[HLS]

[quote=profhoff]Why are condos so hard to finance?[/quote]

Risk & Reward is what FNMA etc look at based on their past experience. Higher credit scores/ larger down payments have led to fewer defaults.
(why they still allow low down payments proves this is all a scam)

Condos have proved to be riskier than homes, and conversions even worse. Some condos cannot be financed at all, even with 50% down. Some associations are insolvent or have too many rentals.

Condos with less than 25% equity now cost more to get a loan, and I have been told that higher loan pricing is coming very shortly… HLS

[HLS]

[quote=profhoff]Why are condos so hard to finance?[/quote]

Risk & Reward is what FNMA etc look at based on their past experience. Higher credit scores/ larger down payments have led to fewer defaults.
(why they still allow low down payments proves this is all a scam)

Condos have proved to be riskier than homes, and conversions even worse. Some condos cannot be financed at all, even with 50% down. Some associations are insolvent or have too many rentals.

Condos with less than 25% equity now cost more to get a loan, and I have been told that higher loan pricing is coming very shortly… HLS

[HLS]

Good post Ray…

There are ONLY 2 different types of loans..

1)Purchases
&
2)Refi’s

With refi’s, I can guarantee what the total 3rd closing costs will be. Title, escrow, lender underwriting, notary, appraisal, county recording etc. If a mortgage person cannot guarantee these costs, they don’t know what they are doing. RUN and be very afraid.

Different title/escrow companies charge different fees, and some have crazy added fees, like an “email doc fee” which is a charge of $75 to $150 to print out loan docs that are emailed to them. This is about $3 or $4 worth of paper and ink. I avoid these nonsense fees.

With purchases, buyer’s usually agree to SELLER’S CHOICE of escrow. I have no idea what those fees will be until escrow provides them. BE CAREFUL what you agree to !!

Any decent, honorable mortgage provider should be able to tell you EXACTLY how much their fee is for your loan and also be able to guarantee your costs on a refi.

You should also ask if they are getting ANYTHING back in commission/rebate from the lender.
If they hesitate or stumble in answering this simple question, they are probably lying to you, and not offering you the lowest rate that you qualify for at that time.

A bank employee usually doesn’t understand this question. They will tell you that they have no fees (which isn’t true) They typically charge a higher rate to compensate for this misleading answer. This is allowed because of lobbyists in Washington for the banking industry. HLS

[HLS]

Good post Ray…

There are ONLY 2 different types of loans..

1)Purchases
&
2)Refi’s

With refi’s, I can guarantee what the total 3rd closing costs will be. Title, escrow, lender underwriting, notary, appraisal, county recording etc. If a mortgage person cannot guarantee these costs, they don’t know what they are doing. RUN and be very afraid.

Different title/escrow companies charge different fees, and some have crazy added fees, like an “email doc fee” which is a charge of $75 to $150 to print out loan docs that are emailed to them. This is about $3 or $4 worth of paper and ink. I avoid these nonsense fees.

With purchases, buyer’s usually agree to SELLER’S CHOICE of escrow. I have no idea what those fees will be until escrow provides them. BE CAREFUL what you agree to !!

Any decent, honorable mortgage provider should be able to tell you EXACTLY how much their fee is for your loan and also be able to guarantee your costs on a refi.

You should also ask if they are getting ANYTHING back in commission/rebate from the lender.
If they hesitate or stumble in answering this simple question, they are probably lying to you, and not offering you the lowest rate that you qualify for at that time.

A bank employee usually doesn’t understand this question. They will tell you that they have no fees (which isn’t true) They typically charge a higher rate to compensate for this misleading answer. This is allowed because of lobbyists in Washington for the banking industry. HLS

[HLS]

Good post Ray…

There are ONLY 2 different types of loans..

1)Purchases
&
2)Refi’s

With refi’s, I can guarantee what the total 3rd closing costs will be. Title, escrow, lender underwriting, notary, appraisal, county recording etc. If a mortgage person cannot guarantee these costs, they don’t know what they are doing. RUN and be very afraid.

Different title/escrow companies charge different fees, and some have crazy added fees, like an “email doc fee” which is a charge of $75 to $150 to print out loan docs that are emailed to them. This is about $3 or $4 worth of paper and ink. I avoid these nonsense fees.

With purchases, buyer’s usually agree to SELLER’S CHOICE of escrow. I have no idea what those fees will be until escrow provides them. BE CAREFUL what you agree to !!

Any decent, honorable mortgage provider should be able to tell you EXACTLY how much their fee is for your loan and also be able to guarantee your costs on a refi.

You should also ask if they are getting ANYTHING back in commission/rebate from the lender.
If they hesitate or stumble in answering this simple question, they are probably lying to you, and not offering you the lowest rate that you qualify for at that time.

A bank employee usually doesn’t understand this question. They will tell you that they have no fees (which isn’t true) They typically charge a higher rate to compensate for this misleading answer. This is allowed because of lobbyists in Washington for the banking industry. HLS

[HLS]

Good post Ray…

There are ONLY 2 different types of loans..

1)Purchases
&
2)Refi’s

With refi’s, I can guarantee what the total 3rd closing costs will be. Title, escrow, lender underwriting, notary, appraisal, county recording etc. If a mortgage person cannot guarantee these costs, they don’t know what they are doing. RUN and be very afraid.

Different title/escrow companies charge different fees, and some have crazy added fees, like an “email doc fee” which is a charge of $75 to $150 to print out loan docs that are emailed to them. This is about $3 or $4 worth of paper and ink. I avoid these nonsense fees.

With purchases, buyer’s usually agree to SELLER’S CHOICE of escrow. I have no idea what those fees will be until escrow provides them. BE CAREFUL what you agree to !!

Any decent, honorable mortgage provider should be able to tell you EXACTLY how much their fee is for your loan and also be able to guarantee your costs on a refi.

You should also ask if they are getting ANYTHING back in commission/rebate from the lender.
If they hesitate or stumble in answering this simple question, they are probably lying to you, and not offering you the lowest rate that you qualify for at that time.

A bank employee usually doesn’t understand this question. They will tell you that they have no fees (which isn’t true) They typically charge a higher rate to compensate for this misleading answer. This is allowed because of lobbyists in Washington for the banking industry. HLS

[HLS]

Good post Ray…

There are ONLY 2 different types of loans..

1)Purchases
&
2)Refi’s

With refi’s, I can guarantee what the total 3rd closing costs will be. Title, escrow, lender underwriting, notary, appraisal, county recording etc. If a mortgage person cannot guarantee these costs, they don’t know what they are doing. RUN and be very afraid.

Different title/escrow companies charge different fees, and some have crazy added fees, like an “email doc fee” which is a charge of $75 to $150 to print out loan docs that are emailed to them. This is about $3 or $4 worth of paper and ink. I avoid these nonsense fees.

With purchases, buyer’s usually agree to SELLER’S CHOICE of escrow. I have no idea what those fees will be until escrow provides them. BE CAREFUL what you agree to !!

Any decent, honorable mortgage provider should be able to tell you EXACTLY how much their fee is for your loan and also be able to guarantee your costs on a refi.

You should also ask if they are getting ANYTHING back in commission/rebate from the lender.
If they hesitate or stumble in answering this simple question, they are probably lying to you, and not offering you the lowest rate that you qualify for at that time.

A bank employee usually doesn’t understand this question. They will tell you that they have no fees (which isn’t true) They typically charge a higher rate to compensate for this misleading answer. This is allowed because of lobbyists in Washington for the banking industry. HLS

[HLS]

Rayb,,,
Curious what your contacts are predicting for the next few weeks…
Next weeks averages will be interesting again.

This past week was pretty quiet. Prime conforming rate was around 4.75%-4.875% much of the week, but spiked up on Friday to 5.00%+
Jumbos are well off their lows also…

Compared to previous weeks of some crazy volatility, this week was tame.

For those waiting for lower rates, at the moment, the market has gone thousands of dollars against you.
You may have missed the opportunity for historically low rates…. and are now like deer in headlights, not knowing what to do.

I’m still amazed at the number of people recently who thought that rates just had to go lower which tells me that we may have seen the lows and are well off them.

Greed combined with foolishness is a dangerous thing.The masses are usually wrong.. HLS

[HLS]

Rayb,,,
Curious what your contacts are predicting for the next few weeks…
Next weeks averages will be interesting again.

This past week was pretty quiet. Prime conforming rate was around 4.75%-4.875% much of the week, but spiked up on Friday to 5.00%+
Jumbos are well off their lows also…

Compared to previous weeks of some crazy volatility, this week was tame.

For those waiting for lower rates, at the moment, the market has gone thousands of dollars against you.
You may have missed the opportunity for historically low rates…. and are now like deer in headlights, not knowing what to do.

I’m still amazed at the number of people recently who thought that rates just had to go lower which tells me that we may have seen the lows and are well off them.

Greed combined with foolishness is a dangerous thing.The masses are usually wrong.. HLS

[HLS]

Rayb,,,
Curious what your contacts are predicting for the next few weeks…
Next weeks averages will be interesting again.

This past week was pretty quiet. Prime conforming rate was around 4.75%-4.875% much of the week, but spiked up on Friday to 5.00%+
Jumbos are well off their lows also…

Compared to previous weeks of some crazy volatility, this week was tame.

For those waiting for lower rates, at the moment, the market has gone thousands of dollars against you.
You may have missed the opportunity for historically low rates…. and are now like deer in headlights, not knowing what to do.

I’m still amazed at the number of people recently who thought that rates just had to go lower which tells me that we may have seen the lows and are well off them.

Greed combined with foolishness is a dangerous thing.The masses are usually wrong.. HLS

[HLS]

Rayb,,,
Curious what your contacts are predicting for the next few weeks…
Next weeks averages will be interesting again.

This past week was pretty quiet. Prime conforming rate was around 4.75%-4.875% much of the week, but spiked up on Friday to 5.00%+
Jumbos are well off their lows also…

Compared to previous weeks of some crazy volatility, this week was tame.

For those waiting for lower rates, at the moment, the market has gone thousands of dollars against you.
You may have missed the opportunity for historically low rates…. and are now like deer in headlights, not knowing what to do.

I’m still amazed at the number of people recently who thought that rates just had to go lower which tells me that we may have seen the lows and are well off them.

Greed combined with foolishness is a dangerous thing.The masses are usually wrong.. HLS

[HLS]

Rayb,,,
Curious what your contacts are predicting for the next few weeks…
Next weeks averages will be interesting again.

This past week was pretty quiet. Prime conforming rate was around 4.75%-4.875% much of the week, but spiked up on Friday to 5.00%+
Jumbos are well off their lows also…

Compared to previous weeks of some crazy volatility, this week was tame.

For those waiting for lower rates, at the moment, the market has gone thousands of dollars against you.
You may have missed the opportunity for historically low rates…. and are now like deer in headlights, not knowing what to do.

I’m still amazed at the number of people recently who thought that rates just had to go lower which tells me that we may have seen the lows and are well off them.

Greed combined with foolishness is a dangerous thing.The masses are usually wrong.. HLS

[HLS]

I think that FHA should only be of interest if you have a mid credit score below 660-700 AND cannot come up with an extra 1.5% down (Total of 5% down)
The added cost for FHA loans is a sin.

I don’t know what to expect or how low rates will get, but if they go lower, FNMA will go down as well, not just FHA.

In my opinion, nobody should buy a house if you only have 3.5% or 5% down. You are upside down from the day you buy it, which is not a good feeling.

I’ll still offer to get you the best loan that I can…

If a miminum of 10% down was required, we wouldn’t be on the verge of a global depression and houses would be much cheaper nationwide, and much more affordable.

The housing market is ponzi scheme, soon to be known as a MADOFF.

Buy a house like you buy a car. You can afford the payment and you expect it to drop in value.

Just my two cents….

[HLS]

I think that FHA should only be of interest if you have a mid credit score below 660-700 AND cannot come up with an extra 1.5% down (Total of 5% down)
The added cost for FHA loans is a sin.

I don’t know what to expect or how low rates will get, but if they go lower, FNMA will go down as well, not just FHA.

In my opinion, nobody should buy a house if you only have 3.5% or 5% down. You are upside down from the day you buy it, which is not a good feeling.

I’ll still offer to get you the best loan that I can…

If a miminum of 10% down was required, we wouldn’t be on the verge of a global depression and houses would be much cheaper nationwide, and much more affordable.

The housing market is ponzi scheme, soon to be known as a MADOFF.

Buy a house like you buy a car. You can afford the payment and you expect it to drop in value.

Just my two cents….

[HLS]

I think that FHA should only be of interest if you have a mid credit score below 660-700 AND cannot come up with an extra 1.5% down (Total of 5% down)
The added cost for FHA loans is a sin.

I don’t know what to expect or how low rates will get, but if they go lower, FNMA will go down as well, not just FHA.

In my opinion, nobody should buy a house if you only have 3.5% or 5% down. You are upside down from the day you buy it, which is not a good feeling.

I’ll still offer to get you the best loan that I can…

If a miminum of 10% down was required, we wouldn’t be on the verge of a global depression and houses would be much cheaper nationwide, and much more affordable.

The housing market is ponzi scheme, soon to be known as a MADOFF.

Buy a house like you buy a car. You can afford the payment and you expect it to drop in value.

Just my two cents….

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