Loan
refinance mortgage rates
Lew Sichelman gives some tips on how to refinance.
With more rate cuts on the way, this is the time to get ready.
How? What documents do you need? What’s the scoop?
Here we go:
debt consolidation loan
Now, lenders are being far more picky.
Keeping in mind that you may need to move quickly, now is the time to obtain copies of your credit report from the three major credit repositories — TransUnion, Equifax and Experian. You are entitled to a free credit report once a year from each agency. Go to annualcreditreport.com or call (877) 322-8228.
heloc
Don’t worry that the three reports don’t match. The repositories take information from different trade lines.
Doing so “will have an immediate and positive effect” on your credit score, said Bruce Brown, president of First Security Mortgage Co. in Kansas City, Mo., and a certified mortgage-planning specialist.
You’ll need documentation of wages, savings and other assets. To prove earnings, you’ll need your last three pay stubs. If you are self-employed, the lender will want to see signed copies of your last two tax returns and a current profit-and-loss statement. You’ll need some cash too. You’ll probably be paying discount points, origination fees and other costs.
Title-insurance policies, for example, are often priced up to 70% lower when the same company that wrote the original policy reissues them.
You should receive an estimate of your closing costs when you apply for your new loan. But remember, these figures are subject to change, so be prepared to pay more. If you are short on funds, though, you may be able to roll the charges into the loan.
Determine whether your old loan has a prepayment penalty. If it does, you can pay it from the equity you have in the house. The lender will want a list of current debts, including mortgages on your other real property, car loans and credit-card accounts, with account numbers, plus a list of your checking and savings accounts with the account numbers.
If you are a foreign national, you’ll have to prove you are in the United States legally.
Another issue for lenders is proof positive that the house is worth what you say it is. You might come up with the same properties as the lender’s appraiser. “The market is so volatile today that we’ve seen rate swings of three-eighths to a half a point in a single day,” said Brown of First Security Mortgage. Your best bet, of course, is to start with your current lender. Often, your lender will offer a discount if you stay.
refinancemortgagenow.net
Originally posted 2008-04-30 13:29:29.
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Besides that, this article and your investment analysis doesn't take into account the Origination/Closing Fees that LC charges.
That rate varies from 0.75% (for the highest FICO score borrowers) to 3.50% for most. That means on a blended basis, you're paying approximately 3% in origination fees on top of the 1% service fee being charged by Lending Club.
The real rate of return therefore isn't 9.05% but 6.05%. That's about 2x the best short-term CD out there for a lot more work and a lot more risk. It might be worth it if we were talking about being able to [...]
No offense, but the question that begs to be asked is why you executed a contract knowing that you had a prepayment penalty / back payments that you wouldn't be satisfied from the proceeds at closing. Unless you have a clause allowing you to bail out of the contract in this situation, you've put yourself and the buyer in a bad situation.
You will likely never get above a first level manager at Countrywide, especially as they're downsizing rapidly and upper managers are too busy putting out fires on other loans to deal with yours. I wish you luck, but [...]
There are some search result links below. Click on each bank and find the "Search" box on their page. Put in "5 Yr CD Rates/Annual Return, and 30 Yr Mortgage Rates." You may have to create a User Account and Login psswd to view this information at their website.
Good luck on your assignment.
Great article about Net Promoter scores…we watch them closely at our company. I know we are way ahead of the industry (mortgage) with our region gaining a 90 net promoter score. Net promoter is an important measurement that the public should know about.
Kevin McCarthy,CMPS™
Certified Mortgage Planning Specialist
CTX Mortgage Company
The United States. Such a young, glorious and interesting country. never seen an entity that comes close to prestige. Good on ya yanks.