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There are many different rates associated with a mortgage. The current refinance rate for a 20-year mortgage can best be found on one's local financial institution's website.
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∙ 10y ago
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At what point is it beneficial to refinance a home mortgage?
If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.
When you refinance do you start over at 30 yr mortgage?
Yes if you choose to get a 30 yr mortgage. You also could get a 25, 20, 15, and 10 year mortgage. I would look at the 15 year mortgage is is about 4.5% on todays market.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
What is the highest interest rate allowed by law for consumers in the state of Florida?
max 18% if is more than 500.000 25%
The price of a home is 220000 The bank requires a 20 percent down payment The balance is financed with a 30 year fixed rate mortgage at 75 percent what is the monthly mortgage payment to the neare?
an arm and a leg...
At what point is it beneficial to refinance a home mortgage?
If the mortgage rates have gone down you may want to refinance your home. Also you may want to if you have 20% or more in equity or have an adjustable rate mortgage.
When you refinance do you start over at 30 yr mortgage?
Yes if you choose to get a 30 yr mortgage. You also could get a 25, 20, 15, and 10 year mortgage. I would look at the 15 year mortgage is is about 4.5% on todays market.
Is it required to have a mortgage insurance?
yes..unless you are making a 20% downpayment on your purchase or have 20% equity on a refinance.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Will you have problems getting a mortgage if you have average credit and a deferred student loan?
Many banks will give you a loan for a house, but your problem will be getting the best APR on your loan. A good rate is around 6%, problems with credit might get you a 8% APR. Don't get fooled into doing an interest only loan or 40 year loan. Use the 30 year loan and you may have to get an 80/20 (80% value of the home for the first mortgage and 20% on the second mortgage) right off the bat if you don't have a down payment of 20% of the value of the home. No one likes a second mortgage coming into the deal, you can always refinance in a couple of years into one mortgage. Shop around to get your realtor and bank.
How to Get the Lowest Refinance Rates?
Mortgage interest rates are near the lowest point they have ever been. Because of this, refinancing to take advantage of the low rates is a great idea. Unfortunately, banks have tightened their lending requirements and have made it more difficult for people to take advantage of the low rates. Luckily, there are several ways a person could increase their chances of getting the lowest refinance rates. The first way to get lower refinance rates on your mortgage refinance would be to consider a 15-year amortizing loan as opposed to a traditional 30-year loan. With rates as low as they are, many people could actually switch to a 15-year loan without seeing a drastic increase in their monthly payments. For example, if you had a 30-year, $200,000 loan with a 7% interest rate, you would have a monthly payment of $1,330 per month. If you look to refinance after 7 years, your mortgage balance would be reduced to $182,000. At a 3.75% rate, the 15-year mortgage payment would be only $1,325 per month. The second way to get lower refinance rates on your mortgage refinance would be to put forth sizable equity into your home. Due to declining home prices across the country, many people now have less equity than they did at closing. In some situations, they may even have an underwater mortgage with negative equity in their home. Unfortunately, to take advantage of the low rates, a person will need to have at least 10% equity in their home. To get the best rates, and to avoid paying private mortgage insurance, a borrower will need to have at least 20% equity in their home. For those with less, this could require a large equity pay down. The third way to get lower refinance rates on your mortgage refinance would be to shop around with numerous banks. While banks have tightened their lending practices, banks are still looking to lend to qualified customers. If you have a good credit history and sizable equity, then you will have plenty of negotiating power with lenders. To give yourself the most leverage, apply for a mortgage with several different banks. These banks should each provide you with a fee and rate quote, which could be used to negotiate down rates and fees with other banks.
What is the highest interest rate allowed by law for consumers in the state of Florida?
max 18% if is more than 500.000 25%
The price of a home is 220000 The bank requires a 20 percent down payment The balance is financed with a 30 year fixed rate mortgage at 75 percent what is the monthly mortgage payment to the neare?
an arm and a leg...
If you were just added to the title and want to refinance to get a friend off the title and remain in the house how soon can this be done?
If you are simply looking to change title then you do not need to refinance, a lawyer can help you do this. If you are looking to possibly lower your rate, get cash out from the property or to change the term of the mortgage, then you can do a refinance and at the same time remove your friend from title. If you need any further help or information please feel free to contact me, I am a Mortgage Loan Officer and service over 20 states. Thank You, Edward David Sr. Loan Officer 347-254-8311 EdwardDavidNY@Yahoo.com
Where can one apply for a 20 year mortgage?
There are many places where one would be able to apply for a 20 year mortgage. One could check sites such as BankRate for information regarding applying for 20 year mortgages.
What are some good fixed mortgage deals?
Currently 30 year fixed mortgage rates are approximately 4.4% for the individuals with the best credit profiles. Any mortgage one can obtain with a rate close to or slightly below 4.4% can be considered a deal. Additionally, if one can obtain this rate with less than a 20% down payment required they have obtained a very good deal on their mortgage.
What are the qualifications for getting a mortgage on a house?
Good credit and some money to put down is really helpful. Think about having 20% of the price of the house on hand to put down. If you don't, then you will probably have a 1st and 2nd mortgage right off the bat (you can refinance later into one big mortgage).
