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HLS
ParticipantI grew up in So Cal.. I remember when Irvine was orange groves, when Temecula was Rancho California in the 1960’s with very few houses, before Magic Mountain was in Valencia, etc.
The area exploded in the 70’s-80’s because housing was AFFORDABLE.
It made sense to buy and real estate wasn’t looked at as a road to riches, buying overpriced McMansions with ARM’s and other toxic loans created by Wall Street that were going to explode.You actually had to qualify for a loan, which you could get with as little as 5% dow, and prove your income.
This isn’t a “downturn”, it’s a return to sanity.
The denial about what happened and thinking that you need/have a “chance” to buy a house is laughable.
The REAL crisis was the market bubble that the govt allowed to inflate.
The collapse of housing prices isn’t a crisis.Foreclosures are not the problem, they are the solution.
The stock market is in the same boat. Believing that it’s a safe place for retirement may be foolish.
Until several generations accept/understand what was allowed to occur and that housing and the stock market are ponzi schemes, the charade will go on; artificially manipulating the market is the problem, not the solution.
Never buy a house EXPECTING it to go up. Appreciation should be a bonus….HLS
ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
ParticipantTK.. WTF ??
“brokers stall the process” ??
You’re killing me with your generalizations…Are you going to also tell me that a waitress waits to bring you your food, so you won’t leave and go somewhere else. You’ll be so hungry, you’ll just stay and eat it.
The borrower decides when to lock, not the mortgage person. If YOU lock at 5.50% that is your decision.
A lock is COMMITMENT. It’s like buying a stock. You do your homework BEFORE you decide to lock.
If you bought a stock at $20 and it is lower a minute later, you don’t get a lower price.
Why would you lock at 5.50% if you are quoted 4.875% ? I know that people think they can constantly relock loans if rates drop a day or week later. They are called A-HOLES.
Locks are a serious business. Borrowers like you are just looking to play games. You aren’t ready for a loan. Stay home and play Monopoly for a few more years.
You are a “first time buyer” but talk like you are an expert. Are you learning this from some other clueless “experts” on this blog ?
Who told you that “The smaller ones seem to ALWAYS resell the mortgage” ?
The same idiot that told you the “common tactic you refer to?What’s the difference ?? Because of contractual agreements, I was able to get better rates for the borrower at one of the best lenders in the country by going through a company that you refer to as a “smaller one” rather than going directly to the company.
You can pay for as many appraisals as you want to. You are apparently an FHA expert as well ?
I’m glad that it’s a “mute” point for you.The mentality of people like you is beyond belief and foolish. Take a jar of vaseline with you when you get your loan. You’ll need it while you’re getting nitpicked during the tedious process that you will be going through. You deserve it too.
ParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSParticipantTK.. What’s the point ?
What is “competition among lenders” ?Who said that the process is long and tedious ?
In December I was closing purchase loans in 14 days.This month I am waiting 10-14 days for an underwriter to review the file. It’s taking 20-30 days from start to finish this month.
Part of the process is an appraisal. You want to pay for two appraisals ? If you aren’t going to pay for an appraisal, the loan isn’t going anywhere.
Escrow will only work with ONE lender on a purchase.
.. HLSParticipantFormer is correct…
Confirming that the middle score gets used.In the case of 2 people on a loan, the lowest borrower’s middle score is used to price the loan.
This can be costly.If someone’s income is not needed for a loan, it is possible to be on the deed without being on the loan. Their credit score & income isn’t used.
If you are on the loan, you must be on the deed.
ParticipantFormer is correct…
Confirming that the middle score gets used.In the case of 2 people on a loan, the lowest borrower’s middle score is used to price the loan.
This can be costly.If someone’s income is not needed for a loan, it is possible to be on the deed without being on the loan. Their credit score & income isn’t used.
If you are on the loan, you must be on the deed.
ParticipantFormer is correct…
Confirming that the middle score gets used.In the case of 2 people on a loan, the lowest borrower’s middle score is used to price the loan.
This can be costly.If someone’s income is not needed for a loan, it is possible to be on the deed without being on the loan. Their credit score & income isn’t used.
If you are on the loan, you must be on the deed.
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