Fantasy Football - Footballguys Forums
Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.
Mortgage Rates (2 Viewers)
- Thread starter MechEng
- Start date
parasaurolophus
Footballguy
maybe because rates have taken a pretty big jump the last two days.
derek245583
Footballguy
That is what I thought, but I was looking around and they dont seem to have gone up THAT much...have they?maybe because rates have taken a pretty big jump the last two days.
3MTA3
Footballguy
Wells went up .5% todayThat is what I thought, but I was looking around and they dont seem to have gone up THAT much...have they?maybe because rates have taken a pretty big jump the last two days.
derek245583
Footballguy
Bummer....where is this info readily available?I just google interest rate and get all sorts of BS.Wells went up .5% todayThat is what I thought, but I was looking around and they dont seem to have gone up THAT much...have they?maybe because rates have taken a pretty big jump the last two days.
The Noid
Avoid me!
Check out this blog for good, up-to-the minute info. Tuesday you get 4.625. As of yesterday 5.25 was probably the best you could get, and even then only if you were lucky. That's a big jump. The better the economy, stocks, etc. the worse for mortgage rates is one rule of thumb. So all the good news this week about the recession is really impacting mortgage rates.
djcolts
Footballguy
Because my 60-day rate lock expiration ends on June 9th, I called my mortgage guy at WF on Tuesday. He told me that the (30-year fixed Home Affordable Refinance) mortgage is processing slowly (not because of me - I got my stuff in quickly), but I'll be able to keep my rate locked at no charge if we have to close after June 9th. I just to check in here to make sure this happens often enough that is sounds credible - and if not, what else would I need to do?
Last edited by a moderator:
The Noid
Avoid me!
When you put in a historical perspective, 5-5.5% for a 30yr is still close to super low. The days of 4.5 might be over for awhile, but even if 4.875-5.00 remains the occasional low point that's still going to be something the "administration" views as a good thing.
Dragons
Delusions of Grandeur
According to my broker, 2nd mortgages are not allowed. You can still refinance the first if your 2nd bank will re-subordinate.
Last edited by a moderator:
McBokonon
Footballguy
Yeah, if it's obvious that you provided everything in a timely fashion, they'll probably honor the rate. I worked for and my girlfriend continues to work for Chase and that's what they do, as well.
Johnny Rock
Footballguy
How is the frenzy today? Are things going to settle down to around 5% again?
derek245583
Footballguy
Got it done.The title lady (Or whatever she is called) was taken aback when she saw the rate....I thought she would have seen a bunch of these rolling in lately.
parasaurolophus
Footballguy
Certainly hope so, but rates have been going up since the friday before memorial day
The Noid
Avoid me!
Confident Stocks Push Mortgage Rates Higher
Continued confidence from eager equity investors sparked a rally in stock markets forcing fixed income investors to liquidate their holdings of mortgage-backed securities. After a healthy "Black Wednesday" rebound late last week, MBS gave back all of the gains yesterday, closing at Thursday's 5pm "going out" marks. All lenders repriced for the worse as MBS prices moved lower into the close. Helping to create the optimism was better than expected economic reports. Construction spending came in higher, personal income higher, spending was not as bad as predicted(still negative month over month) and the ISM index is showing continued improvement in the manufacturing sector of our economy.
Early reports from fellow mortgage professionals are indicating the par 30 year fixed rate mortgage to be in the 5.125% to 5.375% range. In order to qualify, you must have a FICO credit score 740 or higher, a loan to value 80% or less and be willing to pay all costs associated with your loan including 1 point loan origination/discount/broker fee.
Continued confidence from eager equity investors sparked a rally in stock markets forcing fixed income investors to liquidate their holdings of mortgage-backed securities. After a healthy "Black Wednesday" rebound late last week, MBS gave back all of the gains yesterday, closing at Thursday's 5pm "going out" marks. All lenders repriced for the worse as MBS prices moved lower into the close. Helping to create the optimism was better than expected economic reports. Construction spending came in higher, personal income higher, spending was not as bad as predicted(still negative month over month) and the ISM index is showing continued improvement in the manufacturing sector of our economy.
Early reports from fellow mortgage professionals are indicating the par 30 year fixed rate mortgage to be in the 5.125% to 5.375% range. In order to qualify, you must have a FICO credit score 740 or higher, a loan to value 80% or less and be willing to pay all costs associated with your loan including 1 point loan origination/discount/broker fee.
simsarge
Footballguy
Thought we were good to go with our Re-fi at 4.65%. But then the "independant" appraisal came in way low. Now the bank is telling us to pony up the extra $75/mo for PMI. I looked at the appraisal and it looks all very official, but how subjective/selective is the appraisers slection of comparitive properies? Is there a public source to look at everything sold in the area to see if there are examples that put us in a better light?
I'm one of those people who would love to refinance, but don't think I can.I owe about the same amount that my home is worth so FHA Loan doesn't even work...Under the Obama plan, like you said, I can only refinance my 1st loan, but that basically saves no money unless I'm willing to buy points.I know there's going to be a 2nd phase to the Obama plan, but I fear that mortgage rates are going to be higher than these great low rates everyone is getting right nowFrustrating.
Mr. Yuk
Footballguy
Same boat here. Don't qualify for mortgage modification but can't get a refi either. I think there's a large segment of people that this government plan is missing that should be able to qualify for help(I bought in 2007)
Dragons
Delusions of Grandeur
If you have some cash laying around, you could add it to the transaction and get down into the required FHA LTV (I think the highest LTV amount is 97.75), but the mortgage insurance is a doozy. 1.75% up front, .55% (per year, paid monthly) for a minimum of 5 years and until your loan value reaches 78%. It's not really much of an option.
parasaurolophus
Footballguy
why dont you qualify? Have you been told by the lender you don't qualify or are you just assuming?
I think the problem we have is that we're both new homeowners who don't have equity in our homes yet, plus, at least in my case, my home value dropped by about 8% in this economy. So, it basically makes the appraised value of my home = balance I owe.....Does anyone know if there is anything in the works, any speculation out there, that would help people like us?
I think the FHA Loan I applied for goes up to 95% of LTV. Saying that, I'm not interested in refianancing if I have to buy points, etc, which is what my current mortgage lender told me as their solution to give me meaningful savings in my monthly payment. I just want to go in, refinance without having to pay anything out of my pocket, and that's not an option right now.
tipsy mcstagger
Footballguy
We are in the middle of a re-fi now....any tips on the appraisal?
I was told have the place clean....make sure you point out all upgrades....make sure you clear kitchen counter space (makes the kitchen look bigger)....Some have mentioned to research other places in the area as well, maybe you're find some homes that have sold for what you're expecting yours to be, and let them know that when you're talking.
Also, tell the appraiser what number you are looking for in order to avoid PMI, or other problems with closing. They can't make major adjustments in the value they come up with, but they can generally nudge things a few thousand higher, if necessary to keep the closing running smoothly.
Mr. Yuk
Footballguy
Too far underwater, make just too much over the 31% income ratio, not a Freddy or Fanny loan, yada, yada, yada....I've tried talking to the lender and 3 or 4 different mortgage guys, but it's tough to even get them to return phone calls or emails these days.
Mr. Yuk
Footballguy
Yep. Personally I'm quite a bit underwater. A comparable home near me just sold for about 45k less than I owe. And it's my opinion that the pain isn't over yet. More foreclosures are coming and job losses will keep mounting for a while too. I think once the $8000 tax credit expires the housing market will continue its downward trend.The ironic thing is, if I had been less prudent and bought a home that would have been stretching it financially (which the lenders were more than willing to do), I probably would qualify for refi or mod.We're seriously considering letting it go back to the bank if things don't stabilize over the next year. There was an article on MSN today about the next wave of foreclosures being people with prime loans and good credit. This is the boat I'm in, so apparently there's a lot of people out there in this spot. Anyone know how a deed-in-lieu works? Or if banks very often pursue deficiency judgments?
Bob Loblaw
Footballguy
Just locked in to a 30-yr fixed Obama refi @ 4.875%. There are 1.75 pts, but those are worked into the loan. Dropping my monthly payment by $500.
Fennis
Footballguy
I funded on my Obama refi at 4.875% and no points yesterday.
No appraisal needed - I stated a value where it would be 85% LTV, but since I didn’t have PMI to begin with no PMI needed- and limited income docs.
I thought this is how we got in this mess, but then again I lowered my rate from 5.875 to 4.875, so who am I to complain.
No appraisal needed - I stated a value where it would be 85% LTV, but since I didn’t have PMI to begin with no PMI needed- and limited income docs.
I thought this is how we got in this mess, but then again I lowered my rate from 5.875 to 4.875, so who am I to complain.
Mr. Yuk
Footballguy
Nice, guys. I'm at 5.875 as well. Did you contact your bank directly or go through a 3rd party refinancer?
djcolts
Footballguy
I'm frustrated with my refinance attempt at this point. It has moved at a snails pace - and here's a reason why:
On Friday, May 8th, I got a phone call from the mortgage guy (who basically avoided me for the most part up to this point). He said it was on track, and he needed a couple of more things from me. One was a mortgage payment history from the last 12 months - the other was a written explanation of 2 credit inquiries I had this year. I told him I was out of town, but I'll get those two things in on Tuesday, May 12th.
So, on Tuesday, May 12th, I gave the receptionist the printed mortgage history, and I wrote a detailed explanation of the 2 credit inquiries. One week later, I followed up with the receptionist to make sure that the mortgage guy got both the history and the credit inquiry explanation. She said he got both those things.
Fast forward to yesterday (my 60 day rate lock expires on Tuesday). The underwriter emailed me and the mortgage guy, and asked for the explanation of the 2 credit inquiries. I was furious - what they heck are they doing? I'm doing everything they ask in a very timely manner - and they screw around and either lose things or miscommunicate with each other. While the mortgage guy says don't worry about the rate lock expiration date - I can't really trust how this is going.
On Friday, May 8th, I got a phone call from the mortgage guy (who basically avoided me for the most part up to this point). He said it was on track, and he needed a couple of more things from me. One was a mortgage payment history from the last 12 months - the other was a written explanation of 2 credit inquiries I had this year. I told him I was out of town, but I'll get those two things in on Tuesday, May 12th.
So, on Tuesday, May 12th, I gave the receptionist the printed mortgage history, and I wrote a detailed explanation of the 2 credit inquiries. One week later, I followed up with the receptionist to make sure that the mortgage guy got both the history and the credit inquiry explanation. She said he got both those things.
Fast forward to yesterday (my 60 day rate lock expires on Tuesday). The underwriter emailed me and the mortgage guy, and asked for the explanation of the 2 credit inquiries. I was furious - what they heck are they doing? I'm doing everything they ask in a very timely manner - and they screw around and either lose things or miscommunicate with each other. While the mortgage guy says don't worry about the rate lock expiration date - I can't really trust how this is going.
Bob Loblaw
Footballguy
Third party here, Quicken Loans. Ask for a DU Refi Plus.Mr. Yuk said:
Philo Beddoe
Footballguy
I'm in the same boat. My loan is held by Fannie but I pay PMI so they consider the insurance company on the hook for the loan. Plus the appraisal came back way low. I have exhausted every avenue to this point.
newteech
Footballguy
How would you guys recommend a first time home buyer go about applying for a mortgage? How do you know you're picking a reputable broker?
I've thought about trying The Lending Tree to start. Also a local realtor I know has a guy he highly recommends so I've considered going that route. I'm in the market for a foreclosure so maybe I just want to apply with one of the banks.
Thanks for the info--
I've thought about trying The Lending Tree to start. Also a local realtor I know has a guy he highly recommends so I've considered going that route. I'm in the market for a foreclosure so maybe I just want to apply with one of the banks.
Thanks for the info--
derek245583
Footballguy
Bummer....it had to end sometime.I finally convinced my Sister in Law to buy and it just took them too long to act....She is gonna be pissed.
Addai's Adidas
Footballguy
Must act at peak panic. After a bit of a down time everyone start to think that it's not so bad.
Bogeys
Footballguy
Just closed last Tuesday for 4.875% with no points, but I also had equity of about 25% so I could go conventional refi.
I have a friend that is still building and he is getting screwed since he can't get a lock until he is within a certain timeframe of occupancy; don't know what the timeframe is, but I know he is pulling his hair out as the rates rise.
I have a friend that is still building and he is getting screwed since he can't get a lock until he is within a certain timeframe of occupancy; don't know what the timeframe is, but I know he is pulling his hair out as the rates rise.
Follows Closely
Footballguy
I started the process 6 weeks ago, I am finally to the point where I can lock in the rates.The Noid said:
I am in a 5% ARM that will expire in the fall. Should I lock in at 6% or wait it out?
parasaurolophus
Footballguy
I would wait it out.I started the process 6 weeks ago, I am finally to the point where I can lock in the rates.The Noid said:I am in a 5% ARM that will expire in the fall. Should I lock in at 6% or wait it out?
Johnny Rock
Footballguy
This is me too. I've been building since November, just craving to lock at 4.5% but wasn't far enough along. Now this debacle. I'm hanging tight. I believe all the recovery press is way overblown. I'm waiting for the Fed to take some action, rates to bounce lower and quickly pounce. If not, oh well.What do menobrown and the other mortgage guys think?Bogeys said:
Same exact experience here. I got everything in in a timely fashion. My mortgage guy keeps blaming Wells Fargo for taking so long approving my loan. My 60 day rate lock expired and my mortgage guy said he extended it 5 days but still I havent heard anything. Not really sure who to blame here as I did nothing wrong.
towney
Footballguy
Sounds suspect. But Wells Fargo has been notorious for taking a longer then normal time to underwrite and close loans, 60 days I'm not sure on that. My Wells AE has told us that underwriting alone is taking at least 10 business day to underwrite a file. It could also be that your mortgage person dragged their heals in getting the file to Wells which happens a lot. If the mortgage person is telling you not to worry on the rate lock expiration then have him give you a written lock confirmation showing the new expiration date with your original rate. You could also email the Wells underwriter back and ask when the file was received if you think the mortgage person delayed in getting the application file to Wells. Hope that your rate is still protected for once it expires w/ Wells you will be looking at current market rates which are hovering around 5.5% 30yr fixed 5.125% 15yr fixed.I have submitted a number of files to Wells over the last 4 months and have locked my clients for 60 days and have never had an issue with closing them on time, but then again I don't not wait to long to submit them to Wells. Oh, and it seems as if you are doing all the right things, but someone else is dropping the ball.
djcolts
Footballguy
My relationship with the "mortgage guy" is shaky as it is. He's been "better" at returning phone calls, but early on it was awful. I think the underwriter is not going to be receptive to me because after the email I left a very, very stern voicemail - basically letting out my frustration at this entire process. She didn't call me back (shocking - not). I'm just accepting that the lock won't hold, there won't be a refinance, and I'm out the $400 deposit.
