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Mortgage People

SC4EVA

SC4EVA

New member
Do you think the fed will cut rates again this month?

If so - How would this affect mortgage rates? ( I need to lock soon an I am not sure what to do)
 
Brenanke is on CNBC now. I agree the rates will go down but I don't think that I would wait if I found a house I wanted to move into now. What ever you do get a fixed rate. 15yrs is best if you can.
 
Already went into contract on a place, it should be ready the end of Feb or begining or March. Just looking to see what rate range I should be looking for.
 
BNG said:
Depending on strategy it may not be the best thing to do.
Click to expand...


The difference between an ARM and fixed right now is insignificant, so I don't know what you're getting at.

A conforming 30 year fixed is at 5.5% today. If you wait for that .125%, you may eat a half. Don't be a joo.
 
Rates are sick right now...is it a jumbo loan?????

I been pricing out in the 4%'s on jumbo loans on a 5 and 7 year ARM. unheard of...at least not since 2003

30 year fixed(very clean scenario) i'm pricing in the mid 5's.

I don't know if they'll go any lower.

Remember, fed meeting does not directly interest rates in mortgages. Prime rate, it does.
it has a long term secondary affect for more than anything on mortgage rates.

Going on a 30 day lock now and getting an extension (say...for 15 days) is probably about the same as doing a 45 day lock.

try to stick to that timeframe
 
jnevin said:
The difference between an ARM and fixed right now is insignificant, so I don't know what you're getting at.

A conforming 30 year fixed is at 5.5% today. If you wait for that .125%, you may eat a half. Don't be a joo.
Click to expand...

not on jumbos bro...

my boy just sold a 7 year arm at 4.5% on a million dollar loan making 1!!!!

also, check your myspace bish. responded to your message
 
calveless wonder said:
not on jumbos bro...

my boy just sold a 7 year arm at 4.5% on a million dollar loan making 1!!!!

also, check your myspace bish. responded to your message
Click to expand...


Through who? I'm looking at 5.125 as par through CW.
 
Why would you get an ARM when rates are at a historic low? 5 1/2 with the tax benefit is what maybe 3 1/2 - 4%.

Why on earth people are fooling with arms I don't know.
 
I think I've written as many option ARM loans as anything because lots of peeps are looking at turning the house in a few years. The current slump changes the picture but even then houses/land climbs in value. So some peeps sit on an interest only or neg am and make some improvements to sell again. They pay out less per month. Just sayin there are several ways to look at things like this.
 
BNG said:
I think I've written as many option ARM loans as anything because lots of peeps are looking at turning the house in a few years. The current slump changes the picture but even then houses/land climbs in value. So some peeps sit on an interest only or neg am and make some improvements to sell again. They pay out less per month. Just sayin there are several ways to look at things like this.
Click to expand...

I know thw reasons and it can be used effectively but most are kidding themselves that they'll just be selling the house in a few years.
 
Creepusmaximus said:
Why would you get an ARM when rates are at a historic low? 5 1/2 with the tax benefit is what maybe 3 1/2 - 4%.

Why on earth people are fooling with arms I don't know.
Click to expand...

99% of the population refinances or sells within 5-6 years of their loan(this is statistically proven). you get a 7 year arm in the 4's on a million dollar plus property, you're talking about a HUGE difference in payment between that and 5.5+.
 
jnevin said:
Through who? I'm looking at 5.125 as par through CW.
Click to expand...

that's your first problem. CW(the bank, not me...dickfucks) sucks my nuts.

think yonkers weights :)

their fuckin website/pricing engine/ is atrocious though
 
Im looking at the place costing around 549K with 225K down. I do not plan on staying in this place more than 5 years but I guess 10 years is possible - but unlikely.
 
calveless wonder said:
that's your first problem. CW(the bank, not me...dickfucks) sucks my nuts.

think yonkers weights :)

their fuckin website/pricing engine/ is atrocious though
Click to expand...


5.125% is as good as I'm getting from them. Pre add-ons.
 
calveless wonder said:
citi, really???? it's only on the jumbos btw.

5/1 and 7/1 i believe.

3/1 was at 4% even yesterday, paying back i dont remember what
Click to expand...

A 5/1 is paying .25 today at an even 5%.

I replied to your myspace, you mexi-arab looking bish.

Is that your work or celly number?
 
jnevin said:
A 5/1 is paying .25 today at an even 5%.

I replied to your myspace, you mexi-arab looking bish.

Is that your work or celly number?
Click to expand...

Celly.

It might be state specific pricing? I'm looking at my sales managers lock confirmation from yesterday.
oh yeah, sorry...they have to be above 740 fico too. they give a huge helper for that

and thanks, you mic bastard. i already replied to your reply, btw
 
This thread would be boring if not for the boy on boy action of CW & jnevin.
 
So when are these rates gonna drop? LOL
 
Big Rick Rock said:
So when are these rates gonna drop? LOL
Click to expand...

After CW and jnevin's pants drop.
 
SC4EVA said:
Im looking at the place costing around 549K with 225K down. I do not plan on staying in this place more than 5 years but I guess 10 years is possible - but unlikely.
Click to expand...


so your loan amount is close to 330ish?

What kind of deal does your broker have in place for you now?

I can lend in jersey, so if you want me to run some figures for you i def can, if you're not satisfied with the deal you have in place.
 
calveless wonder said:
so your loan amount is close to 330ish?

What kind of deal does your broker have in place for you now?

I can lend in jersey, so if you want me to run some figures for you i def can, if you're not satisfied with the deal you have in place.
Click to expand...

Yeah, SC4EVA give CW a shot if you are not satisfied.

It sounds like he satisfied Jnev.
 
SC4EVA said:
Im looking at the place costing around 549K with 225K down. I do not plan on staying in this place more than 5 years but I guess 10 years is possible - but unlikely.
Click to expand...

If you have that much equity built into it you should decide based on your plans. A 15 you'd be farther up on your equity and in a great position for the next one (or two), depending on what direction your wanting to go. If you only want to deal with one house at a time you will want to do things differently than getting into the slum lord biz.
 
SC4EVA said:
I don't have the numbers here now but I "believe" it was 5 3/4 maybe? That was being a return borrower.
Click to expand...

Sounds pretty decent, depending on when you were quoted...i could probably beat that rate by at least an 1/8th, maybe a 1/4th both on a 30 year fixed. Difference on that loan amount works out to about 800-900 dollars a year, not huge..but for some people it makes a difference.
Truthfully, i don't work on high margins. i'm more of a volume guy, so i usually can beat most deals. Keeps the clients happy and the referrals coming.
no points up front unless you want to buy down the rate. Your loan sounds pretty clear cut/straight forward.

But of course if you're comfortable and content with him already, then go for it. but just listen to what i said regarding the lock. don't go longer than 45 days w or w/o an extension
 
Thanks guys! Like I said Ill check out the papers later tonight when I get home and come back with some numbers tomororw. I might need to hit you guys up for better rates!
 
Actually found some info in the office - Looking at 330K loan - Lender is telling me looking at about 5.75% - 5.5% with a point. Would discount closing cost due to repear business. Says monthly payments should be around $1,925 (which is without my BS NJ prop tax and common charges!)
 
SC4EVA said:
Actually found some info in the office - Looking at 330K loan - Lender is telling me looking at about 5.75% - 5.5% with a point. Would discount closing cost due to repear business. Says monthly payments should be around $1,925 (which is without my BS NJ testosterone propionate tax and common charges!)
Click to expand...


That's pretty fair by today's pricing actually.
 
Why is it loans always seem to get sold to bigger banks? Is this common? I had a 15 year and 30 year loan that was sold to Wells Fargo and SunTrust within months. But my first house I put on a 10 year loan and it remained with the original broker. Is it harder to move a 10 year loan or something?
 
PuddleMonkey said:
Why is it loans always seem to get sold to bigger banks? Is this common? I had a 15 year and 30 year loan that was sold to Wells Fargo and SunTrust within months. But my first house I put on a 10 year loan and it remained with the original broker. Is it harder to move a 10 year loan or something?
Click to expand...


There's no real answer honestly. CW used to buy everything they could to collect money for collecting the paper and paying the investor, but it didn't work out so well. Some companies tend to buy more of certain types of loans. I think I've seen more jumbo's with Chase than anyone, more commercial with Bank One and U.S. Bank, etc. It's just what they feel more comfortable with I guess.
 
SC4EVA said:
Actually found some info in the office - Looking at 330K loan - Lender is telling me looking at about 5.75% - 5.5% with a point. Would discount closing cost due to repear business. Says monthly payments should be around $1,925 (which is without my BS NJ testosterone propionate tax and common charges!)
Click to expand...

I could absolutely do that loan for less. I assumed they weren't you charging you any points at 5.75%. If they weren't, then that's a pretty good deal
But again, i work on volume moreso so i don't really net alot on each loan as a broker. Before i get ahead of myself i have to check my banks that do business in NJ, but based on my FL rates (which shouldn't change much), they're making a good bit of money on that loan.

if they're discounting closing costs, why are they still charging you a point? Where are they going to discount it for you? processing fee, app fee?

That's the only fees they can control. so thats why im asking
 
PuddleMonkey said:
Why is it loans always seem to get sold to bigger banks? Is this common? I had a 15 year and 30 year loan that was sold to Wells Fargo and SunTrust within months. But my first house I put on a 10 year loan and it remained with the original broker. Is it harder to move a 10 year loan or something?
Click to expand...

lots of reasons. mortgages are a commodity. The banks make money by either a.) acrue interest over the long term of the loan or b.) bundle it and sell it as part of a portfolio to another investor.

Sometimes for liquidity reasons they sell to another investor. Alot of the bigger banks prefer to hold their paper(at least when the market was stable), but not always. Subprime lenders used to almost always package their loans. rarely would you stay with the same lender.

your 10 year was so short term they probably wanted to hold onto the note.
 
I always assumed they couldn't pawn off a 10 year house loan to anyone, since the interest is minimal, but wasn't sure.
 
calveless dont laugh at me for my silly question, but is there anyway i can finance internationally? my broker (who is a close personal friend) (yes, i shagged her) is talking rates above 8.5% for what im about to do..
 
GoldenDelicious said:
calveless dont laugh at me for my silly question, but is there anyway i can finance internationally? my broker (who is a close personal friend) (yes, i shagged her) is talking rates above 8.5% for what im about to do..
Click to expand...

not really a silly question.

where are you trying to finance? in the US from austrailia ? or from austrailia for another country?

If it's the US, it's pretty easy through a foreign national program.

i'd need more details either way
 
Fed rate will go down to 2.5% by end of '08.

Bet on it.
 
75th said:
Fed rate will go down to 2.5% by end of '08.

Bet on it.
Click to expand...



They need to just go ahead an do it instead of talking about it. It make people hold on to their cash and wait for the drop that is already expected.
 
Big Rick Rock said:
They need to just go ahead an do it instead of talking about it. It make people hold on to their cash and wait for the drop that is already expected.
Click to expand...

.5% on the 29th of this month.

Once people forget about it a month later, the cuts will start again.

Under normal circumstances, the economy usually has housing the bail itself out during a recession. Not this time around.
 
PuddleMonkey said:
Your negative 2mil karma tells me not to listen to your betting advice :)
Click to expand...
Thats only because I slept with digger and didnt call him.
 
75th said:
.5% on the 29th of this month.

Once people forget about it a month later, the cuts will start again.

Under normal circumstances, the economy usually has housing the bail itself out during a recession. Not this time around.
Click to expand...



As an investor, seeing this will make you want to hold on to your dough instead of putting it back into the economy. They should just drop a full 1% like NOW and catch everybody by surprise with another cut a couple of month later. But they are not being decisive, they are making people stop and hold for lower rates that we all know are inevitable at this point.

I'm waiting at least 6mo. before I part with any of my money.
 
calveless wonder said:
not really a silly question.

where are you trying to finance? in the US from austrailia ? or from austrailia for another country?

If it's the US, it's pretty easy through a foreign national program.

i'd need more details either way
Click to expand...
the development is in australia, residential apartment development, 4 townhouses, value of loan about 1.5M US (or so) need it for 6-9 months
 
GoldenDelicious said:
the development is in australia, residential apartment development, 4 townhouses, value of loan about 1.5M US (or so) need it for 6-9 months
Click to expand...

not really my specialty, but let me talk to a few people i know who deal specifically with international development/financing.
 
patsfan1379 said:
I got a fixed, 30yr. @ 5.75% in 2004. Should I refinance? What should I do? Nothing?
Click to expand...


If you refi you'll be right back where you started, balance wise. Depending upon your balance, your payment might drop $50 per month after a couple thousand in closing costs. Not really worth it unless you want a shorter term.

Faghit.
 
GoldenDelicious said:
calveless dont laugh at me for my silly question, but is there anyway i can finance internationally? my broker (who is a close personal friend) (yes, i shagged her) is talking rates above 8.5% for what im about to do..
Click to expand...


8.5% is very good for commercial loans. They usually have a shitload of upfront fees and are very asset driven.
 
jnevin said:
If you refi you'll be right back where you started, balance wise. Depending upon your balance, your payment might drop $50 per month after a couple thousand in closing costs. Not really worth it unless you want a shorter term.

Faghit.
Click to expand...


Yeah, I don't really know much about this stuff.
 
Ok you mortgage boys I need some advice for my FIL. He bought his house a couple yrs ago and thought he would just pay his taxes and insurance at the end of the year himself instead of putting it in escrow and letting the bank take care of it. Well in his business it is slow around end of year and his taxes and insurance are 12K so now he is thinking he needs to figure something out instead of trying to push out that kind fo money at the end of yr. Will the bank let him escrow it at this point or is he better of just transferring funds into a savings account each month instead? He wanted me to look into it for him since his english isn't that great and he would get confused, so thought I would ask you guys before getting info to call his bank. I told him I wasn't even sure if he could make changes on his loan once papers were signed and everything was done?
 
silverstar1025 said:
Ok you mortgage boys I need some advice for my FIL. He bought his house a couple yrs ago and thought he would just pay his taxes and insurance at the end of the year himself instead of putting it in escrow and letting the bank take care of it. Well in his business it is slow around end of year and his taxes and insurance are 12K so now he is thinking he needs to figure something out instead of trying to push out that kind fo money at the end of yr. Will the bank let him escrow it at this point or is he better of just transferring funds into a savings account each month instead? He wanted me to look into it for him since his english isn't that great and he would get confused, so thought I would ask you guys before getting info to call his bank. I told him I wasn't even sure if he could make changes on his loan once papers were signed and everything was done?
Click to expand...


He'd still have to build his escrow account if the bank would even let him do it at this point. If his taxes are , the fuzzy little foreigner.due, he'd still have to pay them first anyway
 
Goddamn fucking laptop mouse pad pwned me talking like yoda and shit.

He'd have to get his taxes current before a bank would let him do that.
 
jnevin said:
He'd still have to build his escrow account if the bank would even let him do it at this point. If his taxes are , the fuzzy little foreigner.due, he'd still have to pay them first anyway
Click to expand...

He just paid his taxes for 07, but was wondering what is the best way to do it for 08 taxes so he doesn't have to come up with all that money at year end. You said he would have to put money into his escrow to start anyway so he is probably just better off transfering money into a savings for his taxes each month right? I told him I would just get an account just for taxes and insurance and just auto draft money into it each month to make sure he is doing it.
 
silverstar1025 said:
He just paid his taxes for 07, but was wondering what is the best way to do it for 08 taxes so he doesn't have to come up with all that money at year end. You said he would have to put money into his escrow to start anyway so he is probably just better off transfering money into a savings for his taxes each month right? I told him I would just get an account just for taxes and insurance and just auto draft money into it each month to make sure he is doing it.
Click to expand...

To create an escrow account, depending where you are on the year, you'd have to give them an additional few months of reserves.

just go the savings route/another account solely for escrows. you have to be more disciplined obviously, but that way you can just isolate that every month and not worry about it at the end of the year
 
I sense some soliciting going on.
I want a comish for every client you mortgage f*ckers pick up on EF... That or you do my loan for FREE in a few mo. The only points you get from me is Karma.
 
SC4EVA said:
The 5.75% is Without a point - Not sure the closing cost discounts though
Click to expand...

I wouldn't worry about discounted closing costs with that rate and no points. My assumption was they were charging you a point.

seems like a really good deal. you're not going to find anything better than that really
 
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