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September 10, 2008 at 1:57 PM in reply to: Will owning a home soon become as common as owning a car? #268918September 10, 2008 at 1:57 PM in reply to: Will owning a home soon become as common as owning a car? #268947
HLS
ParticipantTrue rent control doesn’t set the bar on rates,
It allows people to have reasonable increases in their rent that doesn’t force them to move…
When they do move, you can increase to market rents. No subletting allowed.If it’s not worth it for a landlord to live with those rules, then don’t buy the property and don’t become a landlord.
You might get a tenant that will stay for 40 years, and they can live the “New American Dream” without owning a home.
In the process they will pay off your mortgage, and you will have something to pass on to your heirs. They will continue to collect rent.
Even if the property never appreciates, it’s better than SSI which stops the month that you drop dead
Less demand will result in lower, more stable prices. You cannot have it both ways.
I don’t care if prices stay the same for 20 years.
EXPECTING appreciation has been one of the biggest problems contributing to the housing mess.There are still benefits to owning rental property that never appreciates.
Govt setting rental rates,,,, now that would be a terrible idea.
HLS
September 10, 2008 at 9:10 AM in reply to: Will owning a home soon become as common as owning a car? #268554ParticipantIt’s a great way to turn nice neighborhoods into slums… The govt shouldn’t be involved in housing.
I know that it’s anti American, but the “AMERICAN DREAM” needs to redefined, and it shouldn’t involve home ownership that helps the economy.
It SHOULD involve morals, ethics, education, saving money, family values, etc.
If it takes a national program of rent control to let people know that they can have an affordable place to live their entire lives and achieve the “New American Dream” then so be it.
I’ve been a landlord for 25 years and continue to be one. If it didn’t pencil out, I just wouldn’t buy property.
Mandatory down payments of 10%-20% will correct the housing market on its own.
The 0%-3% down payment programs only cause housing prices to remain artificially inflated.
I’m in the mortgage biz and think that these low down programs are irresponsible.
HLS
September 10, 2008 at 9:10 AM in reply to: Will owning a home soon become as common as owning a car? #268779ParticipantIt’s a great way to turn nice neighborhoods into slums… The govt shouldn’t be involved in housing.
I know that it’s anti American, but the “AMERICAN DREAM” needs to redefined, and it shouldn’t involve home ownership that helps the economy.
It SHOULD involve morals, ethics, education, saving money, family values, etc.
If it takes a national program of rent control to let people know that they can have an affordable place to live their entire lives and achieve the “New American Dream” then so be it.
I’ve been a landlord for 25 years and continue to be one. If it didn’t pencil out, I just wouldn’t buy property.
Mandatory down payments of 10%-20% will correct the housing market on its own.
The 0%-3% down payment programs only cause housing prices to remain artificially inflated.
I’m in the mortgage biz and think that these low down programs are irresponsible.
HLS
September 10, 2008 at 9:10 AM in reply to: Will owning a home soon become as common as owning a car? #268791ParticipantIt’s a great way to turn nice neighborhoods into slums… The govt shouldn’t be involved in housing.
I know that it’s anti American, but the “AMERICAN DREAM” needs to redefined, and it shouldn’t involve home ownership that helps the economy.
It SHOULD involve morals, ethics, education, saving money, family values, etc.
If it takes a national program of rent control to let people know that they can have an affordable place to live their entire lives and achieve the “New American Dream” then so be it.
I’ve been a landlord for 25 years and continue to be one. If it didn’t pencil out, I just wouldn’t buy property.
Mandatory down payments of 10%-20% will correct the housing market on its own.
The 0%-3% down payment programs only cause housing prices to remain artificially inflated.
I’m in the mortgage biz and think that these low down programs are irresponsible.
HLS
September 10, 2008 at 9:10 AM in reply to: Will owning a home soon become as common as owning a car? #268838ParticipantIt’s a great way to turn nice neighborhoods into slums… The govt shouldn’t be involved in housing.
I know that it’s anti American, but the “AMERICAN DREAM” needs to redefined, and it shouldn’t involve home ownership that helps the economy.
It SHOULD involve morals, ethics, education, saving money, family values, etc.
If it takes a national program of rent control to let people know that they can have an affordable place to live their entire lives and achieve the “New American Dream” then so be it.
I’ve been a landlord for 25 years and continue to be one. If it didn’t pencil out, I just wouldn’t buy property.
Mandatory down payments of 10%-20% will correct the housing market on its own.
The 0%-3% down payment programs only cause housing prices to remain artificially inflated.
I’m in the mortgage biz and think that these low down programs are irresponsible.
HLS
September 10, 2008 at 9:10 AM in reply to: Will owning a home soon become as common as owning a car? #268865ParticipantIt’s a great way to turn nice neighborhoods into slums… The govt shouldn’t be involved in housing.
I know that it’s anti American, but the “AMERICAN DREAM” needs to redefined, and it shouldn’t involve home ownership that helps the economy.
It SHOULD involve morals, ethics, education, saving money, family values, etc.
If it takes a national program of rent control to let people know that they can have an affordable place to live their entire lives and achieve the “New American Dream” then so be it.
I’ve been a landlord for 25 years and continue to be one. If it didn’t pencil out, I just wouldn’t buy property.
Mandatory down payments of 10%-20% will correct the housing market on its own.
The 0%-3% down payment programs only cause housing prices to remain artificially inflated.
I’m in the mortgage biz and think that these low down programs are irresponsible.
HLS
September 10, 2008 at 1:37 AM in reply to: Will owning a home soon become as common as owning a car? #268474ParticipantDepends what part of the country…
Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
September 10, 2008 at 1:37 AM in reply to: Will owning a home soon become as common as owning a car? #268698ParticipantDepends what part of the country…
Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
September 10, 2008 at 1:37 AM in reply to: Will owning a home soon become as common as owning a car? #268712ParticipantDepends what part of the country…
Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
September 10, 2008 at 1:37 AM in reply to: Will owning a home soon become as common as owning a car? #268756ParticipantDepends what part of the country…
Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
September 10, 2008 at 1:37 AM in reply to: Will owning a home soon become as common as owning a car? #268786ParticipantDepends what part of the country…
Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
ParticipantCan a broker post today’s rates for common Pigg, i.e., 400K loan with 20% down, 750FICO+.
Is there a good site to track average low rate?
*********************
Tuesday’s best wholesale rate that I had for a strong borrower was 5.50%$417K loan max
20% equity
720 or higher mid credit score
Full Doc
30 YR fixed (15 YR @ 5.25%)
Impound account for taxes
Owner occupied
Purchase OR REFI without any cash out.
1 point origination fee
(OR 5.75% without origination fee)
30 day lock
+ 3rd party fees
—————————–
Jumbo loans OVER $417K
20% equity
740 or above mid credit score
As above 5.75%
(or 6.125% without origination fee)
With 25% equity
5.625% (OR 6.00%)
*********************
It’s all about qualifying.
Who cares about “average rates”
It’s all about qualifying !!Some lenders wont lock jumbo loans until the loan is underwritten.
Most people don’t get the best rate that they actually qualify for.
Doesn’t matter if it’s a Bank, CU or through a broker.Rates subject to change at anytime.
When you shop by rate, you are asking to be fooled, and don’t understand what you are doing.
HLS
ParticipantCan a broker post today’s rates for common Pigg, i.e., 400K loan with 20% down, 750FICO+.
Is there a good site to track average low rate?
*********************
Tuesday’s best wholesale rate that I had for a strong borrower was 5.50%$417K loan max
20% equity
720 or higher mid credit score
Full Doc
30 YR fixed (15 YR @ 5.25%)
Impound account for taxes
Owner occupied
Purchase OR REFI without any cash out.
1 point origination fee
(OR 5.75% without origination fee)
30 day lock
+ 3rd party fees
—————————–
Jumbo loans OVER $417K
20% equity
740 or above mid credit score
As above 5.75%
(or 6.125% without origination fee)
With 25% equity
5.625% (OR 6.00%)
*********************
It’s all about qualifying.
Who cares about “average rates”
It’s all about qualifying !!Some lenders wont lock jumbo loans until the loan is underwritten.
Most people don’t get the best rate that they actually qualify for.
Doesn’t matter if it’s a Bank, CU or through a broker.Rates subject to change at anytime.
When you shop by rate, you are asking to be fooled, and don’t understand what you are doing.
HLS
ParticipantCan a broker post today’s rates for common Pigg, i.e., 400K loan with 20% down, 750FICO+.
Is there a good site to track average low rate?
*********************
Tuesday’s best wholesale rate that I had for a strong borrower was 5.50%$417K loan max
20% equity
720 or higher mid credit score
Full Doc
30 YR fixed (15 YR @ 5.25%)
Impound account for taxes
Owner occupied
Purchase OR REFI without any cash out.
1 point origination fee
(OR 5.75% without origination fee)
30 day lock
+ 3rd party fees
—————————–
Jumbo loans OVER $417K
20% equity
740 or above mid credit score
As above 5.75%
(or 6.125% without origination fee)
With 25% equity
5.625% (OR 6.00%)
*********************
It’s all about qualifying.
Who cares about “average rates”
It’s all about qualifying !!Some lenders wont lock jumbo loans until the loan is underwritten.
Most people don’t get the best rate that they actually qualify for.
Doesn’t matter if it’s a Bank, CU or through a broker.Rates subject to change at anytime.
When you shop by rate, you are asking to be fooled, and don’t understand what you are doing.
HLS
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