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Lillie Said:

Is there a difference between a condo mortgage rate and a home mortgage rate?

We Answered:

since you are talking mortgage rates your mortgage company has the answer, ask them.

Mabel Said:

What are the negotiating terms/drivers for a 40 year fixed rate home mortgage refinancing deal?

We Answered:

If you are looking for the best mortgage refinancing site, try this site

http://best-mortgage-refinancing.com/

Here you can find the lowest interest rate in your area

Deborah Said:

What is the average First Time Home Buyers mortgage rate?

We Answered:

The fact that you are a 1st time homebuyer is irrelavant in the rate.
Factors that determine your rate are your debt to income ratio, loan to value ratio, the Fed Funds Rate (currently 5.25% and a bank margin added to it) and your credit score.
The better your ratios and credit score, the lower your rate. I second the suggestion you look at Bankrate.com, but understand these rates assume your ratios and credit score are really good.

Jenny Said:

Do you think the home mortgage interest rate will come down to 4 or 4.25% ?

We Answered:

I found several different lenders offering a 30 year fixed interest rate of 4.25% by going to http://www.freerateupdate.com. The closing cost varied a little bit but I am narrowing it down to the lowest cost before I make a final decision. Almost anybody who's anybody of the big banks are on that site and if you can't find it there it just doesn't exist.

Stephen Said:

Any recommedations on a bank which will give a good rate for home mortgage ? With excellent FICO?

We Answered:

You can call around to compare interest rates and discount points but you may be in a position to get an even better deal in person. You can be prequalified at several lenders to find out which lender offers the best interest rate and discount points. Also ask for a Good Faith Estimate, that will give you the information you need on discount points, origination fees and what I call junk fees like underwriting and processing fees. They should not charge you for taking your loan. You may find all the lenders have these fees, try to talk them out of having to pay them at least. The origination fee is typically 1% of the loan amount. Discount fees are what you pay to get a lower interest rate. It varies from lender to lender. You could probably qualify for what is called 'par', which means zero points. As you can see there are lots of things to consider in getting the best deal, the good news is that you seem to be in excellent shape to wheel and deal. Good luck

Brian Said:

what affects a home mortgage rate?

We Answered:

Lock in on the fixed rate 30 year loan. An ARM often depends upon refinancing. In this market, there is no guarantee that will be possible. Housing prices continue to decline.
Be sure to get a loan that allows a payment on a 15-year basis as an option. You can pay the loan off early, if you like, but can revert to the 30-year payment if necessary with no penalty.

Herbert Said:

what is an adjustable rate home mortgage?

We Answered:

An "ARM" is a dangerous way to go, if you want to stay in a house for a long time.

When you first get the house, the interest rate is very low, then over a period of time your interest rate goes up and up and up, meaning the monthly mortgage payment increases. And eventually the mortgage payments will break your back, so to speak.

The only way a person can be successful with an ARM is to get in, upgrade the property & resell it for a profit before the rate goes up. And it has to happen fast.