shrek asked:


During 3rd week of Oct 2007 I locked in my rates with the lender for buying newly built home in the Denver, CO metro area.
My credit score was 720 and first-time buyer. For 30-yr fixed-rate on 175,000 loan, lender said existing rate was 6.5%. After negotiating, my final rate was 6.25% that too after buying down 1.5 points for $2400.
After having looked at other Q&A on yahoo answers, I feel that I am paying a higher rate than I was eligible with the same lender. Lender’s third party costs were also high, like $400 for HOA transfer, while he got 6000 towards closing costs from home builder.
So, I have two questions:
1. Did the lender hand me a high rate ( taking advantage of my ignorance) with some kind of deal with home builder?
Or, did I get a decent rate?
2. On yahoo finance, today I see the same lender’s rates are about 5.75. It can save me $100+ per month on my mortgage. So, should I re-finance right now ? Refinancing fee is $1750.

Appreciate your expert answer.

Ted

Yinka L asked:


We bought a house in december 2006 with adjustable rate, we plan to refinance between march and april because we are planning to use our tax return to pay our credit card debits so that our FICO score can be increase so that we can take advantage of the current mortgage interest rate. But today we receive a mail that stated that our monthly payment has been increased from 7.7% to 10%, which make our monthly payment from $1500 to $1800, that is $300 increment need advice on what to do, how to communicate with the bank so that the new increase will be freeze for the next 3 month. please help and no information is too much. Thanks

Ruben

babyface asked:


policy? Why?

Tonya

concerned_earthling asked:


I am looking for an acronym that fits the word leg.
I started with Liquid Equity Grab.
As in the bank grabs the equity in your home.
Free up the equity in your home and really pay the bank more with a LEG (Liqiud Equity Grab)
That does not sound official like an ARM (Adustable Rate Mortgage) does.

So here is the idea either a whole new acronym that fits the LEG or a word that starts with G that fits and sounds official.

The end result must be an official sounding phrase that uses the phrase an ARM and a LEG.

My house cost me an ARM and a LEG.

Maureen

GSFKNR asked:


Guys,

I am looking to purchase a house in the next 60 days. My loan will be about 400k, my credit is 790, my salary is above the average.

My broker has quoted me around 5.875…He has told me this about 2 months now. I have seen the apr for 30 year fixed go down, how come my rates isn’t going down? Is there a history that I can print out and show him? I have looked on bankrate, but couldn’t find anything.

Any advice would be helpful.

Harvey

John P asked:


I have put an offer for a short sale property, and the listing agent(owner) took the offer and waiting for the Lender to say YES.

I heard that the sellers Lender will take more time to tell his decision whether they accept it or not.

1)During this time can I shop for the mortgages ?

2)How long does it take to get a loan approved and good mortgages rates usually ?

3) Can we lock the rates once we think its a good one?

Micheal

Yinka L asked:


We bought a house in december 2006 with adjustable rate, we plan to refinance between march and april because we are planning to use our tax return to pay our credit card debits so that our FICO score can be increase so that we can take advantage of the current mortgage interest rate. But today we receive a mail that stated that our monthly payment has been increased from 7.7% to 10%, which make our monthly payment from $1500 to $1800, that is $300 increment need advice on what to do, how to communicate with the bank so that the new increase will be freeze for the next 3 month. please help and no information is too much. Thanks

Esther

hipster asked:


My average of the credit bureaus is 805. I have no credit card debt, no car payment or debt of any kind. I have an open line of credit for up to $400.000. What interest rate can I expect to get on buying a home??

Lloyd

Heidi62 asked:


Do you think the rates have hit bottom?
We like to use a local mortgage broker but the last time they did not over us the lowest rate out there. We knew the lowest rate from bankrate.com so we got it. Bankrate.com no longer lists the lowest rates in the US. Need another source

Arnold

George asked:


Special clauses or terms etc……

Floyd