Is mortgage rate related to sotck market? If so, how? I heard we are due for a market crash in Oct.
Mortgage rates and stock markets are not directly related. Mortgage interest rates come from the FNMA coupons, which are traded on Wall Street just like stocks. When those bonds are up, that means more money is available to lend and interest rates come down.Often, when stocks are down, the FNMA coupons...

WHy did the stock market jump today? WIll it affect mortgage rates? SHould we lock today
Floating (not locking) a rate is wrong 2/3 of the time. Here's why: 1 - If you float and rates go up, you lose. 2 - If you float and rates stay the same, you lose (my reasoning is that you worried and spent time watching rates and gained nothing. Without gaining anything the energy spent is wasted).3 - If...

ARM or another 30 year?
There is only about 1% difference in rate between the 5 /1 ARM and the 30 year fixed rates. Too many times people opt for an ARM and then plans change. Take for example your current situation. You opted for a 7/1 ARM and now you are thinking about ANOTHER 5 years. Unless you have rock solid plans to make the move...

Quick Question About Banks
I don't lend in your area so I have no bias on your question. In the past I thought bank rates were higher. Now, working for a local bank, I have found that NOT to be true. I find that most people in our area are within about 1/8% of each other. Usually when someone offers a MUCH lower rate than everyone else,...

600 credit score
If your questions is can you prucahse a home at a 600 score, the answer is... maybe. There are still some investers that will take a 600 score, but what is more important is, what is on your credit that causes you score to be 600? That would be a great question to ask a lender in your area.

What is the theoretical floor for mortgage rates? How low can they "possibly" be?
Theoritically, rates can't get much lower than where they are at. Here's why: Mortgage interest rates are set by the demand for mortgage bonds. These bonds are traded on wall street just like stocks. When demand is higher, rates go down. There is a "floor" because there is no...

Should My 85 year old mother refinance or just continue to pay?
Yeah, 11% is a high rate, but at $28,000 she likely doesn't have much longer to pay. If she has been paying quite some time on this mortgage, most of the payment is now going towards principle. Refinancing now will provide a better rate but may not be wise because now it just starts the process of...

Can I fire my realtor? He is not showing me the properties I like, but what he likes me to buy. I am tired of this, can I fire him?
Yes, you can fire your Realtor. However, if you have signed an exclusive agent agreement, then you would be liable to pay him/her a commission if you bought a home through someone else. If an agreement has been signed, you may want to contact the agents broker (the manager or business owner of that...

Is it worth it to get a longer mortage
I highly doubt it. Look, you are at the point in your mortgage (assuming it was a 30 year to start with) where most of your payment is now going straight to principle. Sure you can start over, take cash out and/or lower your payment and invest, but at what risk? Why not just get the house paid off since you are...

Mother Ill, How can I legally take her off my mortgage.
Get legal counsel. You may be able to obtain a power of attorney to handle her affairs.

Will the recent midterm elections affect mortgage rates?
Historically, mortgage rates don't seem to be affected much, if at all, by elections. In 2008, rates fluctuated 1/4% 3 months prior to 3 months after the electionin 2004, rates decreased by 1/4% from the 3 nnoths prior to 3 months after.in 2000, rates did decrease by 1% from the 3 months prior t 3...

650 fico 250000 what to expect?
Mandy, in today's market you need at least a 620 score with more investors moving to a 640 minimum score. So, yes, a 650 score will qualify.However some questions your lender will want to ask is, why is the score at 650? Do you have a bankruptcy? How long ago? Do you have any unsatisfied judgments? Do...

What's the lowest downpayment accepted for a home purchase as first time in Boise?
The answer is ZERO down.USDA financing is not allowed in the Boise area because it has to be listed as a "rural" area. Boise and the areas immediately around Boise are not considered Rural.Unlike FHA that requires 3.5% down, there is a First Time buyer program in Idaho that requires Zero down. ...

can you get a reverse mortgage when i have a trust, and my wife is power of attorney.
Yes, you can. I always highly suggest a trust anyway since it offers you so much additional protection. Ron Pippin 801-628-7667

does any one do usda loans here? we are to buy in michigan
USDA loans is one of my specialites. I know the program extremely well which means you won't be using a loan officer that isnet really sure about how the program works. My toll free number is 1-855-823-2781. Ron Pippin

Can I buy a home with a 564 credit score?
I think the last guy that answered meant you can find lenders that will finance down to a 600 Score (not 500). He's right becasue I can finance you as long as you have a 600 score. 564 isnot that far off. If you want to call me I can provie you with some tips on how to get yoru credit score up. Ron Pippin...

Refinancing as joint mortgage for primary residence rate when name not on deed
Short Answer: no. Longer Answer: Since you are not currently an owner of the home you cannot refinance it. Your right, your dad would have to refinance as an investment property. The rates are a little more, but not as much as you might think. However,It may be possible for you to purchase the home with a no...

I have a 7/1 30-year fixed rate. What happens after year 7?
For many years, this kind of loan was referred to as a "7 year fixed" rate which is why so many people are confused (and why legislation has now been inacted that correctly identifies this as an adjustable rate loan). So, here is what you have; You have a 30 year loan where the interest rate is...

WIll Grandma be able to quailify for a reverse mortgage?
Yes she can I am a reverse mortgage specialist. you did the right thing by adding her to the title of the home. Because she has been on title for the last 6 months she can indeed apply for a reverse mortgage. a new appraisal will be needed. Call the counselor who issued the certificate and ask what needs to be...

do you need to have 20% equity in your home value to qualify for refinance & does all 3 credit reports need to be at 740? I have that on 1
Short answer: No. Longer answer: It depends on the program. For example: FHA credit score requirements are more lenient. With lower scores you have no adjustments to the interest rate. However, you will have Mortagge Insurance regardless of if you have the 80% equity or not. Conventional loans require...