Rates, Mods and Banks

[jpinpb]

Marketplace Money did a couple stories on real estate today:
Are rates encouraging?

Mortgage Modification Madness

Can banks do more

Listen to the stories. The print version isn’t all of it. They were also mentioning how the loan mods amount to renting for life.

[UCGal]

I’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.

Makes me feel like a sucker for refi’ing into 4.25% a year ago.

Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.

[UCGal]

I’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.

Makes me feel like a sucker for refi’ing into 4.25% a year ago.

Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.

[UCGal]

I’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.

Makes me feel like a sucker for refi’ing into 4.25% a year ago.

Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.

[UCGal]

I’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.

Makes me feel like a sucker for refi’ing into 4.25% a year ago.

Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.

[UCGal]

I’ve been shocked by how low rates are. A friend in the midwest just refied their house from a 15 year loan (5 years in) to a 10 year… 3.875%. A coworker who relocated here a year ago and has been renting is in escrow… his rate for a 15 year loan is 3.75%.

Makes me feel like a sucker for refi’ing into 4.25% a year ago.

Not sure how much it will affect purchases – but it will definitely cause a surge in refi’s.

[disimilar1]

what bank is giving 15 year 3.75% and is that for a jumbo?

[disimilar1]

what bank is giving 15 year 3.75% and is that for a jumbo?

[disimilar1]

what bank is giving 15 year 3.75% and is that for a jumbo?

[disimilar1]

what bank is giving 15 year 3.75% and is that for a jumbo?

[disimilar1]

what bank is giving 15 year 3.75% and is that for a jumbo?

[UCGal]

For the local guy (coworker) with the 3.75

Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.

He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).

My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.

[UCGal]

For the local guy (coworker) with the 3.75

Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.

He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).

My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.

[UCGal]

For the local guy (coworker) with the 3.75

Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.

He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).

My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.

[UCGal]

For the local guy (coworker) with the 3.75

Not a jumbo. I think he said it was through Wells Fargo – it could have been SDCCU.

He’s got great credit, good income (he’s a couple pay grades above me) and a big down payment – enough that it was conventional (not even conforming jumbo).

My other friend is in Missouri – it’s definitely not a jumbo since they owe well under $100k on their 5 acres. They’re in farm country and prices are a lot less. I have no idea who they financed with. She’s been grappling with whether to refi for 2 years, and whether to pull cash out to do some badly needed updating, or to sell and get a bigger house. The rates were low enough they pulled 20k out, kept the same payoff date (refi’ing their 15 year loan to a 10 year… since they’re 5 years in). So they’ll have the money to do repairs/updating and keep their payments the same.

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