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Home › Forums › Housing › So there is now a higher conforming loan limit, no what?

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  • February 14, 2008 at 8:14 AM #11818
    Alex_angel
    Participant

    Are banks really going to roll out the red carpet to someone that has a $700k 30 year fixed jumbo loan at 6-7% and all of a sudden give them a 4-5% 30 year fixed rate?

    Seriously who is this going to benefit?

    Example. Say someone paid 2-3 points to get a lower rate and is paying 6.5% on a 30 eyar fixed jumbo.

    Will they have to fork over any more money to refi? This seems like a good idea on paper but I just don’t see banks being nice to current home owners and giving them a no fee refi to get them from a jumbo to a conforming loan.

    February 14, 2008 at 8:23 AM #153068
    Raybyrnes
    Participant

    Bank have 2 functions. Thye need to originate loans nd they also need to service the loasn. If they do not remain competitive they risk losing the fee income coming in off the loa. So banks will difinitely want to keep these loans on their books. Whether tthe approach is to be proactive by contacting their borrowers or to be reactive by waitive for loan payoffs form a different lender and then offering the loan at the same or better rate for keeping it with that organization.

    February 14, 2008 at 8:23 AM #153346
    Raybyrnes
    Participant

    Bank have 2 functions. Thye need to originate loans nd they also need to service the loasn. If they do not remain competitive they risk losing the fee income coming in off the loa. So banks will difinitely want to keep these loans on their books. Whether tthe approach is to be proactive by contacting their borrowers or to be reactive by waitive for loan payoffs form a different lender and then offering the loan at the same or better rate for keeping it with that organization.

    February 14, 2008 at 8:23 AM #153363
    Raybyrnes
    Participant

    Bank have 2 functions. Thye need to originate loans nd they also need to service the loasn. If they do not remain competitive they risk losing the fee income coming in off the loa. So banks will difinitely want to keep these loans on their books. Whether tthe approach is to be proactive by contacting their borrowers or to be reactive by waitive for loan payoffs form a different lender and then offering the loan at the same or better rate for keeping it with that organization.

    February 14, 2008 at 8:23 AM #153370
    Raybyrnes
    Participant

    Bank have 2 functions. Thye need to originate loans nd they also need to service the loasn. If they do not remain competitive they risk losing the fee income coming in off the loa. So banks will difinitely want to keep these loans on their books. Whether tthe approach is to be proactive by contacting their borrowers or to be reactive by waitive for loan payoffs form a different lender and then offering the loan at the same or better rate for keeping it with that organization.

    February 14, 2008 at 8:23 AM #153442
    Raybyrnes
    Participant

    Bank have 2 functions. Thye need to originate loans nd they also need to service the loasn. If they do not remain competitive they risk losing the fee income coming in off the loa. So banks will difinitely want to keep these loans on their books. Whether tthe approach is to be proactive by contacting their borrowers or to be reactive by waitive for loan payoffs form a different lender and then offering the loan at the same or better rate for keeping it with that organization.

    February 14, 2008 at 1:51 PM #153206
    HereWeGo
    Participant

    Now we watch the long end of the Treasury market, as well as the FNMA/FRM debt pricing.

    February 14, 2008 at 1:51 PM #153481
    HereWeGo
    Participant

    Now we watch the long end of the Treasury market, as well as the FNMA/FRM debt pricing.

    February 14, 2008 at 1:51 PM #153498
    HereWeGo
    Participant

    Now we watch the long end of the Treasury market, as well as the FNMA/FRM debt pricing.

    February 14, 2008 at 1:51 PM #153506
    HereWeGo
    Participant

    Now we watch the long end of the Treasury market, as well as the FNMA/FRM debt pricing.

    February 14, 2008 at 1:51 PM #153578
    HereWeGo
    Participant

    Now we watch the long end of the Treasury market, as well as the FNMA/FRM debt pricing.

    February 14, 2008 at 4:16 PM #153289
    barnaby33
    Participant

    The same people that didn’t have 20% down and verifiable assets/income before, still don’t. Raising the caps was pointless. Not to mention that the majority of mortgages, except in super frothy areas, were for less than 400k. Thats because you actually have to qualify for them, based on income.

    Josh

    February 14, 2008 at 4:16 PM #153561
    barnaby33
    Participant

    The same people that didn’t have 20% down and verifiable assets/income before, still don’t. Raising the caps was pointless. Not to mention that the majority of mortgages, except in super frothy areas, were for less than 400k. Thats because you actually have to qualify for them, based on income.

    Josh

    February 14, 2008 at 4:16 PM #153580
    barnaby33
    Participant

    The same people that didn’t have 20% down and verifiable assets/income before, still don’t. Raising the caps was pointless. Not to mention that the majority of mortgages, except in super frothy areas, were for less than 400k. Thats because you actually have to qualify for them, based on income.

    Josh

    February 14, 2008 at 4:16 PM #153584
    barnaby33
    Participant

    The same people that didn’t have 20% down and verifiable assets/income before, still don’t. Raising the caps was pointless. Not to mention that the majority of mortgages, except in super frothy areas, were for less than 400k. Thats because you actually have to qualify for them, based on income.

    Josh

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