Payday Loan Fairy

I have heard on the news that we can petition our lender for a fixed rate. They also gave a phone number to a place called, Homeowners Unity Foundation whom I talked to, and they say they charge $2500.00 to help you because they work with lawyers that help the process move faster. But they do not guarantee results. Can anyone give me some insight or suggestions?

Stay away from this HUF outfit. Sounds like a rip off.

Read your mortgage documents. Some have a clause that you can convert for a fee (usually 1%). If so, contact the lender and ask what you need to do to accomplish this.

If you don't have this clause, you can still ask them to convert it. There may be more fees as it will actually be a refinance.

2008-10-25 17:34:50 by jose

trying to figure out whens the best time to refinace or get a fixed home equity loan.

Fed's rate has no direct impact on mortgage rates. Only on short term loans like Equity lines, Car loans, Credit card rates, and Personal loans form banks

2008-01-30 13:00:01 by Pat

For at least the last couple days? is there chance home equity loan rate goes down?

The two are not the same and have nothing to do with each other. The prime rate has gone up many times lately so all loan rates will follow.

When you borrow money to buy a home the bank is not the one that loans you the money. Companies bid for these mortgages and when they have a lot of money that needs to be earning something then the rate will go down. When the money is tight then the rate will go up. They will tell the bank they will buy so many millions of dollars worth of mortgages at a given rate. There are several so the rates may not be all the same. Depending on your history the bank and holding co. will decide what company will take the risk.

2006-10-02 06:52:09 by spot

With the Fed's decision to cut interest rates, I understand that banks will follow suit and lower interest rates. How fast will it take for these changes to go into place? At what point should people begin to investigate refinancing their mortgages and other loans where it will actually reflect the new rates?

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.

http://mortgages-finance.awardspace.com/Mortgage-Rate-Compare.htm

Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different-->companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

2008-01-22 17:08:27 by Cobabeology

What interest rate can I expect on a mortgage loan with my credit scores?
Today I have 564 588 654...I am hoping to have my mid-score up 10 pts by tomorrow, and then i am applying for the loan with the bank. I want a fixed rate, 100% financing, 30 yr loan for $160,000. My income and debt ratios are good. I am closing on the Aug 6th. I have already had the house appraised at $162K, I am paying over $5K in closing costs, and the house has been inspected. This is my first home purchase, is there anything I am missing?

Im not sure you can get 100% with your mid score. Now adays the banks are way tougher than they were a couple of years ago, If they do the loan you're probably looking at an 80-20 "2 loans 1 for 80% and 1 for 20%. The 80% one probably around 9%-10% and the 20% one at around 13%.

2007-07-26 06:11:20 by PrincessB

I seem to be having a problem qualifing for a good rate loan.Do you have any advice for me?

Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

http://www.worldbestloans.com/Mortgage%20Loan.htm

A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

2008-12-28 08:18:03 by Reid M