With the Federal Interest rates so low can I refinance into a lower fixed rate with not so good credit?

Dec 16, 2008 by edawg32 | Posted in Renting & Real Estate

I bought my first home from my parents about 2 years ago. The loan at the time was 8%. With the federal interest rates so low is it possible to refinance my fixed rate loan to a lower interest rate with not so good credit. I have a few lates on my mortgage

No you will not be able to refinance in this market most banks are only lending to those with stellar credit and some are not lending at all with a credit history like yours you aren't gonna get anything better than the 8 percent you have now

Justin S | Dec 16, 2008

does my mortgage have to be backed my Freddie Mac to qualify for lower refinance rates?

Mar 09, 2009 by Chris W | Posted in Renting & Real Estate

I have a mortgage from Bank of America. Can I refinance with the new GOVT asst rates if my mortgage is not a freddie or fannie mortgage?

as long as you can qualify for the new loan it doesn't matter what your current mortgage is or who backs it. if you want a govt backed loan (like fha) you have to qualify and the property needs to be your personal residence.

utreinvestor | Mar 09, 2009

How to get the lowest home mortgage refinance rates by Mortgage Broker Los Angeles

Are you struggling with your monthly mortgage payments? If answered yes, you must try your best to refinance your home loan as this is the best ...

Mortgage Rates: Low Mortgage Rates Remain as President Proposes Refinancing ...

18.05.12

Current low mortgage rates remain intact as President Obama proposed refinancing for everyone in a speech this afternoon in Nevada. In an effort to expand the current refinancing opportunities, Obama has called on Congress to include all lenders in Harp incentives, to offer streamlined refinancing to all non-GSE and non-FHA borrowers and to cut closing costs for underwater borrowers who refinance to lower monthly payments or apply savings to rebuild equity. Obama again urged that “we must do what’s right for people”.

Pushing refinancing for everyone is a positive plan considering the current low mortgage rate market. Today’s 30 year fixed mortgage interest rates are at 3.750%, 15 year fixed mortgage interest rates are at 3.000% and 5/1 ARM loan rates are at 2.375%. With good credit and qualifications that meet guidelines, borrowers can obtained these low mortgage rates with 0.7 to 1% origination point. When purchasing a home, up to date employment, income and assets must be documented and will be verified for accuracy. Existing underwater borrowers should turn to Harp 2.0 for refinancing which often does not require an appraisal. This program has become very popular for helping consumers obtain today’s lower mortgage rates. By submitting minimal information online, borrowers are able to find out quickly if they are eligible for Harp and can proceed to the next step in a short amount of time. Online inquiries are probably the most efficient and successful way to obtain a Harp refinance or any type of refinance offered today. If consumers refrain from asking, they will not know if they are eligible for a mortgage refinance .

Source: FreeRateUpdate.com

low refinance rates - Bookshelf


Risk Frameworks and Applications - 2nd Edition Risk Frameworks and Applications - 2nd Edition

Creator: Jawwad Ahmed Farid |
Cash out refinancing These types of refinancing are not sensitive to economic incentives to prepay such as lower mortgage rates. Regardless of the direction of rates the borrower will choose to refinance. There are two principal reasons ...
The Indian Financial System: Markets, Institutions and Services
783 pages 		The Indian Financial System: Markets, Institutions and Services

Creator: Bharati V. Pathak, Pathak Bharati V. | 2011
The interest rates on different types of accommodation from the Reserve Bank including refinance are linked to the bank rate. ... The Reserve Bank cut the bank rate to 6.25 per cent in October 2002, its lowest level since 1973.
Publisher: Pearson Education India
Fixed Income Modelling
556 pages 		Fixed Income Modelling

Creator: Claus Munk | 2011-09-05
The current refinancing rate may well be very low relative to the contract rate, but if the refinancing rate was as low or even lower previously, a large part of the mortgages originally in the pool may have been prepaid already.

Tips For Finding And Using Current Mortgage Refinance Rates ...

by admin

Tips For Finding And Using Current Mortgage Refinance Rates

If there’s one truth about mortgage refinance rates, it’s that they keep changing.  That’s the one constant thing about them.  If you’re a homebuyer who wants to refinance and are looking for one steady figure as a basis for current rates, you’re bound to be frustrated.  Refinancing programs also change frequently, which could be confusing.  While it could get a bit challenging, finding current mortgage refinance rates is still a necessary step for you as a homeowner if you want to take advantage of good rates.  

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low refinance rates - News


Mortgage Rates Fall: 5 Rules for Refinancing
CBS MoneyWatch.com (blog) - Jul 14, 2011
Mortgage Rates Fall: 5 Rules for Refinancing For people in the most expensive real estate markets who want mortgages of $700000 or more, this could be the last chance to capture the lowest rates. The reason: So called “agency jumbo” loans are being phased out in September, says Keith Gumbinger,

Senate Bill Would Allow Some Homeowners to Modify Loans
Patch.com - Jul 16, 2011
Barbara Boxer of California has authored a bill to allow an estimated 2 million homeowners to refinance at a significantly lower interest rate, which she says will save families thousands of dollars and boost the economy. The senator said the Helping

Underwater Homeowners Refinancing Bill Gains Momentum
Housing Predictor - Jul 15, 2011
By helping these homeowners refinance at lower rates, we will put thousands of dollars back in the pockets of families and strengthen our economy.” The bill is targeted to help underwater homeowners who are able to make mortgage payments on time.

Clopton Capital's Take on Why Commercial Loan Rates will Rise while Benchmark ...
San Francisco Chronicle (press release) - Jul 16, 2011
What business and real estate owners should do about this is to lock in rates at current levels by refinancing or moving on an acquisition more quickly. Making the move now to lock in interest rates at lower levels will help debt coverage ratios and

IFR-MBS analysts see slim chance that Boxer bill will pass
Reuters - Jul 15, 2011
At the time she said the bill "would remove barriers that are preventing non-delinquent borrowers from refinancing their mortgages and taking advantage of historically low interest rates." More specifically, her bill would eliminate risk-based fees on

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