[cantab]

HLS, I am sure you are right about the 30 yr fixed at PLCU.

The loan I got is their 1 yr ARM jumbo at 4.25% initial rate. What is special about this is that the maximum it can adjust is 1% per year. Next year it will be 5.25%, then 6.25% etc. worst-case.

Their 3yr starts 1% higher, the 5yr 1.5% higher. Doing the math, the 3yr cannot be better than the 1yr and it takes many years for the 5yr to be potentially better.

Given excellent credit, stable job, and LTV under 50%, I am not worried about being able to refinance again when desirable.

The Pt Loma loan has no prepay penalty, no points, no origination fee. Total closing were $900 title insurance, $425 escrow fee, and about $400 miscellaneous fees. Nothing else. (Their no-closing-cost option is a bad deal since their closing costs are so low.)

[cantab]

When I refinanced recently, by far the best deal was from Pt Loma Credit Union. See here:
http://www.plcu.com/rates_db/interest_rates.asp

I have just closed with them, with no hiccups. Highly recommended.

When I last bought a house, I went with the broker suggested by my agent. He was a past president of the Calif. mtg brokers association’s ethics committee. He turned out to be so unethical I seriously considered suing him.

The best Internet deal is here:
http://www.ingdirect.com/google/index.html
You can get a firm loan commitment for free from ING in just a day or two. Use it as a basis for evaluating other offers.

HLS is very well-informed and has been very helpful to me by email. Recommended!

[cantab]

When I refinanced recently, by far the best deal was from Pt Loma Credit Union. See here:
http://www.plcu.com/rates_db/interest_rates.asp

I have just closed with them, with no hiccups. Highly recommended.

When I last bought a house, I went with the broker suggested by my agent. He was a past president of the Calif. mtg brokers association’s ethics committee. He turned out to be so unethical I seriously considered suing him.

The best Internet deal is here:
http://www.ingdirect.com/google/index.html
You can get a firm loan commitment for free from ING in just a day or two. Use it as a basis for evaluating other offers.

HLS is very well-informed and has been very helpful to me by email. Recommended!

[cantab]

Stockstradr, I also thank you for your actions. You stood up for what is right when almost all of us didn’t.

[cantab]

What’s so great about this house? The listing doesn’t say it has a view and judging from the exact location, my guess is that it doesn’t.

It sold for 665,000 in 2005 but even by San Diego bubble standards that was excessive. It’s small (1248 sqft), low-quality 1950s construction, small lot (5800 sqft), not good for a family (only 2br), in a bad school district, and it has weeds in the driveway.

Even now there are better buys for 445,000 in San Diego.

[cantab]

Don’t exaggerate the effect of the 417K threshold.

The jumbo mortgage market has not shut down, not even close. I know from personal experience that local credit unions, across the country, are still making jumbo loans at good rates, at least for prime borrowers. Subprime jumbo may be a different story.

Every crisis is an opportunity. The changed climate in jumbo loans is an opportunity for well-capitalized lenders to make higher profits. And the capital still exists out there, it’s just a bit more risk-averse so it demands a bit higher reward, that’s all.

[cantab]

Looks like a decent house with some upgrades, but no backyard.

I know someone who has bought a couple of houses in Mira Mesa to rent out as minidorms. He says he knows in which floorplans he can build interior walls to make extra bedrooms, and then he can get positive cashflow at purchase prices from last year.

The students are the hard-working UCSD type, not the party-hearty SDSU type, so the neighbors don’t mind, and he doesn’t add any square footage to the houses

Would this be something profiable to do with this house?

[cantab]

Looks like a decent house with some upgrades, but no backyard.

I know someone who has bought a couple of houses in Mira Mesa to rent out as minidorms. He says he knows in which floorplans he can build interior walls to make extra bedrooms, and then he can get positive cashflow at purchase prices from last year.

The students are the hard-working UCSD type, not the party-hearty SDSU type, so the neighbors don’t mind, and he doesn’t add any square footage to the houses

Would this be something profiable to do with this house?

[cantab]

Looks like a decent house with some upgrades, but no backyard.

I know someone who has bought a couple of houses in Mira Mesa to rent out as minidorms. He says he knows in which floorplans he can build interior walls to make extra bedrooms, and then he can get positive cashflow at purchase prices from last year.

The students are the hard-working UCSD type, not the party-hearty SDSU type, so the neighbors don’t mind, and he doesn’t add any square footage to the houses

Would this be something profiable to do with this house?

[cantab]

Great find!

[cantab]

Great find!

[cantab]

Great find!

[cantab]

Zillow estimates $992,000 for the house at 1319 Law St. that sold for $1,205,000. Can anyone explain the high sales price? BTW, the house sold for $243,500 at the bottom of the market, in 1996.

[cantab]

Zillow estimates $992,000 for the house at 1319 Law St. that sold for $1,205,000. Can anyone explain the high sales price? BTW, the house sold for $243,500 at the bottom of the market, in 1996.

[cantab]

Zillow estimates $992,000 for the house at 1319 Law St. that sold for $1,205,000. Can anyone explain the high sales price? BTW, the house sold for $243,500 at the bottom of the market, in 1996.

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