April 21, 2008

Incredible Shrinking HELOC??

Logged into my bank account today to find that my line of credit had been cut down by more than half. When I called the bank they told me it was due to a "reduction in property value".

I know things ain't peachy, but I haven't noticed prices going down that much! Has anyone else had experience with challenging this type of decision? I put 40% down on my home, fer chrissakes, got a great lease on my rental unit and my credit is well above 750. What gives?!

I intend to go crying to the bank about this but wonder if anyone else has had this happen to them recently...? And if so what'd you do?

April 18, 2008

fixed vs. variable

I currently have a second mortgage that has a fixed rate of 8% interest. I will have this paid off in 7 or 8 years. My bank has a special right now that we can switch to. We will have a fixed rate of 1.9% for 5 months. Then it will go to a variable prime rate which is 5.25 at this time, but who knows what it will be later. If we switch and the rate stays below the 8% we are paying now it will be paid off in 4 years. I am usually consrevative in nature, but this might be worth the chance. What do you think the rate will do in the next 4 or 5 years?
Confused

April 13, 2008

mortgage broker ?

We are looking for a mortgage broker that will help us get pre-approved for a mortgage.

Does anyone have any suggestions? Or any positive experiences they have had with mortgage brokers? We will be buying in Brooklyn.

April 10, 2008

Jumbo Mortgage Rates...

I've been poking around and am astounded at the rates being offered.

Even with conforming mortgages hovering around 6%, I'm seeing jumbo rates above 8%.

Anyone else experiencing the same or am I dealing with the wrong agent?

Forum: Mortgage