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    • second mortgage rates FAQ

    When is interest rate set on a second mortgage?

    Dec 11, 2007 by C607 V | Posted in Renting & Real Estate

    I didn't sign the "LOCK-IN-AGREEMENT" for my second mortgage,if rates go down tomorrow,12/11/07,can I request a lower rate?

    Technically, you can benefit from a decrease in rate if you have not locked in your loan. The likelihood of that happening is slim to none. This solely depends on the pricing offered by the lender.
    Since your rate is not locked in, it's floating

    Anthony | Dec 11, 2007

    Just because the fed cuts the prime rate does not mean that mortgage loans immediately follow suit. In fact, mortgage rates have increased lately as lenders now want more "risk profit."
    newjerseyguy | Dec 11, 2007

    what are the mortgage rates for second mortgages?

    Dec 27, 2005 by rosebet01@sbcglobal.net | Posted in Renting & Real Estate


    They vary but are usually higher than the first. I'd say somewhere around 10% to 12% is a good ballpark. Of course credit history has something to do with this as well.

    JAL-CEO | Dec 28, 2005
    Mortgage rates for second home?

    Aug 06, 2009 by chvs2000 | Posted in Renting & Real Estate

    Are mortgage rates for second home usually higher? I never owned a home and i want to buy a condo to take advantage of tax credit. But 3 years from now i want to buy a bigger house. will my second mortage be higer than market value

    No, at the time you are ready to buy a larger home it will be your primary home not a second home so you will get the same rate as anyone else who is buying a home as their primary residence.

    Noneya | Aug 07, 2009
    Where can I find the best HELOC rates to refinance my second mortgage?

    May 21, 2007 by makeitup22 | Posted in Personal Finance

    My current rate is near 10%, and I'd like to find a HELOC rate of prime minus 1%, no fees, and accepting a LTV of 90%

    I agree, www.bankrate.com has rates from many different lenders, and links to specific places to obtain loans, like lowermybills.com. the HELOC rates are around 7%, but I'm not sure if they will allow an LTV of 90%.

    http://www.bankrate.com/brm/rate/brm_loa

    h | May 21, 2007

    second mortgage rates news

    ANZ leaves interest rate unchanged

    18.05.12

    ANZ has left its standard variable interest rates unchanged in line with the Reserve Bank, which kept the official cash rate at 4.25 per cent on Tuesday.

    The decision leaves the bank's variable mortgage rate at 7.36 per cent per annum after it lifted its home loan and small business rates by 6 basis points last month.

    In a statement, ANZ chief executive Australia Philip Chronican said the decision was "difficult", but the bank decided that stability was important for its customers this month.

    "We are walking a tightrope between our customers' interest in keeping rates as low as possible and the commercial reality that, while monthly funding costs go up and down, the upward trend is likely to continue, as new funding is still coming on at a wider spread to the cash rate than the funding it is replacing," Mr Chronican said.


    Source: ABC Online