fed rate cuts....

[Wmc]

stated?

I wonder what my house will appraise at...lol:swear

No full doc. But I do have a Stated/Stated conforming 30 yr up to 90% LTV that is priced pretty well.

Here is the problem with appraisals. Most investors require a current listing as a comparable. They will also look at foreclosures too. So if you have a short sale or a foreclosure your screwed! Especially in refinances they don't care how wonderful your property looks and the huge pool in the backyard, a mean a little, but now it is market value. What are the current sales and listings in your neighborhood. They won't go any further back than 60-90 days.

 

[essexjet]

IMO you should see rates improve tomorrow. The unemployment numbers are coming out and I think unemployment rate will go up along with unemployment claims. That would send the stocks down and push bonds up give us a lower yield on the T-notes.

Analysts are expecting to see the unemployment rate remain at 5.0% and approximately 70,000 new jobs. An increase in unemployment and fewer new jobs than expected would be great news for the bond market. It would probably create a bond market rally, leading to lower mortgage rates Friday.

 

[Cole Trickle]

I really don't think my rate is that bad. I'm at 6 1/2 % right now. I know others are well over 7%. My agent pulled my comps earlier this week and he said they've gone up in my neighborhood compared to what I paid. I just saw a beater down the street from me, same size house on a smaller lot sell for $20k more than I paid. Kinda shoots a hole in this market I keep hearing is bottoming out.

Maybe wendy can tell you the price difference but I think youy will be surprised what 1.25% will do to your mortgage. (2-400 a month savings)

I want to say I locked into a 6.2% loan as things were increasing. Sad thing is my escdrow got bumped and we ran into timing issues (partly my fault) and my monthly wen't up about $150.00 from one day to the next.

I am gonna lock in and stay where I am at for the long haul. I like my house and don't see myself needing more. I hope to jump into the havi housing market in the next 1.5 years.

 

[djunkie]

Maybe wendy can tell you the price difference but I think youy will be surprised what 1.25% will do to your mortgage. (2-400 a month savings)

I want to say I locked into a 6.2% loan as things were increasing. Sad thing is my escdrow got bumped and we ran into timing issues (partly my fault) and my monthly wen't up about $150.00 from one day to the next.

I am gonna lock in and stay where I am at for the long haul. I like my house and don't see myself needing more. I hope to jump into the havi housing market in the next 1.5 years.

I know a 1-1 1/2% drop would be nice but as stated, its not happening on the jumbo's right now. Thats why I am waiting to see if they raise the floor on the jumbo.

Keep an eye on it though. If they raise the jumbo floor why not see if you can take advantage. All they can do is say no. Then you just stick with what you got which isn't that bad.
________
Marijuana

 

[Cole Trickle]

No full doc. But I do have a Stated/Stated conforming 30 yr up to 90% LTV that is priced pretty well.

Here is the problem with appraisals. Most investors require a current listing as a comparable. They will also look at foreclosures too. So if you have a short sale or a foreclosure your screwed! Especially in refinances they don't care how wonderful your property looks and the huge pool in the backyard, a mean a little, but now it is market value. What are the current sales and listings in your neighborhood. They won't go any further back than 60-90 days.

???

I wish I knew. I imagine it won't be great. I know 2 of my neighbors (originals that paid 150K 14 years ago) had there houses down to 460K and didn't have alot of luck(renting now). My lot is about 3K ft bigger and our sq footage is similar but they have 4 bedrooms.

There isn't any for sale signs in my neighborhood. Nice area with some cool families that don't plan on leaving.

Funny thing is that when I bought the house as the market was slowing the guy that did the appraisal had to work hard to keep it low enough to meet the selling price...oh how a year can change the realestate market

 

[HavasuHank]

Maybe wendy can tell you the price difference but I think youy will be surprised what 1.25% will do to your mortgage. (2-400 a month savings)

I want to say I locked into a 6.2% loan as things were increasing. Sad thing is my escdrow got bumped and we ran into timing issues (partly my fault) and my monthly wen't up about $150.00 from one day to the next.

I am gonna lock in and stay where I am at for the long haul. I like my house and don't see myself needing more. I hope to jump into the havi housing market in the next 1.5 years.

i got boned when i bought my house. i got set up with a negative amoritization loan that i didn't even think about. i was so jazzed about buying a brand new home. finally i refi'd and payed off my boat and now i have a jumbo. i don't see myself moving for a long while. my next move is the havasu market as well. i won't let that one pass me up.:beer

 

[Cole Trickle]

I know a 1-1 1/2% drop would be nice but as stated, its not happening on the jumbo's right now. Thats why I am waiting to see if they raise the floor on the jumbo.

essexjet said they expected it to happen and be avaliable in about 2 weeks

 

[djunkie]

essexjet said they expected it to happen and be avaliable in about 2 weeks

Good. I should be expecting a phone call from my loan guy then. According to the comps and with my credit score I should be a lock for this.
________
VAPORIZOR

 

[Cole Trickle]

i got boned when i bought my house. i got set up with a negative amoritization loan that i didn't even think about. i was so jazzed about buying a brand new home. finally i refi'd and payed off my boat and now i have a jumbo. i don't see myself moving for a long while. my next move is the havasu market as well. i won't let that one pass me up.:beer

wait it out.

I saw the market dumping and thats why I wanted to dump my condo and get into a single family. I set my self up on a fixed 30 and the first 10 years are locked at intrest only. I knew/felt/heard that the rates would drop before the 08 elections and felt that loan was the smartest choice at the time.

No matter what I have 8.5 years left to refi

 

[essexjet]

essexjet said they expected it to happen and be avaliable in about 2 weeks

Well it passed the house and now we are waiting on congress to sign it then on to the presidents desk to sign.

The biggest hurdle will be Congress, if they dont chop it up and then President will sign it.

 

[Cole Trickle]

Good. I should be expecting a phone call from my loan guy then. According to the comps and with my credit score I should be a lock for this.

you schould be more than golden...your probably close to being able to do a standard doc loan since you make a good income and your debt is low.

My problem is because of Jens fico/credit I can't include her on a loan and use her income

 

[essexjet]

wait it out.

I saw the market dumping and thats why I wanted to dump my condo and get into a single family. I set my self up on a fixed 30 and the first 10 years are locked at intrest only. I knew/felt/heard that the rates would drop before the 08 elections and felt that loan was the smartest choice at the time.

No matter what I have 8.5 years left to refi

Thats a great produce, I wouldnt refi unless you get a minimum of 1% or more decrease in your rate.

 

[HavasuHank]

wait it out.

I saw the market dumping and thats why I wanted to dump my condo and get into a single family. I set my self up on a fixed 30 and the first 10 years are locked at intrest only. I knew/felt/heard that the rates would drop before the 08 elections and felt that loan was the smartest choice at the time.

No matter what I have 8.5 years left to refi

at my first house i was on a 30 year fixed and loved it. had my impounds included. i really miss that payment. but still my new loan is 10 year interest only then it will adjust to principle and interest. my rate will still stay at 6.25% though including impounds. but each month i add extra to pay down the principle.

 

[djunkie]

you schould be more than golden...your probably close to being able to do a standard doc loan since you make a good income and your debt is low.

My problem is because of Jens fico/credit I can't include her on a loan and use her income

Either way mine is staying in my name. With my g/fs student loans she'd do more harm than good. Plus I plain don't want her name on my house. :lmao:lmao
________
Vermont Dispensaries

 

[HavasuHank]

Either way mine is staying in my name. With my g/fs student loans she'd do more harm than good. Plus I plain don't want her name on my house. :lmao:lmao

nothing wrong with that. i am getting married in july and will not be putting amy on the loan. but she will be paying me once she gets her own classroom and starts teaching.

 

[Cole Trickle]

Either way mine is staying in my name. With my g/fs student loans she'd do more harm than good. Plus I plain don't want her name on my house. :lmao:lmao

me either....

Started as mine and that the way it will stay

Maybe I should do a 120% loan and call up Black socks one for a F29:skull

 

[Cole Trickle]

at my first house i was on a 30 year fixed and loved it. had my impounds included. i really miss that payment. but still my new loan is 10 year interest only then it will adjust to principle and interest. my rate will still stay at 6.25% though including impounds. but each month i add extra to pay down the principle.

I hear ya.

My condo was on a 5.2% 30 year fixed. That payment seems laughable compared to what a house does to your pocket book. The good news is I really like my house where as my nice (south OC) condo just felt like a glorified apartment.

 

[catman-do]

Thats with Chase. Found that Chase and Wachovia has the best wholesale rates out there.

Wow, thats pretty damn good. I had a friend just start as a wholesale rep at Wachovia, they are still giving a base for the fisrt 6 mo! Unheard of in the current market...

 

[djunkie]

nothing wrong with that. i am getting married in july and will not be putting amy on the loan. but she will be paying me once she gets her own classroom and starts teaching.

Ya I'm taking the plunge in July also. Right now my g/f hands me $1k cash every month for rent.
________
JAGUAR V12 ENGINE HISTORY

 

[HavasuHank]

I hear ya.

My condo was on a 5.2% 30 year fixed. That payment seems laughable compared to what a house does to your pocket book. The good news is I really like my house where as my nice (south OC) condo just felt like a glorified apartment.

that's not bad for your old condo. my house doubled in size and payment:swear oh well, i will just sit on it

 

[djunkie]

me either....

Started as mine and that the way it will stay

Maybe I should do a 120% loan and call up Black socks one for a F29:skull

Why? You wanna be like half the other people in this world?
________
Vaporizers

 

[HavasuHank]

Ya I'm taking the plunge in July also. Right now my g/f hands me $1k cash every month for rent.

that is what she will end up giving me too.

 

[essexjet]

Well it passed the house and now we are waiting on congress to sign it then on to the presidents desk to sign.

The biggest hurdle will be Congress, if they dont chop it up and then President will sign it.

Sen. Max Baucus (D., Mont.), chairman of the Senate Finance Committee, threw a wrench in the works last night. The committee passed a modified version of the stimulus plan by a bipartisan vote of 14 to 7, which could cause a potential delay in the approval of the package.

Lets see what happens today, increase the Fannie Mae loan limits to $729.750 would be great.

 

[HavasuHank]

Sen. Max Baucus (D., Mont.), chairman of the Senate Finance Committee, threw a wrench in the works last night. The committee passed a modified version of the stimulus plan by a bipartisan vote of 14 to 7, which could cause a potential delay in the approval of the package.

Lets see what happens today, increase the Fannie Mae loan limits to $729.750 would be great.

what would that do for a balance of 505,000?

 

[essexjet]

what would that do for a balance of 505,000?

Take you out of the Jumbo loans and would give you Fannie Mae conforming rates (which are the lowest out there)

 

[HavasuHank]

Take you out of the Jumbo loans and would give you Fannie Mae conforming rates (which are the lowest out there)

well thats what i am looking for. are there any real advantages of going for a 40 year instead of a 30 year? aside from taking longer to pay-off?

 

[djunkie]

well thats what i am looking for. are there any real advantages of going for a 40 year instead of a 30 year? aside from taking longer to pay-off?

When I was getting my loan we looked at that option. At that time it definitely was NOT worth it.
________
Drug Test Kit

 

[HavasuHank]

When I was getting my loan we looked at that option. At that time it definitely was NOT worth it.

how come? because of the time to pay-off?

 

[essexjet]

how come? because of the time to pay-off?

You save about $100 per month but pay ten's of thousands more over the life of the loan.

 

[djunkie]

how come? because of the time to pay-off?

You save about $100 per month but pay ten's of thousands more over the life of the loan.

Bingo!!!!!!
________
VAPORIZER AFFILIATE PROGRAM

 

[HavasuHank]

You save about $100 per month but pay ten's of thousands more over the life of the loan.

wow! what they try to do to make a screwed up situation look great

 

[EmpirE231]

ok well bump this thread when that whole jumbo to conforming loan changes. I will def like to wrap myself up in a fixed loan even though I still have plenty of time. I just like to have a clear mind when I'm trying to persue other investments.


my situation.... 400k loan, 800 fico, good savings... zero debt other than a 450/mo truck payment..... stated income.

or I could throw the soon to be wife on the loan if it helps get a much better rate... and she has docs... w2's @ 83k last year and her fico should be in 750ish range.

I think my loan guy is out of the biz.... so I'll be hitting one of you up.:beer

 

[ChumpChange]

Sen. Max Baucus (D., Mont.), chairman of the Senate Finance Committee, threw a wrench in the works last night. The committee passed a modified version of the stimulus plan by a bipartisan vote of 14 to 7, which could cause a potential delay in the approval of the package.

Lets see what happens today, increase the Fannie Mae loan limits to $729.750 would be great.

What was the wrench?

 

[Cole Trickle]

What was the wrench?

he hates boat owners that live in California!!!:skull:swear

 

[essexjet]

ok well bump this thread when that whole jumbo to conforming loan changes. I will def like to wrap myself up in a fixed loan even though I still have plenty of time. I just like to have a clear mind when I'm trying to persue other investments.


my situation.... 400k loan, 800 fico, good savings... zero debt other than a 450/mo truck payment..... stated income.

or I could throw the soon to be wife on the loan if it helps get a much better rate... and she has docs... w2's @ 83k last year and her fico should be in 750ish range.

I think my loan guy is out of the biz.... so I'll be hitting one of you up.:beer

We do have a Stated/Stated fixed 30 year conforming loan. Shoot me an email and I will let you know rates and payments [email protected]

 

[essexjet]

What was the wrench?

Lowered the payments to $500 per person and $1000 per couple and chop some other stuff (not too sure of the particulars)

 

[ChumpChange]

Lowered the payments to $500 per person and $1000 per couple and chop some other stuff (not too sure of the particulars)

Hmmm. I know they were trying to add more spending yesterday for unemployed as well as food stamps. Good times.

Can only imagine the fraud that takes place whenever the fed gives out money. How many dependents are you going to put on this years tax return? nine? ten?

 

[essexjet]

Hmmm. I know they were trying to add more spending yesterday for unemployed as well as food stamps. Good times.

Can only imagine the fraud that takes place whenever the fed gives out money. How many dependents are you going to put on this years tax return? nine? ten?

I knew the Senate would somehow F the whole thing up :swear

 

[essexjet]

ok well bump this thread when that whole jumbo to conforming loan changes. I will def like to wrap myself up in a fixed loan even though I still have plenty of time. I just like to have a clear mind when I'm trying to persue other investments.


my situation.... 400k loan, 800 fico, good savings... zero debt other than a 450/mo truck payment..... stated income.

or I could throw the soon to be wife on the loan if it helps get a much better rate... and she has docs... w2's @ 83k last year and her fico should be in 750ish range.

I think my loan guy is out of the biz.... so I'll be hitting one of you up.:beer

Just checked and my 30 year stated income / stated assists is at 5.5% today.

 

[EmpirE231]

Just checked and my 30 year stated income / stated assists is at 5.5% today.

What are stated assists? and is that still an 80/20 loan? I'd really like to roll it all into one. house I believe should still appraise at around the low 400's... if the conforming amount is raised... will it solve that problem? :hmm

 

[essexjet]

What are stated assists? and is that still an 80/20 loan? I'd really like to roll it all into one. house I believe should still appraise at around the low 400's... if the conforming amount is raised... will it solve that problem? :hmm

We can do one loan but keep in mind if you do anything conforming above 80% you will have mortgage insurance associated with it.

It would have nothing to do with it, your loan to value is your loan to value. It doesnt matter if you owe 100K or 700K your loan to value has no relation to the loan limits.

Clear as mud???

 

[ChumpChange]

I knew the Senate would somehow F the whole thing up :swear

Seriously.

I hope this goes through soon. I have a client that owes $480 on his house and needs that conforming rate to save his house.

 

[essexjet]

Matt, you going to Glamis for Prez Weekend?

 

[ChumpChange]

Matt, you going to Glamis for Prez Weekend?

Unfortunately no. I'm taking the hauler in for some warranty work this Saturday. Not sure if it will be done. Too busy at work to think about some vacation right now.

 

[essexjet]

Unfortunately no. I'm taking the hauler in for some warranty work this Saturday. Not sure if it will be done. Too busy at work to think about some vacation right now.

Kiss your trailer goodbye for at least a month
Someday soon we will catch up out in mother G

 

[catman-do]

We are heading out for Prez. Will be on gecko about pad 4-5

 

[mbrown2]

Ok....keep this thread at the top tomorrow....would like to see if rates go down and hear some rates tomorrow

I am looking to refi two places..

.....currently sitting at 6.25 on a 30yr fixed conforming; 57% LTV...

Also, maybe the same on the river house...15yr fixed with 9 1/2 years left....want a 10 year fixed conforming...45% ltv...currently at 6.25...

 

[steveo143]

ttt


:smackhead:smackhead

 

[ChumpChange]

Kiss your trailer goodbye for at least a month
Someday soon we will catch up out in mother G

That's fine. With it being in the shop it will give me some room on the side of the house to work on the Studebaker.

Just have a couple of issues, the front landing jacks motor went out(just have to manually do them, not hard) and one of the slides doesn't seem to close flush. That's it. Oh and the outside stereo cuts out at high volume.

 

[catman-do]

What are stated assists? and is that still an 80/20 loan? I'd really like to roll it all into one. house I believe should still appraise at around the low 400's... if the conforming amount is raised... will it solve that problem? :hmm

If you are in the low under a 417 loan amount right now, then you already are conforming and the rise in conforming loan limits will not affect you.