home loans - mortgage refinance second mortage

Pat asked:


trying to figure out whens the best time to refinace or get a fixed home equity loan.

STAN

Brigitta Schwulst asked:


plying for mortgage loans is made a lot easier and more efficient by using the internet. You have access to far more companies and far more information on mortgage loans than you had in the past.

Mortgage loans brokers also make finding the best mortgage loans much easier. A mortgage loan broker is a person or company who applies for the mortgage loans on you behalf by contacting the various banks.

Using a mortgage loans broker also means you can ask someone questions with regards to the mortgage loans you’re applying for. Some tips to find the best mortgage loans include the following:

1. Check out your credit

Your credit will not only determine the amount of the loan that you can apply for, but it could also determine the mortgage rate you are offered for your mortgage loan. It can also vary the amount you need as a deposit, and even the insurance premium rate. It’s worth trying to improve your credit rating as much as possible before you apply for mortgage.

2. Shop around

Use a mortgage broker or approach various companies before you choose your loans. You’ll be amazed at how different the quotes can be from different companies and how much money you can save in the long run by shopping around before you take out mortgage loans.

3. Plan your budget

Remember to work out how much you can afford to repay on your mortgage , and include a little extra in your budget for emergencies. Remember, your home is normally collateral for the mortgage loans, so you could loose your house if you can repay the loan.

4. Research and choose the type of loan best for you

There are plenty of different mortgage loans types of loans available nowadays, so make sure you have a basic idea of the various loan types and how they can impact your budget and then choose the loan type that’s best for you. Mortgage loans types include fixed rate loans, variable rates loans and reverse mortgages to name a few.

But whether you’re looking for fixed rate mortgage loans or variable rate mortgage loans, be sure to shop around for the lowest mortgage loans rates. The lowest mortgage rates could save you thousands in the long run.

To find the lowest mortgage loans rates search for a mortgage loans broker in your area.



RODGER

michael b asked:


Price of home: 159,470
PMI: yes
Interest Rate: 6.5 -> builder offered free point to buy down to 6.375
Estimated Prepaids: 1,584
Estimated Closing Costs: 3,793
Total Costs: 164,847
————————————–…
Good Faith deposit already put down: 1,500
Lender Credit: 175
Paid by Seller: 1,595 (interest rate point)
————————————–…
Total Loan Ammount: 159,470
Total Settlement Cost: 2,112
————————————–…
Payment schedule:
no. of pymnts: 120 Principle & inter & PMI : 1,123.80
no. of pymnts: 35 Principle & inter & PMI: 1,021.47
no. of pymnts: 205 Principle & inter: 994.89
————————————–…
Notes:

I didn’t have enough down payment (20%) to get out of PMI because i recently spent 15k to get totally out of debt (paid off car, student loan, etc..). I now have 0 debt and plan to pay 400$ a month extra on my mortgage to cut the # of yrs and end pmi sooner.
Oh yeah, with PMI, closing costs, the APR is 7.24%

KELLY