Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, low mortgage rates.#Low #mortgage


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

Low mortgage ratesCompare your options: calculate PMI vs a second mortgage. Low mortgage rates

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

Low mortgage rates

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


Current Mortgage Rates, FHA mortgage rates, Total Mortgage, low mortgage rates.#Low #mortgage #rates


check out our current mortage rates

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today’s mortgage rates

Last updated – November 16 2017 12:15pm est

rate insights

Mortgage rates are still down on the week and are continuing to run on the lower end for 2017. We do get the potential for rates to rise today if the House passes the Republican tax bill, so borrowers should keep an eye out for that news. Read on for more .

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TOTAL MORTGAGE RATES GURU

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We’ll close your new home loan in 21 days or less or your first mortgage payment is on us*

mortgage rates FAQ

what is a mortgage rate?

We want to lend you money, but we also need to pay the (awesome) people who make it happen.

That’s where charging interest comes in. For any loan you take out these days, be it auto, business, or mortgage, the lender will charge a percent of the loan amount for the use of their money. That number is your interest rate.

Each time you make a monthly payment, a portion of that payment goes to cover your principal—or the loan amount—while the rest covers your mortgage interest rate. Most lenders front-load the interest payments, so that in the beginning of the term, a higher percentage of the payment goes toward interest. As the loan matures, you’ll pay more and more principal.

why do interest rates fluctuate?

This is a complicated question—and it comes with a complicated answer.

The housing market is the backbone of the American economy, but it’s also dependent on it. As the economy dips and climbs, so do rates. Inflation, the state of the secondary mortgage market, the cost of consumer goods, and dozens of other factors all come into play here. This means that today’s mortgage rates may be different from those you’ve seen in the past or may see in the future.

There isn’t just one interest rate at any given time, though. The rate we’ll offer you may be slightly higher or lower than the rates you see advertised, since we have to account for all the variables that make your situation unique.

how do you come up with my interest rate?

A good rule of thumb? The riskier the loan seems for the lender, the higher the rate will be. In layman’s terms, a higher rate is how lenders hedge their bets, protecting their interests along with the interests of the housing market at large.

If your rate ends up higher than you assumed, remember: it’s nothing against you. We believe in our borrowers, but lenders like us didn’t survive the housing crisis to start skirting responsible lending practices now.

Okay, let’s get specific. These are the major factors we’ll use to calculate your personal rate:

  • The loan type
  • Your credit score
  • Your debt to income (or DTI) ratio
  • The value of the property compared to the loan amount
  • The down payment amount
  • The property location
  • Whether or not the property will be your primary residence

can my rate go up?

Depends. When you’re in the process of buying a house or refinancing, you’ll be offered opportunities to lock your rate. For a fee, this freezes your quoted mortgage rate for a set period of time, during which you’re expected to get all your documents in order and close. Miss that window, and yes, your rate might go up to match current mortgage rate fluctuations.

If you’re wondering what happens to your rate after you close, though, that choice is up to you. Most borrowers opt for a fixed-rate loan, which is exactly what it sounds like—your interest rate stays the same for the life of the loan.

For those who live in the now, though, there’s another option called an adjustable rate mortgage, or an ARM. This loan begins with a super low interest rate that may increase or decrease in the future at pre-specified intervals.

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two points for an owner-occupied primary residence with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $417,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, a $10 flood certification fee, and a $20 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee, and a $20 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $295,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee, and a $20 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $417,000, two points, a $495 application fee, $400 appraisal fee, $995 underwriting fee, $10 flood certification fee and a $20 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.

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Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage, low mortgage rates.#Low #mortgage


Second Mortgage Home Loans – Lenders Rate Information

A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

Obtaining Financing

Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

Second Mortgage Rates

There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

  1. When the interest rate can change
  2. How frequently the rate can change
  3. How high the rate can rise
  4. What the rate change is based on

It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

Low mortgage ratesCompare your options: calculate PMI vs a second mortgage. Low mortgage rates

Term Lengths

Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

Where to Find a Second Mortgage

There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

The Best Time to Obtain Financing

Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

Benefits of a Second Mortgage

Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

There are a number of situations where a second mortgage may be beneficial. These include:

  1. Bypassing property mortgage insurance (PMI) requirements
  2. Debt consolidation
  3. Home Improvements
  4. Purchasing a new home
  5. Creating home equity

Hidden Costs

In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

Associated Risks

Low mortgage rates

The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.


How to Buy a Home With a Low or Zero Down Payment #mortgage #loan #calculators


#0 down mortgage

#

How to Buy a Home With a Low or Zero Down Payment

For most first-time home buyers, coming up with funds for a down payment is the biggest obstacle to homeownership. It s easy to see why: If you re paying rent and have other expenses and are saving for an emergency fund, retirement and perhaps college tuition for your children, amassing thousands for a down payment can be tough.

Most financial planners recommend making a down payment of 20 percent, which comes to $39,600 on a $198,000 home, the national median price in December 2013, according to the National Association of REALTORS®. If you make a down payment of less than 20 percent, you will need to pay mortgage insurance .

However, before your lack of cash causes you to give up on your dream of homeownership, it s important to look for options other than the standard conventional loan with a 20 percent down payment.

Prior to the housing crisis, many lenders offered mortgages without any down payment. Some even allowed consumers to borrow up to 105 percent of the home s purchase price so they could finance their closing costs. The lack of equity in these homes became a crisis when home prices dropped and the owners owed more on their mortgage than the value of their home. Few lenders offer zero-down loans today, but there are some programs that allow consumers with good credit and a steady income to buy without making a down payment or with a minimal investment.

Government Zero-Down Programs

  • VA loans: Veteran s Affairs mortgage loans are available to veterans, current members of the military and their spouses. These loans don t require a down payment or mortgage insurance, although there is a funding fee that can be wrapped into the loan.
  • USDA Rural Development loans: Rural Development loans through the United States Department of Agriculture are available to buyers who meet credit and income requirements. You must be able to afford payments on the loan and yet have a low or moderate income. In addition, the property you are purchasing must be located within an area designated as eligible for these no-down-payment loans.
  • State and local homebuyer programs: Most states have programs to encourage homeownership. Generally these programs have income limitations and require you to take a home-buyer class. Find programs in your area on the National Council of State Housing Agencies website .

Low Down Payment Loans From Banks and Credit Unions

Please, Mr. Postman

Send me news, tips, and promos from realtor.com and Move.

Some banks and credit unions offer mortgage loans with no down payment requirement or a limited down payment. Typically, these loans are only available to borrowers who meet limited income requirements, such as a maximum of 80 percent of the median area income. You ll also need good credit and to be able to demonstrate your ability to repay the loan.

Down Payment Sources

If you re lucky enough to have family members with the means and generosity to give you money towards your home purchase, you can use some or all of their gift depending on your loan program. The Federal Housing Administration allows all of the required 3.5 percent down payment to come from gift funds. For a $198,000 purchase, you would need $6,930 for your down payment.

Conventional lenders require a minimum of 5 percent for a down payment, or $9,900 for a median-priced home. None of that 5 percent can come from gift funds, although if you make a larger down payment of 20 percent, all of it can be from a gift.

You can also borrow from your retirement funds for a down payment, but be sure you follow the rules exactly so you don t get hit with a tax penalty.

Saving for a down payment is an important step in becoming financially prepared for homeownership, but you should also arrange a free consultation with a lender to discuss your options and opportunities for financing a home purchase with a lower down payment.

Michele Lerner writes about real estate, personal finance, and business news. She is the author of two books about home buying. She also enjoys writing fiction, visiting art museums, and tutoring kids.


Mortgage rates could cross a record low #wells #home #mortgage


#mortgage rates news

#

Mortgage rates could cross a record low

Record low housing supply and falling rates Friday, 12 Feb 2016 | 10:32 AM ET

Who knew? The Federal Reserve raised its funds rate barely two months ago, and all that worry about higher interest rates for mortgage borrowers ended up being positively unwarranted. The average rate on the popular 30-year fixed mortgage began a free fall, reacting to financial markets overseas rather than monetary policy here at home.

“Mortgage rates are going down again, and it’s good for borrowers, but is it really good for the housing market and the broader economy? The answer is no,” said Guy Cecala, CEO and publisher of Inside Mortgage Finance.

Mortgage rates are falling because investors are flooding the U.S. bond market. Mortgage rates follow the yield on bonds that loosely follow the 10-year Treasury. Investors are buying bonds as a safety play in a highly volatile and largely negative stock market. Signs of weakness in the U.S. economy, in addition to trouble in overseas markets, pushed the yield on the 10-year Treasury to its lowest level since 2012, and mortgage rates followed south.

Olena Timashova | Getty Images

“If stocks are selling, and if people are generally pretty panicked about the state of the global economy, bond markets are a natural safe haven,” said Matthew Graham, chief operating officer of Mortgage News Daily. “Popular opinion about rates moving higher only helped. Too many people were on one side of that trade, and it almost always makes sense to root for the underdog in those scenarios.”

Lower mortgage rates certainly offer homebuyers lower monthly payments and at the same time help them to qualify for larger loans, so they can buy more expensive homes. The latter is particularly pertinent this spring, as home prices are rising due to record low supply of homes for sale. On the flip side, a weaker economy, stock market losses and general unease about the fate of employment and wage growth all hurt housing.

“Frankly, a healthier economy would be mortgage rates in the 5 percent range, but that’s also assuming you could get 2 percent in your checking account,” Cecala said.

Now not only are mortgage rates nearing their record lows set in 2012, there is new talk of the Federal Reserve moving to a negative interest rate policy. Fed Chair Janet Yellen said Thursday it was not out of the realm of possibility.

This would not, however, translate to negative mortgage rates. That is impossible. Lenders only lend if they can make money.

“As far as the connection to mortgage rates, it’s no different than it was,” said Graham. “The Fed rate is only loosely connected over longer time horizons. Whether the Fed hikes or cuts below zero, the global economic panic will be good for rates.”

It could, however, push rates into the 2 percent range, which would have a significant impact on borrowers. It would help those on the low end but could hurt jumbo loan borrowers. Banks, which generally hold these larger loans on their own books, would not want to lend in that environment,

“We would go back to a situation where conforming government mortgages are considerably cheaper than private jumbo,” said Cecala. “All you’re doing is asking them [banks] to shrink their margin and get nothing in return because there is no way to lower their cost of funds from 0 to 0.”

Cecala does not expect the Fed to move rates lower. He cites the fact that the nation went through one of the worst recessions in history, and the Fed never moved below zero. The bigger issue is that most lenders have stopped hedging for rate drops, so, Cecala added, “It may to cause a lot of losses and shake up things.”

Correction: The Fed rate hike was two months ago.

Diana Olick CNBC Real Estate Reporter


Low Interest Mortgage Rates Refinancing Colorado California #cheap #mortgage #rates


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Where customer service is our main priority

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    REFINANCE

    Let E Mortgage capital structure the exact mortgage loan you need to fulfill all of your your financial objectives. We have our safe 10,15, 20 & 30 year fixed as well as several other VA, FHA & cash out options.

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  • BUY A HOME

    Have you and your spouse been renting too long and thinking about purchasing a home, ever thought that now is the best time to buy a home, well it is and E Mortgage Capital can help. We will alleviate all of your purchase fears and we will make your home buying process a pleasurable one.

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  • Low Mortgage Refinance Rates from Nationwide #regions #mortgage


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    Low Mortgage Refinance Rates from Nationwide Bank ®

    Get a lower interest rate when you refinance your mortgage loan with us. That means you can lower your monthly house payment or pay off your mortgage sooner, helping your credit. A mortgage refinance from Nationwide Bank means you’ll pay less on what you borrow.

    Mortgage refinance conforming loan rates

    Mortgage refinance nonconforming (jumbo) loan rates

    Jumbo mortgage rates are for mortgages greater than $417,000. Learn more about jumbo loans and if it’s the right option for you.

    Get regular updates about our mortgage rates, or be notified when our interest rates reach the number you want.

    ABOUT MORTGAGE REFINANCING

    Lower your mortgage loan interest rate with Nationwide Bank. We refinance regular and jumbo mortgage loans. A jumbo loan is for mortgages greater than $417,000. We offer lower interest rates and flexible terms.

    Plus, we’ll match other lenders’ fixed mortgage rates, or we’ll pay you $500. Learn more about our Best Price Guarantee .

    You must be 18 years or older to apply for mortgage refinancing with Nationwide Bank.

    Nationwide Bank has a secure application that makes mortgage refinance safe and simple.

    • One form of government issued photo identification, such as a driver’s license or state ID
    • Previous residence information if you’ve been in your current home less than two years
    • Previous employer information if you’ve been with your current employer less than two years
    • The amount you would like to refinance
    • Your annual income (salary, bonuses, retirement income, etc.)
    • Other income information (alimony, child support, separate maintenance) if you wish to have it considered as a basis for repaying your loan
    • Property information (or area if you are being pre-qualified)
    • Amount of down payment

    If you are refinancing your mortgage with another person, you will need to have that person’s ID and residence information, too.

    Why should I consider mortgage refinancing?

    There are two advantages to refinancing your mortgage loan:

    • Lower monthly payments – Mortgage refinancing with a lower rate can help lower monthly payments. This may mean refinancing your mortgage using the loan term currently remaining, or extending your loan term.
    • Shorter term – A shorter term means you will pay off your mortgage in fewer years, and pay less interest over the life of the loan.

    A lower mortgage refinance rate can make your monthly mortgage payments lower; however, if you also shorten the term, your payments may remain the same or increase. For example, if you had 20 years left to pay on your mortgage and you refinance at a lower rate with a 15-year mortgage, you may not notice a decrease in your monthly payment. Because the length of your loan is shorter, you will pay less interest over the life of your loan.

    Can I roll the closing costs into the refinance balance?

    Yes, many people choose to roll the closing costs into their mortgage loan amount.

    What is included in closing costs?

    Closing costs may include the following:

    • Prepaid interest
    • Points
    • Appraisal and title services
    • Miscellaneous costs, such as an underwriting fee or tax service fee

    Most of the fees described above are finance charges that affect your APR which, in addition to interest, represents the cost of credit to you.

    Points are prepaid fees, often (but not always) used to gain a lower interest rate on your mortgage. One point is 1% of your mortgage loan amount. For a $200,000 home, one point would be $2,000. Some points may be tax deductible; consult your tax advisor.

    How much does it cost to lock in my refinance rate?

    Nationwide Bank charges a $450 commitment fee for you to lock in your mortgage rate.

    How do I apply for mortgage refinancing online?

    Fill out our online application. Then once your application is submitted, a Nationwide Bank Mortgage Specialist will call you to discuss the rest of the refinance process. You can also apply by phone by calling 1-877-636-0598, 8 a.m. to 8 p.m. ET, Monday – Friday.

    Do I have to pay for an appraisal for mortgage refinancing?

    Yes. It is included in your closing costs.

    Don’t forget that Nationwide can provide you with the insurance you need to protect your property. Request a homeowners insurance quote from Nationwide Insurance today.

    Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.

    *Annual Percentage Rate (APR). Interest rates and the APR are subject to change at any time and without notice due to changes in the mortgage market. These rates may also adjust according to credit and property approval based on secondary market guidelines. The rates shown are based on interest rates for customers with a good credit history. Your individual rate may vary. Our loans do not have prepayment penalties, and we normally require the escrow of taxes and insurance, which will be in addition to the principal and interest payments shown above. Be sure you understand the terms of the loan you are applying for.

    Mortgage Refinance Rates with loan amounts =$417,000
    The APR calculation and the principal and interest (P I) amounts are both based on a loan amount of $150,000 for the purchase of a primary residence, with 80% loan-to-value (LTV), approximately 15 days prepaid interest, origination charges of $795, an additional $422 in prepaid finance charges, plus discount points shown for a 60-day lock.

    Jumbo Mortgage Refinance Rates with loan amounts $417,000
    The APR calculation and the principal and interest (P I) amount are both based on a loan amount of $600,000 for the purchase of a primary residence, with 80% loan-to-value (LTV), approximately 15 days prepaid interest, origination charges of $795, an additional $422 in prepaid finance charges, plus discount points shown for a 60-day lock.

    Insurance products offered through Nationwide Insurance are NOT insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank.


    Second Mortgage Rates ~ Refinance With a Low Interest 2nd Mortgage #mortgage #products


    #second mortgage lenders

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    Second Mortgage Home Loans – Lenders Rate Information

    Bypass Private Mortgage Insurance Payments With a Second Mortgage

    A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.

    Obtaining Financing

    Obtaining a second mortgage requires the same process as obtaining a first mortgage. Lenders will require all the same paperwork, as well as a new appraisal of the individual’s assets. The new lender will require personal information, including asset values, in order to determine whether or not to offer a loan.

    Second Mortgage Rates

    There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate loan will remain the same throughout the life of the loan. Fixed rate loans usually last longer than variable rate loans, about 15 to 30 years. The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.

    Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:

    1. When the interest rate can change
    2. How frequently the rate can change
    3. How high the rate can rise
    4. What the rate change is based on

    It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.

    The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.

    Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.

    Compare your options: calculate PMI vs a second mortgage .

    Term Lengths

    Second mortgages usually have terms of one to 30 years. Shorter terms will have higher payments and longer terms will have lower payments. It is important to calculate exactly how much can be afforded each month. This is best determined by assessing how much personal income can be allotted to the loan each month. This number, in combination with the interest rate, should be used to determine the length of loan that is affordable.

    Generally, adjustable rate loans have more flexible terms than fixed rate loans. The fixed loans may be offered only in 15 and 30 year terms, while variable rate loans may be offered in any number of years between one and 20. The lender will help determine which option is ideal taking income levels and loan amounts into consideration.

    Where to Find a Second Mortgage

    There are virtually unlimited numbers of lenders who supply second mortgages. It is important that individuals compare the costs associated with a number of potential lenders. For most people, lenders who offer the lowest interest rates are the best choice as their second mortgage supplier. Although, there are a few other factors that can be taken into consideration.

    It is possible to save money by obtaining a second mortgage with your existing mortgage lender. They may wave fees associated with paperwork or other procedural requirements. This is not true of all mortgage lenders. It is best to call the mortgage company and request farther information about their second mortgage procedures before assuming the costs will be reduced.

    Another place to look for a second mortgage is through banks which individuals are already involved in. The paperwork and procedures which are required to obtain second mortgages can be easier through banks that individual’s already have ties to.

    The Best Time to Obtain Financing

    Due to the economic downturn, the interest rates on first and second mortgages are currently at an all time loan. This year may be a good time to obtain a second mortgage. It is important, however, to take all financial factors into consideration before attempting to obtain a second mortgage.

    It is best to follow the market trends before obtaining a second loan. Mortgage rates can be variable, but tracking the market trends can help individuals obtain second mortgages during times of low interest rates. It’s important to keep an eye out for what lenders are charging and those which seem to be offering the lowest rates. These observations will help individuals determine the best mortgage companies and the times in which these companies offer the lowest interest rates.

    It is important to note that variable rate mortgages may change according to economic changes. It is important to fully understand what factors contribute to the changes in interest rate. If economic conditions can effect the variable rate loans, obtaining one during an economic downturn may not necessarily result in lower interest rates in the long run.

    Factors that can effect the interest rate of a second mortgage include the demand for loans and national economic conditions. In periods of economic downturn, second mortgage rates fall low and can be obtained more readily. Individuals can take advantage of this by building up a money supply during economic upturns and obtaining second mortgages during downturns.

    It is best to obtain a second mortgage when personal finances allow it. If a second mortgage would be difficult to afford, it may be best to wait. Individuals should be able to cover the cost of the first and second mortgage, as well as all other monthly payments, before obtaining a second loan.

    Benefits of a Second Mortgage

    Second mortgages are beneficial to individuals who need a significant amount of money and have no other means of obtaining it. Individuals who will benefit the most from second mortgages are those who are financially stable, but cannot use credit cards or bank accounts to obtain the money they desire.

    Sometimes second mortgages are necessary for those who are not financially stable, but have no other means of obtaining money. This is not the ideal situation to obtain a second mortgage because there is significant risk of the individual being incapable of paying back the loan. Sometimes, however, it cannot be avoided.

    There are a number of situations where a second mortgage may be beneficial. These include:

    1. Bypassing property mortgage insurance (PMI) requirements
    2. Debt consolidation
    3. Home Improvements
    4. Purchasing a new home
    5. Creating home equity

    Hidden Costs

    In addition to the interest rate, there are a number of costs associated with second mortgages, these include:

    1. Lending fees
    2. Origination fees
    3. Appraisal fees
    4. Closing costs

    The cost of these fees will be similar to those associated with first mortgages. The most important hidden cost to consider is the lending fees.

    Lending fees are calculated on a points based system. One point is equal to one percent of the loan amount. The cost of lending fees varies widely between mortgage companies. It is important to meet with a number of lenders in order to find the lowest lending fees.

    Individuals who are obtaining a second mortgage should request written documentation of the lending fees. Some areas have state mandated caps on lending fees, but others do not. The state banking commissioner can provide information on lending fee limits.

    It is important that the lending fee is understood and agreed upon before signing for the second mortgage. Individuals should ask to see the fee in writing and should compare it to any state limitations to ensure that the lender is following mortgage regulations.

    Associated Risks

    The largest risk associated with a second mortgage is failure to pay the monthly interest rates. It is possible for an individual to lose their home if they are incapable of paying for the second mortgage. This is why it is so important to obtain affordable, low interest rates and lending terms that allow for small monthly payments. Market research, and comparison shopping should help individuals avoid the risk of losing their home.

    Another risk of obtaining a second mortgage is higher interest fees. There are generally only small differences between the interest fees of first and second mortgages, but sometimes even a small increase in the interest rate can result in financial ruin. Individuals should calculate exactly how much the second mortgage will cost per month to avoid any surprises.

    The various fees associated with a second mortgage is another risk. These fees can add up quickly and for those already in financial ruin, these costs could be a lot to handle.

    2007 – 2016 www.MortgageCalculator.org | Contact Us


    Obama refinance mortgage rates and low 100% refinancing #reverse #mortgage #scam


    #obama mortgage

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    Obama refinance mortgage rates programs

    As the American housing market continues to bounce along the bottom, the Obama Administration continues to adjust the programs that it offers under the Making Home Affordable banner. The original Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) had little impact on the problem of underwater borrowers. However, revisions to the HARP program and changes to the FHA, VA and USDA refinance programs now let almost every homeowner in America to take advantage of the Obama low mortgage rates.

    The Problem: Why We Need Loans for Refinancing Mortgage 100% of Value and Above

    Traditionally, mortgages required at least a 20 percent down payment. In other words, if you wanted to buy a $200,000 house, you would have to come up with $40,000 and the bank would lend you $160,000. While the bank expected you to pay your loan, they knew that if anything went wrong, they could take your $200,000 house, sell it at a discount, and still come out with their $160,000 back. Over the years, private mortgage insurance products made it possible for banks to lend you up to 100 percent of your purchase price. In this instance, they would give you $200,000, and if you defaulted on your home, they would get their $160,000 back by selling the home and get their $40,000 back from the mortgage insurance provider.

    Today, so many homes have lost so much value that millions of homeowners now have the equivalent of $200,000 loans on $150,000 homes. Since the home has negative equity, no bank is willing to write a new mortgage on it since there is not enough value to make them whole if you do not make your payments. Many homeowners in this situation cannot make payments on their current loans, but could make the payments on their loan if they could just get the interest rate adjusted to today s lower levels.

    In an attempt to solve this program, Washington has come up with new Obama refinancing program options to help homeowners. If you have a Fannie Mae, Freddie Mac, FHA, VA or USDA Rural Development loan that you took out before 2009, the odds are that one of these programs can help you. Furthermore, all of them let you take advantage of today s record-setting low interest rates.

    HARP 2.0

    As revised in February of 2012, the HARP program applies to most underwater Fannie Mae or Freddie Mac mortgages. This pool includes the vast majority of the American mortgages under $417,000 that are not part of the FHA, VA or USDA program. If you have an eligible loan and owe more than your property is worth, HARP is your ticket to taking advantage of today s low rates.

    While individual lenders can impose their own more stringent rules, HARP is very generous. It allows you to refinance your existing mortgage without an appraisal regardless of what your home is worth. HARP loans typically require a credit score in the 600 s and require you to have six months of current payment history and no more than one late payment in the first year. A HARP refinance will also need to leave you better off in terms of reducing your payment, switching you from an adjustable to a fixed loan or putting you into a shorter-term fixed loan so that you can be debt-free more quickly.

    Government Supported Programs FHA, VA and USDA

    The popular low-down payment FHA loan has a refinance program for homeowners who owe more than their homes are worth. The FHA Streamline loan lets you take advantage of today s low interest rates with only three requirements. Your payment must go down by at least five percent, the loan you are refinancing must have been taken out on or before May 31, 2009 and you must have a 12 month record of on-time mortgage payments. If you can meet these standards you can take out a streamline with no review of your credit or FICO score, no income or employment review and no appraisal. FHA has even reduced their insurance premiums to help you get more savings from refinancing. FHA refinance rates are also extremely low.

    The VA s Interest Rate Reduction Refinance Loan, usually called an IRRRL or Streamline. lets veterans and active-duty military personnel refinance their VA home mortgage. The VA does not require you to go through credit underwriting and does not require your home to be reappraised. You can include all of the costs in your loan, including the VA s 1.5 percent funding fee, and you can even borrow an additional $6,000 for energy efficiency upgrades to your home. To qualify for a streamline, all that you need to do is to lower your monthly payment or change from an adjustable to a fixed rate loan or from a 30 to a 15 year loan, even if your payment goes up.

    Approximately 235,000 people in 19 states that carry USDA Direct 502 mortgages or Guaranteed Rural Housing mortgages on rural properties can take advantage of the USDA s streamline program. Like FHA, the USDA streamline just requires you to have a clean 12-month payment history and to refinance to a 30 year fixed rate mortgage with a rate that is at least one percent, or 100 basis points, lower than your current mortgage. Other than that, the USDA imposes no requirements. In other words, you can refinance regardless of the value of your home, the quality of your credit or your employment status.

    These aggressive Obama mortgage programs put refinancing in reach for just about every American with a conforming mortgage of $417,000 or less. If you would like to lower your mortgage payment talk to a qualified lender about which program will work for you. They will let you know how much money you can save.


    Low Interest Mortgage Rates Refinancing Colorado California #current #refinance #rates


    #mortgage capital associates

    #

    Where customer service is our main priority

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    Let E Mortgage capital structure the exact mortgage loan you need to fulfill all of your your financial objectives. We have our safe 10,15, 20 & 30 year fixed as well as several other VA, FHA & cash out options.

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