Archives for the 'Interest Rate' Category

TWO VERSIONS OF A MORTGAGE REFINANCE

Had a thought regarding a recent post. Something I always like to point out to borrowers who inquire about refinancing.
Let’s look at my perspective. If we assume a loan amount of $300,000 and a current rate at 6.00%. The principal and interest payment would be $1,799. Principal and interest.  Principal, assuming value stays the same [...]

15 January 2010 | Interest Rate, Refinancing | No Comments

Why Refinance Your Mortgage? Lower Payments?

Here is a post that demonstrates one reason to refinance:  lower the monthly payment. If you compare the monthly payment (assuming the loan amount were the same, which it is not because, as we know, over time, the loan amount is being paid down), with a new, lower interest rate, the principal and interest payment [...]

13 January 2010 | Closing Costs, Interest Rate, Refinancing | 2 Comments

JUMBO RELIEF

It looks as though Fannie and Freddie have decided to lower the rates on those “jumbo” conforming loans.
Remember that Fannie and Freddie increased conforming loan limits–in certain geographic areas–so that borrowers with larger loans could benefit from lower, conforming interest rates and, to some extent, conforming loan underwriting qualifications.
However when these jumbos came out the [...]

25 May 2008 | First Time Homebuyers, Interest Rate, Programs | No Comments

ANGRY ABOUT YOUR MORTGAGE OPTIONS?

I read this recent blog post and got angry myself. For a different reason than the writer.
He seems to be upset because banks/lenders are using systems to offer higher rates to current, valued clients. Hmmm….. At first glance I would agree and be upset. Yes, you want to give your best customers your best products [...]

8 May 2008 | First Time Homebuyers, Interest Rate, Loan Officers | No Comments

CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY

The US Congress passed a stimulus package.  We all need stimulation right now. 
Regarding the mortgage industry, one item stands out.  If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an [...]

12 February 2008 | First Time Homebuyers, Fixed Rate/ARM, Interest Rate, Programs | No Comments

REFINANCING YOUR MORTGAGE(S)…NOT SO EASY

About this time, just around the holidays, many people look to re-finance their mortgage. Or both of their mortgages. Sometimes to get some extra money for gifts, and sometimes to pay off credit cards.
It has been common, when buying a home and putting down less than a 20% down payment, to use a 2nd mortgage. [...]

26 November 2007 | First Time Homebuyers, Interest Rate, Programs | No Comments

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