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adjustable rate refinance: Bye Bye 4.50% Mortgage Rates! 5.50% Here We Come? - 01/29/09 05:30 PM
If other mortgage companies have been anything like mine, it's been a pretty busy time these past 4-5 weeks! When the 30 year conforming fixed rates being locked in hit the mid-high 4's, the phones lit up like I haven't seen in a while.
Well, they are still lighting up, with homeowners and investors trying to catch the tail end of this dip in mortgage interest rates before they are gone. Already, I've seen a 3/8% increase in the rates for most of these fixed rate loan programs over the past week. The USDA Guaranteed Rural Housing program eligible buyers … (0 comments)
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adjustable rate refinance: When Is It Time To Refinance? – Common Obstacles In Today’s Lending Environment (Part 6 of 6) - 01/01/09 04:54 PM
It is hard for me to believe the percentage of people who have inquired about a home loan with me I have had to tell I couldn't help due to one reason or another. In 25 years in this business, I've never seen so many! Here are some of the most common reasons for the people I've talked with:
Estimated Market Value determined by an appraisal is insufficient to support the loan amount you wanted to borrow. Need Stated Income program due to self-employment, but these programs are no longer available. Declining Market Value Area determination restricts your loan amount by … (0 comments)
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adjustable rate refinance: When Is It Time To Refinance to Cash Out a Large Amount of Home Equity? (Part 5of 6) - 01/01/09 02:27 PM
There are some pretty financially savvy people out there carefully watching what the markets are doing, including the bond markets and mortgage interest rates. Over the years, they've listened carefully to their financial/tax advisers and have educated themselves, keeping up with what these markets are doing. They caught the wave of low interest rates several years ago, and already have a nice low fixed rate on their mortgage.
But, the time has come for them to take some equity out of their home/property, maybe for one of the reasons listed in Part 3 of 6 of this series of articles. If … (2 comments)
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adjustable rate refinance: When Is It Time To Refinance An Existing Fixed Rate Mortgage for a Lower Fixed Interest Rate? (Part 4 of 6) - 01/01/09 02:18 PM
This is the type of transaction where the rules of thumb are most likely to come in to play. A homeowner or investor is strictly looking to reduce their existing interest rate and/or payoff their mortgage faster. And here is where many people are told they need to save at least 1% on the interest rate to make refinancing worthwhile.
But again, there are variables that need to be considered:
What are the closing costs associated with the transaction? When is your "breakeven point" when the interest savings will have covered the costs associated with the transaction? How long do you … (0 comments)
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adjustable rate refinance: When Is It Time To Refinance to Consolidate Mortgage(s) and Other Bills? (Part 3 of 6) - 01/01/09 02:15 PM
Would you believe there are many people out there with 20-30-40-50% equity in their homes, even based on today's current market values? Even people who own their homes free & clear of any loan? Some people look at their long term financial objectives, which may include paying their home loan off within a certain period of time, look at their budget, and steadily chip away at their loan balance. I realize we don't hear nearly as much about these folks in the media, but trust me - they DO exist - and there are quite a few of them in the … (0 comments)
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adjustable rate refinance: When Is It Time To Refinance An Adjustable Rate or Interest Only Mortgage? (Part 2 of 6) - 12/31/08 04:52 PM
Does it sound crazy that someone would give up an interest rate in the low 4's to take an interest rate of 5-5.25% - AND spend thousand of dollars to do it? Many people today are doing just that. "Why?!?!?" you might ask. Well let's look at some history and basic Econ 101.
What eventually happens after a government prints trillions of dollars and pours it in to its economy? INFLATION! What is the evil nemesis that triggers interest rates on mortgages to shoot up? INFLATION! Forget the effects of shouting "Fire!" in a crowded theater, as this will be nothing … (2 comments)
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adjustable rate refinance: When Is It Time To Refinance? (Part 1 of 6) - 12/31/08 04:43 PM
A long-time, good client of mine recently asked "how do I know when it makes sense for us to refinance? Is there a set rule of thumb we should follow?".
Well, there really is no set in stone rule, as there are so many variables involved in determining this. I know a lot of people use a very rough rule of needing to reduce your interest rate by at least 1%, but there is so much more that needs to be considered than just the interest savings alone.
One of the most important determinations my clients and I make together is … (0 comments)
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adjustable rate refinance: Feds Take First Step - 09/18/07 01:57 PM
Hoorah for the Fed's first step toward injecting some much needed liquidity in to the financial markets by lowering the Discount Rate 1/2%, while giving the bond market a boost with the 1/2% reduction in the Fed Funds rate! This is a baby step in the process of working through the hurdles the mortgage industry is facing, but any step forward is a great step, in my mind. Combine this with increased limits for Fannie/Freddie, the FHA Secure program and the focus States are giving to finding solutions for the borrowers seeking help to refinance out of their resetting ARMs, and let's get … (8 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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