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Mortgage Market Update/Purchase and Refinance Mortgage info

Tamalewagon

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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?



key word is "supposed" its either not gonna happen or stick.



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

Exactly why I stated "growth" in quotations as I was being facetious. It's an election year and we're going to hear a lot of retoric from both sides. I won't get too political but I can state that from an insiders position a lot more harm to the housing market has been done than good from our law makers on Capitol Hill.

Rates are still unbelievably low. Check our rates at www.scottwenhe.com and compare us to your bank. We will beat their pricing 99% of the time.
 

Tamalewagon

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We have a replacement loan for the expensive FHA route. We have a 3% down program for single family residence and condo purchase loans. It requires a minimum 620 fico.

Check our rates at www.scottwenhe.com. :thumbsup
 

Nord

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Hey Scott any info on those stated income loans we talked about? :)
 

IinsureU

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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 ??
 

Tamalewagon

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Hey Scott any info on those stated income loans we talked about? :)

Hi Dave...there is an "asset depletion" loan coming out that is the same as a stated loan. It uses your assets like income on paper. It does not literally use them as payment though. There is no set timeframe my lenders are getting it. They know it's in the works but don't have a difinitive time just yet.

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 ??

I'm a little immune to the process now so I would state that it is not a painful process at all. :D To the average RDP'er, it's not unlike getting a financial colonoscopy. Now...for the >125% LTV loan, there is no income or appraisal needed so it is quite a bit easier on the primary residences. Second homes and investment homes...the colonoscopy still applies.
 
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Tamalewagon

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Rates are down on the Making Home Affordable program today. Check the pricing at www.scottwenhe.com. For more details about this program for homeowners that are upside down in their loan to value, go to www.makinghomeaffordable.gov. Although this is a great program, the powers that be are due to sunset this program at the end of the year.
 

Tamalewagon

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Making Home Affordable LTV limits are now at 150% and unlimited for combined LTV's.
 

Nord

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Real estate is on fire! I'm losing my buyer since I can't find a house. Crazy thong is I will have no problem selling it again for full price!! Almost wish I could raise it haha
 

Ivan Dan

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Real estate is on fire! I'm losing my buyer since I can't find a house. Crazy thong is I will have no problem selling it again for full price!! Almost wish I could raise it haha

Why don't you?? Did it appraise at the sales price?
 

SBjet

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Making Home Affordable LTV limits are now at 150% and unlimited for combined LTV's.

Can you explain this to me?
I just went to a closing yesterday with my g/f, she got 3.5% on 15 yr fixed rate refi with HARP, roughly 80% LTV.
Why would Making Home affordable limits be that high? Isn't that what got us in the shit in the first place?
 

Tamalewagon

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Can you explain this to me?
I just went to a closing yesterday with my g/f, she got 3.5% on 15 yr fixed rate refi with HARP, roughly 80% LTV.
Why would Making Home affordable limits be that high? Isn't that what got us in the shit in the first place?

This program is specifically designed to help homeowners underwater and on time with their payments get to current market rates. It is sponsored by Fannie Mae and Freddie Mac with their Making Home Affordable program and Open Access program for Freddie. This is not what got us into this mess. They are trying to clean up the mess with this program. It isn't much, but it's something. Check out their website at www.makinghomeaffordable.gov. There is some pretty good information available. :thumbsup
 

WATERDOG

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This program is specifically designed to help homeowners underwater and on time with their payments get to current market rates. It is sponsored by Fannie Mae and Freddie Mac with their Making Home Affordable program and Open Access program for Freddie. This is not what got us into this mess. They are trying to clean up the mess with this program. It isn't much, but it's something. Check out their website at www.makinghomeaffordable.gov. There is some pretty good information available. :thumbsup

It appears to be not working so well.:grumble:

NEW YORK (CNNMoney) -- Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.
Foreclosures spike 9% in May
Foreclosures made up 26% of U.S. home sales in first quarter
More than 30% of mortgage borrowers still underwater
Foreclosures fall to lowest level since 2007
Logjam in foreclosure filings breaking up

Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April.
Homebuying at most affordable level in decades

Robo-signing put the methods used by the banks to repossess homes under intense scrutiny. That forced lenders to slow the foreclosure process to make sure their paperwork was legal and proper.

Once the banks reached a massive $26 billion settlement with state attorneys general over processing abuses, it was expected that they would step up their foreclosure efforts.

"With the settlement, it makes sense that the lenders would feel more confident pushing delinquencies through to foreclosure in May," said Daren Blomquist, a spokesman for RealtyTrac.

There was also a 12% jump in foreclosure starts. "The jump in May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, CEO of RealtyTrac.
 

Nord

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Why don't you?? Did it appraise at the sales price?

Pretty sure the appraisal came out under but the buyer didn't let us know since he was putting down a huge deposit and only financing a small part.
 

Tamalewagon

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It appears to be not working so well.:grumble:

QUOTE]

Like I said...it's something but not much. The problem is the banks are guaranteed by the gov't against foreclosures thanks to the bail out. Therefore they have no real incentive to help homeowners out of their current jam. If they foreclose and take a $100K loss on a property it doesn't matter. They still get their loan money back PLUS whatever profit they make by selling the foreclosed property at a loss. You want change? Vote the professional politicians out of a job.
 

tony

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I heard the rates dropped down even more??
 

Tamalewagon

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I heard the rates dropped down even more??

Man I hope so, I open escrow today...... I hope they keep going down

The best way to tell is by watching the 10-year bond on Bloomberg.com. When the bond is up, so are the rates...when the bond is down, so are the rates. Currently the bond is down so rates will be lower today. See the rates sheets at www.scottwenhe.com.
 

Tamalewagon

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Currently, we are at 3.375% at 1 point for conforming and 3.625% at 1 point for conforming High Balance loans in CA.
 

Waterjunky

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This is going to be interesting this weekend. I meet with the lender this Saturday to work out the details on the house I am trying to buy in the delta. I am wondering what I will get for a loan...........
 

Waterjunky

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He is a buddy of mine. If there is a way to take care of me on this, he will find it.
 

Instigator

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It appears to be not working so well.:grumble:

QUOTE]

Like I said...it's something but not much. The problem is the banks are guaranteed by the gov't against foreclosures thanks to the bail out. Therefore they have no real incentive to help homeowners out of their current jam. If they foreclose and take a $100K loss on a property it doesn't matter. They still get their loan money back PLUS whatever profit they make by selling the foreclosed property at a loss. You want change? Vote the professional politicians out of a job.

True Dat:thumbsup
Change is a Comin and I pray to God that Obama isn't happy with it.:D
 

boatpi

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The most amazing thing is the narrowing of the 15 year/30 year rate.
I guess we are so low it is all blending together. I am in escrow for another Vegas house, all good.
 

Tamalewagon

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The most amazing thing is the narrowing of the 15 year/30 year rate.
I guess we are so low it is all blending together. I am in escrow for another Vegas house, all good.

Negative...it has to do with profit margin for the banks.
 

tony

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The 10-year bond fell sharply friday I wonder where the mortgage rates will be on monday???:champagne:
 

Cdog

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We just did the wells in house refi and lowered our rate from 4.375% 30 year to 3.5% 30 year. It was free. Call your bank folks. Rates are unreal right now.:thumbsup
 

Tamalewagon

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Scott, is the 15 fixed at 2.5 (today's rate) with no points? or are there points on top of that?

Also, what is a 10yr under 417K going for with today's rates?

PM sent.
 
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Boozer

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We just did the wells in house refi and lowered our rate from 4.375% 30 year to 3.5% 30 year. It was free. Call your bank folks. Rates are unreal right now.:thumbsup

Just curious but how did this work?

Wells Fargo owns my mortgage right now and it's an FHA @ 3.75%. Values in my neighborhood have increased so much in the last couple of months we now have over 20% equity and I'd love to get out of the FHA loan.
 

Tamalewagon

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Just curious but how did this work?

Wells Fargo owns my mortgage right now and it's an FHA @ 3.75%. Values in my neighborhood have increased so much in the last couple of months we now have over 20% equity and I'd love to get out of the FHA loan.

No problem. We can take care of this for you. Please go to my website and fill out a secure 1003 application and I will have pricing for you today. :thumbsup Are you located in CA?
 

Outnumbered

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For those of us "doing the right thing":rolleyes: (yeah right) and we are super buried (upside down) and still paying the payments, what is the latest and greatest program? What LTV are they going up to? 200%:D
 

Tamalewagon

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For those of us "doing the right thing":rolleyes: (yeah right) and we are super buried (upside down) and still paying the payments, what is the latest and greatest program? What LTV are they going up to? 200%:D

We have an unlimited LTV Fannie HARP program.
 

Outnumbered

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negative...your payment history must be no lates in the last 12 months and no history of NOD's or foreclosure activity.

Hmmm. Interesting. What about self-employed? Is this a full-doc or a stream-line deal? You do AZ loans? Thanks
 

Bobby V

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I would assume you must be behind on payments and/or broke to qualify?

I just went thru this HARP loan with no problems for my home in YL. I have good LTV, no lates and a 800 credit score. Now I'm refinancing my rental property in Havasu. :thumbsup
 

Tamalewagon

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Unlimited LTV's on the new HARP program. We now have several lenders in our stable that do this program, so we have arguably some of the lowest rates for this program. Check out of the pricing at www.scottwenhe.com or click on our advertising banner above.
 

Tamalewagon

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No Fee Mortgage coming in January. The rates will be higher than typical conventional rates but it will be a good option for first time homebuyers.

http://wp.me/pPoVF-cE
 

Outnumbered

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Scott, are the lenders ordering 2075 Drive-By's on those no LTV loans? The 2075 is the "no value" drive-by. They are basically used to make sure the property is not damaged etc. I've been seeing these orders again lately but the lender does not tell us the loan program. We're pretty much kept in the dark now:rolleyes:
 

Weekend Therapy

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What are banks requiring for down payments these days? With the standard 20% I would assume it is challenging to come up with that kind of coin these days.
 
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