5.00% no point loans at the moment…

[thebazman]

[quote=WaitingToExhale]HLS, how would only having 10% down affect the rates?[/quote]

That’s the category I’m in!!!! With only 15K available to put down, 20% would put me at $75,000 purchase price whereas 10% would let me buy up to $150,000 of property.

Thanks for asking the question.

[mydogsarelazy]

We owe $137k on our home in Murrieta which is currently worth about $250k. Right now we are at 5.5 fixed on a 15 year mortgage.

Are there any 4.0 refis out there? Aimloan.com is close, offering a 15 year 4.25% for a point+

Anyone think rates will go down even more?

JS

[mydogsarelazy]

We owe $137k on our home in Murrieta which is currently worth about $250k. Right now we are at 5.5 fixed on a 15 year mortgage.

Are there any 4.0 refis out there? Aimloan.com is close, offering a 15 year 4.25% for a point+

Anyone think rates will go down even more?

JS

[mydogsarelazy]

We owe $137k on our home in Murrieta which is currently worth about $250k. Right now we are at 5.5 fixed on a 15 year mortgage.

Are there any 4.0 refis out there? Aimloan.com is close, offering a 15 year 4.25% for a point+

Anyone think rates will go down even more?

JS

[mydogsarelazy]

We owe $137k on our home in Murrieta which is currently worth about $250k. Right now we are at 5.5 fixed on a 15 year mortgage.

Are there any 4.0 refis out there? Aimloan.com is close, offering a 15 year 4.25% for a point+

Anyone think rates will go down even more?

JS

[mydogsarelazy]

We owe $137k on our home in Murrieta which is currently worth about $250k. Right now we are at 5.5 fixed on a 15 year mortgage.

Are there any 4.0 refis out there? Aimloan.com is close, offering a 15 year 4.25% for a point+

Anyone think rates will go down even more?

JS

[NotCranky]

“Anyone think rates will go down even more?”

Best guess.Rate manipulation is going to favor low rates for a while to see if in conjunction with other methods it can put a floor on housing and do damage control. If it doesn’t work,causes unintended and unwanted consequences, or its effect is deemed sufficient, we will see movement again. This may be lower depending, I guess. The stated target was 4.5%. I don’t see a reason why rates should be assumed to be going much lower yet.If I had to bet today with the info available, I would bet not much lower.Someone else might be able to speak better as to how low they could possibly go and why.That would be interesting.

[NotCranky]

“Anyone think rates will go down even more?”

Best guess.Rate manipulation is going to favor low rates for a while to see if in conjunction with other methods it can put a floor on housing and do damage control. If it doesn’t work,causes unintended and unwanted consequences, or its effect is deemed sufficient, we will see movement again. This may be lower depending, I guess. The stated target was 4.5%. I don’t see a reason why rates should be assumed to be going much lower yet.If I had to bet today with the info available, I would bet not much lower.Someone else might be able to speak better as to how low they could possibly go and why.That would be interesting.

[NotCranky]

“Anyone think rates will go down even more?”

Best guess.Rate manipulation is going to favor low rates for a while to see if in conjunction with other methods it can put a floor on housing and do damage control. If it doesn’t work,causes unintended and unwanted consequences, or its effect is deemed sufficient, we will see movement again. This may be lower depending, I guess. The stated target was 4.5%. I don’t see a reason why rates should be assumed to be going much lower yet.If I had to bet today with the info available, I would bet not much lower.Someone else might be able to speak better as to how low they could possibly go and why.That would be interesting.

[NotCranky]

“Anyone think rates will go down even more?”

Best guess.Rate manipulation is going to favor low rates for a while to see if in conjunction with other methods it can put a floor on housing and do damage control. If it doesn’t work,causes unintended and unwanted consequences, or its effect is deemed sufficient, we will see movement again. This may be lower depending, I guess. The stated target was 4.5%. I don’t see a reason why rates should be assumed to be going much lower yet.If I had to bet today with the info available, I would bet not much lower.Someone else might be able to speak better as to how low they could possibly go and why.That would be interesting.

[NotCranky]

“Anyone think rates will go down even more?”

Best guess.Rate manipulation is going to favor low rates for a while to see if in conjunction with other methods it can put a floor on housing and do damage control. If it doesn’t work,causes unintended and unwanted consequences, or its effect is deemed sufficient, we will see movement again. This may be lower depending, I guess. The stated target was 4.5%. I don’t see a reason why rates should be assumed to be going much lower yet.If I had to bet today with the info available, I would bet not much lower.Someone else might be able to speak better as to how low they could possibly go and why.That would be interesting.

[HLS]

[quote=LarryTheRenter]Newbie question for HLS..

If you need to borrow 700K…Do you pay the lower rate up to the conforming amount, then a separate loan at a higher rate for the amount above that..or is it a jumbo loan at a higher rate for the whole loan amount..(assuming you qualify of course)???? or can you do either?

thanks[/quote]

It is a single loan for one amount. $700K is over the limit for FNMA. Loans are available at higher rates.

Rates are based on loan amount and equity. If you have less than 20% equity, mortgage insurance will be added as a separate payment, but will be removed at some point in the future. You get one loan for the whole amount.

One way to avoid mortg ins, is to have an 80% 1st, and then a 2nd for the balance, however it is harder to find 2nds today and some loan programs restrict it.

The current loan limits are $417,000 for one program and $546,250 in San Diego County ($417K in Riverside county, $625,500 in OC & LA county)

,,,HLS

[HLS]

[quote=LarryTheRenter]Newbie question for HLS..

If you need to borrow 700K…Do you pay the lower rate up to the conforming amount, then a separate loan at a higher rate for the amount above that..or is it a jumbo loan at a higher rate for the whole loan amount..(assuming you qualify of course)???? or can you do either?

thanks[/quote]

It is a single loan for one amount. $700K is over the limit for FNMA. Loans are available at higher rates.

Rates are based on loan amount and equity. If you have less than 20% equity, mortgage insurance will be added as a separate payment, but will be removed at some point in the future. You get one loan for the whole amount.

One way to avoid mortg ins, is to have an 80% 1st, and then a 2nd for the balance, however it is harder to find 2nds today and some loan programs restrict it.

The current loan limits are $417,000 for one program and $546,250 in San Diego County ($417K in Riverside county, $625,500 in OC & LA county)

,,,HLS

[HLS]

[quote=LarryTheRenter]Newbie question for HLS..

If you need to borrow 700K…Do you pay the lower rate up to the conforming amount, then a separate loan at a higher rate for the amount above that..or is it a jumbo loan at a higher rate for the whole loan amount..(assuming you qualify of course)???? or can you do either?

thanks[/quote]

It is a single loan for one amount. $700K is over the limit for FNMA. Loans are available at higher rates.

Rates are based on loan amount and equity. If you have less than 20% equity, mortgage insurance will be added as a separate payment, but will be removed at some point in the future. You get one loan for the whole amount.

One way to avoid mortg ins, is to have an 80% 1st, and then a 2nd for the balance, however it is harder to find 2nds today and some loan programs restrict it.

The current loan limits are $417,000 for one program and $546,250 in San Diego County ($417K in Riverside county, $625,500 in OC & LA county)

,,,HLS

[HLS]

[quote=LarryTheRenter]Newbie question for HLS..

If you need to borrow 700K…Do you pay the lower rate up to the conforming amount, then a separate loan at a higher rate for the amount above that..or is it a jumbo loan at a higher rate for the whole loan amount..(assuming you qualify of course)???? or can you do either?

thanks[/quote]

It is a single loan for one amount. $700K is over the limit for FNMA. Loans are available at higher rates.

Rates are based on loan amount and equity. If you have less than 20% equity, mortgage insurance will be added as a separate payment, but will be removed at some point in the future. You get one loan for the whole amount.

One way to avoid mortg ins, is to have an 80% 1st, and then a 2nd for the balance, however it is harder to find 2nds today and some loan programs restrict it.

The current loan limits are $417,000 for one program and $546,250 in San Diego County ($417K in Riverside county, $625,500 in OC & LA county)

,,,HLS

[Author]

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