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Buddy, can you spare a RATE?
WOW...were locking between 4.75% - 5.0% this week for our best 80% LTV, 30 year fixed terms for perfect and I mean perfect applicants. So many caveats exist on your final loan offer that it is literally impossible to quote a 'rate' until we have reviewed your equity position, the kind of property you are financing, your credit, liabilities and income. Still --every person who calls or stops me on the street asks: "What is today's rate?" and "Will they go lower?"
If only it were that simple. Watching rates has become like watching a volleyball match or the stock market for that matter. If you are the gambling sort you could wait.
May I ask what are you waiting for?5.25% is an incredibly good deal for 80% LTV. FHA 5.5% is AMAZING for 96.5% LTV or 5.75% for 100% VA purchase. You would be CRAZY to pass those prices up now if you qualify. Actually, lots of smart folks have gotten the word and we are busy as bees right now.
But what about the BAILOUT? Apparently $10 TRILLION is gone already! While bazillions of Stimulus Bailout dollars are going to some very big banks--the main purpose is to shore up their balance sheets. This is NOT the money coming to Joe Six-pack. ... more
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