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Marvin Said:

just refinanced 1st and 2nd mortgage...Help?

We Answered:

Keep that deal. No guarantee you will be able to refinance 2nd mortgage. You will be hit with the PMI no matter what. The value of your home has plummetted. Keep the deal.

Margie Said:

Is this how a 10/1 30 year adjustable rate mortgage works?

We Answered:

I agree with the first answer

10/1 ARM would mean that the rate is fixed for the first 10 years, then it will adjust every 1 year after that. I've never heard of a 10/1 ARM though.

There are some loans called interest first loans. For example, you would pay interest only for the first 5 or 10 years, then it would become a fixed rate loan for the next 30 years. These typically aren't a good idea because the only offer payments a few dollars less than a standard 30 year fixed.

The best thing is to make sure you are working with a mortage broker that you can trust, and have them explain it to you. Its hard to read all the fine legal print when buying a house, but scan through and look for key elements (maybe even highlight them for future reference). When I bought my house I scanned through the documents, and verified that the interest rate was what I expected, verified that it was a fixed rate, and verified what my monthly payments would be (and that they were fixed).

Doris Said:

can anyone tell me how much my mortgage rate might be for my 1st house here are my credit scores?

We Answered:

Your credit scores look really good and you seem not to have problem with the down payment. So, you should get a very look interest rate for you mortgage. Go to (Lending Tree.com), they allow several banks to compete for you, in giving you the lowest mortgage rate. Remember, first time buyers get tax credits and money back with the government .
-Good Luck

Kristen Said:

Can you refinance a 1st mortgage and 2nd mortgage without equity?

We Answered:

you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum

Bruce Said:

What should I expect my Mortgage rate to be. 1st time buyer.?

We Answered:

it depends on on how much the house is and what your income is. that will determine what your rate will be.

Elizabeth Said:

Could I get a no-money-down, fixed-rate 1st-time mortgage with a 710 credit score and $80,000 income?

We Answered:

Your credit score is pretty good, and so is your income. If you do an FHA loan, they only require 3.5% down (plus closing costs).

My husband and I used to buy houses with no money down all the time...but I don't know if that is an option these days.

I would shoot for 5% as a minimum. In the meantime, talk to your bank about pre-qualifying.