For those with a mortgage, John says, I wouldnt be rushing out to take a fixed rate, because fixed rates have gone up so much over the last nine months, where fixed rates are about 2% higher than the variable rates. So its going to take some time before the variable rates get anywhere near the fixed rates. If you were to take a fixed rate today, youd be paying one-and a-half to two percent more than the variable rate, and that high interest rate starts from today.
What you should be doing is making sure youve got the best mortgage for your individual needs. The best way to do that is by talking to a accredited professional broker, like Aussie, or others, and find out whether you do have the best mortgage. Theres hundreds of mortgages out there, and we find the majority of customers who talk to us about their existing mortgage can save up to three quarters of a percent by letting the Broker to the homework for them.
So rule Number One find out if youve got the best mortgage.
Rule Number Two is how do you manage your mortgage? Because there are big savings!
Some tips are dont pay monthly mortgages: pay fortnightly. That way you effectively pay thirteen calendar month payments in a twelve month year, that can save you years off your mortgage.
There are lots of little ways you can save significantly.
I often tell people: little things. Give up a coffee a day. If youre like me, I have two or three cups of coffee a day. Giving up one cup a day can say ten dollars a week. Ten dollars into your mortgage can save $20,000 over the life of your loan and save you two and half years off your mortgage.
So the way you manage your mortgage is equally important as finding the right mortgage.
Duration : 0:1:59
Read the rest of this entry »
Technorati Tags: Aussie, Aussie Home Loans, Aussie Mortgage Broking, Australian Property, First Home Owners Grant, Investors, John Symond, Real estate
A young mother and her three children in Hudson are on the brink of eviction while her husband is deployed in Iraq.
Duration : 0:2:8
Read the rest of this entry »
Technorati Tags: Alexis, Burgess, Foreclosure, Goulet, Hudson, John, mortgage
FreeRateUpdate.com explains that banks are dishing out higher mortgage rates for bigger profits (yield spread premium). FreeRateUpdate.com researches over a dozen wholesale mortgage lenders’ mortgage rates daily and reports the mortgage rates available to well-qualified consumers paying a standard .07 to 1 point origination on any given day. FreeRateUpdate.com mortgage rates, not the national averates reported by Freddie Mac, are the mortgage rates consumers should shoot for and be willing to accept.
Duration : 0:2:19
Read the rest of this entry »
Technorati Tags: 30 year fixed mortgage rates, average mortgage rates, bank rates, Bankrate, current mortgage rates, fha loan rates, fha mortgage rates, Freddie Mac, freerateupdate.com, jumbo mortgage rates, Mortgage rates, today's mortgage rates
Michael Ciavarini – Boston’s Certified Mortgage Planner.
Blog: http://BostonMortgagePlanner.com
Email: mikec@BostonMortgagePlanner.com
Phone: (508) 662-5381
Michael describes how his V-PMP, Video-Personalized Mortgage Plan sell houses fast. In this amazing video, Michael shows a Realtor, Builder or home seller how his technology creates four new referral sources. Give Michael a call to discuss how these methods can grow your business or sell your house.
Duration : 0:5:42
Read the rest of this entry »
Technorati Tags: house, how to sell my house, investment property, michaelciavarini, property, Realtor, sell, selling your house
First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
The old rules no longer apply and Suze Ormond should know that.
We have Dan Havey the author of Real Estates Future in the studio today.
Michael, I was just curious, back when I got into the industry many, many years ago there used to be a rule of thumb that if you were going to refinance you had to lower your interest rate by at least two percent and I know as time went along and products changed that really became unnecessary, but I am just curious in todays mortgage market its a lot different than we were dealing with even two years ago. Is that still true that there is a 2% rule? Whats going on now?
I happened to catch Suze Orman on television and she was talking about mortgages, the caller who called in to the program, the question became I believe similar to what Dan just asked, her comment was that basically if you’re in 6% interest rate or above now is the time to re-fi. That is what she said, a blanket recommendation. I know a lot of people put a lot of credence into what she says, maybe you could speak to that, the lowest interest rates you’ve seen in your career, you have been doing this for a while.
I have, and they are. You know there was a lot of speak the last couple weeks about the Fed, the Fed funds rate by the way is the lowest it’s ever been in history. As of this week the discount rate is to the point that banks are lending money to each other at nothing, the Fed funds rate for intrabank lending is at zero, the problem is the banks don’t have any money.
To be serious about the refinancing, because its a serious topic, I think people are starting to see their mail boxes filled with lots of advertising crap about refinance. I believe that doing the refinance is no different from doing a loan modification or buying a house, you need to sit down with the human being that’s local, that you can know is a legitimate source. You’re going to give all this personal information about you, your family, your kids, your Social Security number, you want to make sure you have somebody there that you know whos legit.
In regard to the old rule of thumb 2%, nothing could be further from the truth, and I will expand, but to the point of Ms Ormond that if youre at 6% or higher, that is a blanket statement and blanket statements never work. We just did a refinance for a guy who was at 5 1/2%, and it makes sense. Every situation is different, as far as how much do I have to lower my interest rate to make it work? It depends on the type of mortgage that you get.
The only type of loan to get today in December of 2008 is a 30 year fixed. I know that one of the things that was really interesting to me, and that you and I have referred clients to one another for several years, so we share a number of clients, were familiar with those families and those households, and this is Wednesday, on Monday and Tuesday of this week I’ve had seven phone calls from clients who you’ve already done loans for, refinances for, asking if this is the time to refinance a loan that is only a couple years old.
And I know in several of those cases the answer is yes you’re actually helping families right now with that process. I am and we do. To answer the question, you need to determine what the payback term is, in other words when your refinance is done it’s a new loan, there’s the title insurance, appraisals, lots of different things may need to be done, not in every case, but in most cases there are costs associated with that. The cost has to be offset by the amount of savings. Its a breakeven analysis
Absolutely it is, the shorter the breakeven the better the loan. I am working on a case right now which is going to be done in the next couple of days where the guy lowered his interest rate by an1/8 of a percent and it made sense for him. It’s not for everybody, 2 percent or lower, 2% is significant, now you’re talking about really significant savings in terms of cash flow…
Duration : 0:6:31
Read the rest of this entry »
Technorati Tags: Adjustable, Administration, ARM, Attorney, Avoid, bank, Bankruptcy, buyer, closing, Corporation, Cost, credit, Discount, Down, estate, Expert, Fannie, Fed, Federal, FHA, First, Fixed, FNMA, Foreclosure, fraud, Freddie, Funds, Future, home, housing, Income, Insolvency, interest, lender, loan, Loss, Mac, Mae, Marketing, Median, Mitigation, mod, modification, mortgage, Negotiate, no, Owned, Payment, Price, Program, Purchase, rate, real, Realtor, refinance, Rent, REO, Repo, Resolution, RTC, S&L, Sale, Savings, scam, Seller, Servicer, Short, TARP, Tax, time, Trust
http://bit.ly/bKpUDl – Posted at Puyallup & Tacoma Mortgage Lender Home Loan Company PC Home Loans. Why bad news int the media can sometimes be good news for mortgage rates.
Duration : 0:3:28
Read the rest of this entry »
Technorati Tags: interest rates, Media, mortgage interest rates, Mortgage rates, News, pc home loans, puyallup mortgage, sam tuttle, tacoma mortgage
Is Your Mortgage Loan Illegal?
Sue Your Lender® performs predatory mortgage audits for attorneys and consumers and we are finding legal violations on over 80% of the loans we review. Meaning, there is an 8 in 10 chance that the law has been violated on your mortgage and you might be able to use these legal violations to sue your lender. We help homeowners discover how the Truth in Lending Act can help stop foreclosure.
For more information visit our site at www.sueyourlender.net
Duration : 0:4:31
Read the rest of this entry »
Technorati Tags: fraud, lending, loan, predatory, respa, tila, violations
What is a fixed rate mortgage loan? A fixed rate mortgage means the borrower has the same monthly payments on the mortgage every month. Fixed rate mortgages are repaid within a specific time frame (10, 15, 20 or 30 years). Watch this Expert Real Estate Tips segment for all you need to know about fixed rate mortgages.
Duration : 0:0:51
Read the rest of this entry »
Technorati Tags: Benoun, borrower, estate, Expert, Fixed, loan, monthly, mortgage, on, payments, rate, real, Source, time, tips, Victor
Homewise Solutions (www.homewisesolutions.com) helps potential home buyers to achieve their dream of homeownership through Rent to Own (Lease Purchase). Through our extensive training and education program we will prepare you for a mortgage while you are renting your new home.
Duration : 0:1:54
Read the rest of this entry »
Technorati Tags: Atlanta, by, com, condos, conyers, Decatur, downtown, gwinnett, home, homes, house, houses, Jonesboro, Lawrenceville, lease, Own, property, Purchase, Rent, Sale, snelville, to
Top Treasury official involved in subprime mess?