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What is the current interest rate on a 30 yrs. fixed mortgage?

my property is currently on an arm mortgage. I would like to lock-in this mortgage to a fix mortgage. My loan amount is approximately $137,000.00, what would be my monthly payment if this converts to a fix mortgage?

Thank you so much for a reply.
  • February 09 2009 - Spring
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Answers (3)

Best Answer

Flobee,  (That was a interesting invention), 
About your question.Rates are as of today Feb.10th '09 at 5%.You can obtain a lower rate with points or buy downs.
We expect rates to adjust lower next week!pete val -peteval@wdmtg.comWD Mortgage, Inc.
Dallas, Tx. 75252
972-200-5544
20+ Years RE&Mortgage

 
  • February 10 2009
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Profile picture for sunnyview
You can try the lender board on Zillow here, you can do an anonymous mortgage quote request here or for just the general local rates I use bankrate.com or moneycentral.msn. Your rates may be different than those listed depending on your credit and area, but it will give you an idea or what available out there.
  • February 09 2009
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Dear flobee,

It all depends on a couple of factors really. 

 First and foremost - it's your credit history.  While the lenders understand that nobody's perfect and we all forget to mail in that payment on time here and there, the underwriter will consider all the imperfections on your credit report mostly those, that occurred within the last 2 years) when qualifying your refinance. 

 Also, it is your loan-to-value ratio, and to calculate that, you would take your estimated new loan amount divide it by what your property is worth and multiply that by 100.  Normally lenders will want to see that number below 80, however if it is between 80-95, the lender may require for you to obtain a mortgage insurance, which is added to your monthly payment.  A loan-to-value greater than 100 will not qualify for a regular refinance - you will either want to do a loan modification first to reduce your loan amount, or do a short refinance, which is a loan modification and refinance as a single transaction.

 And lastly, the underwriter typically will want to see a debt-to-income ratio of under 45%.  To calculate that, you would take your monthly expenses including mortgage payment, add them up, divide that number by your total monthly income before taxes, and multiply that by 100.  I will be more than happy to do all these calculations with you over the phone and let you know if I can do something for you to put you in a better situation, or not - a 10 minute phone call.  I can be reached at 415-531-9008 anytime 9am-9pm.

Best,
Steve Rakita
Ridgley Group
CEO / Broker

  • February 09 2009
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