fed rate cuts....

[catman-do]

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

Not to question, or maybe you didnt see the rest of his post, but I dont know of anyone that has a SISA 100% right now, in a declining market. Also I dont see a SISA at that ltv being at 5.5 on a 30 fixed??? On a SISA, 80%, ca, conforming, I am at 5.75 <.125>

 

[John McGuinness]

Last week when the fed dropped the rate you could have gotten that rate with Indymac on a 15 yr note, for about 2 hours. I locked my Aunt's 15 yr @ 4.75% with Provident Bank Mortgage today it is 5%.

I don't think we will see that on a 30 yr note. Today 5.375 %, last week 5%. When the fed cuts the rates like he does, it screws up the stock market, when the stock market gets screwed up our rates start to increase again. It is a cycle. So when everyone hears the fed just lowered the rates, does not mean every Lender follows at the same pace. For a short time a few hours, you can get a good rate, but the stock market starts to crash and we lenders have price changes for the worse the remainder of the day. It is very tough market right now.

Someone posed the question how much income for a $400,000 loan. Well based on 680 credit, full doc, 5.625 rate. Your looking at a payment including taxes and insurance (approximately) $2750 Now let's say you have $1100 in additional credit (car payment/ credit cards) Total $3850. You would need to make a monthly income of $8000 to qualify. Remember this is approximation. Hope it helps.

Holy crap. High house prices suck. Talk about being over the barrel. Hope none of you guys get hurt at work or ill.

 

[mbrown2]

Just locked at 5.625 no points 30/yr fixed, and 5.0 no points 10yr/fixed on the river house..

 

[essexjet]

Not to question, or maybe you didnt see the rest of his post, but I dont know of anyone that has a SISA 100% right now, in a declining market. Also I dont see a SISA at that ltv being at 5.5 on a 30 fixed??? On a SISA, 80%, ca, conforming, I am at 5.75 <.125>

Sorry No I didnt catch that it was at 100% you are correct as that rate was up to 90% LTV and as of today it is still at 5.5%.

 

[essexjet]

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

catman would love to get together with you out there for a few :beer

We have been staying down in the washes but always up for a ride to gecko. As it gets closer I'll hit you up.

Are you working in Rancho? Our office is off of Red Oak by the civic center.

 

[EmpirE231]

So I just talked to chase, since that is who my loan is through... and they were talking about a streamline refi. (no appraisels, income verification, blah blah blah) and they can get me in a 30 yr fixed @ 6.1% and depending on my LTV, the charge is 1-3/4 %?

does that sounds any good? or is there better out there.... this is just on my 1st since I'm in one of those 100% LTV clubs... house is worth around 400 and I owe the same......

shit gives me a headcahe :beer

 

[essexjet]

So I just talked to chase, since that is who my loan is through... and they were talking about a streamline refi. (no appraisels, income verification, blah blah blah) and they can get me in a 30 yr fixed @ 6.1% and depending on my LTV, the charge is 1-3/4 %?

does that sounds any good? or is there better out there.... this is just on my 1st since I'm in one of those 100% LTV clubs... house is worth around 400 and I owe the same......

shit gives me a headcahe :beer

That's not bad, but I would ask a few questions. Is that one loan? If so, would it be lender paid mortgage insurance or borrower (most likely you). Since its 100% loan is that 1.75% closing cost include everything (title, escrow, misc fees)?
Just remember that if its 100% loan to value all the closing cost you would have to pay would be cash on closing and not rolled into the loan.

 

[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.

My crystal ball must have been broke yesterday:


The Labor Department reported early this morning that the U.S. unemployment rate slipped to 4.9% last month and that 17,000 jobs were lost during the month. The drop in the unemployment rate was not expected, so we can consider that a negative for bonds. However, the report was expected to show that 70,000 jobs were added, therefore, the 17,000 decline is good news for bonds and mortgage rates.


Todays 30 year fixed interest rate is at 5.375%

 

[EmpirE231]

That's not bad, but I would ask a few questions. Is that one loan? If so, would it be lender paid mortgage insurance or borrower (most likely you). Since its 100% loan is that 1.75% closing cost include everything (title, escrow, misc fees)?
Just remember that if its 100% loan to value all the closing cost you would have to pay would be cash on closing and not rolled into the loan.

that 6.1 was only for the 1st. and leaving the 2nd alone.

 

[essexjet]

that 6.1 was only for the 1st. and leaving the 2nd alone.

If they are subordinating the second and the first is at 80% Loan to Value then that is not a very good rate. Try to get something in the 5.5% range.

 

[Wmc]

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

You don't have to worry about the change becuase your already in the conforming loan limits.

 

[steveo143]

Looking to refi, check your e-mail.

 

[essexjet]

Looking to refi, check your e-mail.

Good talking to you

 

[steveo143]

Good talking to you

Good talking to you too Got your e-mail.

 

[essexjet]

UPDATE: Still no vote in the Senate. Here is an article from the OC Register


"However, the plan could be modified in negotiations with the Senate. Some senators are concerned Fannie Mae and Freddie Mac have already taken on too much risk. They call for a smaller increase in the limit and would like to see any increase tied to greater oversight of Fannie and Freddie.

Still, most experts say some kind of increase will come soon.

"There is great pressure on Congress to act now," said Michael LaCour-Little, finance professor at Cal State Fullerton.

He said an increase in the limit would help buyers of higher priced homes in Orange County and thus provide some relief to the housing market."

 

[djunkie]

UPDATE: Still no vote in the Senate. Here is an article from the OC Register


"However, the plan could be modified in negotiations with the Senate. Some senators are concerned Fannie Mae and Freddie Mac have already taken on too much risk. They call for a smaller increase in the limit and would like to see any increase tied to greater oversight of Fannie and Freddie.

Still, most experts say some kind of increase will come soon.

"There is great pressure on Congress to act now," said Michael LaCour-Little, finance professor at Cal State Fullerton.

He said an increase in the limit would help buyers of higher priced homes in Orange County and thus provide some relief to the housing market."

$20k increase is all I need. I wish they would hurry up and do it already.
________
AMATEUR TUBE

 

[essexjet]

$20k increase is all I need. I wish they would hurry up and do it already.

And needs to be in effect before March 1st when Fannie Mae fees increase.:swear

 

[PolarBearKing]

UPDATE: Still no vote in the Senate. Here is an article from the OC Register


"However, the plan could be modified in negotiations with the Senate. Some senators are concerned Fannie Mae and Freddie Mac have already taken on too much risk. They call for a smaller increase in the limit and would like to see any increase tied to greater oversight of Fannie and Freddie.

Still, most experts say some kind of increase will come soon.

"There is great pressure on Congress to act now," said Michael LaCour-Little, finance professor at Cal State Fullerton.

He said an increase in the limit would help buyers of higher priced homes in Orange County and thus provide some relief to the housing market."

Care to speculate on how much of an increase it will be?

How long for the VA rate to be increased too (or will it happen at the same time?)

 

[essexjet]

Care to speculate on how much of an increase it will be?

How long for the VA rate to be increased too (or will it happen at the same time?)

For Fannie Mae it will increase to $729,750 and as for FHA/VA, everything says "a maximum of $729,750". Now FHA has different loan limits for different area's of the country and different limits for 1,2,3 & 4 unit houses. So once its signed then we should have a better idea on FHA.

 

[ChumpChange]

$20k increase is all I need. I wish they would hurry up and do it already.

Just pony up and pay down your loan by $20,000

 

[Outnumbered]

So I just talked to chase, since that is who my loan is through... and they were talking about a streamline refi. (no appraisels, income verification, blah blah blah) and they can get me in a 30 yr fixed @ 6.1% and depending on my LTV, the charge is 1-3/4 %?

does that sounds any good? or is there better out there.... this is just on my 1st since I'm in one of those 100% LTV clubs... house is worth around 400 and I owe the same......

shit gives me a headcahe :beer

There is a catch and it is called the AVM. Although they do not have an appraisal requirement at first glance they will run an AVM (Automated Valuation Model) or "Desk-top" and if it "comes in low" it will trigger an appraisal condition. It is likely disclosed in the fine print somewhere. Just keep this in mind if you do the deal. My bet is that it won't fly.

 

[Mr. C]

Stupid Question:

Lets say you owe 525k, have a 2nd for 50k, sell the house for 585-590k
this does not cover your realtor fees/comm.
would anyone even try to sell your house, what other options do you have?

 

[Outnumbered]

Stupid Question:

Lets say you owe 525k, have a 2nd for 50k, sell the house for 585-590k
this does not cover your realtor fees/comm.
would anyone even try to sell your house, what other options do you have?

That is what a "short sale" is for. Yes, you can sell. Yes, an agent will list it. Yes, your lender(s) have control of the sale price. It will likely affect your credit. Google it and read for hours.

 

[essexjet]

Here we go


WASHINGTON - Senate Republicans blocked a move by Democrats on Wednesday to add more than $40 billion in checks for the elderly, disabled veterans and the unemployed to a bill to stimulate the economy.

The 58-41 vote fell just short of the 60 required to break a GOP filibuster and bring the Senate version of the stimulus bill closer to a final vote. The Senate measure was backed by Democrats and a handful of Republicans but was strongly opposed by GOP leaders and President Bush, who objected to the costly add-ons.

The vote left the $205 billion Senate stimulus bill in limbo and capped days of partisan infighting and procedural jockeying over the measure.

 

[John McGuinness]

Good news.

 

[essexjet]

About freakin time:

WASHINGTON - Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.


Does not say anything about Fannie Mae or FHA but I do not believe they cut it so increased loan limits are coming shortly.

 

[essexjet]

It does include the loan limits increase:

Senators on Thursday said Fannie Mae and Freddie Mac should do more to help struggling homeowners -- an expanded role that might win them looser capital restraints.


The economic stimulus package passed by the Senate Thursday and speeding toward President Bush's desk includes a provision raising for one year the cap on mortgages that Fannie and Freddie may buy in high-cost areas from $417,000 up to $729,750, a move intended to stimulate new loans and refinancing activity in markets such as California and the Northeast.

 

[boatnam2]

It does include the loan limits increase:

Senators on Thursday said Fannie Mae and Freddie Mac should do more to help struggling homeowners -- an expanded role that might win them looser capital restraints.


The economic stimulus package passed by the Senate Thursday and speeding toward President Bush's desk includes a provision raising for one year the cap on mortgages that Fannie and Freddie may buy in high-cost areas from $417,000 up to $729,750, a move intended to stimulate new loans and refinancing activity in markets such as California and the Northeast.

Wish it would happen soon i need to refi.

 

[John McGuinness]

Holy cow, when Fannie Mae and Fredddie Mac crash from the weight of all these bad loans, it is going to make the saving and loan crisis look like a cake walk. Oh well, I guess our kids will pay for it.

 

[Long Way Home]

this is as of today at the octfcu. https://www.octfcu.org/
Conforming Fixed (Max. Loan Amount - $417,000)
30-Year fixed
Rate......Points......APR.... Est Pymt./$1,000
5.875....-0.375.... 5.93% ....$5.92
5.750.... 0.000 ....5.84% ....$5.84
5.625.... 0.625.... 5.77% ....$5.76
5.500.... 1.125.... 5.69% ....$5.68
5.375.... 1.750.... 5.62% ....$5.60
5.250.... 2.375.... 5.55% ....$5.52
5.125.... 3.125.... 5.49% ....$5.44

 

[Cole Trickle]

Wish it would happen soon i need to refi.

Hopefully you don't owe more than the comps. Pretty sure I am stuck for now with my current loan.

Comps in the neighborhood are not gonna be great. 400K bank owned sale for a house that would have been 600K 2 years ago.

Great time to buy!!!

 

[WYRD]

Speculation that they will cut rates another ¾ before their next meeting in March

 

[Cole Trickle]

Speculation that they will cut rates another ¾ before their next meeting in March

Rates are going to be great for the people that can get a high enough appraisal.

I am debating paying my loan down so I can refi? Hate to deplete alot of my savings but I would be $$$ ahead in the long run.:hmm

 

[djunkie]

Rates are going to be great for the people that can get a high enough appraisal.

I am debating paying my loan down so I can refi? Hate to deplete alot of my savings but I would be $$$ ahead in the long run.:hmm

Shit, if I had your money I'd just pay my house off and not have a payment at all.
________
MEDICAL MARIJUANA

 

[Cole Trickle]

Shit, if I had your money I'd just pay my house off and not have a payment at all.

So says the guy with the $1200 shocks,$500 seats,custom pedals thats planning a $50K wedding.

I could only dream about making the money you make per hour. Shoot I would probably only work 3 days a week just like you

 

[djunkie]

So says the guy with the $1200 shocks,$500 seats,custom pedals thats planning a $50K wedding.

I could only dream about making the money you make per hour. Shoot I would probably only work 3 days a week just like you

Hence why I gots no money. :smackhead
________
Hash honey oil

 

[Cole Trickle]

Hence why I gots no money. :smackhead

O.K...... Bud:swear:skull

 

[djunkie]

O.K...... Bud:swear:skull

I haven't worked since last wednesday.
________
Video review

 

[WYRD]

Rates are going to be great for the people that can get a high enough appraisal.

I am debating paying my loan down so I can refi? Hate to deplete alot of my savings but I would be $$$ ahead in the long run.:hmm

or for people looking to buy into the vacation home market...:hmm

 

[ChumpChange]

I am debating paying my loan down so I can refi? Hate to deplete alot of my savings but I would be $$$ ahead in the long run.:hmm

You might as well. What is that savings account earning you these days? :swear

 

[Cole Trickle]

You might as well. What is that savings account earning you these days? :swear

yeah...it was good for a while at 4.75%. Now I think it's closer to 3.5?

I was thinking about transferring the $$ from Citi to Wamu

 

[Cole Trickle]

or for people looking to buy into the vacation home market...:hmm

Thats what my savings is/was for. Nice down payment on a havi house. I just won't have the monthly to do a house and a kiddy in the next couple years.

 

[shippingguy]

Thats what my savings is/was for. Nice down payment on a havi house. I just won't have the monthly to do a house and a kiddy in the next couple years.

So do the house and not the kiddy:hmm I do not see the problem

 

[Cole Trickle]

So do the house and not the kiddy:hmm I do not see the problem

Thats my choice

I don't really weant to be 40 when we head down that path. 32 is creeping up on me and I would like 1-2 little ones.

 

[shippingguy]

Thats my choice

I don't really weant to be 40 when we head down that path. 32 is creeping up on me and I would like 1-2 little ones.

I hear ya. I hit 32 in May.

 

[Cole Trickle]

I hear ya. I hit 32 in May.

Shit your old!!!

You guys skipping the whole kid deal?:beer

The closer I get I think "1" might be pretty cool. I need to read some books on conceving boys

 

[shippingguy]

Shit your old!!!

You guys skipping the whole kid deal?:beer

The closer I get I think "1" might be pretty cool. I need to read some books on conceving boys

Huh...No we plan on having two. I would like one boy and one girl. Actually I just want two healthy ones.

 

[ChumpChange]

Thats my choice

I don't really weant to be 40 when we head down that path. 32 is creeping up on me and I would like 1-2 little ones.

Little ones come fast. I have an eight month old and another one due in May They may have the same birthday.

 

[Bobby V]

I hear ya. I hit 32 in May.

Yea...Me to but July.

 

[djunkie]

Thats my choice

I don't really weant to be 40 when we head down that path. 32 is creeping up on me and I would like 1-2 little ones.

2 kids are overrated. I'd go with 1 1/2. :lmao:lmao
________
Babi Mac Break Away