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HLS
ParticipantThat’s more misleading information to confuse people.. but I guess the rate sounds good.
Those are retail rates.People have no idea what they qualify for.
For those that do qualify,Right now, the 30 YR WHOLESALE rate is 4.875%
That’s with 1 point + 3rd party closing costs.With 0 points 5.375% + closing costs.
Can change at any time.
I know a mortgage guy who is calling his buddies and past clients right now, telling them he has a great deal for them, 5.25% with ONLY 1 point, and they are falling for it. He’s screwing his friends.
He will get a nice chunk back from the lender as well.
They think that it’s good to have friends in the mortgage biz…..they are so lucky !!!
ParticipantEBTS:
It’s not a huge difference in rate anymore, and you are obligated to a higher payment with a 15YR…You can always pay a 30 YR off in 15 years if you choose, but you cannot pay a 15 YR off over 30 years.
It’s alos tougher for many to qualify for the higher payment obligation.
Weds I had
4.875% with .50 pt for 15 YR
5.00% with .50 pt for 30 YR
(both + closing costs)Pricing slightly better for 40%+ equity.
Above rates were 80%, credit score of 740+Rates are up & down like a yo-yo recently.
I think that at some point in the future CD rates will be considerably higher than mortgage rates today.
Having cash that you cannot get to, tied up in a house is a dangerous thing for most people.Paying off a mortgage early is a flawed concept in inflationary times.
Paying off low interest debt in cheaper inflated dollars is a beautiful thing. . HLSParticipantEBTS:
It’s not a huge difference in rate anymore, and you are obligated to a higher payment with a 15YR…You can always pay a 30 YR off in 15 years if you choose, but you cannot pay a 15 YR off over 30 years.
It’s alos tougher for many to qualify for the higher payment obligation.
Weds I had
4.875% with .50 pt for 15 YR
5.00% with .50 pt for 30 YR
(both + closing costs)Pricing slightly better for 40%+ equity.
Above rates were 80%, credit score of 740+Rates are up & down like a yo-yo recently.
I think that at some point in the future CD rates will be considerably higher than mortgage rates today.
Having cash that you cannot get to, tied up in a house is a dangerous thing for most people.Paying off a mortgage early is a flawed concept in inflationary times.
Paying off low interest debt in cheaper inflated dollars is a beautiful thing. . HLSParticipantEBTS:
It’s not a huge difference in rate anymore, and you are obligated to a higher payment with a 15YR…You can always pay a 30 YR off in 15 years if you choose, but you cannot pay a 15 YR off over 30 years.
It’s alos tougher for many to qualify for the higher payment obligation.
Weds I had
4.875% with .50 pt for 15 YR
5.00% with .50 pt for 30 YR
(both + closing costs)Pricing slightly better for 40%+ equity.
Above rates were 80%, credit score of 740+Rates are up & down like a yo-yo recently.
I think that at some point in the future CD rates will be considerably higher than mortgage rates today.
Having cash that you cannot get to, tied up in a house is a dangerous thing for most people.Paying off a mortgage early is a flawed concept in inflationary times.
Paying off low interest debt in cheaper inflated dollars is a beautiful thing. . HLSParticipantEBTS:
It’s not a huge difference in rate anymore, and you are obligated to a higher payment with a 15YR…You can always pay a 30 YR off in 15 years if you choose, but you cannot pay a 15 YR off over 30 years.
It’s alos tougher for many to qualify for the higher payment obligation.
Weds I had
4.875% with .50 pt for 15 YR
5.00% with .50 pt for 30 YR
(both + closing costs)Pricing slightly better for 40%+ equity.
Above rates were 80%, credit score of 740+Rates are up & down like a yo-yo recently.
I think that at some point in the future CD rates will be considerably higher than mortgage rates today.
Having cash that you cannot get to, tied up in a house is a dangerous thing for most people.Paying off a mortgage early is a flawed concept in inflationary times.
Paying off low interest debt in cheaper inflated dollars is a beautiful thing. . HLSParticipantEBTS:
It’s not a huge difference in rate anymore, and you are obligated to a higher payment with a 15YR…You can always pay a 30 YR off in 15 years if you choose, but you cannot pay a 15 YR off over 30 years.
It’s alos tougher for many to qualify for the higher payment obligation.
Weds I had
4.875% with .50 pt for 15 YR
5.00% with .50 pt for 30 YR
(both + closing costs)Pricing slightly better for 40%+ equity.
Above rates were 80%, credit score of 740+Rates are up & down like a yo-yo recently.
I think that at some point in the future CD rates will be considerably higher than mortgage rates today.
Having cash that you cannot get to, tied up in a house is a dangerous thing for most people.Paying off a mortgage early is a flawed concept in inflationary times.
Paying off low interest debt in cheaper inflated dollars is a beautiful thing. . HLSParticipantWhat is the APR for this loan? (Assume a 300k loan, with $2500 in third party fees plus your fees).
[/quote]Coop…
What is included in APR is figured differently by diff mortgage people. It’s a terrible way to shop for a loan.The APR that is on your actual loan docs will be accurate or too high. If it is quoted too low, it is a legal loophole to be able to rescind the loan in the future.
When you shop by APR, you are only seeing estimates.
In your example above, my APR estimate would be 5.096% as accurate as I know.
Certain fees should not be figured to determine the APR. > HLSParticipantWhat is the APR for this loan? (Assume a 300k loan, with $2500 in third party fees plus your fees).
[/quote]Coop…
What is included in APR is figured differently by diff mortgage people. It’s a terrible way to shop for a loan.The APR that is on your actual loan docs will be accurate or too high. If it is quoted too low, it is a legal loophole to be able to rescind the loan in the future.
When you shop by APR, you are only seeing estimates.
In your example above, my APR estimate would be 5.096% as accurate as I know.
Certain fees should not be figured to determine the APR. > HLSParticipantWhat is the APR for this loan? (Assume a 300k loan, with $2500 in third party fees plus your fees).
[/quote]Coop…
What is included in APR is figured differently by diff mortgage people. It’s a terrible way to shop for a loan.The APR that is on your actual loan docs will be accurate or too high. If it is quoted too low, it is a legal loophole to be able to rescind the loan in the future.
When you shop by APR, you are only seeing estimates.
In your example above, my APR estimate would be 5.096% as accurate as I know.
Certain fees should not be figured to determine the APR. > HLSParticipantWhat is the APR for this loan? (Assume a 300k loan, with $2500 in third party fees plus your fees).
[/quote]Coop…
What is included in APR is figured differently by diff mortgage people. It’s a terrible way to shop for a loan.The APR that is on your actual loan docs will be accurate or too high. If it is quoted too low, it is a legal loophole to be able to rescind the loan in the future.
When you shop by APR, you are only seeing estimates.
In your example above, my APR estimate would be 5.096% as accurate as I know.
Certain fees should not be figured to determine the APR. > HLSParticipantWhat is the APR for this loan? (Assume a 300k loan, with $2500 in third party fees plus your fees).
[/quote]Coop…
What is included in APR is figured differently by diff mortgage people. It’s a terrible way to shop for a loan.The APR that is on your actual loan docs will be accurate or too high. If it is quoted too low, it is a legal loophole to be able to rescind the loan in the future.
When you shop by APR, you are only seeing estimates.
In your example above, my APR estimate would be 5.096% as accurate as I know.
Certain fees should not be figured to determine the APR. > HLSParticipantIt’s a cult 🙂
A group out of Mass. founded by a guy named Bruce Marks. He shows up on CNBC once in awhile.
They want people to join and be active in their group…
I’m yet to determine if he’s a good guy or a wacko.
Last I knew, they only have programs in certain areas and San diego county is not included.
There are price limits in areas that they do cover, called their service areas.I dont know much about their loans or who they are sold to. There is huge risk in no down loans, if that is what they still do.
IMO, any low down/no down programs, including FHA, artificially keep house prices higher than they should be and allow people who really shouldn’t be buying houses to buy them, just because they want to.
I’ve never looked into this group, but I will see what I can find out.
You have any experience with them ?? . HLS
ParticipantIt’s a cult 🙂
A group out of Mass. founded by a guy named Bruce Marks. He shows up on CNBC once in awhile.
They want people to join and be active in their group…
I’m yet to determine if he’s a good guy or a wacko.
Last I knew, they only have programs in certain areas and San diego county is not included.
There are price limits in areas that they do cover, called their service areas.I dont know much about their loans or who they are sold to. There is huge risk in no down loans, if that is what they still do.
IMO, any low down/no down programs, including FHA, artificially keep house prices higher than they should be and allow people who really shouldn’t be buying houses to buy them, just because they want to.
I’ve never looked into this group, but I will see what I can find out.
You have any experience with them ?? . HLS
ParticipantIt’s a cult 🙂
A group out of Mass. founded by a guy named Bruce Marks. He shows up on CNBC once in awhile.
They want people to join and be active in their group…
I’m yet to determine if he’s a good guy or a wacko.
Last I knew, they only have programs in certain areas and San diego county is not included.
There are price limits in areas that they do cover, called their service areas.I dont know much about their loans or who they are sold to. There is huge risk in no down loans, if that is what they still do.
IMO, any low down/no down programs, including FHA, artificially keep house prices higher than they should be and allow people who really shouldn’t be buying houses to buy them, just because they want to.
I’ve never looked into this group, but I will see what I can find out.
You have any experience with them ?? . HLS
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