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January 27, 2009 at 4:33 PM in reply to: RUMOR: Buying another house while you currently own one… #337710January 27, 2009 at 4:33 PM in reply to: RUMOR: Buying another house while you currently own one… #337802
HLS
ParticipantOf course, you ask a great question…
1) Think about what the govt wants to accomplish.
2) Imagine if there was NO financing available for houses,, if people had to actually save money and pay cash,, obviously prices would be much lower than where they are
2a) Imagine if 50% down payment was required, houses would sell for more than #2 above
2b) Imagine if 20% down were required, with 80% financing.. you would have an orderly functioning market, with prices NEEDING to be affordable, and creating market prices higher than 2a.
2c) Allow 100% financing AND stated income loans and you create the biggest market bubble in the history of the world, which ultimately leads to the biggest economic meltdown in history.
People don’t care what they pay, they have nothing invested..Manipulating the availability of financing manipulates the prices, directly AND indirectly.
Allowing non owner pricing allows more property to be sold which benefits the govt in many ways.
Having property be UNaffordable to many and keeping prices lower DOES NOT benefit the govt.
This is not conspiracy, this is FACT.
Think about which is better for the economy, thus better for the govt and what their goals, desires and motives are… It all makes total sense.
FHA is creating the new subprime market.. HLS
ParticipantAN….
Not a problem,, I don’t have any kind of exclusive around here… AIM may have better rates than I do at times,, I have checked on occasion and found their buydowns to be outrageously high, but a fee that appears low. It just isn’t so cheap in the end.I have no idea about their service.You are correct in your post about the 5.50%..
What has been interesting lately is that some “wholesale” lenders have had really high rates lately while others are MUCH lower, over .50% less in rate..
It is amazing to me that these higher priced lenders seem to be getting plenty of business.
I checked one scenario today that was 5.375%-5.50% with several lenders, but I was able to get my borrower 4.875%… I feel sorry for those that are getting locked with the higher lenders today.
I am at 4.875% with 1 pt at the moment.I’m surprised Rayb didn’t post on this,, he has been tracking some average weekly rate info that has been helpful, but I believe different than the original post.. HLS
ParticipantAN….
Not a problem,, I don’t have any kind of exclusive around here… AIM may have better rates than I do at times,, I have checked on occasion and found their buydowns to be outrageously high, but a fee that appears low. It just isn’t so cheap in the end.I have no idea about their service.You are correct in your post about the 5.50%..
What has been interesting lately is that some “wholesale” lenders have had really high rates lately while others are MUCH lower, over .50% less in rate..
It is amazing to me that these higher priced lenders seem to be getting plenty of business.
I checked one scenario today that was 5.375%-5.50% with several lenders, but I was able to get my borrower 4.875%… I feel sorry for those that are getting locked with the higher lenders today.
I am at 4.875% with 1 pt at the moment.I’m surprised Rayb didn’t post on this,, he has been tracking some average weekly rate info that has been helpful, but I believe different than the original post.. HLS
ParticipantAN….
Not a problem,, I don’t have any kind of exclusive around here… AIM may have better rates than I do at times,, I have checked on occasion and found their buydowns to be outrageously high, but a fee that appears low. It just isn’t so cheap in the end.I have no idea about their service.You are correct in your post about the 5.50%..
What has been interesting lately is that some “wholesale” lenders have had really high rates lately while others are MUCH lower, over .50% less in rate..
It is amazing to me that these higher priced lenders seem to be getting plenty of business.
I checked one scenario today that was 5.375%-5.50% with several lenders, but I was able to get my borrower 4.875%… I feel sorry for those that are getting locked with the higher lenders today.
I am at 4.875% with 1 pt at the moment.I’m surprised Rayb didn’t post on this,, he has been tracking some average weekly rate info that has been helpful, but I believe different than the original post.. HLS
ParticipantAN….
Not a problem,, I don’t have any kind of exclusive around here… AIM may have better rates than I do at times,, I have checked on occasion and found their buydowns to be outrageously high, but a fee that appears low. It just isn’t so cheap in the end.I have no idea about their service.You are correct in your post about the 5.50%..
What has been interesting lately is that some “wholesale” lenders have had really high rates lately while others are MUCH lower, over .50% less in rate..
It is amazing to me that these higher priced lenders seem to be getting plenty of business.
I checked one scenario today that was 5.375%-5.50% with several lenders, but I was able to get my borrower 4.875%… I feel sorry for those that are getting locked with the higher lenders today.
I am at 4.875% with 1 pt at the moment.I’m surprised Rayb didn’t post on this,, he has been tracking some average weekly rate info that has been helpful, but I believe different than the original post.. HLS
ParticipantAN….
Not a problem,, I don’t have any kind of exclusive around here… AIM may have better rates than I do at times,, I have checked on occasion and found their buydowns to be outrageously high, but a fee that appears low. It just isn’t so cheap in the end.I have no idea about their service.You are correct in your post about the 5.50%..
What has been interesting lately is that some “wholesale” lenders have had really high rates lately while others are MUCH lower, over .50% less in rate..
It is amazing to me that these higher priced lenders seem to be getting plenty of business.
I checked one scenario today that was 5.375%-5.50% with several lenders, but I was able to get my borrower 4.875%… I feel sorry for those that are getting locked with the higher lenders today.
I am at 4.875% with 1 pt at the moment.I’m surprised Rayb didn’t post on this,, he has been tracking some average weekly rate info that has been helpful, but I believe different than the original post.. HLS
ParticipantI can assure you that they aren’t giving loans away.
Some of their fees are high. At the moment, I can offer a buydown to 4.50% on a $417,000 loan for $4378, almost $2000 less than them but I charge more than $1995 as my guaranteed lender fee.
Their closing agent fee + title insurance is $1625, for a refi I can get it done for $1000..
The way I see it, they fool you with a low “lender fee” and get you with high discount points and other fees.
One way or the other, you will pay.
They don’t ask what your credit score is, which is CRUCIAL in pricing a loan. It just isn’t possible to quote someone an accurate rate without knowing their mortgage credit score, and they still need to qualify.
I don’t claim to have the lowest total costs, but am competitive. If lowest price is all that is important to you, pray that nothing goes wrong.
…HLSParticipantI can assure you that they aren’t giving loans away.
Some of their fees are high. At the moment, I can offer a buydown to 4.50% on a $417,000 loan for $4378, almost $2000 less than them but I charge more than $1995 as my guaranteed lender fee.
Their closing agent fee + title insurance is $1625, for a refi I can get it done for $1000..
The way I see it, they fool you with a low “lender fee” and get you with high discount points and other fees.
One way or the other, you will pay.
They don’t ask what your credit score is, which is CRUCIAL in pricing a loan. It just isn’t possible to quote someone an accurate rate without knowing their mortgage credit score, and they still need to qualify.
I don’t claim to have the lowest total costs, but am competitive. If lowest price is all that is important to you, pray that nothing goes wrong.
…HLSParticipantI can assure you that they aren’t giving loans away.
Some of their fees are high. At the moment, I can offer a buydown to 4.50% on a $417,000 loan for $4378, almost $2000 less than them but I charge more than $1995 as my guaranteed lender fee.
Their closing agent fee + title insurance is $1625, for a refi I can get it done for $1000..
The way I see it, they fool you with a low “lender fee” and get you with high discount points and other fees.
One way or the other, you will pay.
They don’t ask what your credit score is, which is CRUCIAL in pricing a loan. It just isn’t possible to quote someone an accurate rate without knowing their mortgage credit score, and they still need to qualify.
I don’t claim to have the lowest total costs, but am competitive. If lowest price is all that is important to you, pray that nothing goes wrong.
…HLSParticipantI can assure you that they aren’t giving loans away.
Some of their fees are high. At the moment, I can offer a buydown to 4.50% on a $417,000 loan for $4378, almost $2000 less than them but I charge more than $1995 as my guaranteed lender fee.
Their closing agent fee + title insurance is $1625, for a refi I can get it done for $1000..
The way I see it, they fool you with a low “lender fee” and get you with high discount points and other fees.
One way or the other, you will pay.
They don’t ask what your credit score is, which is CRUCIAL in pricing a loan. It just isn’t possible to quote someone an accurate rate without knowing their mortgage credit score, and they still need to qualify.
I don’t claim to have the lowest total costs, but am competitive. If lowest price is all that is important to you, pray that nothing goes wrong.
…HLSParticipantI can assure you that they aren’t giving loans away.
Some of their fees are high. At the moment, I can offer a buydown to 4.50% on a $417,000 loan for $4378, almost $2000 less than them but I charge more than $1995 as my guaranteed lender fee.
Their closing agent fee + title insurance is $1625, for a refi I can get it done for $1000..
The way I see it, they fool you with a low “lender fee” and get you with high discount points and other fees.
One way or the other, you will pay.
They don’t ask what your credit score is, which is CRUCIAL in pricing a loan. It just isn’t possible to quote someone an accurate rate without knowing their mortgage credit score, and they still need to qualify.
I don’t claim to have the lowest total costs, but am competitive. If lowest price is all that is important to you, pray that nothing goes wrong.
…HLSParticipant2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
Participant2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
Participant2nds are harder to come by. The same lender that I quoted above will go to 80% in VA, but only to 75% in CA.. choice of 15 YR or 20 YR, fully amortized.
Interest only might be available at a higher rate.It can get complicated and EVERYTHING is subject to change.
I don’t know what credit unions offer. I deal with wholesale lenders.
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