An overview of second mortgage rates [mortgagegoal.blogspot.com]
Question by C607 V: When is interest rate set on a second mortgage? I didn't sign the "LOCK-IN-AGREEMENT" for my second mortgage,if rates go down tomorrow,12/11/07,can I request a lower rate? Best answer for When is interest rate set on a second mortgage?:
Answer by newjerseyguy
Just because the fed cuts the prime rate does not mean that mortgage loans immediately follow suit. In fact, mortgage rates have increased lately as lenders now want more "risk profit."
Answer by Anthony
Technically, you can benefit from a decrease in rate if you have not locked in your loan. The likelihood of that happening is slim to none. This solely depends on the pricing offered by the lender. Since your rate is not locked in, it's floating and will be marked to market. Since the market isn't doing so well - irregardless of the Fed cutting rates - your loan's rate will default to the lender's pricing. Just today alone, several guideline changes have been implemented making it tougher to qualify for 2nd liens, and as of Friday, there were intraday rate changes that worsened pricing on rates being floated.
www.oppenheimlaw.com Florida Foreclosure defense attorney and legal blogger, Roy Oppenheim, talks about how to pay off second mortgages at a deeply discounted rate. Florida banks have come to the realization that equity lines of credit are so underwater that they are actually unsecured debt, no different to credit card obligations. Florida banks have been hiring people from their credit card negotiation division to their negotiating side to negotiate the reductions on second mortgages. Roy Oppenheim states that when you fall into default, Florida banks offer you to pay off the entire debt at a discounted rate. If you want to stay in your Florida house and you want to do a modification of your second mortgage it is worth considering paying off the entire second mortgage at a discounted rate even if it means borrowing money from somewhere else. Roy Oppenheim has been able to get his Florida clients a reduction of up to 25% on their second mortgages. www.oppenheimlaw.com In a series of short clips Roy Oppenheim will be covering important topics concerning Florida foreclosure defense and what you can do to better manage today's state of the real estate market. Roy Oppenheim will be covering a variety of topics including the following: - Florida Short Sales - Florida Strategic Default - The State of Florida's Real Estate Market - Florida Foreclosure Defense - Florida Deficiency Judgments - Florida Second Mortgages Subscribe to Roy Oppenheim's channel to partake in the Summer ...
mortgagegoal.blogspot.com How to Pay Off Second Mortgages at a Discounted Rate by Roy Oppenheim
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Equity line of credit refers to a type of credit in which your home serves as your guarantor. It is a commonly used type of credit facility. In home equity line of credit, your credit limit will be calculated by taking percentage of the total value of the home as well as evaluation and subtraction of any outstanding mortgage balances from the property.
Refinancing home equity line of credit has become a common trend nowadays. The best reason behind it is that it saves you from rising interest rates. Not only this; refinancing would also help you to start maintaining a payment schedule as per your budget, eventually relieving you from all worries regarding repayment.
In order to pay off your line of credit, the best and simplest option is to upturn the loan to refinance second mortgage.
Under this, you could choose your rates and terms yourself. What more! Even the closing cost will be negligible. Make sure you check about the second mortgage rates before choosing a lender for the line of credit.Before selecting any lender, you must look at the various offers displayed online. Ask for loan quotes from them. Compare them in terms of interest rates and other terms they are offering. After getting loan quotes, look at them and compare the APR for overall loan costs, closing costs and rates separately. After going through the quotes separately as well as collectively, choose the right lender as per your requirements. Do not forget to check for home equity line of credit rates at the time of second mortgage so as to evaluate the overall payment amount.
Looking for a beneficial and easy-to-get line of credit? Make an online search today and get what you want in minutes! If you have a good credit history, you may be allotted 100% credit lines.
In case you are among the excellent credit score ones, you may borrow up to 125%! It’s not a joke…try it today!Â
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