Cash in on low mortgage rates.B.E. helps you find the best deals around The interest rate environment continues to be favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for mortgage borrowers. Thanks to the Fed and low inflation, interest rates have been held down: The average 30-year fixed rate is 6.83%. And there are no signs that such rates will significantly rise or fall in the near term. This is the best time to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. . Consider shortening the term of your loan from, say, a 30-year fixed-rate to a 15-year fixed-rate mortgage. Moreover, take advantage of lower rates to ease your burden through debt consolidation--car and installment loans Noun 1. installment loan - a loan repaid with interest in equal periodic payments installment credit consumer credit - a line of credit extended for personal or household use loan - the temporary provision of money (usually at interest) as well as credit cards. Just how low should rates be for you to consider refinancing Refinancing An extension and/or increase in amount of existing debt. ? If it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a percentage point or more lower than what you have. Also, you've you've Contraction of you have. you've you have you've have struck a great deal if you're you're Contraction of you are. you're you are you're be able to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. refinance charges within 14 months. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. R. DeBoth, president of Mortgage Market Information Services See Information Systems. Inc. (MMIS MMIS Medicaid Management Information System (various US states) MMIS Microsoft Mobile Information Server MMIS massively multiparticipant Internet sport MMIS Master of Management Information Systems ) in Villa Park, Illinois Villa Park is a suburb of Chicago in DuPage County, Illinois. The population was 22,075 at the 2000 census. History Following the construction of a subdivision called Villa Park in 1908 and another called Ardmore , says that when shopping for a mortgage you should probably follow the five guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. below: * Talk to a real estate agent or broker. Lenders regularly call agents to alert them to new financing arrangements and packages. * Look for rate surveys published in your local newspaper. Many papers provide brief tables on interest rates and mortgage availability. * Shop for quotes by telephone. Check out the Yellow Pages under mortgages. Call at least five to 10 different lenders for rates and terms on fixed- and adjustable-rate loans. * Try computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. mortgage shopping and online services. Many of these services have local lenders on their listings. Two such Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the services, LendingTree (www.lendingtree.com) and MMIS's site (www.interest.com), match online shoppers with banks and finance companies based on their credit history and income. * Evaluate the annual percentage rate. This figure includes discount points and other charges and spreads over the life of the loan. It indicates the effective rate of interest paid per year. Since mortgage rates fluctuate, lock in the mortgage rate you are quoted if your closing will take place within 20 to 60 days (common lock-in periods range from 30 to 90 days). Should you opt to float your mortgage rate, be sure to keep tabs on tab 1 n. 1. A projection, flap, or short strip attached to an object to facilitate opening, handling, or identification. 2. A small, usually decorative flap or tongue on a garment. 3. interest rate movement, particularly that of Treasuries. The yields on one-, three- and five-year Treasuries can be good gauges of the introductory rate on adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or (ARM) loans.
The Best 30-Year Fixed-Rate Mortgages in the Top Metros
Down
City Lender Name Rate Payment
New York Blue Star Mortgage 6.375% 5%
Los Angeles Estate Mortgage Corp. 6.375 5
Chicago LaSalle Home Mortgage Co. 6.25 5
Newark Chelsea Financial Services 6.375 5
Philadelphia Trident Mortgage Co. 6.25 5
Detroit Group One Mortgage Corp. 6.5 5
Washington, D.C. Crestar Mortgage Corp. 6.5 5
Dallas Fort Worth Mortgage Corp. 6.63 10
San Francisco Citibank, FSB 6.38 20
Houston Norwest Mortgage Inc. 6.5 5
Miami Home Financing Center Inc. 6.5 3
Boston HomeVest Mortgage Co. 6.25 5
Atlanta Premier Lending 6.375 5
San Diego Countrywide Home Loans Inc. 6.5 5
Minneapolis Irwin Mortgage Corp. 6.625 5
St. Louis Countrywide Home Loans Inc. 6.875 5
Baltimore Branch Banking & Trust 6.375 5
Pittsburgh National City Bank 6.25 5
Phoenix Hart West Financial Inc. 6.75 5
Tampa Capital Mortgage Systems 6.625 5
City Points Telephone
New York 2 516-921-6666
Los Angeles 1.50 714-832-3800
Chicago 2.625 800-510-6895
Newark 2 201-342-6594
Philadelphia 3 610-889-7600
Detroit 2 734-953-4000
Washington, D.C. 2 301-762-2972
Dallas 1 972-233-3722
San Francisco 2.125 510-530-5660
Houston 2 281-679-3500
Miami 2 305-661-4663
Boston 2 617-965-4663
Atlanta 2 770-939-1060
San Diego 2 800-877-5626
Minneapolis 1 612-898-41D0
St. Louis 0 314-379-0270
Baltimore 2 301-596-7880
Pittsburgh 2.75 412-322-8601
Phoenix 0 602-263-1212
Tampa 0 813-261-5119
Source: HSH HSH abbr. Her (or His) Serene Highness Associates (www.hsh.com) Data as of 2/12/99. Rates are subject to change without notice.
The Best One-Year ARMs in the Top Metros
Down
City Lender Name Rate Payment
New York The Mortgage Gallery 4.125% 20%
Los Angeles American Commerce Mortgage 4.875 5
Chicago Preferred Mortgage Assocs. 5.125 10
Newark Magyar Savings Bank 4.625 20
Philadelphia Beneficial Mutual Savings 3.99 10
Detroit First Federal of Michigan 4.25 5
Washington, D.C. Chevy Chase Federal Savings 4.375 5
Dallas Temple Inland Mortgage Corp. 5.375 10
San Francisco Union Bank 5.00 5
Houston Temple Inland Mortgage Corp. 5.375 10
Miami Homestead Savings 5.00 5
Boston Baron Mortgage Corp. 4.75 5
Atlanta Entrust Home Finance 4.375 5
San Diego Union Bank 5.00 5
Minneapolis Cherokee State Bank 4.875 10
St. Louis Cornerstone Mortgage Inc. 5.75 10
Baltimore Charter One Mortgage 4.625 10
Pittsburgh National City Bank of PA 5.00 10
Phoenix Deines McCutcheon Co. 5.375 10
Tampa Capital Mortgage Systems 5.00 5
City Points Telephone
New York 1.875 516-873-9200
Los Angeles 1 714-970-9700
Chicago 2 630-241-1266
Newark 1 732-249-2438
Philadelphia 3 215-864-6000
Detroit 2 313-965-1400
Washington, D.C. 1.625 301-652-7060
Dallas 1 972-448-4250
San Francisco 1 415-288-9042
Houston 1 713-895-7199
Miami 0 315-797-1350
Boston 2 800-696-7283
Atlanta 1 770-980-4700
San Diego 1 619-538-3260
Minneapolis 1 651-227-7071
St. Louis 0 314-965-9910
Baltimore 1.875 410-544-6800
Pittsburgh 1 412-322-8601
Phoenix 1 602-482-5060
Tampa 0 813-261-5119
Source: HSH Associates (www.hsh.com) Data as of 2/12/99. Rates are subject to change without notice. |
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