Skippy Posted March 19, 2009 Share Posted March 19, 2009 Do the resident experts think it's time to pull the trigger or are they going lower? My expert, who is very well respected around the area, advised me to lock yesterday. The way she made it sound to me was that it would not be worth the risk to wait it out any longer based on risk/reward. Not my advice, just what she advised me to do. Take it for what it is worth, I guess. Quote Link to comment Share on other sites More sharing options...
Jackass Posted March 19, 2009 Share Posted March 19, 2009 (edited) My expert, who is very well respected around the area, advised me to lock yesterday. The way she made it sound to me was that it would not be worth the risk to wait it out any longer based on risk/reward. Not my advice, just what she advised me to do. Take it for what it is worth, I guess. Does this person benefit by you locking in now? i.e. is this your mortgage broker? Edited March 19, 2009 by Jackass Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 19, 2009 Share Posted March 19, 2009 What is the criteria of a jumbo loan these days? Specifically in NYC? Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted March 19, 2009 Share Posted March 19, 2009 I've been following rates for the last couple weeks. Did not see it get this low. Who is your loan through (if you don't mind me asking)? We portfollio sell our loans to get premium pricing. Instead of selling one 250K loan we batch together 10 million and sell them. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted March 19, 2009 Share Posted March 19, 2009 My expert, who is very well respected around the area, advised me to lock yesterday. The way she made it sound to me was that it would not be worth the risk to wait it out any longer based on risk/reward. Not my advice, just what she advised me to do. Take it for what it is worth, I guess. This was the same advice given time and time again when rates were at 5.25%. Just sayin.. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 19, 2009 Author Share Posted March 19, 2009 (edited) We portfollio sell our loans to get premium pricing. Instead of selling one 250K loan we batch together 10 million and sell them. so youre one of those companies that skrewed us all.......... Edited March 19, 2009 by dmarc117 Quote Link to comment Share on other sites More sharing options...
montster Posted March 19, 2009 Share Posted March 19, 2009 Do the resident experts think it's time to pull the trigger or are they going lower? no expert here, but it's my belief that trying to "time" the market by buying a house only when you think rates are at their lowest is an exercise in futility (assuming that's the question you were asking). What is the criteria of a jumbo loan these days? Specifically in NYC? we live in an area considered to be a high-price area (much like i'd imagine NYC to be) and have been house-hunting for nine months. my understanding (and again, i'm no expert, but this is what i gleaned from our mortgage broker) is that the stimulus package re-authorized a max amount of $729,750 in the highest-priced areas for jumbo conforming loans. (congress authorized that max limit last year, but it expired at the end of 2008.) around here, lenders were requiring a FICO mid-score of 720 and at least 10 percent down to qualify. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted March 19, 2009 Share Posted March 19, 2009 so youre one of those companies that skrewed us all.......... Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 19, 2009 Share Posted March 19, 2009 What fees is one to expect when doing a refi? Quote Link to comment Share on other sites More sharing options...
Jackass Posted March 19, 2009 Share Posted March 19, 2009 no expert here, but it's my belief that trying to "time" the market by buying a house only when you think rates are at their lowest is an exercise in futility (assuming that's the question you were asking). I own a home. I'm talking about re-fi. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 19, 2009 Share Posted March 19, 2009 I own a home. I'm talking about re-fi. Same thing in effect. If you're at a rate that you can easily afford, it might be best to lock it rather than try to squeeze another 0.1 out of the rate - you might get 0.3 going the other way instead. Quote Link to comment Share on other sites More sharing options...
Skippy Posted March 20, 2009 Share Posted March 20, 2009 Does this person benefit by you locking in now? i.e. is this your mortgage broker? She is my broker but I don't know why she would benefit anymore from locking me now rather than see what happens over the next three weeks. I mean I floated the interest rate for about five weeks already and then she called me and said that she thought I should give strong consideration to locking in the rate available yesterday. Is there something that I don't know about that would maybe make her want to lock me at this rate rather than a lower rate? No matter what, I am now locked. Quote Link to comment Share on other sites More sharing options...
Jackass Posted March 20, 2009 Share Posted March 20, 2009 She is my broker but I don't know why she would benefit anymore from locking me now rather than see what happens over the next three weeks. I mean I floated the interest rate for about five weeks already and then she called me and said that she thought I should give strong consideration to locking in the rate available yesterday. Is there something that I don't know about that would maybe make her want to lock me at this rate rather than a lower rate? No matter what, I am now locked. I'm no expert and i'm not saying you didn't make the right call. Personally, i'm a little reluctant to trust my mortgage broker for advice b/c their objective is to get you to re-fi. Yes, chances are you'll do it with them anyway but they don't know that for sure. You could find a better rate with someone else, or you could lose your job, get hit by a bus, etc. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 20, 2009 Share Posted March 20, 2009 (edited) Did the home equity lines of credit rules change? I know 2 years ago I was able to draw up to 100% of the FMV of the house but now CountryWide is telling me up to 70% of the FMV of the house. Is this true across the board or more of an institution to institution policy? Since my house depreciated slightly, I will not be able to re-fi without taking a 8% home equity line of credit (I have about 10% in equity even with the drop in price). Edited March 20, 2009 by MrTed46 Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 20, 2009 Author Share Posted March 20, 2009 Did the home equity lines of credit rules change? I know 2 years ago I was able to draw up to 100% of the FMV of the house but now CountryWide is telling me up to 70% of the FMV of the house. Is this true across the board or more of an institution to institution policy? Since my house depreciated slightly, I will not be able to re-fi without taking a 8% home equity line of credit (I have about 10% in equity even with the drop in price). all credit is drying up. be lucky u can even get a home equity line. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted March 20, 2009 Share Posted March 20, 2009 all credit is drying up. be lucky u can even get a home equity line. I understand that but doesnt answer my question. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted March 20, 2009 Share Posted March 20, 2009 all credit is drying up. I haven't seen that. I wonder if it's just that banks have dialed back their credit approval process to sensible levels??? My wife has been pretty busy closing loans for a local bank the last few weeks. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 20, 2009 Share Posted March 20, 2009 I haven't seen that. I wonder if it's just that banks have dialed back their credit approval process to sensible levels??? My wife has been pretty busy closing loans for a local bank the last few weeks. This morning's paper said they are expecting a massive rush for refi business to begin very soon but applicants will absolutely have to meet stricter criteria such as debt-to-income ratios, LTV levels, etc. Not before time. Quote Link to comment Share on other sites More sharing options...
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