The mortgage interest rates rose sharply this morning, as we predicted on Friday they would, so if you didn't lock you just lost at the game. The good news is rates are still historically low compared to the last 3 decades. Other important news includes the elimination of the Go Fast and Easy program from Fannie Mae which gave us a streamlined purchase. The reason, once again, sleazy loan officers at banks and lenders who sell to Fannie Mae abusing the system.
The rule was the file was to be entered as a full doc file and IF the results were approved for Go Fast and Easy THEN you could no submit documentation. What these sleazeball loan officers was doing that now cost the industry millions of dollars - once again - was entering what they knew to be a stated income/stated assets loan as a full doc loan hoping to get the Go Fast approval. WAY TO GO YOU JOKERS. While you're getting angry at my words go ahead and get the hell out of my business and stop screwing it up for everyone else you putzs. You're scum and you don't belong in the same business as my good friends and I so just quit and save yourself the hassle of being prosecuted for mortgage fraud.
Now then - back to the rate outlook:
for GEORGIA HOME LOANS
Effective 11:15 PM EST February 19
All Rates WORSENED
LOAN | RATE | APR |
Fixed 30 | 6.000▲ | 6.108 |
Fixed 15 | 6.000 ▲ | 5.128 |
7/1 ARM | 5.250 ▲ | 5.362 |
100% Flex | 6.375 ▲ | 6.481 |
Based on a $240,000 loan with 20% down or 20% equity on rate and term refinance. Middle credit score of 680 or higher on a Georgia primary residence single family detached home. Borrower must meet standard conforming (FNMA/FHLMC) loan guidelines. This is not a commitment to lend and rates are subject to change without notice. NOTE THERE ARE NO DISCOUNT POINTS ON THESE LOANS. 15 day lock, fully documented income and assets. Total settlement costs less than 3%. Rates advertised are available through Novation Mortgage, 2501 E Piedmont Road, Suite 201, Marietta, GA 30062. Georgia residential Mortgage Licensee 20014. A Direct Mortgage Lender and Equal Housing Lender.
Two other bits of news before I go.
There is RUMOR that Fannie Mae is ending cash out refinance on investment properties. I heard it from a reliable source but it is not verified. If you are an investor and you want to cash out on some investment properties my recommendation is that you begin that process immediately if not sooner.
And finally - be sure to tune in tomorrow at 4PM Eastern at http://novationmortgage.com/live_studio.php for industry news and Q&A with live video stream. We will be addressing some of the state of the market as well as the trends we see in certain market areas and we'll be answer some questions about short sales and about the possible impact of the changes to FHA and Fannie Mae. We'll be on for 30 minutes so join us as early as possible for a good seat ;)
Media Notice - call Ken Cook at 678-946-0100 for accurate information on the real estate & mortgage industry.
Copyright©2008 Ken Cook. Georgia and Florida real estate investment loans, FHASecure and FHA Home Loans, nationwide commercial hard money and small business loans, non-recourse loans for real estate investors.
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