Home Mortgage Loan Rates | Home mortgage loans [mortgageapproved.blogspot.com]
www.kingwoodmortgageguy.com 281-348-9899 Best Mortgage Rates in Houston Mike Durr explains in the video how keeping up with the Bond market is really the only way to secure the best mortgage rates. Knowing when to lock and when to float is really the key skill in making sure that our clients consistently get the best rates. There are a lot of mortgage lenders that don't take the time or effort to study what makes mortgage rates go up or down. Most people believe that the mortgage company sets the rates, the truth is that the rates flow up and down, similar to the stock market. You must be able to jump on great rates when the market is right. There are also times when you should float the market. If you want the best mortgage rates in Houston you want to deal with a originator that studies and watches the bond market, and has your best interest at heart. http To get the Best Mortgage Rates in Houston call Mike Durr at 281-348-9899
mortgageapproved.blogspot.com Best Mortgage Rates In Houston
If you are a first-time homebuyer or a buyer who has had a foreclosure in the past couple of years, you may want to look into a federal home loan mortgage. A federal home loan mortgage or FHA Loan is a loan that is provided by a private lender but insured against default by the Federal Housing Administration. This type of loan has some major advantages over traditional mortgage loans.One advantage that an FHA mortgage has is the more relaxed credit-qualifying guidelines. Because the FHA's mission is to promote home ownership for low to moderate level income level families they can help people get a loan with little or no down payment. Instead of the 10% often required for standard loans a 0%-3% maximum is needed for a federal home loan mortgage.In the past, regardless of your FICO credit score, you could qualify for a FHA mortgage. Although that is still technically the case today, with the recent government Stimulus Package in 2008, a minimum 580 FICO score has become the generally accepted lower limit for loan approval.
The Stimulus Package also raised the maximum loan amounts available significantly on a per county basis. You will need to contact n FHA lender who can tell you the specific maximum amount available in your area.An FHA mortgage generally has very favorable interest rate and is usually lower than a conventional mortgage. Because the loan is guaranteed against default by the federal government, private lenders are more willing to reduce the interest because their risk has lessened. A lower interest rate means you can save thousands of dollars over the life of the loan.Another advantage of an FHA loan is that you can still be eligible if you have had a bankruptcy or foreclosure in your past. Eligibility for a new home mortgage requires that the declared bankruptcy occurred at least 2 years ago, foreclosures must have occurred at least 3 years ago and in both cases your credit since that period of time has been good. Related Home Mortgage Loan Rates | Home mortgage loans TopicsQuestion by : I hold daughters mortgage loan can I refinance it at a lower rate? My daughter purchased a house in May and I financed the mortgage rates. She has made the first 2 payments and I want to redo the loan papers at a new rate to lower her payments since Federal AFR has dropped. Can I just make up a new loan schedule and paperwork saying we are refinancing the loan? Is that legal Best answer for I hold daughters mortgage loan can I refinance it at a lower rate?:
Answer by Bash Limpbutt's Oozing Cyst©
Assuming that you are holding the mortgage yourself, you can pretty much do anything that you both agree to. Be sure to get it blessed by an attorney first, just to be sure that everything passes legal muster.
Answer by Huntsman
The rates have not dropped that much in 2 months. (is your daughter mentally stable?) The rule is do not re-fi unless you can get at least 1.5% lower. If she wants to do this - make sure you charge her what a bank would charge her in refinancing costs. Thousands of dollars just to re-finance
Answer by the kid
Do you mean her mortgage is through you? If you are the lender, you can set any rate you want, it doesn't have to be based on AFR. You could do 1% if you wanted to. If you mean you took out the mortgage b/.c she coudln't. it would be a waste of money to refinance based on the rates dropping so little in 2-3 months.
