At 6.2% apr the payments are going to be higher for the house where as with slight decrease in the rate I could afford a better home with same or lower payments. How can the monthly payments be at a lower rate? 6.25 APR is the simple rate plus cost of the loan over the [...]

Home mortgage rates and equity loans to be more exact. They seem to have gone up almost a full percent in the last week. I thought the fed res was supposed to lower the rate to boost the economy. Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding [...]

I’ve read home equity interest rates are higher than first mortgages but by how much? 1%-2% or more? I’d appreciate if you could give me just a general benchmark, assuming I have a good credit score. Thanks! Home equity lines are typically based on the Prime rate. So they vary from Prime minus 1/2% on [...]

I want to refinance my home to lower my house payment but I’d like to see the interest rate drop some more before doing that. Is their any way to foresee if it’s going to drop or raise? If there was a sure thing way, it would be reported on the front page of your [...]

I am 25, preparing to purchase my first home! I have been saving like a wild woman the past year and a half trying to save as much as possible towards my down payment. I want to save as much as possible before the rates go back up. Anyone have knowledge in finance or mortgages? [...]

I’m not exactly sure what you mean here, but I don’t think it’s entirely accurate. A Home Equity Line of Credit(HELOC) is based upon the prime rate(an index) which in turn is based upon the over night Fed Funds rate. The Fed Funds rate adjusts monthly according to the Federal Reserve’s meetings (Greenspan in the [...]

I am purchasing a home, owner financed for 10 years, with a balloon payment. I will then need to get a federally backed loan (bank loan). What do you think interest rates will be in 10 years? I will have paid down the house so shouldn’t need 10% or 20% down. How could we possibly [...]

The mortgage interest rates went up with the latest Fed cut. Do you think the rates will drop anytime soon? With the latest rate cuts by the Fed and the record number of foreclosures there are lots of bargains to be had. If the Fed cuts again the repayment on your mortgage (I assume you [...]

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