should I get a variable mortgage or locked? should I consider just the rate for chosing the Bank?
340607
LOCKED LOCKED LOCKED variable mortgages interest rates tend to rise over time meaning you'll be paying more every year! Get a fixed mortgage so you know it won't change, even if it is a little higher than the variable at the moment it will be much lower in the future. When choosing a bank ask them if they will include your monthly payments on your credit score, whether they'll work with you if you can't make a payment, and whether  they'll refigure your rates for you if you pay over the minimum amount.
1074568
Not knowing your situation, I would suggest doing your homework first.   You can different rates on www.homemortgagezone.com and lowerratesnow.com/loans/refianance/Adjustable\n\nI would also check with credit unions and banks, not with just mortgage companies as sometimes you can get better rate.   Please, please read the fine lines and don't get suckered into additional cost you do not need.
50372
I would go with a 15 or 30 year fixed for now.  Even with the rise in short-term rates, the long-term mortgage rates have remained fairly low. ARMs on the other hand have climbed.
453687
If at all possible get a fixed rate. When considering a bank(or any entity) for your mortgage the rate should not be the only consideration. There are a number of fees, some normal some junk, that are added to the cost of the loan. Compare and make a judgment based on all the factors.
57108
I can't answer specifically about the Texas real estate market, but I can speak about loans in general. Debt is not intrinsically bad, but it is very easy to misuse.\n\nThe short answer: if you are not going to invest the money you would have on hand if you took a loan, just pay cash. If you are savvy enough to calculate the cost of the loan, and weigh that cost against other investments, you might want to take the loan. (To the point of the above answers, you have to be very honest with yourself about your investment savvy... if you really know what you're doing and are highly confident about your return, that's one thing, but if your investment strategy involves undiversified risk, don't do it.)\n\nLong answer below...\n\nWhen you buy a home, it is really an investment. Ideally, the price of the home will go up, so you can eventually sell it (or at least count it among your total net worth). So think of it as part of your investment portfolio.\n\nThere are then two things to consider: (1) do you want to diversify your portfolio so all of your money isn't sunk in the house, and you can spread it amongst other investments? (2) Will your non-house investments outperform your house, with the added handicap of the interest rate you're paying on the mortgage?\n\nThe actual calculations depend on the interest rate you're getting. Be especially careful if you are getting a variable rate mortgage, as interest rate increases could chnage your calculations. If you are getting a fixed, this is less dangerous, and you can even calculate the total cost of the loan quite simply.\n\nEdit: good point by the person below, they're correct in that tax considerations may be the biggest thing here. I'd vote for them.
32877
Well, it really depends on the lender.  They should have locked your rate as soon as they recieved your paperwork, but different offices operate under different methods.  It could be possible your loan officer is holding out for a better rate (and hopefully not holding out for your rate to come BACK).\n\nI would recommend calling your loan officer and getting an update.  When you're within 12 days of close of escrow, you've earned the right to ask questions.  =)\n\nI certainly wouldn't panic, but you should ask him/her for a timetable (different states use different methods for loan doc signing/closing).  It's always best not to toe the line when it comes to closing dates, because things only seem to go wrong when you're low on time.  =)
11986
Be careful buying right now unless you are planning to live in the house for more than 8 years.  Interest rates are going up and there are estimates out showing a slowdown and even a reverse in housing prices for the next two years.  If you do buy, go with a fixed rate mortgage.
160491
I am actually a mortgage consultant. You can goto my site if you would like, and enter your info, and I can email you with any info. But for now, to make a mortgage affordable, put down as much as you can. The more down, the less the payments will be. Most people cannot put down 20% these days, which is fine. It is very common to do two mortgages, one for 80% of the sale price, and then another for the rest minus down payment, using two over one that is more than 80% removes PMI, which is Private mortgage insurance, which is almost always required for a loan above 80% of the value of the home. Also, with an adjustable rate mortgage, like a 3/1, which means the rate is fixed for 3 years at a low rate and then can fluxuate once a year after that, that is good for first time buyers. Or even a 5/1 , working the same way. That way, you get a lower rate, and if you move within 5 years great, whihc is the average for first time home buyers, and if you decide to stay, you can always refinance, when the rates are low again. If you want some more information, just goto my site, and I will email you back. In the box down the bottom, make sure you let me know that you got the link from here. I cannot help in all states, but I can def. help you out informationally.
1135500
Only consolidate if you have over 10k in loans, otherwise it's really not a big $$ savings. If you want to lock in your rate, it locks your loan in, and you can't move it to another lender.
216719
usually a credit union offers good rate so you might want to check it out if you are the member of a credit union.\n\nyou can also compare rate on the bankrate.com, which has a good number of mortgage brokers and lenders.
360376
It really depends on the overall picture. The blended rate on 2 loans could be close to the one loan option, but with the 1 loan option you will probably pay Mortgage Insurance.\n\nThe rates on the 20% 2nd loans have really gone through the roof, so the 1 loan options are starting to look better again.\n\nAs far as closing costs, it really depends on the type of loan and the lender you are using.  The Bank that I work at charges very little on fees and we have no junk fees that I see other lenders use.  But being that their are 2 loans there are more costs than just one loan.\n\nYou should have your lender go over the difference in total monthly payments and difference in closing costs for the 2 options and see which one looks better.\n\nWith 2 loans, chances are you will want to refi or combine the 2 together within a few years if you have built up equity.  With one loan, if you are paying Mortgage Insurance, after 2 years if your value has increased, you may be able to eliminate the Mortgage Insurance and your payment goes down.  Not the case with 2 loans.\n\nS, look at the overall payments and costs and ask yourself if you plan on being in the same house or same mortgages for more than 2 years.
180976
The 30yr mortgage rate will probably not move until the end of April.At that time it looks like it will go up .05% . The sooner you lock in the better.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
418660
That is about right, but look for a little more than 10K. It varys from state to state, and from bank to bank. Don't be afraid to ask your lender. Infact, when you get prequalified they should give you an estimate on your closing costs including home inspections and other misc things.
239189
It's not easy, and without more information I cannot give you direct advice. But visit the mortgage Professor - you'll find a link to his website on mine.\n\nSee source pages below.\n\nGood luck!
61482
An adjustable rate mortgage is just that--it will adjust monthly or so, depending on your loan agreement.  On a fixed rate mortgage, the interest rate stays the same and the principal and interest payment will be more consistant.\n\nThere are mortgages where you can get the loan fixed for two, three or five years and then it is an adjustable rate after that.  Most people will refinance again to keep the lower rate.\n\nThe benefits and pitfalls depend on your special situation. I always ask my clients for thier goals before deciding which product to put match them up with.\n\nIf you'd like to call and talk about your goals and which might be better for you, please feel free to call 877-659-5626.  I'll let Laura know about this and she'll be able to help you.
478687
The one that will give you one at the terms that are the most favorable for you at the time you borrow the money.\n\nThere are a lot of lenders out there. They all constantly change the rules - mostly to suit them, not the borrower.\n\nSo, know what it is you need in a HELOC, and ask for it - if they don't have it - it either doesn't exist, OR that place doesn't do it.\n\nFor example: Loan with no early prepayment penalties, no set up fees, no yearly fees, competitive rates, fast closing, and courteous knowledgeable employees, and is convenient.\n\nWhen I looked for a HELOC - it needed to be one of the cheapest, and also hassle free. A lot of banks will compete - just tell them you are considering other institutions.\n\nI've had one of these - so I know these things (above)exist.\n\nI have a link to the mortgage professor on my website - you may want to take a look. There is also a link to bankrate - which shows a number of institutions - but not all. Try local, then consider ELOAN.\n\nGood Luck!