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HLS
ParticipantDid he also mention how well the govt handled Katrina with Bush’s buddy Brownie ?
Did he mention that the growth without pause for 6 years could be followed by devstating pause of the next 10-15 years for the next admin to clean up.
Did he mention how much money has been printed since 2001 or how much oil/gas has increased ?
and how much his personal wealth has increased…And thanks to the current admin. how safe we are because we cannot take toothpaste and more than 3 ounces of shampoo on an airplane and we must take our shoes off at “security”
And how many lives have been lost in Iraq,,,
And how many people have lost homes….How millions spend money on credit on stuff that they cannot afford….
This is all envious stuff for sure!~!
Bush, you’re doin’ a helluva job, EXACTLY like the helluva job that Brownie did after Katrina.
He can’t do a press conference without pre arranged questions.
It’s a good thing that he has an MBA.
That’s what must have saved us.ParticipantTo Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
ParticipantTo Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
ParticipantTo Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
ParticipantTo Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
ParticipantTo Larry The Renter, In re-reading your post, perhaps I misunderstood your previous question.
I was referring to a 30 YR fixed NOT being available “no cost at 6%” Do you want another ARM ?IF you qualify,
Below $417K with 40% equity,SFR, NON owner 30 YR fixed P&I, No cash out, WITH a 1pt cost,is 6% today.
For Interest Only ARMS:
5 YR 5.375%
7 YR 5.50%
10YR 5.75%When you asked about “no points” I’m not sure if you are asking about a total “no cost” loan or just one without an origination point.
For a loan without origination point, but still paying 3rd party closing costs (Title, escrow, Recording, Notary etc)
ARMS
5 YR 5.875%
7 YR 6.00%If you want a total NO COST/NO FEE loan:
5 YR 6.375%
7 YR 6.375% (Same as 5 YR!)
10YR 6.75%
30 YR fixed 6.625% (P & I)This means that if your loan is $300K today, it will still be $300K when you are done. (It will require an impound account for the best rate, which is a bit extra)
The above depends on your loan amount, but it appears that you can get a much better loan than you have today by paying some costs. Worst case getting a true no cost loan without adding to your loan balance you can still have a better rate than what you have now, and fixing the rate for another 5-7 years.
(This assumes that you can qualify. Let me know if you need any additional info. As always, rates subject to change until locked)
ParticipantIt’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.Profits are privitized… Losses are socialized.
Welcome to United Socialist America.ParticipantIt’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.Profits are privitized… Losses are socialized.
Welcome to United Socialist America.ParticipantIt’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.Profits are privitized… Losses are socialized.
Welcome to United Socialist America.ParticipantIt’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.Profits are privitized… Losses are socialized.
Welcome to United Socialist America.ParticipantIt’s a tiny change to average consumer. You need to think national, not just local.
It’s another explanation of why the rich will get richer and the poor will get poorer.
It’s not going to help that many people who would not have otherwise qualified, it’s just going to be a lower payment for some.On Monday, I had a well qualified borrower who easily qualified for an $800K purchase, full doc.
As of Wednesday, his payment will now be lower for $800K, or he can now afford an $870K house and with a simliar payment, and still be at the JC limit.The govt REALLY doesn’t know what to do, but is willing to try ANYTHING to artificially keep prices up and prolong the
downturn, they aren’t got to stop it.To bail out the irresponsible, the next 2 crazy things that I am expecting from DC are:
a)Refi’s at 120% of property values.
b)Cutting principal balances of loans to keep sheeple from walking. (or some combination/variation)After the $600 stimulus doesn’t work, they will print $1200 checks for the next one.
This should ALL be an OUTRAGE to responsible people.
I am expecting riots in the streets to ensue when people realize what has happened.Profits are privitized… Losses are socialized.
Welcome to United Socialist America.ParticipantNic,
What are YOU thinking ??
As a mortgage professional, I tell people that it’s just gambling to get a 5 YR ARM, unless you are 90% sure that you won’t have that loan in 6-7 years.
If you plan on keeping the property for more than 7 years, in my opinion it would be very foolish to get the ARM.
You cannot put a price on the stress that many people face because their ARM will be adjusting in 12-24 months. (Some are freaking out, as they don’t qualify for a refi today)
The security of a 30YR fixed is cheap insurance.You have no idea what any of the following will be in 5 YRS:
a) Interest Rates
b) Property Value
c) Your credit score
d) Your ability to qualify for a loanMortgage rates are historically low NOW. WHY GAMBLE ?
(For .005% for only 5 yrs ?)If you plan on keeping the property, you think that rates will be lower in 5 years ? Even if you are right then you have the added expense of refinancing again.
If you can predict interest rates, who cares what your mortgage rate is. You can make a fortune trading bonds on Wall Street and pay cash for your house.
At today’s rate, I don’t think that anybody is offering you a “no fee no cost” loan at 5.375%/5.875%.
Please correct me if I am wrong.Do you understand that if you plan on keeping the loan for more than 4-5 years, getting the “no cost” loan is a poor decision ? There are no FREE loans. You pay a higher rate for the life of the loan.
FNMA 5 YR JC ARM’s are a HIGHER rate than 30 YR Fixed.
Yes it is dumb. (Cheaper 5 YR ARM’s are only available below $417K)I cannot believe the number of people who want to play games with the largest financing decision of their lives, and some make choices based on the words out of a hotties mouth on CNBC or a misleading commercial.
ParticipantNic,
What are YOU thinking ??
As a mortgage professional, I tell people that it’s just gambling to get a 5 YR ARM, unless you are 90% sure that you won’t have that loan in 6-7 years.
If you plan on keeping the property for more than 7 years, in my opinion it would be very foolish to get the ARM.
You cannot put a price on the stress that many people face because their ARM will be adjusting in 12-24 months. (Some are freaking out, as they don’t qualify for a refi today)
The security of a 30YR fixed is cheap insurance.You have no idea what any of the following will be in 5 YRS:
a) Interest Rates
b) Property Value
c) Your credit score
d) Your ability to qualify for a loanMortgage rates are historically low NOW. WHY GAMBLE ?
(For .005% for only 5 yrs ?)If you plan on keeping the property, you think that rates will be lower in 5 years ? Even if you are right then you have the added expense of refinancing again.
If you can predict interest rates, who cares what your mortgage rate is. You can make a fortune trading bonds on Wall Street and pay cash for your house.
At today’s rate, I don’t think that anybody is offering you a “no fee no cost” loan at 5.375%/5.875%.
Please correct me if I am wrong.Do you understand that if you plan on keeping the loan for more than 4-5 years, getting the “no cost” loan is a poor decision ? There are no FREE loans. You pay a higher rate for the life of the loan.
FNMA 5 YR JC ARM’s are a HIGHER rate than 30 YR Fixed.
Yes it is dumb. (Cheaper 5 YR ARM’s are only available below $417K)I cannot believe the number of people who want to play games with the largest financing decision of their lives, and some make choices based on the words out of a hotties mouth on CNBC or a misleading commercial.
ParticipantNic,
What are YOU thinking ??
As a mortgage professional, I tell people that it’s just gambling to get a 5 YR ARM, unless you are 90% sure that you won’t have that loan in 6-7 years.
If you plan on keeping the property for more than 7 years, in my opinion it would be very foolish to get the ARM.
You cannot put a price on the stress that many people face because their ARM will be adjusting in 12-24 months. (Some are freaking out, as they don’t qualify for a refi today)
The security of a 30YR fixed is cheap insurance.You have no idea what any of the following will be in 5 YRS:
a) Interest Rates
b) Property Value
c) Your credit score
d) Your ability to qualify for a loanMortgage rates are historically low NOW. WHY GAMBLE ?
(For .005% for only 5 yrs ?)If you plan on keeping the property, you think that rates will be lower in 5 years ? Even if you are right then you have the added expense of refinancing again.
If you can predict interest rates, who cares what your mortgage rate is. You can make a fortune trading bonds on Wall Street and pay cash for your house.
At today’s rate, I don’t think that anybody is offering you a “no fee no cost” loan at 5.375%/5.875%.
Please correct me if I am wrong.Do you understand that if you plan on keeping the loan for more than 4-5 years, getting the “no cost” loan is a poor decision ? There are no FREE loans. You pay a higher rate for the life of the loan.
FNMA 5 YR JC ARM’s are a HIGHER rate than 30 YR Fixed.
Yes it is dumb. (Cheaper 5 YR ARM’s are only available below $417K)I cannot believe the number of people who want to play games with the largest financing decision of their lives, and some make choices based on the words out of a hotties mouth on CNBC or a misleading commercial.
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