think about what you should have been made aware of by someone in "authority", but weren't. If you knew what "they" knew, would not you have made a better decision? Whether you're a first time buyer, moving up, refinancing, buying a foreclosure, short sale or trustee sale or auction, you're going to need financing in place. First. Doing it ANY other way is wasting your time and a professional real estate broker will not even LOOK at you or your offer unless your financing is in place. do not believe me? Try it. If you want to learn the industry from the inside, visit my website. I can not type the internet address here or I will be creating yet another Yahoo! account. I will spell it for you. MortgageSelfDefense dot com. Type that into your web browser as you would a regular internet address and you will get there. In addition to the information you will receive on the site, if you decide to be a free subscriber, you will receive tips, techniques and advice on regular intervals along with my personal contact information to ask questions. I look forward to helping you. P. S. I am also a Real Estate Broker in two states CA & NV and have been since 1981. Having been so gives me a unique perspective on the industry
- For someone with good credit going to a regular commercial bank, the answer is yes. the rates should be the same. Refinancing has not been going on a whole lot, so many with their limited advertising dollars and space are targeting the new home $ for now. Good luck!
Knowledge Base
Can a veteran get help with closing costs to refinance a home mortgage loan?
yes, check out the hud. gov website. they should have links to your state and you can look for different loans and grants. most of the closing costs can be rolled in to the new mortgage. you may have to come up with a few upfront dollars, but just tell (best refinance mortgage)
best bank to refinance mortgage?
what would be the best bak of choice to refinance my mortgage?. that's a trick question. i would suggest you first ask your regular banking account manager. === if i was paying off a mortgage - and never missed a pymt - ? i'd go shopping for money. where. ? (mortgage refinance rates)
What should I do to get lower interest rates when I get a mortgage refinance loan?
you have to shop around for the best one. that's not saying they will be less than your original mortgage rate was because rates have gone up. shop around to different brokers and compare good faith estimates, do not hesitate to negotiate with them based on the gfe's you receive (mortgage refinance rates)
Knowledge Base: Mortgage Refinance
I am looking for the best mortgage company for a refinance. Two criteria, low interest rate and low fees. ?
does anyone have any suggestion? where to look, what to stay away from or tricks of the trade. made a poor decision on our present mortgage and do not want to do a repeat. am locked in on present note for 45 more days and then we want out. looking (refinance mortgage bad credit)
Can I refinance a mortgage with bad credit?
i have been in the house 8 years and have a rate of 7 for 30 years. i have bad credit and wonder if it would benefit me to refinance to a lower rate?. no. tom only a lender can tell you for sure. depends on what you mean by (mortgage refinance)
best bank to refinance mortgage?
what would be the best bak of choice to refinance my mortgage?. that's a trick question. i would suggest you first ask your regular banking account manager. === if i was paying off a mortgage - and never missed a pymt - ? i'd go shopping for money. where. ? (mortgage refinance rates)
how do i get the best mortgage refinance?
hey kevin, it may sound left field, but i'd go for an interest only mortgage. you can take the difference in payment and put it in a vehicle that's safe, liquid, and earning interest even a savings account. most do not do it because most do not understand the risk (mortgage refinance)
How can I get a High - LTV ration mortgage refinance loan?
i have a recently purchased condo in dc with a value that continues to tank with the economy. currently have 2 mortgages on it making the ltv somewhere in the neighborhood of 110 percent. looking to refinance i have relatively high income, excellent credit property value approximately $250, 000 and (mortgage refinance loans)
Knowledge Base: Mortgage Refinance Rates
Where can I find the lowest mortgage rates and refinance rates in the USA on the internet?
do you think the rates have hit bottom? we like to use a local mortgage broker but the last time they did not over us the lowest rate out there. we knew the lowest rate from bankrate.com so we got it. bankrate.com no longer lists the lowest rates in the (mortgage refinance rates)
Are the interest rates the same between people who take a new mortgage and those who refinance?
i want to take advantage of the decline in intest rates by refinancing my mortgage. when i search online i find a lot of rates quoted for new loans but not much for refinancing. is it safe to ume the refinancing rates will be similar to the new buyer's rates (mortgage refinance rates)
mortgage / refinance?
based off of the most common outlook for the housing and financial markets, are mortgage and refinance rates going to decrease?. they are not directly related. you are talking about two different markets - housing and financial. and mortgage rates are actually rising right now as the housing market continues (mortgage refinance rates)
Mortgage Rates - Refinance?
i live in virginia and recently purchased a home. this is my second mortgage. i had no idea how much mortgage rates had increased. i am paying 6. 75 as compared to 6. 125. are mortgage rates expected to climb or is it possible for me to refinance and get (mortgage refinance rates)
I have a mortgage I want to refinance to get the new lower rates. Which bank should I go to?
which bank and what rates, terms can i get now? i have very good credit, never missed a payment. the rates the mortgage broker gave us 2 years ago were horrible, and we never pay off the principal. i want to pay off the principal with good rates. which bank (mortgage refinance rates)
