Projects Possible » mortgage http://www.projectspossible.com For the things I WORK on, PONDER, and ENJOY! Sat, 10 Jul 2010 14:48:50 +0000 en hourly 1 http://wordpress.org/?v=3.0 How Low Will the FED Go? http://www.projectspossible.com/how-low-will-the-fed-go http://www.projectspossible.com/how-low-will-the-fed-go#comments Tue, 18 Mar 2008 22:14:10 +0000 Bill http://www.projectspossible.com/how-low-will-the-fed-go

MortgageWhen I consider House Refinancing I can’t help but ask myself if this is the right time to be doing this or if I should continue to wait in anticipation that the rates will continue to drop.  With the “R” word (recession) on everyone’s mind I look at where my mortgage and my second mortgage are interest rate wise and it would seem to make sense for me to bite the bullet and go through the process.  (And a process it is…or at least can be.  How many documents could any 1 mortgage really need to be signed?)

I am fortunate in that I live in an area where housing prices have stabilized and also that I was not sucked into any sub-prime lending environment with required balloon payments and the like.  I think one of the keys to success in this environment is to know what you are getting yourself into.  Read the documents they make you sign… know what an APR is, know the terms of your loan, look at the bottom line.   Go into any long term commitment eyes wide open.  The Internet is filled with resources to help you learn.  Take a look at the Learn More section on the main page of the Countrywide site as an example. 

]]> http://www.projectspossible.com/how-low-will-the-fed-go/feed 0 Interest Rates and Your Equity http://www.projectspossible.com/mortgage-interest-rates http://www.projectspossible.com/mortgage-interest-rates#comments Mon, 18 Feb 2008 21:28:00 +0000 Bill http://www.projectspossible.com/interest-rates-and-your-equity With the recent reductions in the prime interest rates NOW may be the time for you to consider refinancing you home to get out of a variable interest rate loan or a loan with a large balloon. Perhaps you’d like to do some debt consolidation, or a remodel…you could get a Home Equity Loan or a Home Equity line of credit for this purpose.

We currently have 2 pieces of property that we are going to refinance.   One of these was a construction loan rollover that has a variable interest rate that I would like to get fixed. The other is a fixed rate loan but is an older loan than has a higher rate than I believe we can get today.  When I started looking for loan options to replace these loans I did my usual web searches and of course you get a ton of mortgage brokers as well as large national companies like Countrywide.   I also called my local banks.   The key thing here is to do your research!   Find out all you can about loan programs that you qualify for, and when you find the one that is right for you then and only then take the opportunity.  

Make sure you understand things like prepayment penalties, the interest rate and its structure – is it variable or fixed, is there a balloon, when is it due, is the loan assumable, when are your first payments due, are taxes and insurance included in your payment, etc.

Don’t wait around… the programs abound and you could definitely get yourself into a more secure financial position. 

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