Rates are still low and actually were even lower than before. I've seen the 30 year fixed hit 5.0% with no points. They are also bring back some high loan to value(LTV) loans for first time buyer. FHA loans are still best way to go if you're buying with little money down. Purchase 97% LTV if you have excellent credit. If you're doing a rate/term refinance the max LTV is 96.50%. In additional to the upfront mortgage premium you will still have to pay PMI on loans above 80% loan to value.
I've got some rate sheets contact me if you want to compare some rates.
Wednesday, April 28, 2010
Friday, April 2, 2010
Where are the mortgage rates now?
So I checked the rates today just to see what's happening in the market and here are the rates:
45 day rate lock - 720 credit scores - $250,000 Loan amount - 75% LTV
30 Year Fixed Conventional 5.250% (0 points)
30 Year Fixed FHA 5.125% (0 points)
25 Year Fixed 5.25% (0 points)
25 Year Fixed FHA 5.125% (0 points)
20 Year Fixed 5.00% (0 points)
20 Year Fixed FHA 5.125% (0 points)
15 Year Fixed 4.625% (0 points)
15 Year Fixed FHA 4.50% (0 points)
10 Year Fixed 4.25% (0 points)
10 Year Fixed FHA 4.50% (0 points)
There you go! Any fees over that or higher rates than what you see....you're paying too much! SHOP AROUND AND FIND ANOTHER LENDER!
45 day rate lock - 720 credit scores - $250,000 Loan amount - 75% LTV
30 Year Fixed Conventional 5.250% (0 points)
30 Year Fixed FHA 5.125% (0 points)
25 Year Fixed 5.25% (0 points)
25 Year Fixed FHA 5.125% (0 points)
20 Year Fixed 5.00% (0 points)
20 Year Fixed FHA 5.125% (0 points)
15 Year Fixed 4.625% (0 points)
15 Year Fixed FHA 4.50% (0 points)
10 Year Fixed 4.25% (0 points)
10 Year Fixed FHA 4.50% (0 points)
There you go! Any fees over that or higher rates than what you see....you're paying too much! SHOP AROUND AND FIND ANOTHER LENDER!
Tuesday, March 2, 2010
Should I go with a lender or broker?
I get this question all the time! The lender has limited options while the broker can shop around and find a program that's just right for you. If you're an average borrower you should go with a bank because they will have the FHA loans and conventional loans. Out of top banks a good choice is Bank Of America or Wells Fargo. I like Wells Fargo because I can still check their rate sheets and compare with other lenders. They always seem to be in the top when it comes to low rates and closing costs.
If you're a borrower with not so good credit you should probably go with a broker because a broker has access to lenders that can help you. Watch out for fees! Anything over 2%. RUN!
Before you work with any lenders or brokers you should google them and read some reviews.
If you're a borrower with not so good credit you should probably go with a broker because a broker has access to lenders that can help you. Watch out for fees! Anything over 2%. RUN!
Before you work with any lenders or brokers you should google them and read some reviews.
Wednesday, February 3, 2010
SELLING A HOUSE IN THIS MARKET
Two weeks ago I put my parents house for sale. We've been getting a lot of showings but nobody's making any offers. With all these people on the house hunt you'd think the economy is just fine. The most surprising thing is how many people in their mid 20s are shopping around. Probably 80% of the showings were young adults. Out of that 80%...60% engaged and 10% married. Looks like some young adults are doing well in this economy. It's great to see that! :-)
Wednesday, January 20, 2010
Mortgage Loan Modification
So anyone benefiting from these mortgage loan modifications?
From what I see the process is very freakish slow. Banks have been modifying 30,000 - 40,000 monthly. That is very slow because there are millions who need it right now!
US Foreclosures over 3 million
December foreclosure filings were 349,519
These guys need to get on the ball and start rolling!!!!
Top modifiers:
Citimortgage, O’Fallon, Missouri
Saxon Mortgage Services, Irving, Texas
GMAC Mortgage, Fort Washington, Pennsylvania
JP Morgan Chase, New York, New York
Select Portfolio Servicing, Salt Lake City, Utah
Aurora Loan Services, Littleton, Colorado
Wells Fargo Bank, San Francisco, California
Bayview Loan Servicing, Coral Gables, Florida
Green Tree Servicing LLC, St. Paul, Minnesota
PNC Mortgage, Pittsburgh, Pennsylvania
From what I see the process is very freakish slow. Banks have been modifying 30,000 - 40,000 monthly. That is very slow because there are millions who need it right now!
US Foreclosures over 3 million
December foreclosure filings were 349,519
These guys need to get on the ball and start rolling!!!!
Top modifiers:
Citimortgage, O’Fallon, Missouri
Saxon Mortgage Services, Irving, Texas
GMAC Mortgage, Fort Washington, Pennsylvania
JP Morgan Chase, New York, New York
Select Portfolio Servicing, Salt Lake City, Utah
Aurora Loan Services, Littleton, Colorado
Wells Fargo Bank, San Francisco, California
Bayview Loan Servicing, Coral Gables, Florida
Green Tree Servicing LLC, St. Paul, Minnesota
PNC Mortgage, Pittsburgh, Pennsylvania
Tuesday, December 8, 2009
Lenders foreclosing wrong homes - WHAT?
Horror stories going around....homeowners get home to a new lock and empty home. NICE!
Lenders are foreclosing on wrong homes! Really? LOL
It's not a joke people. You can see how smart these people really are. They are auctioning wrong homes and putting new locks on your doors. Why don't they come to mine? These are the same people that manage our loans and our bank accounts. This is so funny I've got tears in my eyes when I think of the lawsuits.
These people haven't realized that they hit a lottery jackpot! If I found new locks on my door I would be doing cartwheels and headstands. lol
Google words like "foreclosure wrong house" "auction wrong house"
Check this blog out too
http://www.walletpop.com/blog/2009/08/19/bank-auctions-wrong-house-in-miami-not-the-first-time/
Lenders are foreclosing on wrong homes! Really? LOL
It's not a joke people. You can see how smart these people really are. They are auctioning wrong homes and putting new locks on your doors. Why don't they come to mine? These are the same people that manage our loans and our bank accounts. This is so funny I've got tears in my eyes when I think of the lawsuits.
These people haven't realized that they hit a lottery jackpot! If I found new locks on my door I would be doing cartwheels and headstands. lol
Google words like "foreclosure wrong house" "auction wrong house"
Check this blog out too
http://www.walletpop.com/blog/2009/08/19/bank-auctions-wrong-house-in-miami-not-the-first-time/
Monday, September 14, 2009
INVESTING IN FORECLOSURE IN THIS MARKET
So back in July I helped my brother purchase a 2 family foreclosure (Bank owned) property in a location that seemed like an Ace in the Hole! The property sold two years ago for $360,000 and we were paying around $130,000 cash for it. So we maxed out some credit cards (fun hah) and borrowed money from family and a friend. I was certain that house was worth at least $240,000 if we bought it and put it on market.
It was a cash deal so we couldn't get traditional financing. If he paid with cash right away it would take 6 months before he could do a cash out refinance. This would take too long to pay back all these people he owned money to. So I thought the best thing would be to create a mortgage and then do a rate/term refinance which doesn't have any title seasoning requirements. So I became his lender.
Idea was to do a quick rate/term refinance with QuickenLoans so we could pay off the loans. Now, that was a roller coaster! Dealing with QuickenLoans was like dealing with bunch of monkeys in a suit and a tie. They changed the loan terms on my brother like 10 times...they couldn't get the numbers right...I felt like flying over there and giving them 101 loan origination.
TIP: You gotta stay on top of these loan officers! All of them! Call them! e-mail them! Do whatever! Let them know you're alive.
First he was qualified for the traditional loan but then the appraisal came in at $140,000 which was crazy compared to all the work and repairs we've done on it. The appraiser compared the house to bunch of foreclosures in the area... so that was a pain! The bank didn't agree with the appraiser so they ordered another one from someone else. They also changed the program now to FHA loan from traditional loan. I was ready to shot someone!
The second appraisal came in at $190,000 which was perfect for the traditional loan but it was useless now because he was in the FHA loan and if you do a rate/term refinance right after purchase they won't count the appraisal. They will base it on the purchase price. We asked them to switch back to the tranditional loan but they didn't want to change it because of that other appraisal being in the system...it was crazy! Anyway, it was insane and we just wanted to get it over with! I must admit...I was tempted to send them this video to show our excitement and the cartwheels we were doing. http://www.youtube.com/watch?v=vkuX0nKiAlU
Thanks to that first-time homebuyer tax credit of $8,000 made all this insanity worthwhile :-)
So few tips:
1. If you're thinking about buying with cash: remember that you won't be able to cash out in 6 months. There are lenders who will do it right away but it's very very very expensive.
2. FHA rate/term refinance no title seasoning max LTV 96.50%. Mortgage insurance required in this LTV range. So that's an extra $30-$60 per month.
3. Stay on top when you're dealing with loan officers. Call them every single day! Annoy them! So when you call them you won't even have to say your name and they will know who you are :-)
It was a cash deal so we couldn't get traditional financing. If he paid with cash right away it would take 6 months before he could do a cash out refinance. This would take too long to pay back all these people he owned money to. So I thought the best thing would be to create a mortgage and then do a rate/term refinance which doesn't have any title seasoning requirements. So I became his lender.
Idea was to do a quick rate/term refinance with QuickenLoans so we could pay off the loans. Now, that was a roller coaster! Dealing with QuickenLoans was like dealing with bunch of monkeys in a suit and a tie. They changed the loan terms on my brother like 10 times...they couldn't get the numbers right...I felt like flying over there and giving them 101 loan origination.
TIP: You gotta stay on top of these loan officers! All of them! Call them! e-mail them! Do whatever! Let them know you're alive.
First he was qualified for the traditional loan but then the appraisal came in at $140,000 which was crazy compared to all the work and repairs we've done on it. The appraiser compared the house to bunch of foreclosures in the area... so that was a pain! The bank didn't agree with the appraiser so they ordered another one from someone else. They also changed the program now to FHA loan from traditional loan. I was ready to shot someone!
The second appraisal came in at $190,000 which was perfect for the traditional loan but it was useless now because he was in the FHA loan and if you do a rate/term refinance right after purchase they won't count the appraisal. They will base it on the purchase price. We asked them to switch back to the tranditional loan but they didn't want to change it because of that other appraisal being in the system...it was crazy! Anyway, it was insane and we just wanted to get it over with! I must admit...I was tempted to send them this video to show our excitement and the cartwheels we were doing. http://www.youtube.com/watch?v=vkuX0nKiAlU
Thanks to that first-time homebuyer tax credit of $8,000 made all this insanity worthwhile :-)
So few tips:
1. If you're thinking about buying with cash: remember that you won't be able to cash out in 6 months. There are lenders who will do it right away but it's very very very expensive.
2. FHA rate/term refinance no title seasoning max LTV 96.50%. Mortgage insurance required in this LTV range. So that's an extra $30-$60 per month.
3. Stay on top when you're dealing with loan officers. Call them every single day! Annoy them! So when you call them you won't even have to say your name and they will know who you are :-)