Refinance Home Loan Rates – Low Mortgage Rates in Los Angeles, California? Subprime Blogger (blog)
If you have been thinking about refinancing your current home loan rate now might be the best time ever to get it done. You might not have picked the very bottom but you are still going to greatly benefit by refinancing under 5%. If you continue to wait in hopes of timing the bottom for mortgage rates then you might risk not getting the refinance below 5%.There are many mortgage lenders out there who are currently advertising mortgage interest rates well below 5%. By simply doing some research online you are likely to find that many of these lenders are willing to do whatever it takes to get your business. Make sure that you understand this and use these competitors to find the best interest rate you can get.
Many homeowners in the western part of the country have seen a great decrease in the value of their home price. One thing you can do to offset the decrease in your home price is to refinance to a lower mortgage interest rate. Although this won’t completely erase all of the losses in your home it will allow you to save money on your future mortgage payments.
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Which bank offers the lowest interest rate for mortgage refinance in California?
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
Which company is the best home mortgage lender to refinance with in california?
I am interested in refinancing my current loan to a fixed rate 30-yr loan. I'd prefer to deal with a lender that is in california. any recommendations? i'd like to hear about your personal experience with the company recommended. thanks!
It all depends on your credit score, type of property, length of loan, etc. You just have to shop them to find the best deal.
We have used a mortgage broker in the past. They run your information through a number of lenders and come back with the best deals they can find.
Some will say that brokers make money off your loan. I understand that they do, I still compare the programs to find the best for me. I don;t care what they make as long as it is a good deal to me.
I am a Mortgage banker in TN & KY
My refinance was ultimately done through a local broker here in Southern California. I used a great website to find the broker. The website that I used will eliminate the fees involved in doing a refinance. It's a pretty cool concept. Hope this helps.
Should I wait until next year to refinance my mortgage? I am buying a single family home in California?
I am skeptical of refinancing this year since the rates are up from last year. I am hopiing the rates will go down instead of up next year. Should I wait?
depends on what kind of a mortgage you got. If its an ARM GET OUT OF IT NOW! The rates are slowly dropping and many expect a nice drop next year also check to see if there are any penalties for refi and some will even make you pay for an apprasial before hand (don't do it)
Let me offer you some advice as a loan officer based in California: the market here is definitely cooling off, but that doesn't mean that it's necessarily a bad time to buy. If you're able to negotiate well with a seller (and this may be the perfect time for that) you could get a good deal. Remember that it's you that has the upper hand in the current market.
Rates are a tricky situation. There has been a bit of a dip of late, and I've been doing many loans for people in the area because of this fact. However, I don't personally see the point in "waiting for rates to drop" as much as most people. If you have good credit you can get a rate below 7% these days. Historically that's a spectacular rate. Unfortunately we're all tainted by our recent memories of folks getting 4%.
It's honestly never been a "bad time" to own a house if you plan to stay a minimum of 5 to 7 years. If you have any questions that I didn't answer, send me an email through my profile.
Beyond that it's a gamble. If you can tolerate the risk you might do well to wait until late Winter/early Spring to refi. At this point in time, I would not recommend waiting beyond early 2007. If the break even analysis shows that you will recover your costs in 2-3 years then do it now or early in the first quarter of 2007.
Here is a link to a daily rate lock advisory posted by a mortgage broker that I have used twice in the past.
http://www.interbankmortgage.com/DailyRateLockAdvisory
I have no financial connection to him, and only provide the link because it is useful information and I was happy with his service.
As it was said before, waiting for rates to drop is really not the way to go.... you never know what might happen that could send the rates through the roof and you will look back on this time and think to yourself, "I should have refinanced then!".
If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com
I don't qualify for a refinance, my rate is adjusting up. Can anybody help me? or should i just foreclose?
My home is in california and I am currently upside down on it. The rate on my 1st mortgage is due to adjust soon. I don't qualify for a refinance because i've been late a few times. Should i just stop making payments on the home? My rate is adjusting to around 9% next month. If the home was a little more affordable I could manage but this is currently not the case. Are there any option other than refinancing? Please help.
The single most important way to determine whether you have been the victim of Predatory Lending, Truth In Lending Violations, RESPA, or mortgage fraud or deception is through the use of a Forensic Loan Audit. To effectively perform a compliance audit, you must be part detective and part mind-reader. A single residential real estate file can be covered by numerous consumer protection laws and regulations - Reg. B (ECOA), Reg. C (HMDA), Reg. Z (TILA), Fair Housing Act, and Flood Disaster Protection Act for starters. The applicability of any law depends on various factors that may, or may not, be evident in the loan file.
Get in touch with a calfornia real estate attorney that specializes in loan modification and litigation. Have a loan auditor analyze your last refinancing and see if any violations were made in your last refinance or purchase transaction. (90% of the time something was done illegally)
I can help you if you'd like. Shoot me an e-mail or give me a call. We review your loan documents (the papers you signed when you applied for the loan and the papers you signed when you closed the loan). We investigate whether the information and calculations provided in those documents was accurate, truthful, and met the requirements of the applicable federal and state statutes.
BEWARE! alot of people are jumping or have got into the business of loan modification to make a quick buck that are not licensed attorneys with the state. Most of them are the ones that put you in the situation you are in to begin with! Make sure you are speaking with a qualified firm that will look out for your best interests. Take it from me, DO NOT go for the cheapest deal. Your home and the foreclosure process is a serious matter.
Typical violations I have found in loan auditing include the following: RESPA VIOLATIONS, TIL ACT INCORRECTIONS, FORGERY, MISLEADING DISCLOSURES, EXCESSIVE OR INACCURATE ADJUSTMENTS, OVER STATED VALUES, GFE COMPLIANCE, EXCESSIVE POINTS AND FEE'S, USUARY VIOLATIONS, REVERSE ENGINEERING, PREDATORY LENDING.
We determine whether there were predatory lending violations of federal law which give rise to the right to rescind or cancel. If you are successful in rescinding the loan, you may be entitled to receive back all of the interest paid on the loan, all of the points and fees paid to get the loan, all fees paid by you to the lender in connection with the loan, and statutory penalties. This allows you to get a new loan with a smaller principle, meaning that your mortgage can be affordable.
TIME IS OF THE ESSANCE. GET HELP SOON.
Call me today: 310-736-6054
Leave a message if i don't pick up. Thank You.
So here are some options:
1) Talk to your bank. See if they'll freeze your interest rate. Even if only for a year or so.
2) If you have decent credit see if you can get an outside loan to pay the difference between what you owe and what the bank will lend. If you must come to the table to refinance--this might be worth it. Find an ethical mortgage broker who will reduce his/her fee to enable you to close your new loan w/o bring a lot to closing.
Be very careful about foreclosure.
Best of luck to you,
http://www.mylendingplace.com
Adjustable rate coming up on my mortgage.80/20 loan?
I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I'am in the process of refinancing but it isn't looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I'am still having problems getting a loan. The payments will go up around $700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.
Contact your mortgage company NOW and explained the stitition today and see if they can help you or refi your home.
You also think about refi into FHA loan if your loan amount is low.
Your best bet is to call the company that holds your note NOW and explain your situation. Banks do not want to own property, and it is in their best interest to work with you to find a rate you both can live with.
Also, interest rates are still very very low. Unless your initial rate for the ARM was one of those ridiculous 1% deals (which are now illegal) you should not have much trouble finding a good rate to refi at.
Good Luck!
If you have had mortgage lates then it will make it a lot harder!
Most lenders will not help you with the refinance as they are hoping that you will pay that higher rate when it adjusts.
If your current lender can't do them, call around.
Re-Fi: Pay points or look into 2 mortgages to bring rate down?
Currently we looking to refinance our 30 year mortgage down to below 5%. I live in california where the conforming rates are a bit different. We can re-finance our $450,000 mortgage for 5%, or pay .75% for a 4.75%. I believe we will live in our home for the entire 30 years, so that makes sense. OR....someone mentioned we can refinance into two loans.
1) Would be a $417,000 bringing the rate down to at least 4.75% or even lower (30 year fixed) plus opening a 2nd loan (HEL or HELOC) for the remainder....$33,000. We would have to try to pay that off quickly, but my guess it would take 5-10 years.
How do i compare those two, to see which is better....right now, we would be looking at paying about $6200 in closing costs/points to get 4.75% which gives us 4 years to break even. I am 99% sure we would be here through that, plus many years later.
Thoughts?
Being in CA, the amt of conforming loans is higher.,... ask your lender about Super conforming loans.. Freddie just started doing them w/ minimal points/fees.
Depending on what rate the HELOC would be and how long it takes to pay off you would probably save more money over the long term by going with 2 loans
My mortgage = InterestOnly/ARM - Smartest thing to do?
I have 8 years to go on my 10 year interest only period which ends in 2016. However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment). We're planning to be here no longer than about 7 more years anyway, then we plan to sell and leave the state (We're in Southern California)
If rates went up 2% or 3%, I could still make the payments comfortably come 2011 because I still won't have principle kicking in.
I owe almost exactly the same on my home as what I paid for it. (Prices went up a bit after I bought in the area and have come back down in the last 12 months.) We're saving money now to add an additional room/bedroom in 2011 if the rates are still reasonable and we don't need to use the saved cash to off-set higher payments.
I'm not in a position right now to throw 5%, 10% or 20% into a +$700K jumbo loan to refinance, which is what I'd have to do. So that's out. And not sure I want to do that anyway given that I don't plan to be in this home 20 years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about changing my mortgage?
Or is there something smarter to do?
Generally it's cheaper, but cheaper isn't better in this case. Not to mention that you have an adjustable interest only loan at that.
The thing that really sticks out in my mind is that you said you are making the (interest only) payments "comfortably". In a traditional 30 yr mort. you pay the bulk of the interest early on, right?, so I'm sure if you checked you might be surprised how very little the payment will go up if you paid principal just like you would in a traditional loan. Or you sure it would that much to refinance?
Bottom line though is that it sounds to me that your trying to "keep up with the Jones" too much. You got a funky type of loan in order to get into a bigger, nicer home that is really more than you can afford. I'd suggest selling, swallowing your pride, and getting a smaller house financed in a traditional 30 yr, fixed APR.
What kind of loan can I get to pay off a Mobile Home?
My parents own an older mobile home (1972) in California. They owe about $30,000 & their interest rate is at about 11%.
They are unable to refinance to a lower rate because the mobile home is an older mobile home & they technically don't have a mortgage bc it is considered "Personal Property". It is detached from the land & they rent the land in a mobil home park....so they do not own the land.
Is there a certain type of loan they can get to pay off their current loan? They would like to lower their interest rate & monthly payment.
Any advice?
Thanks!
Doubtful anyone would lend money using that as collateral. It was not even manufactured up to HUD standards.
My Mortgage/Interest-Only...What's the smartest thing to do?
OK, first a little background...
I have 8 years to go on my 10 year interest-only period which ends in 2016. (Loan details: I put 0 down. I am paying 6.5% and 5.5% on my 80/20 respectively.)
However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment. 5% first adjustment cap). We're not planning to be here more than about 8 more years anyway, then we plan to sell and leave California.
If rates went up 2% or 3%, I could still make the payments comfortably come 2011 because I still won't have principle kicking in.
We live a couple miles from the beach in a good neighborhood that has dropped 10-15% in the past 2 years. I owe almost exactly the same on my home as what I paid for it. (Prices went up a bit after I bought in the area and have come back down in the last 12 months.) We're saving money now to add an additional room/bedroom in early 2010 if the rates are still reasonable and we don't need to use the saved cash to off-set higher payments.
I'm not in a position right now to throw 5%, 10% or 20% into a +$700K jumbo loan to refinance, which is what I'd have to do in this market. And jumbo loan interest rates are much higher than the 6.5% I have now. Not sure I want to do that anyway given that I don't plan to be in this home 10+ more years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about refinancing at this point?
Or is there something smarter to do?
As it is right now you owe more on principle than when you took out the loan, and the worth of the home most likely 25-35% less than you paid. Interest only loans are a nice way of saying you want to lose your home. Yes the market will rebound but only at 2-3% per year as it statistically has been. Hope you can afford the payments because without a large capital investment you will not be able to refinance
My Mortgage. What's the smartest thing to do?
OK, first a little background...
I have 8 years to go on my 10 year interest-only period which ends in 2016. (Loan details: I put 0 down. I am paying 6.5% and 5.5% on my 80/20 respectively.)
However, in 2011, the rates becomes adjustable (2% cap, Annual adjustment. 5% first adjustment cap). We're not planning to be here more than about 8 more years anyway, then we plan to sell and leave California.
If rates went up 2% or 3%, I could still make the payments comfortably come 2011 because I still won't have principle kicking in.
We live a couple miles from the beach in a good neighborhood that has dropped 10-15% in the past 2 years. I owe almost exactly the same on my home as what I paid for it. (Prices went up a bit after I bought in the area and have come back down in the last 12 months.) We're saving money now to add an additional room/bedroom in early 2010 if the rates are still reasonable and we don't need to use the saved cash to off-set higher payments.
I'm not in a position right now to throw 5%, 10% or 20% into a +$700K jumbo loan to refinance, which is what I'd have to do in this market. And jumbo loan interest rates are much higher than the 6.5% I have now. Not sure I want to do that anyway given that I don't plan to be in this home 10+ more years.
Any advice? Suggestions about what the best thing to do would be?
Smart to sit, save what I can and not stress about refinancing at this point?
Or is there something smarter to do?
california home mortgage rate refinance - News
US Housing Plan to Fund Interest-Rate Reductions
Globe and Mail home prices fell and tighter mortgage standards made it harder for homeowners to sell or refinance, according to RealtyTrac Inc. of Irvine, California, Obama to unveil plan for stemming foreclosures, but new problems How Banks Are Worsening the Foreclosure Crisis
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California Man Barricades Himself Inside Foreclosed Home - The Consumerist California Man Barricades Himself Inside Foreclosed Home The subsidies are intended to function as an incentive for lenders to refinance troubled loans, but its still unclear if the program will be more effective |
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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage Typically if not always, American Interbanc has the best interest rates available to homeowners, or consumers wishing to buy, or refinance a home. |
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(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities However, it also reflects the fact that reduced home equity and tighter mortgage credit have impaired borrowers' ability to refinance their mortgages in |
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Homeowners refinance at lower mortgage rates - The News-Press Homeowners refinance at lower mortgage rates Other owners also lack adequate home equity to refinance. And today's lower rates only apply to loans under a certain amount. But so many homeowners are |
