Refinance Mortgage Loan

Question: What's the best indication of a good refinance mortgage loan?

(Posted by: Dalyell D on 2008-01-01 08:22:38)

Posted by: kt_b_blue on 2008-01-01, 08:27:16

Lower interest rate that is not adjustable, simply put. There is rarely a point in refinancing if you cannot get a better rate than what you currently have, and steer clear of adjustable rates that lure you in with a teaser rate.

Posted by: directlendingplanet on 2008-01-01, 08:32:15

Fixed rate! no adjustable and surely not a wat is being marketed hyybrid ARM you want a fixed rate mortgage any term that works your APR is not that much different than your interest rate! is a good indacation. look for the best interest rate and APR if you get a great rate and the apr is NOt that far off you have a great loan! try to get the best rate if you have the equity let the lender wrap your closing costs into the loan but be aware of all charges! if they are over charging you it will show with the APR. now if they show yield spread and it looks high just so you know yieldspread is money the bank gives the broker to overcharge you in your rate. i must say they're are many lenders that dont condone this practice. But it is very real a big reason we are in the mortgage mess and the rate of foreclosures are so high is from greedy overzellous brokers and banks

Posted by: Dalzell D on 2008-01-01, 08:41:28

A good refinance mortgage loan will have an interest rate of less than 2%. Anything higher than that is unacceptable. Here's more to guide you: whataboutloans.com/ mortgage/ mortgage-refinance-loans.html.

Posted by: Sharon B on 2008-01-01, 08:57:31

Watch your answers and what to believe! Fixed rates are not always the best rates, and some of the Hybrid loans are some of the best loans out there, depending on your situation. I have a hybrid 5 year fixed that is at 6.625% on 1.2 million, personally I would rather pay 6.625% for 5 years, paying the payment I would pay on 7.25% and drop my principal by $30,000 then gain equity! Especially while my renter is paying the payment! To answer your question, the best indication is the actual APR, the APR is your loan, plus the costs of the loan divided by the term. If your APR is more tha 1% higher than your actual note rate, you are being over charged. In reality, all loan offficers are "supose " to quote APR's, but, most of them do not know how to calculated them, kind of stupid, hah!

Posted by: godged on 2008-01-01, 10:32:38

Low (or no) closing costs and a great interest rates.