Mortgage Market Update/Purchase and Refinance Mortgage info

[Tamalewagon]

I have one but the fucking thing is heavy and I can do ALMOST everything on the ipad. How is everything going Scott
?

Going well here. How's everything up in Hollywoodland?

 

[Tamalewagon]

Some interesting thoughts on the future of rates in the article attachment below. I however believe rates will remain modestly low for the next 2 years. Check our current rates at www.scottwenhe.com

http://www.mortgagenewsdaily.com/consumer_rates/295891.aspx

Now is the time to buy campers. California may not be impacted all that much from "Sequestration" that is due March 1st. Home values rose in 2012 and values are expected to rise equally in 2013. :thumbup:

 

[Tamalewagon]

10 year bond is down a little this morning. Good time to lock.

www.scottwenhe.com

 

[pronstar]

Some interesting thoughts on the future of rates in the article attachment below. I however believe rates will remain modestly low for the next 2 years. Check our current rates at www.scottwenhe.com

http://www.mortgagenewsdaily.com/consumer_rates/295891.aspx

Now is the time to buy campers. California may not be impacted all that much from "Sequestration" that is due March 1st. Home values rose in 2012 and values are expected to rise equally in 2013. :thumbup:

Can you explain why now is a good time to buy campers? Trying to convince the wife that we need to upgrade


2 Tapatalk 1 Cup

 

[Tamalewagon]

Can you explain why now is a good time to buy campers? Trying to convince the wife that we need to upgrade


2 Tapatalk 1 Cup

Not buy a "camper" as in RV...I was referring to RDP members being those campers as in "people who camp". However, I am all for upgrading RV's too. Time to step up to that Prevost.

 

[Tamalewagon]

http://blog.title365.com/2013/02/25/they-bailed-on-mortgage-but-now-want-to-buy-again/


See our rates at www.scottwenhe.com

 

[SassyRN]

Do you handle mortgages in AZ?

 

[Tamalewagon]

http://www.mortgagenewsdaily.com/video/archive/2013/3/13.aspx#299853




check our rates at www.scottwenhe.com

 

[boatpi]

Did FM just change back the debt ratio to 50% from 45% on investment purchase?

 

[Tamalewagon]

Did FM just change back the debt ratio to 50% from 45% on investment purchase?

I have not heard that yet but that doesn't make it so. Let me check on it.

 

[Boatfloating]

Fannie hasn't done this, but getting an investment property with 49.99% DTI you better have a good FICO and great reserves over just the required reserves.

 

[Tamalewagon]

Just checked the Fannie site and it has not happened. Even with a high fico and assets, 99% of the time we will not get a "DU" approval and most lenders are not willing to manually underwrite these files. A suggestion would be to go with a FHA loan and occupy the property. FHA debt ratio's can go in excess of 55%. Just a thought...

 

[boatpi]

I aam below 45% and we are doing some playing in system and it is taking up to 50%. That said i have plenty of reserves and 20 year rental history + 790 fico. The fed is so screwed up who knows what is next. I have a broker in nv that does up to 9 loans/ rentals.

 

[Tamalewagon]

I aam below 45% and we are doing some playing in system and it is taking up to 50%. That said i have plenty of reserves and 20 year rental history + 790 fico. The fed is so screwed up who knows what is next. I have a broker in nv that does up to 9 loans/ rentals.

Go with it! With home pricing on the way up, now is the time to buy.

 

[boatpi]

I know, Vegas +24% in one year, this is my last place, 9 months in escrow on a SS. Whew. the steals are all gone in Vegas.

 

[Tamalewagon]

yup...the short sales are drying up and the traditional sales are coming back slowly. The inventory is scarce but is starting to show promising signs.

Today's rates: www.scottwenhe.com

 

[Tamalewagon]

Hey campers...we now have the Freddie Open Access program to 125% LTV with no PMI in addition to our Fannie HARP programs. :thumbsup

www.scottwenhe.com

 

[Tamalewagon]

PM returned. :thumbup: Thx.

today's rates: www.scottwenhe.com

 

[Tamalewagon]

update on rates: www.scottwenhe.com

 

[Tamalewagon]

rates - www.scottwenhe.com

WHAT CAN YOU AFFORD

For those sitting in front of a home affordability calculator, dreaming of buying a new home, these forecasts should alter your math.

"Affordability is based upon the house you're buying today, not the house in 10 years," cautions Greg McBride, senior financial analyst at Bankrate.com, which provides many financial calculators. "Unless you're forecasting skills are spot-on, the calculator is not designed to help under that scenario."

The typical calculator measures your income, the size of the mortgage and the interest rate to see what monthly payments you can afford. But buyers can get in trouble if they adjust these parameters to get the outcome they want, says McBride, noting that is how owners ended up with more house than they could afford or adjustable interest rates that ballooned their payments during the housing bubble.

Humphries urges people to be conservative when entering their information, especially if they are not buying with a fixed-rate mortgage and might sell any time in the near future.

For those who think they might move in a few years, he says to ask, "Is this still a good decision if I thought prices were not going to rise?"

But that does not mean Humphries does not encourage people to buy now.

"For any buyer who will be in for a long period of time, it's like homes are on sale right now," he says. "But the implication is that if you want to get it while the getting's good, get it now. Homes will look expensive in a few years if interest rates go up."

 

[Tamalewagon]

check daily rates at www.scottwenhe.com

Title365 Blog


By Kerri Ann Panchuk

? April 29, 2013 ? housingwire.com

Monday Morning Cup of Coffee is a quick look at the news coming across the HousingWire weekend desk, with more coverage to come on bigger issues.

The Federal Reserve and the Office of the Comptroller of Currency halted the independent national foreclosure review in January, hoping to end a complex and costly process in exchange for a one-time $9.3 billion settlement between mortgage servicers and potential victims of wrongful foreclosures.

But the deal, which includes $3.6 billion in payouts to harmed homeowners, remains controversial despite efforts to soften the blow. News agencies like UT San Diego say homeowners remain mostly unsatisfied with settlement payouts as low as a few hundred dollars. Not only are U.S. lawmakers looking into the settlement, the Government Accountability Office continues to review aspects of the deal.

Subprime is back and this time borrowers and lenders know exactly what they're getting into, the Los Angeles Times claims in a new report.
Apparently, some Americans with shoddy credit scores and past foreclosures want in on today's rising real estate prices and they're ready and willing to buy homes now. The LA Times notes in a new article that despite this being the era of tightfisted banking, at least one couple interviewed managed to get a subprime loan with a 10% interest rate after going through a foreclosure and the bankruptcy of a business.

Of course to get the loan, the homeowners had to put down a 35% downpayment. But with the right amount of money up front, the article says lenders are going subprime again. To protect themselves, lenders are looking more deeply at collateral, downpayments and the borrowers ability to repay the debt. Lenders also are holding loans on their own books in the hopes that a private secondary market will eventually be there to buy them in the future. Click here to read more.

The next foreclosure crisis is coming, but this time it's not home mortgages in trouble. Instead, the Wall Street Journal suggests commercial mortgages are about to reach a reevaluation period in which lenders either demand full payment or decide to extend the life of the loan.

The only problem is small businesses depleted their reserves during the recession, making them riskier long-term bets for lenders. The end result could be businesses either having to find a new lender or eventually facing a foreclosure, the business publication suggests.

 

[Tamalewagon]

Some interesting news. Check our daily rates at www.scottwenhe.com

by Jann Swanson

Highest Annual Home Price Appreciation Since March 2006, More Expected -CoreLogic



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May 7 2013, 9:09AM

Home prices measured by CoreLogic increased by 10.5 percent on an annual basis in March, the largest year-over-year increase since March 2006. The company's HPI Report said March marked the 13th consecutive month that its home price index that includes distressed sales increased compared to the same month a year earlier. Distressed sales include both bank-owned real estate (REO) and short sale transactions. The index excluding distressed sales was up 10.7 percent compared to March 2012

The HPI including short and REO sales increased 1.9 percent from February to March. With distressed sales excluded the month-over-month increase was 2.4 percent.

"For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year," said Dr. Mark Fleming, chief economist for CoreLogic. "The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season."

CoreLogic expects the strong upward trend to continue. Its Pending HPI including distressed sales projects an increase of 9.6 percent from April 2012 to April 2013 and excluding distressed sales a 12 percent annual increase. On a monthly basis CoreLogic is looking for a 1.3 percent bump in its index with distressed sales and a 2.7 percent increase in the index without them. The Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

"Home prices continue to rise at a double-digit rate in March led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue," said Anand Nallathambi, president and CEO of CoreLogic. "Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale."

The states with the largest annual home price appreciation including distressed sales were Nevada (+22.2 percent), California (+17.2 percent), and Arizona (+16.8 percent). Only four states posted any annual home price depreciation: Delaware (-3.7 percent), Alabama (-3.1 percent), Illinois (-1.8 percent) and West Virginia (-0.3 percent).

Excluding distressed sales the greatest appreciation was noted again in Nevada (+20.8 percent) and California (+16.8 percent) with Idaho third at +16.3. No states lost ground on this index in March.

The peak-to-current change in the national HPI (from April 2006 to March 2013) was -25.1 percent including distressed sales and -18.3 percent including them. The states furthest from their peaks are Nevada (-49.2 percent), Florida (-42.8 percent), Michigan (-38.9 percent), Arizona (-37.8 percent) and Rhode Island (-36.2 percent).

 

[boatpi]

Over the last 24 months several of us posted the good deals in Las Vegas, others in Phoenix. Some on the boards followed by ideas and purchased. I expected the LV market to appreciate about 5% a year. I was wrong. It is in a major correction.

My personal observations. A house selling for $105-120K locked in price before March 2012 generally would have closed by now. That 105-120K house can be resold today for 155K to 180K. At the very least newer houses in LV area have increased 25%-50% in 6 months! For thoose of you that bought, congrats. If anyone did purchase and is considering to leg up, now is a good time to do it. Houses in the $250-350K range have not seen this significant rise, but are doing well.

 

[Nord]

Over the last 24 months several of us posted the good deals in Las Vegas, others in Phoenix. Some on the boards followed by ideas and purchased. I expected the LV market to appreciate about 5% a year. I was wrong. It is in a major correction.

My personal observations. A house selling for $105-120K locked in price before March 2012 generally would have closed by now. That 105-120K house can be resold today for 155K to 180K. At the very least newer houses in LV area have increased 25%-50% in 6 months! For thoose of you that bought, congrats. If anyone did purchase and is considering to leg up, now is a good time to do it. Houses in the $250-350K range have not seen this significant rise, but are doing well.

Do you have to pay capital gains in LV? If you sold a property there can you take your money and run or do you have to re-invest it?

 

[boatpi]

I purchased them for rental return. At some point I may sell a few. I believe this run up is 100% real, just the major adjustment we all expected, but all in a year it seems. My return is between 10% to 21% cash on cash investment. Not counting tax write offs. My best deal was a house built in 2005 for $49 per sq foot.

 

[Nord]

I purchased them for rental return. At some point I may sell a few. I believe this run up is 100% real, just the major adjustment we all expected, but all in a year it seems. My return is between 10% to 21% cash on cash investment. Not counting tax write offs. My best deal was a house built in 2005 for $49 per sq foot.

Your previous post now would be a good time to sell for a turn. Is Thre any capital gains in the state of AZ. Do you have to re-invest the money or can you take it and run without paying any taxes for income or capital gains?

 

[Outdrive1]

Your previous post now would be a good time to sell for a turn. Is Thre any capital gains in the state of AZ. Do you have to re-invest the money or can you take it and run without paying any taxes for income or capital gains?

Not on primary residence. Yes you pay taxes on any profit you made in the sale. You'd also write off any repairs or costs involved with the sale out of those profits. If you put it all back into another property you're fine also.

 

[Outdrive1]

Your previous post now would be a good time to sell for a turn. Is Thre any capital gains in the state of AZ. Do you have to re-invest the money or can you take it and run without paying any taxes for income or capital gains?

And the profit is income that you would report on Federal and State income tax.

 

[Nord]

And the profit is income that you would report on Federal and State income tax.

So on 20-40K is it worth it? Your only going to be making a 10-30K profit by time you pay all the taxes. If you purchase another property, it's pretty relative to what your selling so not to much of a gain there unless you were buying the home for yourself.

 

[Outdrive1]

So on 20-40K is it worth it? Your only going to be making a 10-30K profit by time you pay all the taxes. If you purchase another property, it's pretty relative to what your selling so not to much of a gain there unless you were buying the home for yourself.

I guess if 10 to 30k is not worth your trouble, than no. lol

 

[Nord]

I guess if 10 to 30k is not worth your trouble, than no. lol

For as much as you put out there in a house? Plus you have to pay the RE fees associated with the sale. I would say if that profit makes sense then there you go lol.

 

[boatpi]

What makes investment sense to my simple mind is having the ability to sell for say a 50-70k profit, 1031 that into a 250k house buy obtaining a loan for cash for the diff IF the extra investment, say 75k would bring the same net return of well over 10%. Since in one case I purchased the place so cheap, it is big ca$h every month, so it is fine for me for now. For those of you that did not jump into vegas, sorry. I posted here a lot and it to me was so clear that this was the best RE investment in the USA then (2010-2011) I jumped. I wish I could have purchased another 10 houses. it was all for the taking.

 

[Outdrive1]

For as much as you put out there in a house? Plus you have to pay the RE fees associated with the sale. I would say if that profit makes sense then there you go lol.

Re fees are a deductible. Any costs associated with the purchase are taken out of the profit that you pay tax on. In your scenario you said 10 to 30k profit. Profit is after everything. How long does it take you to put 10 to 30k in your pocket right now? Is it worth it?

If you have 100k in a bank, how long would it take you to make 10 to 30k in interest after you pay taxes on the interest?

For some of us, property is a better return than money in the bank.

Not to mention if its a rental and actually gets rented, you get the income from the rent and the appreciation of the property. Where are you putting your money today that competes with that kind of return? I'm looking for ideas.

 

[Nord]

Re fees are a deductible. Any costs associated with the purchase are taken out of the profit that you pay tax on. In your scenario you said 10 to 30k profit. Profit is after everything. How long does it take you to put 10 to 30k in your pocket right now? Is it worth it?

If you have 100k in a bank, how long would it take you to make 10 to 30k in interest after you pay taxes on the interest?

For some of us, property is a better return than money in the bank.

Not to mention if its a rental and actually gets rented, you get the income from the rent and the appreciation of the property. Where are you putting your money today that competes with that kind of return? I'm looking for ideas.

Profit is not after everything. There is gross profit and net profit.
Your preaching to the quire about purchasing property. Remember I have had the same boat for almost 12 years lol.
As far as renting a property that has nothing to do with selling the property.
This convo should be taxed. :thumbup:

 

[boatpi]

Od, u hit the nail on the head.

 

[Nord]

Od, u hit the nail on the head.

Renting and selling are two different things. I agree 100% on renting.
CAn you do a 1031 exchange in AZ or Nevada?

 

[JBS]

You guys crack me up. Where is Shintoo :cool

Personal residence. Own it for 2 years and the first 250 in net profit is tax free. 500 for a couple. No rolling forward anymore. Has been gone for years. The amount over is taxed at long term capital gains.

1031 exchanges are for like to like income producing properties. All kind of rules to follow. This is Federal tax code.

When you buy a property for investment one of the biggest write off's is the depreciation on the property. When you sell there is a recapture.

Don't quote me on any of this as I am going from memory. All of you Donald Trumps should get an accountant

 

[Tamalewagon]

1031 exchanges are for like to like income producing properties. All kind of rules to follow. This is Federal tax code.



This has changed and is not necessarily true and any monies outside the 1031 exchange are taxable.

 

[Outdrive1]

You guys crack me up. Where is Shintoo :cool

Personal residence. Own it for 2 years and the first 250 in net profit is tax free. 500 for a couple. No rolling forward anymore. Has been gone for years. The amount over is taxed at long term capital gains.

1031 exchanges are for like to like income producing properties. All kind of rules to follow. This is Federal tax code.

When you buy a property for investment one of the biggest write off's is the depreciation on the property. When you sell there is a recapture.

Don't quote me on any of this as I am going from memory. All of you Donald Trumps should get an accountant

Trump, noted.

 

[JBS]

1031 exchanges are for like to like income producing properties. All kind of rules to follow. This is Federal tax code.



This has changed and is not necessarily true and any monies outside the 1031 exchange are taxable.

Trump, noted.

Like I said from memory And of course if it's outside of the exchange it is taxable. Still more accurate than whats been thrown around,

Trump had to start somewhere

 

[Tamalewagon]

Like I said from memory And of course if it's outside of the exchange it is taxable. Still more accurate than whats been thrown around,

Trump had to start somewhere

Trump went bankrupt 3+ times before success. NOT a quitter. Just found a way to build a better mouse trap.

 

[boatpi]

A 1031 exchenge is good nationwide, it is an IRS reg. You can eve nby some paper investments with it as oppose to buying another like property. You CANNOT take the profit and buy a a primary house from the investment house $$.

READ THIS: http://www.reviewjournal.com/business/housing/survey-nevada-leads-us-home-price-gains

I had one house apprecaite 50% in 8 months. Holding my cards, all rentals.

 

[Tamalewagon]

http://blog.title365.com/2013/05/16/california-continues-to-gain-steam/



See our daily rates at www.scottwenhe.com

 

[Tamalewagon]

Rates AND property values are on their way up folks. www.scottwenhe.com Refi while the rates are still in the 3% range. RDP discounts for purchases too in CA.

 

[Tamalewagon]

Check today's rates at http://www.scottwenhe.com/loanOptions/Today's Rates/Today's Rates/

 

[Tamalewagon]

If the thought of refinancing ever crossed your mind, here's a pretty good reason to start the process...

http://moneymorning.com/ob-article/schiff-us-will-win-currency-war.php?code=3243

 

[Tamalewagon]

Hello campers...our pricing website will be down for the next 10 days. We are getting a new website and the link will be available soon. For immediate pricing on loan scenario's, please call me directly at 619-255-3182 or email me at [email protected] :thumbup:

Scott

 

[37 boat]

Hi Scott, I left a voicemail for you on Friday, don't know if you got it. I will send a p.m.
Thanks, Randy

 

[Tamalewagon]

Hi Scott, I left a voicemail for you on Friday, don't know if you got it. I will send a p.m.
Thanks, Randy

Hi Randy. PM received and I left you a message on the number provided. Look forward to speaking with you. :thumbsup

 

[Tamalewagon]

I'm sending up the red flags, flares and smoke signals for those of you on the fence about refinancing or purchasing, I would recommend moving on it soon. Rates have come up almost .625% in the last week. Currently, par rates for conforming are sitting at 4.375% (up from 3.75% last week) and conforming jumbo rates are now at 4.625% (up from 4% last week). With the Fed threatening a large reduction of their purchase of bonds, the market has reacted accordingly and rates jumped upwards.