San Diego Private Bank California Refinance Mortgage Rates – Home Loans Dip to ... Subprime Blogger (blog)
It is also important to recognize that only the best borrowers of money will have any opportunity to lock into the lowest interest rates. Unfortunately, Americans have made poor financial decisions will likely find that it is nearly impossible to lock into the lowest rates.The general rule of thumb is that individuals should have a credit score that is above 740, a significant amount of home equity, and a very low debt to income ratio below 40% have any opportunity to lock into the lowest refinance mortgage rates in August of 2011. By not meeting these requirements is often true that individuals will find interest rate quote slightly higher than the advertised levels.
When making major financial decisions on the home loan it is always a wise choice to do extensive research and understand each and every step of the process. The HUD website offers many free articles that should help explain each and every step of the refinance process and how individuals can negotiate lower costs and fees.
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Home Foreclosures Continue to Skyrocket
KXTV News10 report on foreclosures in California and interest-only adjustable rate mortgage loans. Alexis McGee of ForeclosureS.com comments on ...
5 yr interest only ARM (100% financing Signed: 9/2006) - West LA - Refinance now?
I have a couple questions.
First, I got a 5 yr interest only loan (80/20 100% financing) in September 2006. I live in El Segundo, California. (Westside of LA) I purchased my home for $740K. Zillow and other 'rough estimate sites' have it currently at $810K. Avg home prices in the area have dropped 5-10%. We think we will be in the home for at least another 3 years. Maybe 4-5 years. Given that, would refinancing to a fixed rate loan right now make sense? Any advice would be great.
Two: In the next 18-24 months we would need to add a bedroom/bath (500 or so sq feet) onto our 2 bedroom/1.5 bath 1400sq ft ranch style home. We have plans drawn up and an estimate of $80K to do the one story add on. Should I wait to refinance until we need to start the remodel? If I take the architect approved plans into the bank, will the bank allow me to refinance for the current value of our home (1400 sq ft) + the estimated value of the addition (500 sq ft).
What's the smartest way to proceed?
Thanks
YES! If you're eligible do it ASAP.
Part two - you're not going to like my answer. I would not put more money in my house until I had money in the bank. If you can re-fi and save $40,000 a year then you can put on that addition. You're neck deep in debt and want to take on more?
That's scares me.
It's much more difficult to get interest only and/or 100% loans right now. Underwriting has tightened up. Not sure you can swing the refi, and probably not the extra addition.