Beaumont Posted August 4, 2007 Share Posted August 4, 2007 Amen. People have no idea how cheap rates have been ... That worm is either turning or will turn. if you are not fixed you are going to be paying a lot more ... http://www.hsh.com/natmo83.html Quote Link to comment Share on other sites More sharing options...
twiley Posted August 4, 2007 Share Posted August 4, 2007 Amen on a 30 year fixed brother!!! A buddy of mine got an ARM at 3.5% about 4-5 years ago, and then he went and got his credit screwed up. Now he's one of those millions who the bank won't refinance, and his rate is almost at 7% now from what he told me last. He's looking for another job just to start brining in enough to make his mortgage payment. I feel bad for the guy. Sounds like he bit off more than he could chew to begin with. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 4, 2007 Share Posted August 4, 2007 Sounds like he bit off more than he could chew to begin with. I thought it was the "mortgage planner's" job to help educate the people. I just entered the business and vow to share with any of my prospectus clients, my opinion, if I feel they can't afford the loan. I sell it to them and then they sell to me. Quote Link to comment Share on other sites More sharing options...
twiley Posted August 4, 2007 Share Posted August 4, 2007 I thought it was the "mortgage planner's" job to help educate the people. I just entered the business and vow to share with any of my prospectus clients, my opinion, if I feel they can't afford the loan. I sell it to them and then they sell to me. If that was the case there probably wouldn't be millions of these situations across the US. I read an article a few weeks ago on the rise of forclosures due to the inability to pay mortgages. Good for you though, that's just good practice. Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted August 4, 2007 Share Posted August 4, 2007 We bought our first home in '86 with a 10% ARM for 20 years and felt lucky to get it! You young'uns don't remember those bad ole days. Mortgage rates are still low in comparison to some relatively recent history. (Of course, we refied at an opportune time and have been mortgage free for over 8 years now ). We need more people like Ramhook who will help folks out with some good advice. Quote Link to comment Share on other sites More sharing options...
Dbaxx Posted August 4, 2007 Share Posted August 4, 2007 Our office has a Mortgage Broker within---it is brutal out there. A lot of the new home builders offer huge incentives to finance with them so it's tough to compete. Even though their rates AREN'T competitve, they knock off $10 grand plus plus and squeeze out everybody else. Then there are the people who have their ARMS adjusting and can't afford it...plus they are upside down cuz' they didn't put any money down and/or bought too high. That's when the foreclosures are going to start happening. Ramhock, a good website for you to check out is: www.loantoolbox.com It has a message board with tons of ideas for LO's starting out all the way up to veterans. Check it out... Quote Link to comment Share on other sites More sharing options...
sundaynfl Posted August 4, 2007 Share Posted August 4, 2007 I thought it was the "mortgage planner's" job to help educate the people. I just entered the business and vow to share with any of my prospectus clients, my opinion, if I feel they can't afford the loan. I sell it to them and then they sell to me. Ramhock... what kind of training do you have to be a mortgage planner?? I have been in the mortgage business for 17 years and the new trend is for LO's to call themselves "mortgage planners" when they have been given a calculator and a phone. The best advice that I can give to a new loan officer is to enroll in the Xinnix academy in Atlanta which is a 2-3 week intensive course. Even though I have been in the business for a long time I have been through Xinnix training and know it works for newer and experienced LO's. Even though I have Business, Finance and Economic related degrees industry specific training is huge! Doctor's, Attorneys etc, spend thousands of dollars on their education but Real Estate professionals balk at investing in their business because they are lazy or it costs to much. A couple of other things that I would suggest would be to become a Certified Mortgage Planner by going through CMPS training and also join Mortgage Market guide. As Dbaxx suggested the Loan Toolbax is a great resource as well! Good luck with your career and if you ever have questions feel free to IM or call me. My website has all my contact info. Quote Link to comment Share on other sites More sharing options...
TDFFFreak Posted August 4, 2007 Share Posted August 4, 2007 i was thinking the same thing.....now it looks like any savings you get in the depressed housing market might be washed out by higher rates due to risk. Yep. People often just look at the home prices and ignore what the current mortgage rate is. A low 30 year rate with high house prices may in fact be better then slightly lower prices with a higher 30 year rate. Don't buy the house as an investment. Buy in a nice area if possible. Buy it as a place to live and plan to stay there a minimum of 5 years. I think everyone has realized that we will not see the gains of the past 6 or 7 years again for a long time to come. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 5, 2007 Share Posted August 5, 2007 (edited) Ramhock... what kind of training do you have to be a mortgage planner?? A couple of other things that I would suggest would be to become a Certified Mortgage Planner by going through CMPS training and also join Mortgage Market guide. #1, I know how to LISTEN!! Five year's collection experience, so I know how to speak with people in tough spots and "paint the picture". I have 40 hours of a Maryland certified class the next two Fri & Sats. We purchase leads from Lowermybills.com, I get 5/day. The firm pays $58/lead. The thing is, the people that are willing to speak with you know they are f0(ked. Then there are the ones that don't need any cashout or consolidation, have a 5.75% fixed, want to stay in a fixed loan but want a lower payment. Can you f0(kin read? Then the ones that have an 80/20 from a year ago and want a lower payment. These are the most frustrating because someone in your industry sold them out, last year, for about 2K in fee. The income does not support most of these programs. Edited August 5, 2007 by Ramhock Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted August 5, 2007 Share Posted August 5, 2007 Note that Alt-A loans are also used by quite a few self-employed types as it may be difficult to prove up your actual income. Wouldn't a consistent display of your 1099 and tax returns serve the same purpose as a paycheck stub/W-2? Quote Link to comment Share on other sites More sharing options...
muck Posted August 6, 2007 Share Posted August 6, 2007 Not unless your business to a big increase earlier in the taxable year ... or ... not if your business is less than three or four years old (because the first couple of years (at a minimum) will be pretty crappy on the tax return) ... Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted August 6, 2007 Share Posted August 6, 2007 What I have seen a lot the past few years is people who bought with little to no money down because the rates were so low...they assumed the home would continue to appreciate like it had been but the market flattened out...the ones who did a 30 year fixed are fine...the ones who did a 3 year ARM are screwed if they cannot refinance and avoid the higher rate adjustments due to job loss, bankruptcy, etc... Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 6, 2007 Share Posted August 6, 2007 (edited) Priced a Jumbo 7/1 I/O stated, 651 FICO, for a friend last week, with 1.7MM in assets at 7.125%. Today's pricing = 8%!! Edited August 6, 2007 by Ramhock Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted August 6, 2007 Share Posted August 6, 2007 Priced a Jumbo 7/1 I/O stated, 651 FICO, for a friend last week, with 1.7MM in assets at 7.125%. Today's pricing = 8%!! Stated Income....I miss those days.... Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 6, 2007 Author Share Posted August 6, 2007 buy rental properties....gettin loans going to get much harder Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 6, 2007 Author Share Posted August 6, 2007 another one toast?? Luminent Mortgage Capital halted news pending (LUM) 4.37 -1.95 : Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 6, 2007 Author Share Posted August 6, 2007 and another...... Novastar Fin halted... see 13:33 news (5.42 -0.98) -Update- geezus Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted August 6, 2007 Share Posted August 6, 2007 buy rental properties....gettin loans going to get much harder The really odd part of the Minnesota legistation is that the wording does not pertain to investment properties... So you need to prove income to qualify for a house to live in, but you can state your income to buy a house to rent to others... Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 6, 2007 Author Share Posted August 6, 2007 and another......geezus Co says based on a a re-evaluation of current conditions in the secondary market, NFI is adjusting its pricing and guidelines and expects to return to committing on new loans in the wholesale channel and funding those loans, effective Tuesday August 7. Meanwhile, NFI has continued to honor all existing commitments and fund all loans that have already been approved and committed for closing. Co's retail channel, which deals directly with homeowners, has continued to make loans, using guidelines that are evolving to meet changing needs of the secondary market. Co believes they can best serve the interests of our shareholders -- and the mortgage market -- by making prudent economic decisions on loans we originate in the current market environment. in short, rates are going up? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 6, 2007 Author Share Posted August 6, 2007 Seeing a handful of mortgage names come down from intraday highs on concerns regarding large wholesale lender Aegis Mortgage A handful of mortgage-related stocks came off their intraday highs, with concerns regarding large wholesale lender Aegis Mortgage. We called Aegis Mortgage, and the individual that answered the phone indicated that as of this morning the co was no longer taking new loans. For some background, Aegis Mortgage's website describes the co as follows: "Aegis Mortgage Corporation ranks among the top 30 mortgage lenders in the U.S... Aegis Wholesale Corporation works through its strong relationships with independent brokers to make first and second mortgage loans to families and individuals. Aegis Wholesale offers a broad spectrum of conforming and Alt-A mortgage lending solutions." Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted August 6, 2007 Share Posted August 6, 2007 Saw another article today that American Home Mortgage was declaring bankruptcy. This happened to be the lender that a builder worked with that we had some initial interest in when we were looking this summer at buying... Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted August 6, 2007 Share Posted August 6, 2007 hearing that wells fargo just took their 30y rate on jumbos from 6.75 to 8. reason is to price in risk. Interesting. Last year Wells Fargo bought my 15yr 4.75% loan from WAMU. Why would they want my mine @4.75% instead of a new one at a higher rate? Quote Link to comment Share on other sites More sharing options...
muck Posted August 6, 2007 Share Posted August 6, 2007 Interesting. Last year Wells Fargo bought my 15yr 4.75% loan from WAMU.Why would they want my mine @4.75% instead of a new one at a higher rate? Maybe because WF thinks you are a better credit risk than some schmo off the street (with a stated income). Maybe WAMU sold it to them at a discount (probably happened, btw). Quote Link to comment Share on other sites More sharing options...
wiegie Posted August 7, 2007 Share Posted August 7, 2007 Quote Link to comment Share on other sites More sharing options...
Czarina Posted August 7, 2007 Share Posted August 7, 2007 So happy to have my 5.5% fixed. Phew. When we built the house in 1995 and our credit was less-established, the best we could get was an 8.75% 5/1 adjustable. We've refied a couple times and I don't see us ever redoing the current 5.5. Quote Link to comment Share on other sites More sharing options...
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