Well folks….Looks like interest rates for loans are about to go lower……

[meadandale]

Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.

[Coronita]

[quote=meadandale]Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]

I worked with a broker friend, who matched this
http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)

I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂

Some things to note:

1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing

2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)

3)Needed two months of 401k/retirement statements

4)Needed 2008 tax return

5)Needed two months of pay stub on W-2

6)Proof of home owners insurance (duh!)

7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.

I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂

If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.

If anyone got a better rate, please post. I really want to know how much I got screwed 🙂

[Coronita]

[quote=meadandale]Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]

I worked with a broker friend, who matched this
http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)

I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂

Some things to note:

1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing

2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)

3)Needed two months of 401k/retirement statements

4)Needed 2008 tax return

5)Needed two months of pay stub on W-2

6)Proof of home owners insurance (duh!)

7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.

I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂

If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.

If anyone got a better rate, please post. I really want to know how much I got screwed 🙂

[Coronita]

[quote=meadandale]Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]

I worked with a broker friend, who matched this
http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)

I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂

Some things to note:

1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing

2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)

3)Needed two months of 401k/retirement statements

4)Needed 2008 tax return

5)Needed two months of pay stub on W-2

6)Proof of home owners insurance (duh!)

7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.

I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂

If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.

If anyone got a better rate, please post. I really want to know how much I got screwed 🙂

[Coronita]

[quote=meadandale]Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]

I worked with a broker friend, who matched this
http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)

I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂

Some things to note:

1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing

2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)

3)Needed two months of 401k/retirement statements

4)Needed 2008 tax return

5)Needed two months of pay stub on W-2

6)Proof of home owners insurance (duh!)

7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.

I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂

If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.

If anyone got a better rate, please post. I really want to know how much I got screwed 🙂

[Coronita]

[quote=meadandale]Who’d you use flu?

I noticed that, for once, rates at SDCCU are actually competitive with the rest of the market. I’m seriously considering refinancing. I bailed on refinancing last year because right when I started looking rates started going up.

My first is at 5.875% and my second is at 7.25% for a blended rate of 6.15%.

I’ve been in my house about 7 years. Although I hate the idea of taking out a new 30 year loan, I figure that at 30 year loan rates my payment would be less than my current first and I could keep paying the same amount. That gives me some breathing room if I ever decide to move and rent this place out as I’d almost be in the black (less property taxes) on the payment.[/quote]

I worked with a broker friend, who matched this
http://aerofcu.mortgagewebcenter.com/Default.asp?bhcp=1

(I briefly worked for a publicly financed company once upon a time…Yeah, yeah I know….Despite all my ranting against public sector jobs….But seriously, I could tell the difference between work/life in the public versus private sector)

I know what you mean by restarting on a 30year. Originally, I was in about year 6 on my 30 year.
One thing to consider if you don’t want to restart a 30year is to see if you can do a 20 year…I was considering that,but then ended up biting the bullet and just do a 15 conforming…It’s not like cash reserved to be liquid for the home mortgage is earning that much interest for me now anyway 🙂

Some things to note:

1)I did not need to have my 2009 taxes done, since I had sufficient income on W-2 alone to qualify (the non W-2 stuff didn’t need to added). Needed to provide proof of 2009 estimated tax filing

2)Needed two months of bank statements and two months worth of statements from assets to cover existing loan paydown (I’m going from jumbo to conforming)

3)Needed two months of 401k/retirement statements

4)Needed 2008 tax return

5)Needed two months of pay stub on W-2

6)Proof of home owners insurance (duh!)

7) Credit check on across 3 bureau’s. Mine came out to be about 817 on average.

I was able to lock pretty quickly, which probably means my broker made a killing on me 🙂

If rates fall significantly in the next 30 day or so, I’m out the appraisal and credit check fee if I go with someone else.

If anyone got a better rate, please post. I really want to know how much I got screwed 🙂

[carlsbadworker]

I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the first time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”

[carlsbadworker]

I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the first time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”

[carlsbadworker]

I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the first time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”

[carlsbadworker]

I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the first time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”

[carlsbadworker]

I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the first time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”

[Coronita]

[quote=carlsbadworker]I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the fi rst time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”[/quote]

Now you tell me this….. I just went short on parts of the market recently. CVX, VXX, DOW, etc….Yeah, that’s really working for me these days 🙂

[Coronita]

[quote=carlsbadworker]I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the fi rst time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”[/quote]

Now you tell me this….. I just went short on parts of the market recently. CVX, VXX, DOW, etc….Yeah, that’s really working for me these days 🙂

[Coronita]

[quote=carlsbadworker]I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the fi rst time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”[/quote]

Now you tell me this….. I just went short on parts of the market recently. CVX, VXX, DOW, etc….Yeah, that’s really working for me these days 🙂

[Coronita]

[quote=carlsbadworker]I am actually starting to feel the opposite. I think second-dip is over-rated for now. The institutions are very bullish right now while the individual investors arent’t (according to a survey by American Association of Individual Investors). That hasn’t happened since Q1 2009 before the 60% rally in stock market.
According to Jeremy Graham:
“In October we enter the third year of the Presidential Cycle, the year every Fed except, of course, Volcker’s, helped the incumbent administrations get re-elected. Since 1932, there has never been a serious decline in Year 3. Never! Even the unexpected Korean War caused only a 2% decline. Even when Greenspan ran amok and over-stimulated the first two years instead of cooling the system down – which he did twice, having not suffered enough the fi rst time – he stimulated Year 3 as well. The result was that we entered Year 3 in October 1998 and Year 3 in October 2006 with horribly overpriced markets, and still the market went up, and by a lot. The overpricing in October 1998, by the way, was so bad that our 10-year forecast was down to -1.1%; in October 2006, by a nervewracking coincidence, our 7-year forecast was -1.0%. If the market is 1320 by this coming October, our 7-year forecast will again be -1.0%. (Please hum the Jaws theme here.) Do not think for a second that a very stimulated market will go down in Year 3 just because it’s overpriced … even badly overpriced. So far it has had 19 tries to go down since 1932 and has never pulled it off. We can, of course, hope that this time will be exceptional. Even in the best of times, though, overpricing is only a mild downward pull. Its virtue is that it never quits. Eventually it wears the market back down to fair value.”[/quote]

Now you tell me this….. I just went short on parts of the market recently. CVX, VXX, DOW, etc….Yeah, that’s really working for me these days 🙂

[Author]

Posts