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Bobbie Said:

Can I receive HUD mortgage rates (3-10%) even though I am not a first time home buyer?

We Answered:

no as you are not a first time buyer.

Alicia Said:

Can an American obtain a mortgage loan from Japan where the mortgage rates are much lower?

We Answered:

Only for property located in Japan and with a japanese co-signer.
For usa mortgages I found interesting information & the best options here.
http://all-mortgage-calculators.blogspot…
Good luck!

Lori Said:

What are good indicators for future mortgage loan interest rates?

We Answered:

I worked in the mortgage industry for many years. Rates this week are great. The 10 year T-Bill, which the 30 year mortgage rate is at historic lows. 30 Year mortgages are not going to get much better.

Since you are quoting a 5% rate, I would think you are looking at a 1 year ARM and not a long term fix loan. The long terms loans will probably drop a bit more since they are tied to the federal funds rates (ie short term rates). The fed seems prepared to lower the rates.

With that said, you have a really rate and Im not sure it is worth the gamble for it to drop much more.

Kevin Said:

What does my credit score need to be to get competitive mortgage and auto loan rates?

We Answered:

anything above 650 should be good 700's are considered very good and 800 excellent but anything above 650 should do.

Linda Said:

who has the best mortgage loan rates?

We Answered:

Okay, since you are a FTHB, let me clue you in on the most important thing. Worry about your payment, as that is the most important thing.

Remember, that in addition to a mortgage payment, you have to pay taxes, homeowner's insurance, and depending on how much money you are putting down, PMI (private mortgage insurance) as well.

I would suggest if you don't have a large down payment (10% or more), go FHA and put down 3%, keep the rest in saving in case you have an emergency.

I would advise you talk to 3-5 banks, and no more, within 2 weeks so it does not affect your credit score. They will all have different rates more than likely, but if I were you I would select the bank that makes the most sense, not the one that sells you a pie in the sky.

Most places that offers rates that are way off on the low end probably cannot close the loans, or will surprise you at closing with a higher rate.

Rates aren't as important as payment. Call your local bank.