fixed second mortgage rates
by on Jun.05, 2011, under Uncategorized
Mortgage
Rev Dan Catt
http://www.flickr.com/photos/revdancatt/
This is the Mortgage taken out on our house and three others in 1894, just a short 112 years ago. At about 200 UK pounds a house, that’s quite a bargin.In some ways I’m happy to say the value has gone up a bit since then.
4 Comments for this entry
Leave a Reply
fixed second mortgage rates
by on Mar.27, 2011, under Uncategorized
Subprime Mortgages & Second Mortgages
13 Comments for this entry
-
internetmortgagepro
January 1st, 1970 on 3:58 amIt’s a decent loan, but there are much better out there. Don’t jump into a bad loan just because you want to buy the house and don’t feel you have better options.
I’m a direct lender and a mortgage broker. If you would like me to check into this for you, I would be more than happy to see if I can get you a 30yr fixed loan at an exceptionally low rate. That way you can compare the two loans apples to apples to make sure that:
1. You’re already receiving the best rate and loan term. OR
2. I will be able to have a much better rate and excellent fixed term.I’d love to take a look at this for you. Feel free to email me at: andrew@internetmortgagepro.com
Thanks.
-
nick k
January 1st, 1970 on 4:51 amIt is hard to say the rates have risen siginficantly lately, if they follow the same trend as last year the rates will go down in the beginning fall. This is exactly what happened last year the rates went up at the beginning of the summer. You may want to look at getting a good deal now and not refinance later on. If you are going to be in the house for over 5 years then you may want to look at buying the rate down it may be cheaper then actually refinancing in a year for .25% where you will not save any money because of the cost to refinance.
-
John T
January 1st, 1970 on 7:02 amnot sure if I understand your question… If you are paying 6.75% on the second you did well and if you are 6.125 on the first you are doing well for a 30 yr fixed – leave it alone. I am licensed in Virginia so if you need more help contact me and I will review this with you. http://www.esimortgage.net
-
Deme21
January 1st, 1970 on 7:30 amIt’s tough to say if rates are expected to climb, stabilize or drop. What I am doing for my clients is having them use the equity to buy down their interest rates for maximum savings via refinancing if they are just looking ot lower their interest rate.
They are cutting the life of repayable interest DRASTICALLY and getting a fixed rate. If you have equity in your home, maybe you want to entertain this option. Talk to a mortgage broker or banker.
I just bought down a few of my clients fixed rates under 6% fixed for 30 years.
Good luck!
-
Dano N
January 1st, 1970 on 8:12 amI agree 100% with acermill, but my question is this. Why would you refinance in 2 or 3 months when it is locked for 5 yrs? If you are willing to refinance in a few months just do a fixed now. Understand in 2 or 3 months you get all those closing cost to pay again, except maybe your appraisal will still be good. My opinion is if you are willing to take that loan now then ride it out for awhile and see what rates do. If they start shooting up then refi.
-
thinking-guru
January 1st, 1970 on 9:10 amRates are rising. Today the 30-yr fixed is at 6.625% on loans of $100K +.
For the record, your current rate is too high. I believe your loan officer made a lot of $$$$ on your deal. On May 1st the 30-yr fixed was at 5.875% – again for loans of $100K and more. That said, refinancing now would be foolish. Wait for rates to drop or refi into a shorter term (20 or 15 year fixed).
-
mark w
January 1st, 1970 on 9:23 amMay be I Can Help You:
Just try:
http://www.proloanz.com/Mortgage_Refinancing.htm
http://www.mortgagerefinancingatlowrate.com/Mortgage-Refinancing.asp
http://www.topamericanmortgage.com/debt-consolidation-loans.asp
http://www.apply4less.com/mortgage_refinance.htm
these website links will definetly help you in solving your mortgage refinancing problems.
-
momma_duke
January 1st, 1970 on 10:48 amI would definitely go with a fixed rate now. It makes no sense to take an ARM now, pay closing costs now, and then in a couple months refinance, pay more closing costs… make sense?? You could always try to get qualified for a 40 or 50 year term.. your payment will be lower. I work for a mortgage company, we originate all over the US and we refinance ARM’s daily…. These poor people with 10 – 12% interest rates.. take the fixed, don’t even chance it. Good Luck!
-
Mike O
January 1st, 1970 on 2:00 pmreputable theory is that in order to break even on a re-fi, you need to be able to reduce the rate by 2 points. This is due to the length of time it takes to recoup the fees involved with a re-fi. And don’t fall for the scam of getting a lower interest rate but having to pay points up front. You need to look at all the fees and charges and figure out if it makes sense to spend $2500 to refinance, get a lower monthly payment of say $20 a month. It would take about 8.5 years just to break even. Be happy at 6.75 that is a pretty good rate.
-
Chuck
January 1st, 1970 on 3:19 pmHi,
I’m a Realtor in Virginia. It sounds like you are getting a house with instant equity so you might have to “do what you have to do” to make it work. The downside to your plan is the closing costs you will pay when you refinance. It sounds like you will still be ahead of the game, considering the deal you are getting. You can find some great links on the “Consumer Info Links” page of my website at: http://www.staffordhometeam.com/Nav.aspx/Page=http://www.mortgage101.com%2fpartner-scripts%2fraterouter.asp%3fp%3d177918Best of Luck to You
-
elizvillar
January 1st, 1970 on 7:02 pmI would not recommend a Arm loan or a Heloc just get a regular loan. If you want more advice let me know I can help.
-
Yanswersmonitorsarenazis
January 1st, 1970 on 7:17 pmI don’t get it either.
Why on earth would you take a 5 yr. ARM now, just to refi and spend $3000-5000 or more on refinancing in 2 months?
And right now, you’re lucky to save .25% on a 5 yr. ARM compared to a 30 year fixed. So why not just take that now and be done with it?
You’re completely on the wrong track here. You need to find a new lender.
-
acermill
January 1st, 1970 on 10:16 pmDo NOT take an ARM for five years UNLESS you expect to sell the property within those five years. From what little you have revealed, I’d venture that you’re going to be close to or at 100% financing value. The only way to know what the prime rate will do in the future is to get inside of Bernanke’s head, and at this time, Bernanke doesn’t know what the prime will do.
If the economy does not do as you expect, what will you do with a five year ARM which will raise two points automatically at the end of five years, plus a HELOC which is based on the prime? You’re ASKING for trouble by going this route.
January 1st, 1970 on 3:47 am
First question: How much is the house worth right now?
Second: How much do you owe on it (both mortgages combined?)
If you owe more than 80% of the value of the home, you won’t be able to refinance right now (banks aren’t lending)
If you owe less than 80%, then you can refinance with a new fixed mortgage.
Streamline refinance:= refinance the house and pay off several debts, so that you have one payment instead of several.
January 1st, 1970 on 4:48 am
streamline refinance usually refers to refinancing an existing FHA mortgage into a new FHA mortgage with a lower interest rate or coverting from an ARM to a fixed
combining the two existing mortgages into one mortgage may save you money
the fed just reduced the federal funds rate by 125 basis points this month, which means your HELOC interest rate should drop by 1.25% beginning with your next cycle
the prime rate is the index most HELOC”s are tied to & its directly tied to the federal funds rate, therefore you should see the drop reflected in your rate
January 1st, 1970 on 8:18 am
Sorry I am not an expert, but would say its not as gloomy as you may think, if you can afford to do this.
Does this mean you want to merge both the loans together just to get a better deal? A simple remortgage woud be best, do not reduce the term.
So you dont want to increase the outstanding amount, you dont want to increase the term of the mortgage?
If you want to do this and you can afford the repayments, it may not be too hard.
Have you managed to build up any equity in your home, it would look better if you have.
Lots of people are refinancing at the moment as they come to the end of their fixed rates, but you need to use a mortgage comparision site to look at the deals on offer.
I have not included a site as I dont know what country your in but you can look it it type in the search enginge
mortgage comparision site.
If you can afford the repayments and have proof of earnings High Street lenders would be prepared to listen to you.
Have you got a good track record of repayments, if not you may need to go to a Broker, but remember Brokers are either tied to a particular set of companies or work on commsion so you may not get the best deal for you, they may be more intrersted in their commision than your wallet.
Be careful about upfront fees, (some are stupid figures like
January 1st, 1970 on 10:17 am
Combine bot to a fixed rate 30 year mortgage to lower you rate and payments. Use a service like https://www.bills.com/homeloan/mortgage_refinance/ to get free quotes from multiple lenders that way you know you are getting the best deal. Also, because you will be speaking to ‘experts’ you will get to know what you need to to in order to get the best deal.