Time To Refi

[sdrealtor]

Thats awesome JC!

$289/month takes care of things like a months utilities or a car payment or funding an IRA or repairs to ones home or save it up for a year to take a dream vacation. You are no less a true Pigg than any of us. Congrats and keep on keepin’ on!

[JC]

Ok, it just got even better.

Charlie floated my loan down to 3.5%. Whoo Hoo. (30 year fixed, no cost). How cool is that? What an awesome happy surprise. Such a great guy.

I think my total monthly savings is over $300 now.

Charles D. Mason
First California Funding
4550 Kearny Villa Rd. Suite 215
San Diego, CA. 92123
Telephone – 858 654 4066
Facsimile – 858 654 4062

Ca. Dept of Real Estate Lic # 01275449NMLS # 330764

[briansd1]

[quote=sdrealtor]Thats awesome JC!

$289/month takes care of things like a months utilities or a car payment or funding an IRA or repairs to ones home or save it up for a year to take a dream vacation. You are no less a true Pigg than any of us. Congrats and keep on keepin’ on![/quote]

The economy would be much better if those who are current on their mortgages are automatically lowered to today’s low rates.

[sdrealtor]

That was one of my proposals to stimulate the economy 3 years ago. At the time I said 4% mortgages for everyone. We have come far beyond that for the above water folks. Time to give it to the underwater but current folks also.

JC just got a $3600 per year raise! Thats real money that can be used to stimulate the economy or help him save for retirement. Win-win all around.

[Coronita]

I’m going to try to refinance again…Yup…I know crazy..

But I can get -.50% in less than 3 months since last time…. Driving my cost even lower.

Stock market is back up, we’re above 13000 on the Dow again in just a matter of days, and all it did was just a few reasonable reported earnings.

Great time to be in…

Happy friday everyone.

[briansd1]

Exactly, sdrealtor. The underwater water folks have stayed the course… so a nice reward would be in order. As you said, win-win all around.

[The-Shoveler]

[quote=flu]I’m going to try to refinance again…Yup…I know crazy..

But I can get -.50% in less than 3 months since last time…. Driving my cost even lower.

Stock market is back up, we’re above 13000 on the Dow again in just a matter of days, and all it did was just a few reasonable reported earnings.

Great time to be in…

Happy friday everyone.[/quote]

Are you going with Plan-B and getting a 30 year this time ?
Just curious.

Stock market
Yea I know it’s driving me crazy being out…
Anyway… so how much more can it go up?
I don’t see and endless ladder to climb but who
knows.

[joec]

Anyone know someone who is proficient with self-employed folks? We have some other debt that we need to work down first, but all these low rates seem to be tough to attain unless you are very cookie cutter in terms of w2/income/debt/job/reserves.

[OwnerOfCalifornia]

For anyone who knows…stable/long-term single-job W2 income, no debt, perfect credit, 20% down, more-than-adequate reserve: as a percentage of one’s income (single person), how much can one borrow right now? Still the 28/36 front-end/back-end ratio?

[HLS]

[quote=flinger]For anyone who knows…stable/long-term single-job W2 income, no debt, perfect credit, 20% down, more-than-adequate reserve: as a percentage of one’s income (single person), how much can one borrow right now? Still the 28/36 front-end/back-end ratio?[/quote]
**************
Guidelines are guidelines. FNMA has about 1300 pages of them. NOTHING to do with common sense.

Only being on a job for a month may not make it any harder than being on a job for 10-20-30+ YEARS.
Perfect credit? Not necessary. A score of 740 and 840 price exactly the same with 20% down.

As long as you can document down payment CORRECTLY, you usually don’t need any reserves.

Loan approvals are automated,technically there is no maximum debt ratio, although many lenders impose one. The underwriters job is simply to make sure the items listed in the approval are met.

Front end/Back end ratio usually doesn’t matter, it’s just total debt that matters, possibly up to 50% +/-, based on the ‘findings’ of the automated approval.

Ratios haven’t been 28/36 in many, many years.
80% of borrowers in CA would have never been able to become mortgage slaves if that was in place.

It’s a fallacy to think that ‘perfect credit’ or huge reserves make it easier to get approved for a loan.
In some cases it could be easier for someone with 3.50% down to get approved than someone with 20% down.
YES, it is insane.

[HLS]

[quote=joec]Anyone know someone who is proficient with self-employed folks? We have some other debt that we need to work down first, but all these low rates seem to be tough to attain unless you are very cookie cutter in terms of w2/income/debt/job/reserves.[/quote]

See post above,, it has to do with guidelines.
Rates are the same for self employed vs. wage earner as long as you qualify.

For self employed it requires 1 or 2 years federal tax returns, depending on the lender AND proof that
you are still active. There are always potential complications. If you own a corporation they need corp tax returns also.

***You may not need to pay down debt. They don’t care how much you owe total, usually it just the minimum monthly payment obligation on a credit report that is crucial.

Unless you were told BY SOMEONE WHO KNOWS that you need to pay off the debt, do not assume that will make it any easier for you to qualify, and may not be necessary.

There are many other complications with loan approvals that have NOTHING TO DO with income, credit score, equity, assets, etc.

[Echoooo]

Flu, do you mind share who do you get the rate from? Contacts if possible. Thanks.

[quote=flu][quote=Hobie]Slight t-jack. I’ve been toying getting a HELOC to lock in the rate at about 3.9% For liquid cash to make cash offer at a later time. Now or wait?[/quote]

3.9% heloc?

I got my at prime – 0.25% or 3%.[/quote]

[Echoooo]

Anyone else had a good rate on HELOC? uote=rcfe]Flu, do you mind share who do you get the rate from? Contacts if possible. Thanks.

[quote=flu][quote=Hobie]Slight t-jack. I’ve been toying getting a HELOC to lock in the rate at about 3.9% For liquid cash to make cash offer at a later time. Now or wait?[/quote]

3.9% heloc?

I got my at prime – 0.25% or 3%.[/quote][/quote]

[Author]

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