brazilnutrhodes asked:


I will be purchasing a house in one year. I believe long term mortgage rates are around their low. I am concerned about where those rates will be a year from now. Is there a way I can agree to borrow from a lender and lock in today’s mortgage rates?

Guadalupe

onica001 asked:


And, what is the lowest credit score you can have? My credit score isn’t the greatest and I’m looking to get pre-approved, but I have heard that the banks are not even giving loans right now even if you have good credit.Any advice?

Winnie

ohioan_femme asked:


Today, Federal Reserve slashes benchmark interest rate to between 0.25 and zero percent. What the heck does that mean? And how come no matter how many times the Fed slash the rate, it barely affects the 15-year and 30-year mortgage interest rates? Does it have something to do with the housing demand? Isn’t the housing industry in the pits now? How come the rates are not going down? Can anyone explain this to me in layman’s language?

Thank you.

Marvin

Ultra- Man asked:


I applied for a home loan and was given a rate of 5.0%, (I know… really good but that’s what it was.), and by the time our papers were signed it was back up to 6.0% in a matter of hours. Which makes a big difference in monthly payments, just thought that was strange … maybe not?

Wilber

kdjohnskjohns asked:


A mortgage company want’s to finance just enough for the purchase the home. Is that standard practice or not?

Edwardo

andropolise asked:


Thank you for your feedback. In response, it is my ex husband. He was granted full ownership of the house and everything inside (I did not care to contest), and he’s been good enough to keep the payments current, but he refuses to re-finance, and there is nothing in the divorce papers stipulating that he HAS to do anything. I was trusting enough to believe I could get through a divorce without a lawyer (definitely learned my lesson); now the only way to make him take action is to re-open our papers, and I don’t have the money for that. I simply want to know if my mistake and his obstinance will keep me from ever owning property.
Thanks again for the feedback.

Manuela

Timothy H asked:


Hello, here’s the situation:
I currently have a mortgage of left of $159,000 at 6%. This is a 30 year mortgage, but I have been paying extra each month; and I am at around year 23. I also have a home equity loan of $25,000 at 7.25%. I am planning on paying the $25000 loan off in the next 5-6 years.
I went today to possibly refinance, she told me “Fixed rate at 5.75%, 30 years.” I can either combine the two and pay that, or pay my $25,000 at what I am paying right now; and just refi the $159,000. She is charging me $2000 in closing costs. If I wait, and the rate drops after closing, I get charged $700 more to lower the rate.
Should I wait until the 30th when the Fed either cuts, keeps were they’re at, or raises rates? This way, I will not have to pay the $2700 to get to that lower rate.
What do you think, please help me out. Any advice is appreciated. What impact will the rate cut have on my situation? Thank you! Tim

Val

rhaman asked:


I have a middle credit score of 580, pre-approved through an FHA backed lender. just wondering what interest rate I should expect
have a middle credit score of 580, pre-approved through an FHA backed lender. just wondering what interest rate I should expect?

I know my credit score isn’t great but I was wondering just roughly what to expect for an FHA loan. I know you don’t take a huge hit as long as you are at or over 580

William

CountryGirl asked:


Our current rate is 7.75% on a $168,000 loan and with the drop in interest rates, we’d like to explore re-financing. Are there any companies that will do all the legwork for us? (i.e. find us the best possible re-financing deal.) If not, where do I start? I don’t want to fill out a ton of credit applications before I know all the terms of the loan. Thanks!

Valerie

Jessie-James asked:


I come out of a fixed deal in August 2008. What are my chances of the mortgage rates being a bit better by then?
I live in the UK.

Ruth