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Message
re: Mortgage Rates
Posted on 2/5/09 at 4:57 pm to bignate76
Posted on 2/5/09 at 4:57 pm to bignate76
Tell me about it. I thought I was going to loose my lock it was taking so long. But next Friday is the big day. I think its actually the last day I can close before I loose my lock so everything better go off without a hitch or they will never find my banker's body. 
1
Posted on 2/5/09 at 5:00 pm to creolechef
dont forget he can extend that lock but it will cost him a little money that he will charge you so dont bust the lock as i say
Posted on 2/5/09 at 5:06 pm to bignate76
Any idea what rate I could get on a 30 yr jumbo refi? My credit rating is around 800.
Posted on 2/5/09 at 5:10 pm to MadCat
jumbo rates are horrible. fixed are around 8% but i have seen some 5/1 arms around 6.5%
Posted on 2/5/09 at 5:17 pm to bignate76
ouch,think I'll stick with my current rate 6.75
Posted on 2/5/09 at 5:36 pm to MadCat
if your rate is 6.75% fixed then stay forever. jumbo rates have been going up for 2yrs straight. its crazy but those loans are becoming hard to get at a decent rate
Posted on 2/5/09 at 9:46 pm to bignate76
if you guys need help, nate is a good one to talk to, he is the 2nd best loan officer(shameless plug) i know of that is still in the business.
but really he is giving some good, no bs information.
but really he is giving some good, no bs information.
Posted on 2/6/09 at 9:27 am to novabill
the best loan officer left in the biz is bill. i mean he taught me most of what i know i am not going to lie about that.
Posted on 2/6/09 at 9:32 am to bignate76
quote:
ea i have a whole group of loans closing at that rate but we locked them last month and they are taking forever to close
Why is it taking so long to close? I locked on a Wednesday and closed the following Thursday.
Posted on 2/6/09 at 9:35 am to novabill
quote:
if you guys need help, nate is a good one to talk to, he is the 2nd best loan officer(shameless plug) i know of that is still in the business.
but really he is giving some good, no bs information.
OK, Nate, here are my three questions:
1) What should I expect to pay in closing costs ?(Remember this refi has 1% origination.)
1a) Does this vary much from state to state?
2) What rate should I set as a goal for a 30 year fixed?
2a) Roughly when will rates hit that level?
Thank you for your time.
Posted on 2/6/09 at 9:38 am to go ta hell ole miss
because wells fargo blows. but i had people in texas geting 4.375% when the rate was low last month. then all the lenders got slamed with loans.
Posted on 2/6/09 at 9:42 am to Parliament
closing cost depend on the size of the loan. i dont know rates in Ohio but they are different from state to state sometimes. a great rate is under 5 but that hard right now. 5.25% is the highest i would close with right now. I am betting on these rates getting better but i am not an expert. and by better i mean 4.5-4.875 range.
Posted on 2/6/09 at 9:48 am to bignate76
quote:
because wells fargo blows. but i had people in texas geting 4.375% when the rate was low last month. then all the lenders got slamed with loans.
Any truth to the rumor that rates are higher now because the companies don't have enough manpower to keep up with the volume at lower rates? I've read it twice online and heard the same at my closing.
Posted on 2/6/09 at 9:55 am to go ta hell ole miss
thats is the truth. if the lenders could handle the volume the rate would be .5 better.
Posted on 2/6/09 at 12:57 pm to bignate76
Bignate, do you have any banks still doing 80/10/10 loans? If so, what are the typical rates for the second loan and what is the typical length of the second loan?
Posted on 2/6/09 at 3:40 pm to JustinTI
quote:
Also, is it going to hurt my score when it gets pulled twice in a week or two?
No. Not sure of the timeframe but, credit pulls from car ins, car dealerships, and home loans get grouped into 1 pull if done within certain amount of time.
They realize you need to shop and to do so most want to do a credik check.
Posted on 2/7/09 at 5:37 am to bignate76
So nate
I am moving, have to sell my house, found a house we like in BTR
Questions:
I have some unsecured debt - but if I pay all of it off I would have little cash -
What ratio's are most important? how would you rank those below? or what would your advice be on getting ready for mort application? Credit score is over 760
Debt to income?
Front Ratio
Back Ratio
I am moving, have to sell my house, found a house we like in BTR
Questions:
I have some unsecured debt - but if I pay all of it off I would have little cash -
What ratio's are most important? how would you rank those below? or what would your advice be on getting ready for mort application? Credit score is over 760
Debt to income?
Front Ratio
Back Ratio
Posted on 2/9/09 at 11:57 am to JustinTI
quote:
Bignate, do you have any banks still doing 80/10/10 loans? If so, what are the typical rates for the second loan and what is the typical length of the second loan?
Bump for BigNate
Posted on 2/9/09 at 12:02 pm to JustinTI
Nate is the man. 
Posted on 2/9/09 at 12:08 pm to JustinTI
justin there are no 80/10/10 loans left thats basically 100% ltv and they dont do that anymore. 2 mortgage rates are horrible around 8% most of the time.
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