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The house mortgage rates are lower for first time buyers. At least they were just recently. You can call up a local real estate agent and ask them to make sure.
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What is a seller-held second mortgage?
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
Where can one find the lowest rates for a mortgage?
Finding the lowest rates for a mortgage can be time consuming. Several mortgage companies can be contacted to compare rates. Mortgage houses sometimes have this information readily available. Government programs also offer some lower rates to qualifying buyers.
A magazine article about how to get a lower mortgage rate on your first home loan?
Adults
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
What are the highest 30 year mortgage rates?
Currently 30 year mortgage rates are still pretty low. The market is still struggling to come out of the recession so the banks are trying to entice buyers with lower rates. Right now rates for a 30 year fixed mortgage are running as high as 5.5% to as low as 3.5%.
Is now a good time to purchase for first time house buyers?
Now is a good time to purchase for first time buyers. House prices are lower in many places which makes it a buyers market. One may want to look into foreclosed homes for even cheaper options.
How can you lower your mortgage to what your house is worth?
Yes
What is a seller-held second mortgage?
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
How can you lower your house mortgage?
Refinancing is one way to lower your mortgage on a house. To start out with the lowest rate is to shop around with different banks to give you the lowest percent rate. Take your time, you want the best mortgage for you.
Where can one find the lowest rates for a mortgage?
Finding the lowest rates for a mortgage can be time consuming. Several mortgage companies can be contacted to compare rates. Mortgage houses sometimes have this information readily available. Government programs also offer some lower rates to qualifying buyers.
What is supply and demand and how does it affect property prices?
Many buyers plus few houses available for sale means higher house prices - (a sellers market). Few buyers plus a surplus of houses for sale means lower house prices - (a buyers market).
A magazine article about how to get a lower mortgage rate on your first home loan?
Adults
information on US Bank home mortgages?
You can visit their website to find the most useful information tailored to your needs. They offer information on how to purchase a home, information for first time buyers, and information on how to lower your payment. You can also find a mortgage calculator right there on their website. For more information, visit: http://www.usbank.com/mortgage/index.html
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
Does a second mortgage in the UK typically come with a higher or lower interest rate than the first mortgage?
A second mortgage in the United Kingdom typically comes with a higher interest rate than the first mortgage. This is because the lien is considered to be less secure.
What are the highest 30 year mortgage rates?
Currently 30 year mortgage rates are still pretty low. The market is still struggling to come out of the recession so the banks are trying to entice buyers with lower rates. Right now rates for a 30 year fixed mortgage are running as high as 5.5% to as low as 3.5%.
Why would a person want to remortgage their home?
Remortgaging a home can lower a monthly house payment. With today's lower interest rates one can save hundreds monthly on a mortgage. Shortening the mortgage term is another reason to remortgage. With lower interest rates one can keep the same mortgage payment, but the length of mortgage is shortened. While the monthly payment may remain the same, the overall term of the loan is decreased.
