refinance: smelling like a rose or something else...
- 11/02/07 03:59 AM
Why is it that people are shocked that after walking on the edge of the garbage dump, they go home smelling like a garbage dump? Politicians, CEOs, corporations, LOs, and all the rest of us too. Every one of us has to decide that we will not participate in anything that has even a chance of looking shady or suggests impropriety. That said, Loan officers sold what the mortgage companies provided. Mortgage companies created what Wall street wanted. Higher and higher risk can lead to greater and greater payoffs, but at some point we cross over the boundary of risk vs reward. Well we … (1 comments)
refinance: Remember when mortgage rates were low... oh, wait they still are!!
- 10/26/07 04:37 AM
Whether it's autumn or because the markets are beginning to recover a little from all the mortgage worries, I can't say... What I can say is that it is possible to get a mortgage today with a rate that's less than 6%. No - it's not an adjustable rate either. That's less than 6% on 30 year fixed. Just remember, your loan officer doesn't do this as charity work any more than the realtor or the lawyer, he/she has expenses and probably a family too, so yes, some how your loan officer does deserve to be paid for their work too. There are … (1 comments)
refinance: Mortgages for Investors - a raw deal indeed!
- 09/17/07 11:14 AM
There was a time not long ago that investors with good credit could get a mortgage for that next property with no money down at all - even without closing costs. The problem is - as always - a few bad apples ruined the bushell. Today lenders have very strict guidelines about who they will and will not lend to. The barries for investors are the highest by far. Not only do most lenders want to see 20% down if you want to be anywhere in the same neighborhood as conforming rates, but they strictly limit how many you can own. How … (1 comments)
refinance: Finally, The cavalry. Help is on the horizon!
- 09/05/07 12:49 PM
After months of waiting, Pres. Bush finally decided that it's not good for the economy to have so many people losing their homes in the current credit crunch, market softness and adjustable rate crisis. When it's three at once it's a hat trick, isn't it? Or could it be referred to as a witching hour, even though it's not time specific? Anyway, here's the good news. If you know of some one who has one of those adjustable rate mortgages that has already adjusted or is about to adjust, now is the time for them to take action. Pres. Bush has directed … (0 comments)
refinance: Mortgage rates DOWN for 5 of last 6 weeks!
- 08/30/07 07:03 AM
For most people a 30 year fixed is the benchmark against which all other options are compared. That rate has fallen this week to an average 6.43%. Putting this in some persepctive, the rate was 6.7% this time last year and is the lowest rate since April when rates hovered at 6.28%. Someone can obtain the lowest rates under optimal circumstances: high FICO score, at least 20% equity, at least 6 months of your total houseing payment in a savings or investment account and a lower Debt to Income ratio below 35%. So in July the highest rate month of the year … (1 comments)
Why is it that people are shocked that after walking on the edge of the garbage dump, they go home smelling like a garbage dump?;)
;)
