Question by Abigail: Should I refinance from an ARM if my rate will increase?
I currently have an ARM mortgage with a rate of 3.125%. I am considering refinancing to a 30 year fixed with a 3.875% rate. Is this a good idea?
The rep said the higher rate is due to the negative equity I have in my house. This would be using the HARP refinance program which is typically makes the rate .75% higher.
Best answer:
Answer by Beverly S
We are doing 3.375% 30 year fixed. Shop around a bit. I would go for a fixed but 3.875 is a bit high right now.
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Mortgage brokers pursue Chapter 11 as debts mount
A couple behind a once-prominent Maui mortgage brokerage is seeking Chapter 11 bankruptcy protection from debts that include unpaid mortgages and loans against more than two dozen properties in Hawaii and Idaho. Kathleen Patricia Morris and David …
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Canton Mortgage Broker Arrested for Alleged Drug Violations
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Judge dismisses Chapter 11 filing for mortgage brokers
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HARP Program Continues to Reach Eligible Homeowners
The Home Affordable Refinance Program has no doubt been a success, information pills especially in the past year. First introduced in 2009, ed the HARP program has been tweaked and changed in order to continue to reach more eligible homeowners. According to CoreLogic …
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Question by Brien86: I helped someone refinance, remedy do I still qualify for a first time home loan?
I helped my parents refinance their home a few years ago, prostate and now I want to buy my own place. Will I still qualify for a first time home loan?
Best answer:
Answer by realestate_leader
I do notknow myself but if you call Aslam Ansari.He is the only person I use for mortgages.1 917 602-5942 tell him Tom gave you the number. He is very knowledgable .I hope it helps. Good luck
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No.
Is there a first time home loan you have found? It’s states and counties who offer benefits for being a first time homebuyer in their area. Talk with your Loan Officer and have him/her contact one of their Title company contacts for an accurate explanation.
You can still qualify to buy your first home. Actually, if your parents were consistent with there mortgage payments you can even get something better than what first time buyers get on conventional loans.
There are three types of programs for first time buyers:
1. Down payment assistance programs form your local governments and charities. These are typically for low-income people or neighborhoods and can only go up to certain amounts
2. Government sponsored loan from lenders. These are FHA type loans that can be used along with down payment assistance loans. Again, these are limited in theire scope.
3. Conventional first time buyer loans. These are usually more flexible than government programs. they can go to 100% up to $ 1.1Million without having to qualify for any assistance. Not all lenders do these loans and they usually come with lower rates.
You, on the other hand, can qualify for loans that you normally wouldn’t be able to because technically you are not a first time buyer. The loans that you can get will probably be better than you would have gotten otherwise.
Call me if you’d like to see how much you qualify for and what your payment would be. My phone number is 818-361-8585 (Just ask for Kevin)