Know someone whose mortgage is resetting?

[5yearwaiter]

[quote=sdnerd]Mine just reset from 4.65% to 3.25%.

Which is both good in regards to my payments, and bad in regards to houses I was hoping to be buying as REO.
[/quote]

Can you explain to us how is that kind of rate achieved through refinancing? – What’s the story involved in this achievement?

[sdnerd]

[quote=kelly]sdnerd… Would you talk about your situation for a story? Is that 3.25 percent a rate that your bank has acknowledged is an extension of your teaser? [/quote]

Sure, I’ll drop you an email in a bit.

The bank isn’t extending the teaser rate – it’s just a 5 year ARM that adjusts annually.

The government artificially pushing rates down effectively is just another big teaser though. There is no way 3.25% is going to last, that’s an absurdly low rate!

Unless the government does something crazy and just starts ‘refinancing’ anyone underwater to a super low rate like that – it’s inevitable that 3.25% is going to start going up, up, and away.

If ARMs were adjusting today in the 8% range, I’d wager 75%+ of my neighbors would be toast, and next in line on the REO bus. Suddenly those ARM reset charts start to look real ugly.

But rates aren’t, hence the can is getting kicked down the road another year… and the shadow inventory remains off the market. Each 1 year extension is really closer to 2 years given it’s taking 8+ months of missed payments before people are getting kicked out.

Hence, why as much as I enjoy my insanely low rate today. All those homes that I would like to buy, that really should be on the market… aren’t. Instead of a flood, it’s a slow drip. 🙂

[sdnerd]

[quote=kelly]sdnerd… Would you talk about your situation for a story? Is that 3.25 percent a rate that your bank has acknowledged is an extension of your teaser? [/quote]

Sure, I’ll drop you an email in a bit.

The bank isn’t extending the teaser rate – it’s just a 5 year ARM that adjusts annually.

The government artificially pushing rates down effectively is just another big teaser though. There is no way 3.25% is going to last, that’s an absurdly low rate!

Unless the government does something crazy and just starts ‘refinancing’ anyone underwater to a super low rate like that – it’s inevitable that 3.25% is going to start going up, up, and away.

If ARMs were adjusting today in the 8% range, I’d wager 75%+ of my neighbors would be toast, and next in line on the REO bus. Suddenly those ARM reset charts start to look real ugly.

But rates aren’t, hence the can is getting kicked down the road another year… and the shadow inventory remains off the market. Each 1 year extension is really closer to 2 years given it’s taking 8+ months of missed payments before people are getting kicked out.

Hence, why as much as I enjoy my insanely low rate today. All those homes that I would like to buy, that really should be on the market… aren’t. Instead of a flood, it’s a slow drip. 🙂

[sdnerd]

[quote=kelly]sdnerd… Would you talk about your situation for a story? Is that 3.25 percent a rate that your bank has acknowledged is an extension of your teaser? [/quote]

Sure, I’ll drop you an email in a bit.

The bank isn’t extending the teaser rate – it’s just a 5 year ARM that adjusts annually.

The government artificially pushing rates down effectively is just another big teaser though. There is no way 3.25% is going to last, that’s an absurdly low rate!

Unless the government does something crazy and just starts ‘refinancing’ anyone underwater to a super low rate like that – it’s inevitable that 3.25% is going to start going up, up, and away.

If ARMs were adjusting today in the 8% range, I’d wager 75%+ of my neighbors would be toast, and next in line on the REO bus. Suddenly those ARM reset charts start to look real ugly.

But rates aren’t, hence the can is getting kicked down the road another year… and the shadow inventory remains off the market. Each 1 year extension is really closer to 2 years given it’s taking 8+ months of missed payments before people are getting kicked out.

Hence, why as much as I enjoy my insanely low rate today. All those homes that I would like to buy, that really should be on the market… aren’t. Instead of a flood, it’s a slow drip. 🙂

[sdnerd]

[quote=kelly]sdnerd… Would you talk about your situation for a story? Is that 3.25 percent a rate that your bank has acknowledged is an extension of your teaser? [/quote]

Sure, I’ll drop you an email in a bit.

The bank isn’t extending the teaser rate – it’s just a 5 year ARM that adjusts annually.

The government artificially pushing rates down effectively is just another big teaser though. There is no way 3.25% is going to last, that’s an absurdly low rate!

Unless the government does something crazy and just starts ‘refinancing’ anyone underwater to a super low rate like that – it’s inevitable that 3.25% is going to start going up, up, and away.

If ARMs were adjusting today in the 8% range, I’d wager 75%+ of my neighbors would be toast, and next in line on the REO bus. Suddenly those ARM reset charts start to look real ugly.

But rates aren’t, hence the can is getting kicked down the road another year… and the shadow inventory remains off the market. Each 1 year extension is really closer to 2 years given it’s taking 8+ months of missed payments before people are getting kicked out.

Hence, why as much as I enjoy my insanely low rate today. All those homes that I would like to buy, that really should be on the market… aren’t. Instead of a flood, it’s a slow drip. 🙂

[sdnerd]

[quote=kelly]sdnerd… Would you talk about your situation for a story? Is that 3.25 percent a rate that your bank has acknowledged is an extension of your teaser? [/quote]

Sure, I’ll drop you an email in a bit.

The bank isn’t extending the teaser rate – it’s just a 5 year ARM that adjusts annually.

The government artificially pushing rates down effectively is just another big teaser though. There is no way 3.25% is going to last, that’s an absurdly low rate!

Unless the government does something crazy and just starts ‘refinancing’ anyone underwater to a super low rate like that – it’s inevitable that 3.25% is going to start going up, up, and away.

If ARMs were adjusting today in the 8% range, I’d wager 75%+ of my neighbors would be toast, and next in line on the REO bus. Suddenly those ARM reset charts start to look real ugly.

But rates aren’t, hence the can is getting kicked down the road another year… and the shadow inventory remains off the market. Each 1 year extension is really closer to 2 years given it’s taking 8+ months of missed payments before people are getting kicked out.

Hence, why as much as I enjoy my insanely low rate today. All those homes that I would like to buy, that really should be on the market… aren’t. Instead of a flood, it’s a slow drip. 🙂

[kelly]

Great – I’ll look for that e-mail, sdnerd. kb

[kelly]

Great – I’ll look for that e-mail, sdnerd. kb

[kelly]

Great – I’ll look for that e-mail, sdnerd. kb

[kelly]

Great – I’ll look for that e-mail, sdnerd. kb

[kelly]

Great – I’ll look for that e-mail, sdnerd. kb

[sdduuuude]

In your article, please be sure to make a distinction between a reset and a recast.

Resets only hurt if the rate has come up and recasts always hurt, if I recall.

[sdduuuude]

In your article, please be sure to make a distinction between a reset and a recast.

Resets only hurt if the rate has come up and recasts always hurt, if I recall.

[sdduuuude]

In your article, please be sure to make a distinction between a reset and a recast.

Resets only hurt if the rate has come up and recasts always hurt, if I recall.

[sdduuuude]

In your article, please be sure to make a distinction between a reset and a recast.

Resets only hurt if the rate has come up and recasts always hurt, if I recall.

[Author]

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