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Mortgage Rate Update

IinsureU

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Thank you very much for the kind words Mike. I really appreciate you and Jamie giving me the opportunity to earn your business. :thumbsup I'm looking forward to sharing a few cold ones on the water with you guys this upcoming season.
Scott, you had any success with the HAMP program ??
 

Tamalewagon

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Scott, you had any success with the HAMP program ??
Harp...yes. Hamp...sort of. FHA is offering a "short refi" program which has been mildly successful. Modifications only stand about a 25% chance of getting approved. I don't handle modification personally. I always suggest going directly to the lender if modifications are necessary.
 

lalhc

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Scott - thanks for all your help with our refi as well! It was a pleasure working with you, and I wanted everyone to know how easy this transaction was.
 

Tamalewagon

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Scott - thanks for all your help with our refi as well! It was a pleasure working with you, and I wanted everyone to know how easy this transaction was.
The pleasure was mine Ruben. You and Sherri are great folks and I appreciated the opportunity to work for you. I'm looking forward to a few cold ones on the water with you guys.
 

lalhc

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The pleasure was mine Ruben. You and Sherri are great folks and I appreciated the opportunity to work for you. I'm looking forward to a few cold ones on the water with you guys.
:thumbsup
 

DaBank

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Boozer

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Tamalewagon, What does the market look like to you for next week? You think rates will be lower next week than it was this week was for a refi? Frank
The real question is how low can they go? I took out a 10 yr loan on my condo back in July. I got 3.875 and thought that was an amazing rate until I just bought a house and got 3.75 on a 30 year.
 

BarryMac

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BUMP...


Scotchy, what are todays rates? Inquiring minds wanna know if I can still buy a Rhino and go on a cruise... LOL
 

Tamalewagon

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Tamalewagon, What does the market look like to you for next week? You think rates will be lower next week than it was this week was for a refi? Frank
Hi Frank. My apologies as I did not see this message. The cost per rate is down slightly this week but the dip in rates may not last long. Rates have been down since Friday of last week. :thumbsup
 

Nord

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Depends on how much you want to pay the rate down really. You can get mid to high 3% but your gonna pay points........
 

Tamalewagon

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Depends on how much you want to pay the rate down really. You can get mid to high 3% but your gonna pay points........
Actually Dave, that's incorrect. You can easily get a zero point conforming loan in the high 3% range. Currently 3.5% is at par and 3.875% is at zero points for a conforming loan under 80% loan to value with good credit. :thumbsup
 

Tom Brown

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I would appreciate an explanation of the point system as I might be in the market for a mortgage.

In Canada, we just borrow and lend without any transfer of K-Mart points or free tickets to the burning man wrap up dance.
 

Tamalewagon

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I would appreciate an explanation of the point system as I might be in the market for a mortgage.

In Canada, we just borrow and lend without any transfer of K-Mart points or free tickets to the burning man wrap up dance.
Perhaps a detailed explanation of the Dewey decimal system as well Mr. Brown?

Points = percentage of total mortgage amount.

I.E. 1 point = 1%, 2 points = 2% etc. 1 point on a $100K loan is $1000.
 

Tamalewagon

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BEGINNING MARCH 17...EXCELLENT NEWS FOR YOU FOLKS THAT ARE UPSIDE DOWN ON YOUR MORTGAGE! THE NEW HARP 2.0 PROGRAM IS SPECIFICALLY FOR PROPERTIES THAT ARE SERVICED BY FANNIE MAE. CHECK http://www.fanniemae.com/loanlookup/ TO SEE IF YOUR PROPERTY QUALIFIES.

HERE ARE SOME OF THE HIGHLIGHTS OF THE NEW PROGRAM:

-NO LTV/CLTV LIMIT
-NO income requirements per DU findings
-NO assets required unless property is second home or NOO
-Appraisal may not be required. Depends on DU findings
-NO cash out
-620 fico minimum
-Existing loan must have closed prior to June 1 2009.

Visit us at www.ScottWenhe.com for current pricing and fill out an application.

For California properties only.
 

Cole Trickle

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Tamalewagon

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A word of caution...if Greece and the rest of Europe get their act together and actually bail out Greece, it will have an impact on our immediate economy. The result will likely be increased (albeit false) confidence in the market and we will see investors leave the bond market for the stock market. The bond market is what directly impacts mortgage rates so we would expect the rates to climb once this happens.

The good news is the new Harp 2.0 program that will be available March 17. We can do owner occupied, second homes AND non owner occupied homes with that program with NO LTV ceiling. Check the Fannie Mae website to see if your property is on the list.

Have a great Presidents Day holiday. :thumbsup
 

djunkie

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A word of caution...if Greece and the rest of Europe get their act together and actually bail out Greece, it will have an impact on our immediate economy. The result will likely be increased (albeit false) confidence in the market and we will see investors leave the bond market for the stock market. The bond market is what directly impacts mortgage rates so we would expect the rates to climb once this happens.

The good news is the new Harp 2.0 program that will be available March 17. We can do owner occupied, second homes AND non owner occupied homes with that program with NO LTV ceiling. Check the Fannie Mae website to see if your property is on the list.

Have a great Presidents Day holiday. :thumbsup
Fuck Fannie Mae and that Freddie Mac fucker. :( I swear I'm never gonna be able to refi my shit.


Sent from my iPhone paid for with Union money. :D
 

Tamalewagon

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Fuck Fannie Mae and that Freddie Mac fucker. :( I swear I'm never gonna be able to refi my shit.


Sent from my iPhone paid for with Union money. :D
Dave...PM me your addy. I want to check it for eligibility. :thumbsup
 

Tamalewagon

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Market update:

Rate on 30-year mortgage rises to 3.95 percent

Average rate on 30-year home loan jumps to 3.95 percent after 3 weeks at all-time low


WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage jumped after standing pat for three straight weeks at record lows. But the rate stayed below 4 percent for the 12th straight week, keeping home-buying and refinancing attractive for those who can qualify.

So far, low rates have done little to help the housing market, which is slowly improving. Few people can qualify for the rates and many who can have already done so. (I call bullcrap. Wenhe Mortgage and Realty is 97% successful at getting a loan to fund/record on purchases AND refinances.)

The four-week average of home purchase applications dropped in late January and February while refinancing is mostly flat, according to the Mortgage Bankers Association. Refinancing now makes more than 81 percent of mortgage activity.

Frank Nothaft, Freddie Mac's chief economist, said the housing market is gradually starting to pick up. Still, home sales remain weak and it could take years for the market to fully return to health.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
 

Tamalewagon

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Treasuries Extend Biggest Weekly Drop in 8 Months Amid Growth

By Susanne Walker and Daniel Kruger - Mar 16, 2012 7:05 AM PT


..
Treasury (YCGT0025) 10-year notes extended the biggest weekly drop in eight months as a report showing the cost of living rose in February added to concern inflation may accelerate as the U.S. economy strengthens.

Derivative traders are increasing bets the Federal Reserve will lift its target rate for overnight loans a year earlier than Fed Reserve Chairman Ben S. Bernanke?s pledge of late 2014 after policy makers raised their assessment of the economy on March 13. The difference in yields between 10-year notes and Treasury Inflation Protected Securities climbed to 2.41 percentage points, the most since August, as investors sought a hedge against rising consumer prices.


Translation = rates are beginning to rise. However, our rates are still arguably lower than the majority of the competition especially retail banks.

We are launching the "No Loan to Value Cap Making Home Affordable" refinance today. This program is good for primary residences, second homes and investment properties. Primary residence properties will most likely not require income verification or an appraisal. Second homes and investment properties will. Check our rates at www.ScottWenhe.com. If you have a home in California that needs financing on a purchase OR a refinance, we can help.
 
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DaytonaBabe

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Treasuries Extend Biggest Weekly Drop in 8 Months Amid Growth

By Susanne Walker and Daniel Kruger - Mar 16, 2012 7:05 AM PT


..
Treasury (YCGT0025) 10-year notes extended the biggest weekly drop in eight months as a report showing the cost of living rose in February added to concern inflation may accelerate as the U.S. economy strengthens.

Derivative traders are increasing bets the Federal Reserve will lift its target rate for overnight loans a year earlier than Fed Reserve Chairman Ben S. Bernanke?s pledge of late 2014 after policy makers raised their assessment of the economy on March 13. The difference in yields between 10-year notes and Treasury Inflation Protected Securities climbed to 2.41 percentage points, the most since August, as investors sought a hedge against rising consumer prices.


Translation = rates are beginning to rise. However, our rates are still arguably lower than the majority of the competition especially retail banks.

We are launching the "No Loan to Value Cap Making Home Affordable" refinance today. This program is good for primary residences, second homes and investment properties. Primary residence properties will most likely not require income verification or an appraisal. Second homes and investment properties will. Check our rates at www.ScottWenhe.com. If you have a home in California that needs financing on a purchase OR a refinance, we can help.
Sent you a message on FB.... can you do AZ? Freddie? I know we looked at it before and you couldn't but the clown I'm dealing with at my lender can hardly speak English and I can't stand him :grumble:
 

Tamalewagon

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Sent you a message on FB.... can you do AZ? Freddie? I know we looked at it before and you couldn't but the clown I'm dealing with at my lender can hardly speak English and I can't stand him :grumble:
Hi Mel...PM me your phone number. I've got someone that can do AZ and is very trustworthy. One of the only other loan officers I would stand behind.
 

Tamalewagon

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Rates are coming up ladies and gents. The current trend is not promising due to reported economic "growth" by several media sources.

On the brighter side, we are now accepting loan applications for the new HARP 2.0 program with unlimited LTV (loan to value) for eligible Fannie Mae properties (primary, second homes and investment homes) in California only. Visit our website at www.ScottWenhe.com for current pricing. You can fill out an application online.
 

jetboatmatt

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After this BS election rates will plummet!!!! All these numbers the Economy is doing better is a lie!! I will wait till rates fall even further then we have seen in the past!!!
 

plaster dave

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After this BS election rates will plummet!!!! All these numbers the Economy is doing better is a lie!! I will wait till rates fall even further then we have seen in the past!!!
X2 they never do that right before an election.
 

Tamalewagon

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After this BS election rates will plummet!!!! All these numbers the Economy is doing better is a lie!! I will wait till rates fall even further then we have seen in the past!!!
X2 they never do that right before an election.
Hope you guys are right. I don't put stock in anything these days considering that these are unprecedented times. I'm not willing to bet on rates coming back down as inflation will hit eventually (if it isn't already taking hold). My crystal ball is foggy. :D
 

IinsureU

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Rates are coming up ladies and gents. The current trend is not promising due to reported economic "growth" by several media sources.

On the brighter side, we are now accepting loan applications for the new HARP 2.0 program with unlimited LTV (loan to value) for eligible Fannie Mae properties (primary, second homes and investment homes) in California only. Visit our website at www.ScottWenhe.com for current pricing. You can fill out an application online.
Scott, we talked about this before the unlimited LTV part kicked in. I think e conduced it was a Fannie or Freddie loan but the house is in Havasu. Any recommendations and how painful is the process ??
 

Tamalewagon

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Scott, we talked about this before the unlimited LTV part kicked in. I think e conduced it was a Fannie or Freddie loan but the house is in Havasu. Any recommendations and how painful is the process ??
It's actually just like a regular refinance. It's a little easier if it is a primary residence due to the idea that a "DU approval" will get the client a no income/no asset loan. Those loans should get to docs within 2-3 weeks. :thumbsup
 

mbrown2

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I'm not willing to bet on rates coming back down as inflation will hit eventually (if it isn't already taking hold). My crystal ball is foggy. :D
X2....and I know some big banks are not even trying to be competitive with rates right now and would rather have the a little more profit and a quality loan...

I don't see rates going down lower than they were..
 

Nord

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I know FHA loans are supposed to come up 1% on April 1st.
 

elcajones

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In a couple years these low rates are going to be as hard to imagine as the 14-18% mortgage rates of the 80's. If you can refi now, do it. This is as close to free money as we'll ever see again in our lives.

Peoples memories are very short.
 

IinsureU

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It's actually just like a regular refinance. It's a little easier if it is a primary residence due to the idea that a "DU approval" will get the client a no income/no asset loan. Those loans should get to docs within 2-3 weeks. :thumbsup
Who do you suggest I try for AZ ??
 

jetboatmatt

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It's funny how we always get excited when we hear new news!!!! This Economy is a Joke!! Don't let the liberal media fool you!! They want Obama back in and will tell you everything is getting better for there approval numbers!!! I know for a fact that every city in Orange County except maybe Irvine is in the hurt box with major deficits!! In the millions!!! Rates may go up for a little while but they will come back down when the dust settles!! Or houses will be worth less either way you can't have both going up!! With gas prices going up we're going to be hit harder then before!!! I really wish the Economy was getting better but I see nothing changing all around me! I'm looking to buy a another house soon but I'm going to wait until after the Election!!!!
 

dschifan

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Rates are coming up ladies and gents. The current trend is not promising due to reported economic "growth" by several media sources.

On the brighter side, we are now accepting loan applications for the new HARP 2.0 program with unlimited LTV (loan to value) for eligible Fannie Mae properties (primary, second homes and investment homes) in California only. Visit our website at www.ScottWenhe.com for current pricing. You can fill out an application online.

Media sources just fool people to try and make them feel warm and fuzzy things are getting better, what part of the economy is growing?

I know FHA loans are supposed to come up 1% on April 1st.
key word is "supposed" its either not gonna happen or stick.

It's funny how we always get excited when we hear new news!!!! This Economy is a Joke!! Don't let the liberal media fool you!! They want Obama back in and will tell you everything is getting better for there approval numbers!!! I know for a fact that every city in Orange County except maybe Irvine is in the hurt box with major deficits!! In the millions!!! Rates may go up for a little while but they will come back down when the dust settles!! Or houses will be worth less either way you can't have both going up!! With gas prices going up we're going to be hit harder then before!!! I really wish the Economy was getting better but I see nothing changing all around me! I'm looking to buy a another house soon but I'm going to wait until after the Election!!!!
100% right on the money, its exactly why i am so hesitant to buy right now as who knows what is going to happen after the elections. This economy is so unstable, just like how the media tries to say unemployement is coming down. LOL what a bunch of dumb fucks but what is sad is people who believe this. How they calculate current unemployment is not how everyone thinks. There are more people out of work than ever and worst of all the people who have gotten jobs are working for cheaper than ever wages. How is all of that show economic growth? Gas almost $5 a gallon and inflation coming harder than ever, looks great for us. We really all need to wake the fuck up, i'm buying another case of ammo today:skull
 
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