VA Home Loan Mortgage Rates December 14 – Interest Rates Mixed Subprime Blogger (blog)
14.12.09
If you have been thinking about locking into a low VA home loan mortgage rate now might be one of the best times in history. The conventional 30 year fixed rate mortgage hit an all time low in late November. The all time low of 4.49% was immediately erased as the 10 year treasury rate yield pushed much higher which in turn pushed mortgage interest rates much higher.
Even though the 30 year fixed is now up to 4.7% this is still extremely low when looking at historical mortgage rates. Now is the time to contact your lender and see what mortgage rate you will qualify for. It might be a good idea to go ahead and get started on a mortgage application today so you avoid the crowd that we are likely to see when the new year rolls around.
Make sure to check out Subprime Blogger on a daily basis for your VA home loan rates. We will display the current VA home loan rates as well as a short commentary similar to the above column. Bookmark the following VA Loan category to gain easier access to our daily VA loan rates column.
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home loan??
Apr 22, 2007 by are we there yet | Posted in Credit
my house is worth about $550k.. My credit score is 559 right now, due to my excessive credit card and student loan debt.. nothing has ever been late, it's just that i have excessive amounts of these debts.. i make about $2,600 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off.. (my house is 100% paid off).. will i have a problem getting this home equity loan?? should i even both applying or should i just wait until i pay down my credit cards more?? advice anyone??
There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.
The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. Read more about it at: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan
farran abat | Apr 23, 2007
Hi,
I used "Credit Solutions" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://www.anrdoezrs.net/click-1813149-10467845
Ben | Apr 22, 2007
Yes!!!! Pay all the creditcards off. Close all but 1 of them for emergencies only. The student loan can be a good thing because the interest is a complete tax deduction. You should look into a fixed rate second mortgage not a home equity line. The home equity line payment can go up each month according to the prime rate. It is just a credit card attached to your home! . You should apply ASAP for a loan because our economy is very fragile and rates will likely go up as they have for the last 5 years. You can get a loan with your score but it will not be the best rate. You will be able to write off your interest on this loan. You pay of $2600 will be more like $3,000 with the tax benefits of a real estate loan. I guarantee that you will save more with the $100,000 loan than paying credit cards each month. I can help you very easily. If you wait you may be subjected to higher interest rates on your creditcards and mortgage.
RyGy | Apr 22, 2007
Yes you will get a home loan and it will be better if you apply to different banks and get one for you. Though it will be tough for you to get one but i think you will get a loan.
To know more visit
http://geteasyloans.blogspot.com
and
http://creditcardbiz.blogspot.com
John L | Apr 22, 2007
you can apply for home equity loan:
The selection of home equity loan should be done based on your specific condition. To help you make the decision, answer certain questions like the amount of money you will require, the duration of requirement of the loan, the time needed to repay the loan and the maximum monthly payment you can make.
june e | Apr 22, 2007
Hello,
I a Mr Terry Ballack.I am a consutant to cole investment company.The leading company in giving out of loans at a very low interest rate of 3%.We give out loans from the range of $3,000 to 10 million dollars.Do you need a loan?Are you financially down?Do you want to pay your bills which is giving you burden?We offfer all kind of loans.If you are interested in our services and you know really inside you that you fall into the category of people who need loa.Contact me today for more information via email at terryballacklender01@yahoo.com or better still terryballack@myway.com
terry b | Apr 22, 2007
Based on what you said, you shouldn't have a problem getting a home equity loan or refinancing for 100k, but you might not even need that much of loan.
I recommend getting a loan to pay off your credit card debt. I would leave your student loans alone and just pay them off. Here's why:
The interest rate on credit card debt is usually much higher than the rate you could qualify for with a home equity loan, and the interest on a home equity loan is usually tax-deductible. So you can pay off your debt with a lower interest rate (which means you pay less in the long run) and you might be able to deduct the interest from your taxes. Which means you benefit in two ways. Talk to a trusted mortgage professional to go over the numbers with you, but my guess is you'll be surprised how much money you'll save. Your mortgage person can also explain your options between getting a home equity loan or refinancing and you'll be able to see what makes best financial sense for you.
The student loans, on the other hand, most likely have a pretty low interest rate and the interest on those should be tax deductible, so I would just leave that debt where it is and pay it off. It doesn't make much sense to pay off a student loan with another loan.
Getting back to credit card debt, consolidating it into a home equity loan also will simplify your bill paying. You'll have one payment each month, as opposed to several payments for your various credit cards.
You are luck to have so much home equity (550k). I would definitely recommend using it to pay off high interest debt that isn't tax deductible.
Once you pay off your credit card debt and then make regular payments on a home equity loan, your credit score will go up pretty quickly. Good luck!
Home Loan Guru | Apr 22, 2007
Can I take out a home loan for land and a manufactured loan?
May 08, 2007 by Jak K | Posted in Renting & Real Estate
By home loan I mean a home loan and not a personal property loan like on a trailer home/manufactured home in a trailer court. I qualified for a home loan and I want to keep it cheap, so I want to purchase a piece of land and a manufactured home. Wil this work as a home loan if its on private land?
Wow, there is quite the array of scams out there! Why would anyone take out a loan from the internet without talking to someone face to face?
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value - unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
thinking-guru | May 08, 2007
no/yes
catchmeha | May 08, 2007
Want a mobile Home Loan? If the home is in a park on rented land financing will be MUCH easier.
what is the risk borrowing home loan from a small and new bank?
Jul 02, 2008 by h.f. | Posted in Renting & Real Estate
I am having a traditional loan application with a big bank. I just found a small bank in Florida, founded in 2004, is offering better rate and cost compared to those big famous banks. The small bank is member of FDIC. Somebody told me small bank may not follow federal regulations. How do I tell if a bank is a qualified home loan lender that follows all lending regulations? What is the risk borrowing home loan from a small bank?
FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits (checking, savings, CDs, IRAs, etc) in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial institution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now.
To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and don't look back. If they have one, take a seat!!
wife of marine | Jul 02, 2008
There is no risk for you, you're the borrower. As long as you get the money at the rate, terms and fees you understand.
Rico | Jul 02, 2008
Unless you are borrowing on the i net you should know ALL there is to know about the bank... All banks a member of the FDIC all one must do if you are not in there city go to FDIC.GOV AND CHECK THEM OUT..... or call the banking commission...
greeter7 | Jul 02, 2008
How can I get approved for a home loan if I am moving to another state?
Dec 29, 2006 by Gennie Goose | Posted in Renting & Real Estate
Hi! My husband and I are trying to move to Arizona in the next year and buy a house. This will be my first home. We both work full time jobs in California now. Any home loan advisors out there? Can you tell me how I can get approved/pre-approved for a full 30-40 year home loan when we have not yet gotten new jobs in the state we're planning on moving? One thing I heard is if we plan to rent out the property, then we can get approved for a loan. Please help!
Getting approved in a different state should not be a problem, as long as the job you're moving to is in the same field that you are currently in.
You can go to a nationally licensed broker if you prefer that, rather than a local broker, since they are sometimes limited.
If you want a little more advise, contact me, or check out our website.
Baconshmals@yahoo.com
http://aapexfund.com
baconshmals | Dec 29, 2006
Getting pre-approved is simple. Contact a broker in that state and city where you will be moving. As long as you stay in the same career fields you are in now it should be no problem or you are moving for more $$$ in your new jobs. All loans require collateral, capacity to pay and credit. If all are good then you will have no problems. Google the yellow pages under mortgage banker/brokers in the city you plan to move.
I am a mortgage banker in TN
golferwhoworks | Dec 29, 2006
Gennie, please email me, my husband and I can help you, I process loans and he is a mortgage broker licensed in AZ. You can still get prequalified with no work in AZ as of yet... it depends on the lender.
please email me at valisprocessing@yahoo.com so i can give you his #. Nothing is impossible!
V | Dec 29, 2006
There are several options that include declaring the proerty as investment property but that would not yield the rate you are looking for.
There are loan programs that will not require income information as long as the scores are ok and you have a down payment...even a 5% down payment will work.
Here is some additional info. Hope this helps.
loanman46 | Dec 29, 2006
Hi ,
Am from AZ itself .Write the case details at kishaloy_bhowmick@yahoo.com .Will provide you all the options that are open for you .And will you be working in AZ for the same employer for whom you are working now in CA? If so it is most easy .Otherwise have to dig up a bit the options!!!!!!!!1
regards,
kish
480.751.4125
Loan Officer
kishaloy_bhowmick | Dec 29, 2006
Can i sell a home which is on home loan before 5 years which was claimed for tax deduction?
Feb 12, 2008 by sandeepagarwals | Posted in India
I am planning to sell one of my flat bought in 2004 on home loan. I have claimed for tax deduction for 4 years already. I have a seen a clause in the yearly bank statement that i will not be entitled for tax saving on home loan if flat is sold before 5 years. Is it true? Please provide more information on this clause.
yes ,you are right ,rebate/deduction will not be available if house is sold within 5 years .this is as per section 80c Current and 88old.
but interest claimed on house loan will not have any effect at all.but principal claimed as deduction/rebate will be add back for all the year if house is sold before the 5th year.relevent clause is given hereunder.
"(5) Where, in any previous year, an assessee
(i) terminates his contract of insurance referred to in clause (i) of sub-section (2), by notice to that effect or where the contract ceases to be in force by reason of failure to pay any premium, by not reviving contract of insurance,
(a) in case of any single premium policy, within two years after the date of commencement of insurance; or
(b) in any other case, before premiums have been paid for two years; or
(ii) terminates his participation in any unit-linked insurance plan referred to in clause (x) or clause (xi) of sub-section (2), by notice to that effect or where he ceases to participate by reason of failure to pay any contribution, by not reviving his participation, before contributions in respect of such participation have been paid for five years; or
(iii) transfers the house property referred to in clause (xviii) of sub-section (2) before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,
(a) no deduction shall be allowed to the assessee under sub-section (1) with reference to any of the sums, referred to in clauses (i), (x), (xi) and (xviii) of sub-section (2), paid in such previous year; and
(b) the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year."
http://simpletaxindia.blogspot.com/
Rajababu | Feb 12, 2008
The best option is that go to the bank and discuss with bank personnal,
shahnaz khan | Feb 12, 2008
Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?
Apr 04, 2008 by Itsme | Posted in Credit
I already have a home loan with ICICI on a floating interest rate. I'am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
"Clearing a home loan" is what I meant of getting rid of the loan by making a pre-payment.
I am not sure what you refered to when you said "clearing the home."
On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal report to that bank showing that the value truly is higher.
xplorshinji | Apr 04, 2008
Is there any tax deduction for home loan in other countries ?
Feb 07, 2008 by Leo | Posted in United States
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.
Mortgage interest on a second home is deductible on schedule A as an itemized deduction, even if the second home is located outside the U.S. However, if you reside in the U.S. and the lender is a foreign person/bank, then you are required to withhold 30% tax on the interest portion of the payments, unless a lower treaty rate applies. Depending on the jurisdiction, a treaty may apply to reduce or eliminate the withholding tax. However, if you want to rely on the treaty, you need to obtain a Form W-8BEN from the foreign lender where the lender certifies that it qualifies for treaty benefits. In either case, you will need to also file Form 1042 and 1042-S reporting that you made interest payments to foreign persons.
Ken | Feb 07, 2008
Ken, the 1042-S does NOT apply here. You read publication 515 backwards.
The property is located outside the US. Therefore the interest paid on it is NOT US-source income to the bank. Withholding 30% and issuing a 1042-S would truly gum up the works. The borrower would be dunned for failure to pay their loan and the bank would have trouble getting the money back.
This is interest paid on any type of debt instrument that is secured by a mortgage or deed of trust on real property LOCATED IN THE United States, regardless of whether the mortgagor (or grantor) is a U.S. citizen or a U.S. business entity.
v b | Feb 07, 2008
Trying to qualify for a home loan. Will adding my name to my parents savings account help?
Sep 28, 2006 by michaeldorian | Posted in Renting & Real Estate
I've been doing alot of research in terms of qualifying for a home loan and can't seem to find an answer to this. Many home loans require you to show a bank account statement of atleast 3 months of savings. I unfortunately don't have that but the monthly mortage is not an issue. Will my parents adding my name to their savings account allow me to still use that account as proof of the 3+ months savings to qualify for the loan? Will this help in any way towards getting approved for the loan. Thanks!
No because it may be considered community property. They want to see that you have the savings in case you lose your job, you will still be able to pay your mortgage for a few months. It is called reserves. They usually want to see at least 6 months worth of payments in a savings account.
You may want to see if you can borrow the money from your parents and open up your own account. The lender will take savings, 401K, IRA etc. Any kind of money will do.
GEE-GEE | Sep 28, 2006
What kind of home loan interest rate could I get with a bankruptcy on my record?
Jul 30, 2008 by shawn b | Posted in Credit
I have a chapter 7 bankruptcy on my record from 2003, but I have no debt and a credit score of about 700. And I have $20,000 for a down payment. If I got a home loan, would the bankruptcy make a huge difference in the interest rate? How big a difference?
I had a bankruptcy back in 2001. My husband and I bought a house in 2004, and my credit score was about 700 as well. We had no problem getting the low interest rates that were available at the time. You have a fairly large down payment too, so depending on the cost of the house you want to buy, you should have no problems getting the lower rates. I think the standard rate right now is about 5.5-6.5%.
Jennifer B | Jul 30, 2008
How can you get a home loan with really poor credit?
Jan 24, 2006 by lil_shortiesunshine | Posted in Credit
My husband, myself and our kids, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $6500.00 loan?
There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else.
Prima facie I do not think there should be any difficulty in getting the loan . Probably your bad credit is haunting you . Assuming you have bad credit ---due to any reason whatsoever --- it should be possible to explain to the potential lender the reasons which led to the problems . You may further convince the potential lender that the causes --which led to bad credit---no longer exist . It is a question of putting up your story in a proper way . Of course the problem can be solved quickly if the lender listens to your story with empathy . If this does not work , --as a stratey ---you may try high cost loan where the credit rating may not be an issue . After repaying some part , you can approach a new lender who offers you " take over loan facility " at a soft rate. He will be guided by the latest record of repayment . All in all , it should not be difficult matter.
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Maktoob Together, they own or guarantee around half of US home loans. Obama's announcement next week is expected to include details about how the administration White House closes in on housing plan US Housing Plan to Fund Interest-Rate Reductions Investors Look to Obama Mortgage Plan -
RTE.ieBank on home-loan relief While there may be no real secret to paying off a home loan faster, a little bit extra goes a long way and what better place to start than with the de facto Facts about finance A mortgage Best deals on mortgage rates -
Maktoob Together, they own or guarantee around half of US home loans. Obama's announcement next week is expected to include details about how the administration White House closes in on housing plan US Housing Plan to Fund Interest-Rate Reductions Investors Look to Obama Mortgage Plan -
