What's new? The Best Mortgage Rate Blog by Kate, an unparalleled source of breaking news and help, translates the secret language of mortgage lending... making it easy for anyone to understand.
You'll find national mortgage news, weekly interest rate and trend reports, HARP and HAMP help, as well as a wealth of information that's important to you as a home buyer or homeowner.
Okay... onto the blog to see what's been going on lately at Get-Your-Best-Mortgage-Rate.com!
Jun 28, 2014
Reverse Mortgage and Non-Borrowing Spouses
Ask Kate about Reverse Mortgage and Non-Borrowing Spouses
Ask Kate about Reverse Mortgage and Non-Borrowing Spouses: When Wells Fargo did a reverse mortgage for Anthony's parents, they took his mother's name off the loan documents.But now that his father has died, the loan servicer is calling the mortgage due and payable. That means foreclosure comes next if his mom can't pay off the balance of the loan right now.
Pretty disgusting, right? Read my answer at Reverse Mortgage and Non-Borrowing Spouses. (Scroll down to the blue box to find Anthony's letter!)
Jun 26, 2014
Mortgage Rate Trend Report: Lowest Rates in June
Kate's mortgage rates and trend report for the week ending June 26, 2014: Due to the sharp decline in the 1st quarter Gross Domestic Product (GDP) final estimate, mortgage rates are down this week and lower than this time last year! Hopefully the GDP final estimate will discourage an increase to the fed rate and encourage continued lower mortgage rates.30 year fixed mortgage rates... averaged 4.14 percent costing .5 in points, DOWN from 4.17 percent last week. Compare to 4.46 percent this time last year.
15 year fixed mortgage rates... averaged 3.22 percent costing .5 in points, DOWN from 3.30 percent last week. Compare to 3.50 percent this time last year.
5 year fixed/25 year adjustable mortgage rates... averaged 2.98 percent costing .3 in points, DOWN from 3.30 percent last week. Compare to 3.08 percent this time last year.
The best kind of mortgage is No Mortgage! Sound impossible? Check it out... How to Painlessly Pay Off Your Mortgage.
Jun 26, 2014
VA Loan Guidelines: Cash Out Refi and Home Buying
Ask Kate about military VA loan guidelines for cash out refinance and home buying:Jack owns his house free and clear. Wouldn't you think his equity makes it easier for him to qualify for a VA cash out refinance?
Meet Casey who cannot figure out the reluctance on the part of her loan officer to include her tip income. Even more confusing to Casey is the lender's attitude toward her earnest money deposit.
Read my thoughts and solutions at VA Loan Guidelines: Cash Out Refi and Home Buying.
Jun 21, 2014
Tuesday, June 24, 2014, Cleveland, OH Mortgage Help
Cleveland, Ohio homeowners, are you having trouble refinancing your mortgage? Did you lose your job? Were your wages decreased? Whether you live in your home or rent it out, learn your options.Don't give up on mortgage modification, even if you were turned down or failed trial payments in the past.
When: Tuesday, June 24th, 2014 from 10:00 am to 8:00 pm
Where: 300 Lakeside Ave, Cleveland, Ohio 44113
Complimentary Parking: Huntington Parking Garage at 101 West Lakeside Ave
Don't walk away from your home. This meeting helps with short sale and deed-in-lieu of foreclosure too. Learn how to prepare for your free face-to-face meeting with Making Home Affordable Housing Counselors.
(The next local homeowner help meeting will be in Riverside, CA on July 22, 2014.)
Jun 19, 2014
Mortgage Rate Trend Report: Surprising Rate News
Kate's mortgage rates and trend report for the week ending June 19, 2014: Average interest rates for home loans fell slightly this week. But that's not the real news!Compare this week's numbers to this time last year. Mortgage rates are within a quarter of a point! Have you refinanced yet?
30 year fixed mortgage rates... averaged 4.17 percent costing .6 in points, DOWN from 4.20 percent last week. Compare to 3.93 percent this time last year.
15 year fixed mortgage rates... averaged 3.30 percent costing .5 in points, DOWN from 3.31 percent last week. Compare to 3.04 percent this time last year.
5 year fixed/25 year adjustable mortgage rates... averaged 3.00 percent costing .4 in points, DOWN from 3.05 percent last week. Compare to 2.79 percent this time last year.
Did an unreasonable appraisal discourage your refinancing attempts? Don't give up! See what I told Gennifer when she asked 'Kate, the underwriter rejected our appraisal twice. Now what?'... Getting Back Your Mortgage Loan Approval.
Jun 18, 2014
Can You Qualify for FHA Financing: IRS Tax Extension
Ask Kate how to qualify for FHA financing with an IRS tax extension:It's not impossible to get a mortgage when you have an IRS tax lien! But what about an income tax extension, Nic asks.
Keep reading to learn about qualifying for the FHA mortgage when you owe income taxes to the IRS.
Read more at Can You Qualify for FHA Financing: IRS Tax Extension.
Jun 12, 2014
Mortgage Rate Trend Report: Interest Rates Choppy
Kate's mortgage rate and trend report for the week ending June 12, 2014: Causing jitters for borrowers who didn't lock in, choppy interest rates moved slightly higher this week.With little news moving the market, rates can't seem to hold onto last week's lower levels. But a weak retail sales report this morning could help calm the market and bring down rates. Tread carefully if your rate isn't locked.
30 year fixed mortgage rates... averaged 4.20 percent costing .6 in points, UP from 4.14 percent last week. Compare to 3.98 percent this time last year.
15 year fixed mortgage rates... averaged 3.31 percent costing .5 in points, UP from 3.23 percent last week. Compare to 3.10 percent this time last year.
5 year fixed/25 year adjustable mortgage rates... averaged 3.05 percent costing .4 in points, UP from 2.93 percent last week. Compare to 2.79 percent this time last year.
Make sure when you lock a rate that you know the terms because murky practices are still causing grief. Go to Slippery Mortgage Interest Rates and Your Lender for sources of authority for borrowers with failed lock-ins.
Jun 11, 2014
HARP Mortgage Loans: Can I Refinance Again in 2014
Multiple HARP Mortgage Loans: Tim from New Jersey asks Kate about the underwater HARP loan program... Kate, I have been in a HARP loan for about 2 years at 4.5 interest rate.My mortgage payments are up to date.
Was wondering if it's possible to refinance again with another HARP loan at a lower interest rate.
Read my answer to Tim by going to HARP Mortgage Loans: Everything You've Wanted to Know and scrolling down to the comment section.
Jun 10, 2014
Refinancing Questions: Gift of Equity to Swap Mortgages
Refinancing Questions: Kate, I live in my mother's house but she pays the mortgage. She lives in my house but I pay the mortgage.Now, we want to have our loans reflect where we live so we can get the proper tax exemptions.
We have heard about the gift of equity but are not sure how that works.
Read the rest of Jim's question and my solution at Refinancing Questions: Gift of Equity and Swapping Mortgages with Mother.
Jun 09, 2014
Reverse Mortgage Mechanic Liens and Foreclosures
Ask Kate About Mechanic Liens and Foreclosures on Reverse Mortgage: George from Rockaway, NY asks... Kate, I have a reverse mortgage, am a senior citizen with a low income.A contractor did work on my home. The work was awful and left only 60% complete. He put a lien on my home and I received a letter that he wants to foreclose on me. Can he foreclose on me?
Read my answer to George at Reverse Mortgage Income for Senior Homeowners. (Scroll down the page until you see his letter in the blue box.)
Jun 09, 2014
HARP 3.0 Refinance: Obama Underwater Mortgage
Remember the promises last year by Congress and the White House regarding HARP 3.0 refinancing for underwater homes?Well, David S. asks me today, 'What happened to HARP 3.0? Did it die in the Senate?'
The current HARP program (by the Departments of the Treasury and HUD) is about 5 years old. But sadly it excludes many homeowners without Fannie Mae and Freddie Mac financing.
Read why I say our elected politicians need to get off their duffs and give us an actual, honest-to-goodness, viable plan to save American homes threatened by foreclosure: It's June 2014 and we still see no action on HARP 3.
Jun 06, 2014
The Mortgage Maze: Guiding You to Loan Approval
Ask Kate for guidance through the twists and turns of the mortgage loan approval maze:You've heard it said a million times... You can't live with 'em and you can't live without 'em! The saying certainly rings true with many borrowers who are attempting to finance their homes.
If you also are frustrated with your loan process, take heart and keep reading as I answer three outstanding letters from homeowners caught in the mortgage maze.
Read more at The Mortgage Maze: Guiding You to Loan Approval.
Jun 05, 2014
Mortgage Rate Trend Report: European Central Bank Cuts Rates
Kate's mortgage rates and trend report for the week ending June 5, 2014: Mortgage rates shake out near last week's averages.But before you get too comfortable, discuss locking interest rates with your loan originator based on this morning's news -- The European Central Bank has cut their rates to a record low 0.15% and announced policy changes that could increase lending.
30 year fixed mortgage rates... averaged 4.14 percent costing .5 in points, UP from 4.12 percent last week. Compare to 3.91 percent this time last year.
15 year fixed mortgage rates... averaged 3.23 percent costing .5 in points, UP from 3.21 percent last week. Compare to 3.03 percent this time last year.
5 year fixed/25 year adjustable mortgage rates... averaged 2.93 percent costing .4 in points, DOWN from 2.96 percent last week. Compare to 2.74 percent this time last year.
Do you get frustrated shopping for the lowest mortgage rates? Click here to avoid borrower remorse!
May 22, 2014
Mortgage Rate Trend Report: Low Rates Continue
Kate's mortgage rates and trend report: Interest rates for refinancing and home buying continued the 7 week trend of lower rates for the week ending May 15, 2014, thanks to calming language from the Federal Reserve Board members...30 year fixed mortgage rates... averaged 4.14 percent costing .6 in points, DOWN from 4.20 percent last week. Compare to 3.59 percent this time last year.
15 year fixed mortgage rates... averaged 3.25 percent costing .5 in points, DOWN from 3.29 percent last week. Compare to 2.77 percent this time last year.
5 year fixed/25 year adjustable mortgage rates... averaged 2.96 percent costing .4 in points, DOWN from 3.01 percent last week. Compare to 2.63 percent this time last year.
The flip side to getting a low mortgage rate is to limit how much you pay in fees. Here's what to do When Your Bank is Reluctant to Disclose Mortgage Closing Costs.
May 21, 2014
Refinancing My Home to Remove Mortgage Insurance
Kristie, a novice at homeownership, asks if it makes sense to refinance at the same rate to remove private mortgage insurance (PMI).She also asks about rate-and-term vs cash-back refinancing when there is equity in the home. Additionally, my answer to Kristie discusses loan-to-value and assessed vs appraised values.
Read the nitty gritty at Should I Refinance My Home to Get Rid of PMI.
May 17, 2014
FHA Refinance Loan: 15 Year vs 30 Year Fixed Rate Mortgages
FHA Refinance Loan: 15 year or 30 year fixed rate mortgage... How do you decide which term is best for your refi?Stacey is trying to decide between a higher interest rate, pricey mortgage insurance but a lower monthly house payment vs a lower rate, cheaper mortgage insurance but a higher payment.
No worries! I give her (and you!) a simple way to make a meaningful decision.
Read more at FHA Refinance Loan: 15 Year vs 30 Year Fixed Rate Mortgages.
May 15, 2014
Mortgage Rate Trend Report: Rates at 6 Month Lows
Kate's mortgage rates and trend report... Yesterday's mortgage rates fell to new lows, breaking the record for 2014 and shaving off approximately .05% from the average rates for the week ending May 15, 2014...30 year fixed rate mortgage averaged... 4.20 percent with .6 in points, DOWN from 4.21 percent last week. Compare to 3.51 percent this time last year.
15 year fixed rate mortgage averaged... 3.29 percent with .6 in points, DOWN from 3.32 percent last week. Compare to 2.69 percent this time last year.
5 year fixed/25 year adjustable averaged... 3.01 percent with .4 in points, DOWN from 3.05 percent last week. Compare to 2.62 percent this time last year.
Low interest rates are awesome! But you also must protect yourself against unexpected fees. Learn your 2 defenses to reducing mortgage costs.
May 12, 2014
Local Mortgage Help for Struggling Borrowers
Michigan homeowners, are you having trouble refinancing your mortgage? Did you lose your job? Were your wages decreased? Whether you live in your home or rent it out, learn your options.Don't give up on mortgage modification, even if you were turned down or failed trial payments in the past.
When: Thursday, May 15, 2014 from 10:00 am to 8:00 pm.
Where: Suburban Collection Showplace, 46100 Grand River, Novi, MI 48374. Complimentary parking available.
Don't walk away from your home. This meeting helps with short sale and deed-in-lieu of foreclosure too. Learn how to prepare for your free face-to-face meeting with Making Home Affordable housing counselors.
May 11, 2014
How to Get Fannie Mae's Help to Modify Your Mortgage
If your loan servicer is difficult to deal with during the mortgage loan modification process, did you know Fannie Mae wants to get involved?Yes, if you have a home loan that is backed by Fannie Mae or Freddie Mac, it's high time to stop putting up with an uncooperative lender!
I'm glad Vanessa wrote me because it reminded me that many homeowners may not know this help is available.
Read how at How to Modify Your Own Mortgage with Fannie Mae Help.
May 08, 2014
Mortgage Rate Trend Report: Rates Plunge to 2014 Lows
Mortgage rates plunge to 2014 lows! Get 'em while they are hot. Kate's mortgage rates and trend report for the week ending May 8, 2014...30 year fixed rate mortgage averaged... 4.21 percent with .6 in points, DOWN from 4.29 percent last week. Compare to 3.42 percent this time last year.
15 year fixed rate mortgage averaged... 3.32 percent with .6 in points, DOWN from 3.38 percent last week. Compare to 2.61 percent this time last year.
5 year fixed/25 year adjustable averaged... 3.05 percent with .5 in points, SAME as last week. Compare to 2.58 percent this time last year.
Move on these mortgage rates while they are low! Learn how to compare lenders and avoid borrower remorse.
May 06, 2014
Deed in Lieu of Foreclosure: How to Negotiate with Your Lender
Ask Kate how to negotiate a deed in lieu of foreclosure with your lender:Wayne's lender agreed to a deed in lieu of foreclosure after his ex-wife quit paying the mortgage. But now they're requiring $13,000 from Wayne to move forward.
Once Zoie's bank discovered her 2nd mortgage, they stopped processing her deed in lieu application even though the lender on the 2nd will release their interest.
Read about their options at Negotiating a Deed in Lieu of Foreclosure.
May 01, 2014
Kate's Mortgage Rate Trend Report: Rates are Lower
Kate's mortgage rates and trend report for the week ending May 1, 2014... Lower interest rates are bringing the week to a close due to weaker-than-expected 1st quarter gross domestic product (GDP) numbers.Topping off the downward trend, the Feds reigned in their speech that often drives up rates regarding bond purchases.
Average 30 year fixed rate mortgage: 4.29 percent with .7 in points, DOWN from 4.33 percent last week. Compare to 3.35 percent this time last year.
Average 15 year fixed rate mortgage: 3.38 percent with .6 in points, DOWN from 3.39 percent last week. Compare to 2.56 percent this time last year.
But Friday's pending job report has the potential to reverse the recent trends. Go to How to Protect Your Locked Rate to learn how to guard your mortgage.
Apr 28, 2014
Looking for a Mortgage Lender - Meet Toni Taylor
Looking for a mortgage lender in N Palm Beach? You will find the contact info for Toni Taylor at List of Mortgage Companies in Florida!If you are about to begin the process of shopping for a lender, go to How to Compare Mortgage Lenders and Avoid Borrower Remorse and get started down the right path!
Apr 25, 2014
Ask Kate About Your Mortgage
After answering Jeana's question yesterday, she sent me this response:Kate, Thanks for your response to my question regarding appraisal values. We do understand the insurance issue and have brought it to the attention of the homeowners association. The difficulties with other sellers in the association in the future is a concern as without financing options buyers are limited. You have proven that real, knowledgeable people are out there. Sincerely, Jeana
Comments like this mean the world to me! This is the very reason that Ask Kate exists! You can also Ask Kate About Your Mortgage!
Apr 24, 2014
Appraisal Discrepancies: Home Buying - Cancelling PMI
Appraised Value Discrepancies: Jeana is buying a condominium and finds her two appraisals are $20,000 apart from each other. What gives?Thomas from Peabody, MA received a letter from his lender regarding appraised values for his PMI cancellation. But he feels it doesn't jive with the Homeowners Protection Act.
Read the rest of their questions followed my answers at Appraised Value Discrepancies: PMI Cancellation and Home Buying.
Apr 24, 2014
Mortgage Rate Trend Report: Interest Rates Higher
For the week ending April 24, 2014... Although yesterday's rates saw a slight downward tick, overall this week, rates moved higher furthering the recent upward trend.Be cautious if you are floating and take advantage of small dips in the market to lock in your rate.
Average 30 year fixed rate mortgage: 4.33 percent, UP from 4.27 percent last week. Compare to 3.4 percent this time last year.
Average 15 year fixed rate mortgage: 3.39 percent, UP from 3.33 percent last week. Compare to 2.61 percent this time last year.
How much is too much? Learn about paying discount points to decrease your mortgage rate before you lock in!
Apr 13, 2014
FHA Reverse Mortgage Program for Home Buyers
Ask Kate about the Reverse Mortgage for Home Purchase Program: The FHA Home Equity Conversion Mortgage (HECM) is most commonly used for refinancing.Featuring no monthly house payments, the program produces steady income for Senior homeowners.
But few know that Senior home buyers can also take advantage of the program.
Read more at What Is Reverse Mortgage for Home Purchase Program.
Apr 10, 2014
Mortgage Rate and Trend Report: Interest Rates Lower
Mortgage rates rally lower (hooray) yesterday afternoon after the Fed's reassurance over policy announcements.What does that mean for borrowers? The following average rates across the nation for the week ending April 10, 2014 are still holding, within a tenth of a percent...
Average 30 year fixed rate mortgage: 4.34 percent with .7 in points, DOWN from 4.41 percent last week. Compare to 3.43 percent this time last year.
Average 15 year fixed rate mortgage: 3.38 percent with .6 in points, DOWN from 3.47 percent last week. Compare to 2.65 percent this time last year.
I'm often asked what's normal to pay in closing costs. Whether you're buying a home or refinancing your current mortgage, go to How to Reduce Mortgage Costs to become a savvy shopper and avoid the pitfalls of paying too much.
Apr 06, 2014
USDA Rural Home Loan Refinances without Appraisals
USDA Rural Home Loan Refinance: If you are a middle class homeowner with a USDA guaranteed or direct mortgage, you may be able to refinance for a lower interest rate.There are no appraisal, equity, or credit report requirements. Additionally, no debt-to-income ratios are calculated to refinance the existing home loan.
Get more details at USDA Refinance: No Appraisal, No Credit Report, No Debt-to-Income Ratios.
Apr 04, 2014
Local Mortgage Help for Struggling Florida Homeowners
Orlando, Florida homeowners, are you having trouble affording a mortgage that you can't refinance? Did you lose your job? Were your wages decreased?Whether you live in your home or rent it out, learn your options! Don't give up on mortgage modification, even if you were turned down or failed trial payments in the past. This meeting can also help with short sales and deed-in-lieu of foreclosures.
When: April 8, 2014 (Tuesday) from 1:00pm to 8:00pm.
Where: Hilton Orlando (Orange Ballroom) at 6001 Destination Parkway, Orlando, FL 32819.
Complimentary Parking: Self parking.
Important! Learn how to prepare for your free face-to-face meeting with Making Home Affordable housing counselors.
I'm on a mission to support homeownership! Please share my unique insight on the mortgage lending with your friends! I hope you'll come back and visit often.
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