Speaking of 2nd Mortgages...I currently have a second mortgage at a high APR, how would I refinace that at a lower rate? I'm new to the whole home owners thing...
Speaking of 2nd Mortgages...I currently have a second mortgage at a high APR, how would I refinace that at a lower rate? I'm new to the whole home owners thing...
Edit: Its for $35k
could always sell the G
Negative Ghost Rider, the pattern is full.
I could also just pay it off with cash...but then I couldn't buy the GT-R next year...
another , are mortgage rates goin to stop rising anytime soon??
Good question. Are you talking about 1st mortgages, fixed 2nds or Helocs? The short answer is yes, no and it depends. Very rarely can a general mortgage question be answered simply for all situations. With Greenspan resigning it will be interesting to see what happens.
1st mortgages....I was shopping around for a house for the past couple of months and mortgages jumped up over a point. I was thinking about being less picky and just buy a house before the rates go up anymore...
I don't think anyone knows for sure but I am predicting 1st mtg rates to come down a bit in the next 2-6 months. Greenspan will be out and I don't think the fed will raise prime many more times. The language was different the first time in a while this past increase. Retail tends to trail off and can have an effect on unemployment. The market is always moving and sometimes your housing needs and timetable dictate your rate. People forget that mortgage rates are still VERY good historically. True they are not as low as they once were but anything below 6% is a good rate. Currently they can be had for less than 6% as well.
So I would still need to do a closing again even though it's only a second mortgage? I just would like to get my second mortgage APR alot lower...
Yes, you would need to close again. The current Deed of Trust will need to be released and the new one recorded along with a bunch of other paperwork. In your situation I would call your credit union and ask them about their interest rates and qualifying process.
Do you know your middle of 3 credit scores? This information would be very handy when shopping around so every Tom Dick and Harry doesn't pull your credit report.
So I would still need to do a closing again even though it's only a second mortgage? I just would like to get my second mortgage APR alot lower...
Yes, you would need to close again. The current Deed of Trust will need to be released and the new one recorded along with a bunch of other paperwork. In your situation I would call your credit union and ask them about their interest rates and qualifying process.
Do you know your middle of 3 credit scores? This information would be very handy when shopping around so every Tom Dick and Harry doesn't pull your credit report.
Not anymore...last time I did a credit check was when I bought the house and I have since paid off all the credit cards...so the only thing I owe for is my house and the G...
the key, guys, is the prime rate. some mortgages use the libor, but for the most part, when your buddy and mine, alan greespan decides to raise the prime rate, the rates on your seconds, especially helocs, rise. my company's fixed rate options didn't change much, but our best heloc rate increased by half a point, and the last increas in prime was only a quarter point.
as far as the future goes, whether you hate bush or not, the economy is starting to really move. the fed is rasing rates to keep inflation down, and i expect them to only do it about once or twice more in the next few quarters. it seems as though inflation is leveling off, so alan can chill.
for the guy with the 35k line, take more. the more you take, generally, the lower the rate. just a tip. if you have sufficient equity in your home, and a solid fico, you can take out a second on your home at anytime, and/or refinance your current second. right now, i wouldn't recommend refinancing your first. it costs too much. the time for that was a few years ago when prime was around 4 and a half. great times guys....
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"they say beauty's in the eye of the beholder. that's why i look in the mirror every mornin and realize how fly i am..."
ehh i have some extra cash laying around...is ingdirect a good place to keep it? its my "backup" money, I don't exactly need it, but if anything happens, i would need instant access to it.
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, are mortgage rates goin to stop rising anytime soon??
