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Top 10 Reasons People Refinance

10

 To convert a fixed rate to an adjustable. Yes, this is sometimes done in order to lower a rate and/or payment.

9

 To change lenders.

8

 Before relocating to a new home. Often it's wise to obtain cash out or put in place good permanent financing if the old home might be retained and rented.
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More free info on your mortgage and home ownership:

Refinancing Right
   6 Facts and Features You Should Be Aware Of

Don't Make a Major Move
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Refinance?
   Are People Still Doing That?

Use Your Mortgage as a Financial Planning Tool

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Interest Rates Interest Rates             

  Typical Rates

 

 

 

30 yr fixed..........................

mostly 6.375%   

5/1 Adjustable......................

 Around 6.00%  

  General levels are provided above. Rate can be guaranteed and locked upon our receipt of your application.

So exactly what would your rate be?  That's the most commonly asked question, and it's understandable.  But also understand that each rate is a custom rate quote and will vary from borrower to borrower based on many factors.  But do know one thing......if you've worked with us before, you know we give good value for our services, and we work on a lower profit margin; lower than the banks and the internet lenders can afford to do.

     So here's what we need to know to give you accurate rate quote that can be locked and closed:

How much is the property worth?   What would you like the loan amount to be?   How long do you want the interest rate fixed for?   What is your credit score?   What is your debt/income ratio?   Can you document your income?      All of these factors matter.  If we know where you stand on these we can be accurate with a quote.  And if you've received a quote without the lender knowing or asking this information, it probably isn't accurate.

 

Steve's Market Blog

 

What you are and aren't reading....  Headlines we do see and read:  "Rate of home price decline and sales decline is moderating"  "FannieMae:  uncertainty over when and if government takeover is keeping rates high."   ......and headlines we aren't reading:  "Home affordability reaches highest level in years."  "Home heating prices coming down to levels below last year."  "Best car deals in years."  "Mortgage rates likely to drop once FannieMae situation resolved."   30 year about 6.375% and 5 year at 6.0%..... ST 082608 

Fannie and Freddie in the news.....  Today's market is dominated by news that FannieMae and FreddieMac may soon require a capital injection by the Federal govt.  This would wipe out the stockholders.  As a refresher, Fannie and Freddie are the two quasi-govt. agencies that purchase virtually all mortgage loans.  They are the secondary market and they do establish the underwriting guidelines.  The fear now is that they have so many weak mortgage loans on their books that they might default on their bonds, and the Fed may have to step in to bail them out.  As the credit of Fannie and Freddie is in question, this has the effect of making mortgage rates "sticky" and not falling along with Treasury yields.  For now, still, mortgages carry a "bad name" and require relatively higher rates to attract investors....  ST  081808

1/3 of U.S. homes underwater?     That's the latest gloom and doom headline.  What is means is that according to zillow.com, almost 1/3 of homeowners who bought in the last five years now owe more on their mortgages than their homes are worth......True?  Maybe...but if you've ever been to zillow.com you know that their home values vary a bit from reality, at least in this part of the country....I don't recall seening ANY mortgage applicant in the MO and KS markets I serve that has ever been underwater.  Many whose home has not appreicated yes, but none whose value was less than their mortgage or mortgages.....Want some good news?  Mortgage and home equity direct mail has fallen 50% from the first half of 2007 according to new data from Mintel Compremedia.  Less junk mail!......30 year rate stuck at 6.5%....  ST  081208

They did it again......the Fed, that is....  They left their overnight rate unchanged at 2% for the second consecutive meeting.  That means the Prime Rate will stay at 5%.   Key comment from Fed is basically that the Fed is biased towards a higher Fed Funds rate barring new developments.  Next meeting is Sept 16....In the meantime mortgage rates rose slightly on this news....ST 080508

It's mostly good.....  The big employment report this morning showed that more jobs were lost in July, and the employment rate rose.  Not so good.  But the number of jobs lost was less than expected.   Mortgage rates are easing just a little on the news.     ST  080108 

Refinance Q & A:

Q: What does it cost to refinance?
First of all, for most refinances, the amount of the fees should be viewed as an investment and not a cost.

Q: How long does it take to refinance?
Closing can normally take place about 7 working days after you've provided us with the requested paperwork....

Q: What paperwork if required from me?
Most recent pay stub, last year's W-2(s), most recent checking, savings, brokers, and 401k/IRA statements, and....

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