is refinance a good option for us?
Sweety1719, If you can lock in at a rate at 5.375% or better, this makes sense. You'll be accomplishing a few things; lower payment, converting your equity loan to a fixed rate (I assume is based on the prime rate +) as the prime rate can only go up in the coming months, a single payment by combining the...

Closing cost question
The P&S needs to be worded properly. We coach our Realtors to use this verbage; seller concession to include any closing costs, pre-paid interest, escrow (and upfront MIP for FHA loans). Some banks are very particular, and the contract needs to be as specific as possible.Have a great...

When government stop buying mortgages is when the rates go up. Is that true?
Once the government stops buying mortgage backed securities, we will be dependent on foreign investment. When that happens they will be looking for greater returns on their investment, which will surely be a factor towards increased rates. TheFriendlyNeighborhoodMortgageGuy.com-Sean

I received an inheretance of 60,000. What would happen if I use it to pay down my mortgage/
Hello!Your question leads to several others...Your main questions is whether or not your current bank will re-caste your loan. Some do some don't. If they do, typically they'll want to see a significant pay down of 20% or so and the admin fee to get done migt be around $500. The bigger question is,...

If unemployment comes down and economy improves, is that actually bad for mortgage rates?
Steve, It is unavoidable as there is no place, but to go up. With the rates currently below 5%, I would definitely look in to refinancing. Feel free to call or email me. Sean WheelanPersonal Mortgage [email protected] cell

New mortgage guidelines affecting people with good credit?
drdave, These guidelines have been in place for a while, and I think the original lender just didn't do a thorough job on your file...FHA allows for non-traditional trade lines, so we can potentially make it work. And frankly, if you are putting less than 20% down, FHA tends to be the better option. If I...

Is it true that 5/1 ARM is always better rate than 30 year fixed? I had heard in some cases 30 Year fixed was as good or even better.
There was a short period of time where the secondary market had no appetite for ARMs. During that time the ARM rates were not attractive. Generally speaking, ARM rates will be lower than the fixed.