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Magic Ball, When Will Mortgage Rates Fall? By ratetake Wouldn't it be nice if we could just get out our magic ball and see when rates were going to fall? Unfortunately, the technology to do that just hasn't been developed yet, so in the meantime we have to rely on doing our homework to get the best deal possible and lock in rates that don't leave us wishing we had acted sooner. So even though we don't have a magic ball, there is ways to keep your rates down and take advantage of the market.
First, don't get greedy. rates fluctuate, often day by day. When you are thinking about refinancing or taking out a new new keep an eye on the market and know where things are headed. When you see a low rate, lock it in and don't hold out thinking that "if I can just wait one more day?". Often that day never comes and you are left with a rate than can be as much as a full percentage point higher! The golden rule: don't be greedy!
Next, crack open that nest egg that you've had set aside for a rainy day and buy into the equity in your home. The more you put towards the down payment, or into your equity, the lower your rate will be and (as an added benefit) the less you will pay in interest over the years no matter what your rate is. One of the single best things you can do to save money in the long run when it comes to your is to get your equity built up in the beginning. Don't strain yourself financially, but don't keep your piggy bank tucked away for a rainy day - because you can buy a lot of umbrellas with the money you are going to save!
Negotiate, negotiate, negotiate. A lot of people think that when they sign their notes that what is written down is set in stone. Mortgages are just like buying a car - you have plenty of room to negotiate on rates, fees and other costs. Shop around and play hardball - after all, it is your money we are talking about here!
Take advantage of the buyer's market out there and ask your seller to pony up some of the closing,
buying a mobile home on a rented lot Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it? Who owns the home My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte... Inquiries to dissappear completely? I have 5 inquiries that are due this month from different credit bureaus. Basically I will be inquiring free on Experian and about 3 inq on TU and EQFX. They will be 1 year old......according to USAA credit monitoring. Is this the right time or I will need to wait 1 more year for the inquiries to dissappear completely? Thanks for the answer Letter of explanation Please help. My underwriter wants a letter of explanation on a couple of late car payments from 2 years ago. The car loan was in my name but the car was my sisters? should I say that? Will they think I?m full of it? Anybody have similar experience? File with underwriter Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon. Divorce My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ... Banks selling mortgages - Escow mess ups & raised Mort Incre My Husband and I just went through a mortgage modification loan with a bank. We were andquot;forcedandquot; to not pay our mortgage for 2 months in order to qualify for the modification loan. We have always made our mortgage payments on time. We got the Mod. loan.
Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e... Feedback on GFE Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4. Previous year tax returns How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan? Close cards before pre-approval Hi? I?m trying to get pre-approved for my first mortgage loan within a few months. My present score is 786. I paid off a vehicle loan with time payments. I have 6 credit cards 3 are department store cards with a combined limit of around 8k with no balance the other 4 are regular visa cc's with a limit of 9k combined no balance or late payments. I want to close 3 of the visa cards bringing my limit back to 5k. The one I am keeping I just opened about 2 weeks ago. My question is if I close the...
inspection and other costs. Some seller's will even purchase points for you - and it never hurts to ask. Whenever there is a glut of housing on the market a savvy buyer can take advantage of it by getting a lot of the costs taken care of by the seller, thus leaving him or her with more money to throw towards the down payment! Another win-win situation!
Finally, know when to hold 'em and know when to fold 'em. Once you get a good rate with minimal fees, lock it in and forget about it. Sure, you could have saved another $100, but in the meantime interest rates went up 0.25% -- So much for that $100 savings!
So put away the magic ball and instead work on your negotiating and financial skills. You may find that you don't need a magic ball after all, you just need a bit of know-how to get a rate and a note that you can benefit from for years to come.
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buying a mobile home on a rented lot Am in the process of divorcing my present husband and found this mobile home to live in. What would be a good way to finance it? Who owns the home My friends son passed away several years ago, his mother lived with him prior to his death and has paid the mortgage, property taxes, insurance, etc... on the property for almost 10 years. She is wanting to get the property in her name and Bank of America will not talk to her. Her son has a child who is almost 10 yrs old who lives with his biological mother. My friend says that she will do a will and live the property to her grand son, however can the 10 yr old son's mother take the home afte... Inquiries to dissappear completely? I have 5 inquiries that are due this month from different credit bureaus. Basically I will be inquiring free on Experian and about 3 inq on TU and EQFX. They will be 1 year old......according to USAA credit monitoring. Is this the right time or I will need to wait 1 more year for the inquiries to dissappear completely? Thanks for the answer Letter of explanation Please help. My underwriter wants a letter of explanation on a couple of late car payments from 2 years ago. The car loan was in my name but the car was my sisters? should I say that? Will they think I?m full of it? Anybody have similar experience? File with underwriter Well, my file went to the underwriter on Monday after we worked with our broker to get everything together. Now, they are playing the waiting game. I know that someone has looked at the file only because they did come back on yesterday asking for us to sign 2 forms that were not included in the file. I have followed up with our broker today to check status and he is placing a call with the lender. Fingers crossed we can get our answer soon. Divorce My husband and I own commercial real estate. We are contemplating divorce and have been legally seperated for 2 years now. The joint property we own, he operates a shoe repair and uphostery shop and he resides there. He has full use of the property and he wants me to share in with the mortgage, insurance, and taxes. He receives all profits and does not share any with me, but he wants me to share in the cost of his expense. He gives me $300 a month for our 6 yrs old daughter and not on a regular ... Banks selling mortgages - Escow mess ups & raised Mort Incre My Husband and I just went through a mortgage modification loan with a bank. We were andquot;forcedandquot; to not pay our mortgage for 2 months in order to qualify for the modification loan. We have always made our mortgage payments on time. We got the Mod. loan.
Since the sale of our mortgage, 2nd time banks have sold our mortgage to another bank, our escrow gets screwed up, monthly payment goes up.
Currently the andquot;NEWandquot; bank now holding our loan, is harassing us by saying that the e... Feedback on GFE Just got a GFE from a broker on a loan amount of 350k and wanted to get some feedback.
Rate = 3.875
801 = 7k
802 = 11k
Is this standard? With the 801 fee the APR is slightly north of 4. Previous year tax returns How greatly do previous years taxes filed effect your ability to obtain a mortgage? Do you have to have the same level of income for the past two years to get a mortgage loan? Close cards before pre-approval Hi? I?m trying to get pre-approved for my first mortgage loan within a few months. My present score is 786. I paid off a vehicle loan with time payments. I have 6 credit cards 3 are department store cards with a combined limit of around 8k with no balance the other 4 are regular visa cc's with a limit of 9k combined no balance or late payments. I want to close 3 of the visa cards bringing my limit back to 5k. The one I am keeping I just opened about 2 weeks ago. My question is if I close the...
