Mortgage rates fell to new record lows across the board this past week, according to the new survey out this morning by Freddie Mac.
The average rate on 30-year fixed-rate loans fell to an all-time low 4.69 percent, down from 4.75 percent last week. The current rate is nearly three-quarters of a percentage point lower than the average 5.42 percent that was reported for this same week one year ago.
The average on 15-year fixed rate loans dropped to 4.13 percent, another record low, down from 4.20 percent the week before and two-thirds of a percent lower than the 4.87 percent rate one year ago.
Question: Should I Refinance? Our home mortgages remain both our biggest monthly bill and our greatest investment. With all the economic uncertainty, we still have very low interest rates between four and five percent for 15 year loans, and less than six percent for many 30 year loans. A question facing many families is: Should I refinance?
Continue reading QA1: Should I Refinance?
What is “
Making Home Affordable
” all about?
Making Home Affordable is the federal government’s program that is part of President Barack Obama’s strategy to fix the current housing market crisis. Under this program, up to 9 million American families can opt for a home loan refinance or a home loan modification that makes their payments more affordable. Continue reading Making Home Affordable – Eligibility (TARP Refinance)
Let us first define reverse mortgage. A reverse mortgage is a type of loan available to older homeowners. It enables them to convert the equity in their home to cash in order to finance living expenses. Whether it be for home improvement or for health care. Payments are then made by the lender to the homeowner.
Continue reading Are reverse mortgages different than home equity loans?
Question:
I have a 100000 career as a Registered Nurse and have a foreclosure on my record from 2 1/2 years ago. My credit score is about 640. My boyfriend is self employed but has the option of getting a VA loan. He is in construction and has had to claim a loss on his taxes the last two years just to make it through. He has a credit score over 780. Is there anyone that will give us a mortgage loan under these circumstances?
Answer:
Several options comes to mind:
• FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down.
• Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but will a require 20 to 35% down payment. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.
• Subprime lenders (not to be confused with hard-money lenders) are no longer making 100% financed loans.
