NLIC.org

Sally Said:

How to choose a mortgage company? as the rate going down I'm checking the option to refinance my house?

We Answered:

the rates are at 6.25% for 30yr fixed...you can probably get it at 6.125% with the right company.

also depends on your LTV....credit score..loan amount...etc


there are a lot of companies that DONT CHARGE YOU closing costs...but Nothing in life is for free...so you will see their rates at 6.75% or 7%


edit* 5.99% sounds like an ARM.....30yr fixed is higher than that

Geraldine Said:

I would like to find a web site that rates mortgage companies, i.e., how customers rate them, and how others d

We Answered:

Go to www.bankrate.com

Here you can find out about mortgages in your area, including rates, points, fees, etc.

Just follow the steps

Marjorie Said:

Do all banks/mortgage companies require an ARM (adjustable rate) for properties that have acreage with a home

We Answered:

Not at all. Many factors come into play when obtaining a mortgage. Call your local bank and ask for a loan officer. They will be happy to answer your questions, if not keep looking. You should be able to get almost any loan you want on any property. ARM's do offer bigger incentives for the bank or loan professional you are using, they may try to steer you there. Make sure to ask around with other financial institutions.

From my experience 5 acres and under are quite easy and fall into residential. However, if any of the land is used for profit from a farm type business (crops, animals, etc) the lending rules change fast.

Courtney Said:

My fixed rate mortgage with the Mortgage Business is soming to an end?

We Answered:

They have no obligation to offer you a better rate than the SVR, even if they were still trading - it should even say so in the small prints of your original mortgage (you've got to love how they cover every eventuality in their small prints...).

However, your best bet is to take all your mortgage statements, and go talk to the Halifax and Lloyds TSB (same company - try both, as a good bank manager may make all the difference) and ask for a new deal - 83% is not that bad really with so many people in negative equity!

Be sure to prepare well before: find out which one of their deal you feel you should be considered for and why (so no point trying to get some deal that only applies to 60% LTV for example).
Make sure you can pay the arrangement fee up-front (so not adding to the mortgage) - beg and borrow from family if needed.
If you can repay a little sum at that point it will be in your favour - every little helps, and it shows good faith on your side.
Also to help - take proof of income with you (specially if you had a pay rise since you first took on the mortgage)

And if all fails, try every bank and building society around you - hard soul-breaking job, but it could always work.

Best of luck - you're certainly not alone in that situation.

Joanne Said:

How do I choose who to get my mortgage through? Major banks or smaller mortgage companies?

We Answered:

Understand that smaller banks write loans just as do mortgage brokers. Shortly after you take the mortgage, it will be sold off to another mortgage company. If you want to keep that loan 'in house' expect to pay higher interest rates.

In any event, once you take a fixed rate mortgage, the contract is guaranteed at the rate and terms specified in the mortgage contract, no matter in whose hands it ends up.

The idea is to shop for the best rate and terms you can find. It makes no difference with whom the contract ends up. Be very careful, however, of suspicious low rates. You may well find that such rates require you to pay 'points' upfront to get a lower rate. Check all the fine print, including all origination fees.