Month: February 2009

Jumbo Mortgage Rate: Get More, Pay More

Jumbo mortgages are mortgage loans that are of a larger size as compared to standard mortgage loans. Though a jumbo sized meal is often very appealing when it applies to a mortgage, there are more factors that need to be considered such as that for those people that have been looking around for a mortgage loan that is in excess of four hundred and seventeen thousand dollars, only a jumbo mortgage will provide them with that kind of money.

Loan Limits Set By Freddie Mac And Fannie Mae

In fact, a jumbo mortgage is a mortgage that is higher in value than this 417,000 dollar loan limit set out by Freddie Mac and Fannie Mae. This means that Jumbo mortgage rates are also going to be large sized and the investors that will be offering Jumbo mortgages too will be a different set of players. In fact, jumbo mortgage rates are going to be a quarter to half point more than the interest charged on conforming loans (loans that are of less value than the four hundred and seventeen thousand limit set by Fannie Mae and Freddie Mac.)

So, in case the mortgage rate for a conforming loan stands at six percent then the jumbo mortgage rate for your Jumbo mortgage loan would be anything from approximately 6.25 to 6.50 percent. Given the fact that jumbo mortgage rate are generally higher it therefore stands to reason that it would be right to assume that such mortgages are an appropriate option only to borrowers that are willing to pay a higher rate of interest.

Jumbo mortgage rates are applicable on loan limits that are in excess of the loan limit set by what is called the federal national mortgage association. So, a jumbo mortgage is ideal for a person requiring about three hundred and twenty-two thousand for purchase of a one family home. This amount of loan exceeds the limits set by Freddie Mac and Fannie Mae and is therefore only available in the form of a Jumbo mortgage loan.

Also, jumbo mortgage rate are influenced by a number of factors including the lender s view of the borrower s current credit report, current credit score as well as the borrower s work history and debt to income ratio. All these factors help mortgage lenders assess the viability of offering a mortgage loan, especially the jumbo mortgage loan that requires that the borrower has to pay a higher jumbo mortgage rate.

When it concerns home mortgage refinance rates, seldom is it possible to get rates that are as low as was applicable with the original mortgage. However, if you research your options well chances are that you should be able to get some pretty attractive deals.

Home Foreclosure Information Can Help You Keep Your Home

If you re facing foreclosure, you need to do everything within your power to prevent it from happening. First of all, you ve likely put lots of time and money into your home and you don t want it all to go to waste. Second, you probably have lots of memories in your home. Think of how excited you were to move into your home and now you re going to let it go empty or to some other family? And third, you planned on spending many years in your home and you can spend many more years as long as you educate yourself with the latest home foreclosure information. There are lots of resources that you can use to find foreclosure help. You can look online, you can contact one of the organizations in your area that helps people who are facing foreclosure and last but not least, you can contact the bank or company that s foreclosing on your to ask what you can do.

Online

There are many sites online for people who are facing foreclosure. You ll find steps to take to prevent foreclosure, what you should do if you re already in foreclosure and even what you can do to get your house back after foreclosure has already happened. You should follow the home foreclosure information on several sites instead of taking the advice on only one as you can t be too careful with anything you read on the internet. However, the more information you get on foreclosure and the process, the better armed you ll be if that time ever comes along.

Organizations

Because of the increase in foreclosures, there are undoubtedly a few organizations in your area that will help with home foreclosure information. Try them out. If they can t help you monetarily, they may be able to help you out by just giving you home foreclosure information to help you prevent it. They want to keep you in your home for the good of the community and that s great news for anyone who may be losing their home.

The Bank Or Company

As a last resort, contact the bank or mortgage company directly to get home foreclosure information. Tell them what you re facing, why you re facing it and ask them what you can do to get out of it. They would rather keep you in that house than to have it lay empty or to have it sold for much less so they ll more than likely work with you.

Remember that it s always better to educate yourself with as much information as possible and to be proactive by exhausting all possibilities instead of sticking your head in the sand and hoping it all just goes away.