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HLS
ParticipantIf you only plan on staying for a few more years and then selling, getting a 30 fixed today would be a waste.
From your profile, it sounds like you can qualify for any loan that you choose. You could refi into another 5 YR loan today and buy yourself 60 more months of security.
Your payment will be higher than what you have today. The interest might be deductible. It’s like paying for insurance. Is it worth it to you or do you want to gamble ?
Choosing a “no cost” loan today will not add anything to your balance and lock in a longer fixed period than one year. You still have a relatively cheap payment.
If rates do go lower, you can refi again.If the condo complex is a high % of tenants and going that direction, refi sooner rather than later.
Also, once you drop below 20% equity, the refi rate will be higher. Sounds like you are close to that point now.ParticipantThe “application” numbers that get reported for refi statistics are just numbers that get reported. Not really sure how accurate they are or how many lenders are actually reporting these.
Applications do not mean funded loans.Some apps get declined, some apps get submitted to more than one lender at the same time. Some loans never fund.
Earlier this year when there was some turmoil, the application number was also up leading some cheerleaders to misinterpret that number…it was possibly more duplicate apps.
When people get scared, (usually by the media) they act faster.It’s all about qualifying today. For loan amounts below $417K, PAR rates were down to 5.50% this past week, for a day or two. Lowest rates in years.
Many people today are paralyzed by fear. They don’t know what to do. Some have NO option to refi because they just don’t qualify for a loan.
For those that do qualify, and have a loan balance of less than $417K with a house worth over $521,250 AND a rate over 6.375%, they should look into a “no cost” loan.
Done properly, it wont add a dime to their loan balance, and can be amortized over the same period that they have now, it doesn’t need to stretch another 30 years.For those that bought before 2002 and never refi’d, I don’t know what typical rates they are in. It’s very possible to get better loans today.
For people with strong credit profiles, equity and assets, loans ARE easier to get. Although stated income programs aren’t offered by FNMA, with a solid loan it is possible that no income documentation will be required, just confirmation of a job.
ParticipantThe “application” numbers that get reported for refi statistics are just numbers that get reported. Not really sure how accurate they are or how many lenders are actually reporting these.
Applications do not mean funded loans.Some apps get declined, some apps get submitted to more than one lender at the same time. Some loans never fund.
Earlier this year when there was some turmoil, the application number was also up leading some cheerleaders to misinterpret that number…it was possibly more duplicate apps.
When people get scared, (usually by the media) they act faster.It’s all about qualifying today. For loan amounts below $417K, PAR rates were down to 5.50% this past week, for a day or two. Lowest rates in years.
Many people today are paralyzed by fear. They don’t know what to do. Some have NO option to refi because they just don’t qualify for a loan.
For those that do qualify, and have a loan balance of less than $417K with a house worth over $521,250 AND a rate over 6.375%, they should look into a “no cost” loan.
Done properly, it wont add a dime to their loan balance, and can be amortized over the same period that they have now, it doesn’t need to stretch another 30 years.For those that bought before 2002 and never refi’d, I don’t know what typical rates they are in. It’s very possible to get better loans today.
For people with strong credit profiles, equity and assets, loans ARE easier to get. Although stated income programs aren’t offered by FNMA, with a solid loan it is possible that no income documentation will be required, just confirmation of a job.
ParticipantThe “application” numbers that get reported for refi statistics are just numbers that get reported. Not really sure how accurate they are or how many lenders are actually reporting these.
Applications do not mean funded loans.Some apps get declined, some apps get submitted to more than one lender at the same time. Some loans never fund.
Earlier this year when there was some turmoil, the application number was also up leading some cheerleaders to misinterpret that number…it was possibly more duplicate apps.
When people get scared, (usually by the media) they act faster.It’s all about qualifying today. For loan amounts below $417K, PAR rates were down to 5.50% this past week, for a day or two. Lowest rates in years.
Many people today are paralyzed by fear. They don’t know what to do. Some have NO option to refi because they just don’t qualify for a loan.
For those that do qualify, and have a loan balance of less than $417K with a house worth over $521,250 AND a rate over 6.375%, they should look into a “no cost” loan.
Done properly, it wont add a dime to their loan balance, and can be amortized over the same period that they have now, it doesn’t need to stretch another 30 years.For those that bought before 2002 and never refi’d, I don’t know what typical rates they are in. It’s very possible to get better loans today.
For people with strong credit profiles, equity and assets, loans ARE easier to get. Although stated income programs aren’t offered by FNMA, with a solid loan it is possible that no income documentation will be required, just confirmation of a job.
ParticipantThe “application” numbers that get reported for refi statistics are just numbers that get reported. Not really sure how accurate they are or how many lenders are actually reporting these.
Applications do not mean funded loans.Some apps get declined, some apps get submitted to more than one lender at the same time. Some loans never fund.
Earlier this year when there was some turmoil, the application number was also up leading some cheerleaders to misinterpret that number…it was possibly more duplicate apps.
When people get scared, (usually by the media) they act faster.It’s all about qualifying today. For loan amounts below $417K, PAR rates were down to 5.50% this past week, for a day or two. Lowest rates in years.
Many people today are paralyzed by fear. They don’t know what to do. Some have NO option to refi because they just don’t qualify for a loan.
For those that do qualify, and have a loan balance of less than $417K with a house worth over $521,250 AND a rate over 6.375%, they should look into a “no cost” loan.
Done properly, it wont add a dime to their loan balance, and can be amortized over the same period that they have now, it doesn’t need to stretch another 30 years.For those that bought before 2002 and never refi’d, I don’t know what typical rates they are in. It’s very possible to get better loans today.
For people with strong credit profiles, equity and assets, loans ARE easier to get. Although stated income programs aren’t offered by FNMA, with a solid loan it is possible that no income documentation will be required, just confirmation of a job.
ParticipantThe “application” numbers that get reported for refi statistics are just numbers that get reported. Not really sure how accurate they are or how many lenders are actually reporting these.
Applications do not mean funded loans.Some apps get declined, some apps get submitted to more than one lender at the same time. Some loans never fund.
Earlier this year when there was some turmoil, the application number was also up leading some cheerleaders to misinterpret that number…it was possibly more duplicate apps.
When people get scared, (usually by the media) they act faster.It’s all about qualifying today. For loan amounts below $417K, PAR rates were down to 5.50% this past week, for a day or two. Lowest rates in years.
Many people today are paralyzed by fear. They don’t know what to do. Some have NO option to refi because they just don’t qualify for a loan.
For those that do qualify, and have a loan balance of less than $417K with a house worth over $521,250 AND a rate over 6.375%, they should look into a “no cost” loan.
Done properly, it wont add a dime to their loan balance, and can be amortized over the same period that they have now, it doesn’t need to stretch another 30 years.For those that bought before 2002 and never refi’d, I don’t know what typical rates they are in. It’s very possible to get better loans today.
For people with strong credit profiles, equity and assets, loans ARE easier to get. Although stated income programs aren’t offered by FNMA, with a solid loan it is possible that no income documentation will be required, just confirmation of a job.
ParticipantVIZ,
That is strange, because there was no huge move between yesterday and today. (Rates were cheaper earlier in the week though)Today’s best rate that I had was 5.50% with .375% cost.
“no cost” loans were about 6.125% today. It wouldn’t add a dime to your loan balance, and is still cheaper than 6.50% with no cost other than $350 for an appraisal.
30 YR Rates will probably be up Monday, and after that is anyone’s guess, even with a Fed rate cut on Tues.
It’s all about qualifying today. Rates are lowest they have been in a few years.
ParticipantVIZ,
That is strange, because there was no huge move between yesterday and today. (Rates were cheaper earlier in the week though)Today’s best rate that I had was 5.50% with .375% cost.
“no cost” loans were about 6.125% today. It wouldn’t add a dime to your loan balance, and is still cheaper than 6.50% with no cost other than $350 for an appraisal.
30 YR Rates will probably be up Monday, and after that is anyone’s guess, even with a Fed rate cut on Tues.
It’s all about qualifying today. Rates are lowest they have been in a few years.
ParticipantVIZ,
That is strange, because there was no huge move between yesterday and today. (Rates were cheaper earlier in the week though)Today’s best rate that I had was 5.50% with .375% cost.
“no cost” loans were about 6.125% today. It wouldn’t add a dime to your loan balance, and is still cheaper than 6.50% with no cost other than $350 for an appraisal.
30 YR Rates will probably be up Monday, and after that is anyone’s guess, even with a Fed rate cut on Tues.
It’s all about qualifying today. Rates are lowest they have been in a few years.
ParticipantVIZ,
That is strange, because there was no huge move between yesterday and today. (Rates were cheaper earlier in the week though)Today’s best rate that I had was 5.50% with .375% cost.
“no cost” loans were about 6.125% today. It wouldn’t add a dime to your loan balance, and is still cheaper than 6.50% with no cost other than $350 for an appraisal.
30 YR Rates will probably be up Monday, and after that is anyone’s guess, even with a Fed rate cut on Tues.
It’s all about qualifying today. Rates are lowest they have been in a few years.
ParticipantVIZ,
That is strange, because there was no huge move between yesterday and today. (Rates were cheaper earlier in the week though)Today’s best rate that I had was 5.50% with .375% cost.
“no cost” loans were about 6.125% today. It wouldn’t add a dime to your loan balance, and is still cheaper than 6.50% with no cost other than $350 for an appraisal.
30 YR Rates will probably be up Monday, and after that is anyone’s guess, even with a Fed rate cut on Tues.
It’s all about qualifying today. Rates are lowest they have been in a few years.
ParticipantMost agents represent ONE party, that being themselves.
No transaction equals no income, many are just used home salespeople, with little background, just like most loan people.
Most don’t exactly represent the buyer OR seller.
The seller is “paying” with money that is taken from the buyer.
I do not believe they have a fiduciary responsibility.
(But they should)
Most don’t even know what that means, nor can they spell it.I suggest that is THE BEST first question you can ask a real estate agent OR loan person…
IF they don’t know what it means, move on.ParticipantMost agents represent ONE party, that being themselves.
No transaction equals no income, many are just used home salespeople, with little background, just like most loan people.
Most don’t exactly represent the buyer OR seller.
The seller is “paying” with money that is taken from the buyer.
I do not believe they have a fiduciary responsibility.
(But they should)
Most don’t even know what that means, nor can they spell it.I suggest that is THE BEST first question you can ask a real estate agent OR loan person…
IF they don’t know what it means, move on.October 17, 2007 at 8:54 PM in reply to: Question regarding pay capital gains or buy property #89788ParticipantTo say that the “depreciation is tax deductible” is very misleading…
Your cost basis of the sold property is transferred to the acquired property. You do NOT get to write off more depreciation of the new property based on the selling price, (up to an equal amount) It’s still based on your original cost.Eventually depreciation is recaptured and figured in cost basis.
By buying out of state, depreciation can be much better, as the land value is low in many places, sometimes only 15% of the assessed value, while in CA it can be 50% or more.
Doing a 1031 in that situation can be a bit tricky, but still should be able to be done.
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