I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?

realestatemarketingthisweek.com – First Time Home Buyer should use a Mortgage Planning Expert – Part 8 – Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees. Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back. I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income. In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business …

I’ve seen that you can put down as low as 3% for a down payment on a home but I know it’ll cost more for monthly mortgage payments this way. How does refinancing a mortgage work? Would someone be able to put down 3% and then later on refinance to a better interest rate?

Thanks!

I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?

do they realy work? almost all mortgage brokers advertise they do adverse credit mortgages. what are the real chances to get a mortgage having adverse credit? is a mortgage guaranteed? what are disadvantages of such mortgage apart higher interest rate?
(i’m in UK)

i got a quote of 7.75 interest rate on a 30 yr.conforming fixed home loan(for ,000)and he told me it would be like 390 a month, not including tax and insurance. when i go to a mortgage calculator on the internet and type in 7.75%, 45,000 loan, and {content} down payment it says around 0 a month. can anyone tell me more about how this works, thank you