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Mortgage Rate Update

Tamalewagon

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Thats a good question i got a quote from chase yesterday and they quoted 4.8% for 30 years and i have excellent credit last time i checked my FICO it was 760
Are you talking about a 3.5% down below $419K loan, ONLY?

Is that rate based on a certain FICO score??? Or, as long as you qualify for the FHA loan, that is the rate?

Inquiring minds want to know?
If you both are referring to FHA loans, the rate is 3.75% on a 30 year fixed for conforming and High Balance loans too. 4.8% is ridiculous.
 

cxr

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If you both are referring to FHA loans, the rate is 3.75% on a 30 year fixed for conforming and High Balance loans too. 4.8% is ridiculous.
what are the qualifications for a FHA loan?
 

Tamalewagon

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Qualifications are 45% debt to income ratio.
Acceptable loan to value.
Acceptable monthly savings
 

Guest

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I bet alot of people are getting a big dose of reality when the appraisal comes in.:p...I just got 3.25% on 15yrs..
 

theKID

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I bet alot of people are getting a big dose of reality when the appraisal comes in.:p...I just got 3.25% on 15yrs..
I have a guy at work that's been telling me how good of a deal he would give me on his house at 390k well his appraisal came back at 340k. He's in awe!
 

Tamalewagon

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I bet alot of people are getting a big dose of reality when the appraisal comes in.:p...I just got 3.25% on 15yrs..
That's what we've got too. Great rate Bryan. However, we don't do loans in Arkansas, West Virginia or wherever you are. :D

*cough* *cough* RDP discount on fees?
Only for the people that don't ask for them. :skull
 

Tom Brown

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I work in the banking industry and I've been told how credit scores work but I've forgotten.

As I recall, 850 is a perfect score. How come my rating isn't 850? I've never defaulted, missed a payment, or do anything to blemish my credit score. That includes my credit card and bill paying history. I've seen my credit report. It's blemish free and yet my score is not 850.

What gives?

By the way, there's nothing wrong with my score. It's excellent but how can I jack it higher? Do I have to borrow and repay more loans?

Is the calculation published somewhere? I couldn't find it with a quick web search.
 

Tamalewagon

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I work in the banking industry and I've been told how credit scores work but I've forgotten.

As I recall, 850 is a perfect score. How come my rating isn't 850? I've never defaulted, missed a payment, or do anything to blemish my credit score. That includes my credit card and bill paying history. I've seen my credit report. It's blemish free and yet my score is not 850.

What gives?
There is a 100 point deduction for being Canadian. :D
 

PolarBearKing

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update.

California rates:

3.875% 30 year fixed $417K and below
4.0% 30 year fixed $417K-729K (depends on county)
FHA 3.75% 30 year fixed.

Call for pricing in other states or email me at scottwenhe@gmail.com.

Check daily rates at www.wenhemortgageandrealty.com
That really is too good to believe. I don't distrust your figures but I find myself wondering what the catch is and how come I don't own US property.
Here's the upcoming catch Tom. There are no catches with the rates though. But as soon as the gov't changes the loan amounts, anyone with a high balance mortgage will instantly be categorized as a true jumbo loans which constitutes higher rates i.e. 4.75% (current jumbo rate) versus the 4.0% rate as of now.

http://library.constantcontact.com/download/get/file/1102430933498-9/huddoc_id=fhaloanlmhera.pdf

:grumble:
:grumble:
:grumble:
Are you talking about a 3.5% down below $419K loan, ONLY?

Is that rate based on a certain FICO score??? Or, as long as you qualify for the FHA loan, that is the rate?

Inquiring minds want to know?
If you both are referring to FHA loans, the rate is 3.75% on a 30 year fixed for conforming and High Balance loans too. 4.8% is ridiculous.
what are the qualifications for a FHA loan?
Qualifications are 45% debt to income ratio.
Acceptable loan to value.
Acceptable monthly savings
No fico score required???
yeah but that's only with excellent credit!
I wouldn't call 620 excellent...
620 is the bottom end of the FHA spectrum. The pricing shown on the website is based off excellent credit. The rates don't vary much even down to 680 credit score.

You've confused me ~ Not hard to do I assure you.

So what would the rate be if you had a 620 fico and meet all of the above qualifications, if it's not 3.75%

How many points to purchase said loan?

Disclaimer: I know this stuff changes by the minute and I'm not trying to lock you in on anything. Just trying to get a "ballpark" idea.

Thanks.
 

Tamalewagon

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You've confused me ~ Not hard to do I assure you.

So what would the rate be if you had a 620 fico and meet all of the above qualifications, if it's not 3.75%

How many points to purchase said loan?

Disclaimer: I know this stuff changes by the minute and I'm not trying to lock you in on anything. Just trying to get a "ballpark" idea.

Thanks.
You would be at approximately 4% at 1 point with 1/4 point lender credit to 3rd party closing costs.
 

Tamalewagon

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Anyone looking to refinance with a mortgage balance of $417001 to 729K, do it quickly. Those loans MUST be submitted this month and fund by Sept 30th. Lenders are underwriting these loans on a first come first served basis. All conforming High Balance loan limits are being REDUCED September 1st.

Get 'em in quick!
 

Tamalewagon

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Rates back down on 30 day pricing:

=< $417K - 3.875%
> $417K - 4%

DU REFI PLUS - NO PMI to 125% loan to value Federally sponsored program
"Making Home Affordable". Get more info at www.makinghomeaffordable.gov. If you qualify for this program and your loan to value is between 80-125%, you may benefit tremendously. This program is due to sunset in the 4th business quarter 2011.

Rates for the DU program:

=< $417K - 3.875%
> $417K-county limits = 4.0%

Of course credit, income and home value must conform to lender guidelines to qualify. (Have to put disclaimers on everything now.) :D

Give me a shout if you need help. scottwenhe@gmail.com or 619-255-3182.

Check our website at www.WenheMortgageandRealty.com for more information and available products.
 
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jockorace

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I just got a 4.375 rate on a 2nd home (townhouse). Thought that was pretty good! Jocko
 

Blu Ballz

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What is the current/accurate rate on a 30 yr fixed? Bankrate is all over the place.
 

rivermobster

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Tamalehead just closed our loan for us. Took my 1700 a month payment to 600 a month. Nice to have some breathing room now!!!

He was a pleasure to work with, and put up with all of my stupid questions with paitence and grace.

It was a pleasure working with him.

:thumbsup:champagne::bowdown::champagne::thumbsup
 

Tamalewagon

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Tamalehead just closed our loan for us. Took my 1700 a month payment to 600 a month. Nice to have some breathing room now!!!

He was a pleasure to work with, and put up with all of my stupid questions with paitence and grace.

It was a pleasure working with him.

:thumbsup:champagne::bowdown::champagne::thumbsup
Thanks Joe! You guys were a pleasure to work for. Late Sept-early Oct, buy you a few hundred beers at Parker eh?
 

Tamalewagon

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Ya gotta know people to get in...

;)
Told them I knew RD...next thing you know I'm in the middle of the Mohave desert buried up to my neck in an ant hill smothered in molasses. Thankfully, I was rescued by a harem of Norwegan female gypsies that were kind enough to bring me back to civilization. Tired and worn from my journey, I found the energy to trek back to the Keys and bitchslap the bejeezus out of Dave. :D
 

72Hondo

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What are we looking at in TX? I don't think you service the TX Area.
 

Tamalewagon

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Here we go again kids! Rates are down. New conforming High Balance loan amounts are now in full effect.

check the pricing at www.scottwenhe.com.
 
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Tamalewagon

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Here are the new High Balance conforming loan limits in CA:

CA Alameda County $ 729,750 $ 625,500 -$104,250
CA Alpine County $ 547,500 $ 463,450 -$84,050
CA Contra Costa County 6013 $ 729,750 $ 625,500 -$104,250
CA El Dorado County $580,000 $ 474,950 -$105,050
CA Los Angeles County $ 729,750 $ 625,500 -$104,250
CA Marin County $ 729,750 $ 625,500 -$104,250
CA Monterey County $ 729,750 $ 483,000 -$246,750
CA Napa County $ 729,750 $ 592,250 -$137,500
CA Nevada County $ 562,500 $ 477,250 -$85,250
CA Orange County $ 729,750 $ 625,500 -$104,250
CA Placer County $ 580,000 $ 474,950 -$105,050
CA Sacramento County $ 580,000 $ 474,950 -$105,050
CA San Benito County $ 729,750 $ 625,500 -$104,250
CA San Bernardino County $ 500,000 $ 355,350 -$144,650
CA San Diego County $ 697,500 $ 546,250 -$151,250
CA San Francisco County $ 729,750 $ 625,500 -$104,250
CA San Luis Obispo County $ 687,500 $ 561,200 -$126,300
CA San Mateo County $ 729,750 $ 625,500 -$104,250
CA Santa Barbara County $ 729,750 $ 625,500 -$104,250
CA Santa Clara County $ 729,750 $ 625,500 -$104,250
CA Santa Cruz County $ 729,750 $ 625,500 -$104,250
CA Solano County $ 557,500 $ 400,200 -$157,300
CA Sonoma County $ 662,500 $ 520,950 -$141,550
CA Ventura County $ 729,750 $ 598,000 -$131,750
CA Yolo County $ 580,000 $ 474,950 -$105,050

The new county limits are in bold lettering. Here's our government at work for the citizens again. :rolleyes:
 

Tamalewagon

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Today:

3.75% on conforming loan amounts to 80% LTV
4.125% on conforming High Balance amounts to 80% LTV.

See www.scottwenhe.com for more details.
 
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Tamalewagon

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We're starting to creep up again. Seems the economists don't believe we're headed towards another recession which is good news to the stock market but bad news for mortgage rates.

By the way, we are one of the very few lenders that have 97% loan to value NON-FHA conventional condo purchase program. Not even the big boys dare to do this.

Snap-shot of 30 day lock pricing:

30 year fixed to $417K - 3.875% at par

30 year fixed High Balance conforming to county limit - 4.125% at par.

Go to www.ScottWenhe.com for more pricing and products or call me at 619-255-3182.
 

Tamalewagon

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Snap shot:

3.875% to $417K
4% from $417-county limit.
3.75% FHA

Rates are starting to increase slightly and are up from last week. Go to www.scottwenhe.com for more information.
 

Tamalewagon

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It's odd that rates are going up when todays 30 fixed mortgage has dropped below 4% for the first time in history? Rates fell to 3.94% this morning according to this report.

http://finance.yahoo.com/news/Rate-on-30year-mortgage-falls-apf-2069630673.html;_ylt=AkO51I0o90u2ogWh069240_eba9_;_ylu=X3oDMTE2N2RpZ3BmBHBvcwMxBHNlYwN0b3Atc3RvcmllcwRzbGsDcmF0ZW9uMzAteWVh?x=0
The reports are typically a day late...dollar short. The 10-year bond is rising which dictates the direction of mortgage rates.
 

Blubyu

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I saw the other day Lennar is offering 3.5% fixed 30yr on their new Homes...
 
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Outdrive1

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I saw the other say Lennar is offering 3.5% fixxed 30yr on their new Homes...
They are probably buying down the loan to keep that rate locked in.




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