1000 replies

21

1/16/2008 7:32:24 PM

Quote :

"Skack locked in today with me and hopefully all goes well."

Yep. So far so good. 5.5% should save me a decent amount.

1/16/2008 8:08:18 PM

i'm meeting with my current lender tomorrow or friday to see what they can do for me. i feel like i owe them the business even if they're a little higher because they busted their ass to get me qualified when i purchased. i'm sure they can easily beat what it is now, it's just a matter of them being competitive with what bous and other places are advertising.

1/17/2008 4:14:59 AM

Responded to pms! Happy to help people make a good decision on what to look for in a lender and get you set up with the employee referral.

1/17/2008 12:27:34 PM

bond market worsening some today... still doing 5.5% on a 30 year fixed with no points and no origination, though.

1/18/2008 11:13:23 AM

my wachovia custom mortgage 30 yr fixed rate on friday was at:

5.125 % + 0 + 1.
5.250 % + 0 + .5.
5.375 % + 0 + 0.

take your pick, its a buyers market

purchase or refinance (can not be a cashout refi)

kelly.fox@wachovia.com

1/20/2008 9:17:58 PM

i so wish i could play the housing market right now in about 6 months...

1/21/2008 1:29:05 AM

So, My father and I have been going over a particular scenario for a while now.

We are going to build a family compound

It will be:
My wife and I, and our two kids
My Dad and Mom
My wifes Mom

In total, their homes are worth around 700-750k combined. We are considering something in the 1.5 Mil range.

We probably will not build until 4 or 5 years from now, but want to start in the planning/land aquisition portion of the project.

Anyone have any advice on custom building in that price range, acquiring about 2 acres, and good locations near RTP that you can build a nice home, pick your own builder, and still get it in a neighborhood that will appreciate well?

1/21/2008 1:16:47 PM

I was thinking of purchasing a duplex in the Raleigh Area. I have a friend that would go in on it with me, and we'd each live in a half, then down the road hopefully sell it for a profit. Does anybody have any advice in regards to this?

Thanks

1/21/2008 1:45:35 PM

probably wouldnt appreciate any better than a regular townhome. SO ... if you are doing it for the profit, then just buy a real single family home and share it.

If you cant stand him that much, then just rent it out and neither of you live in it, or if you can stand him, as I said, live in it together.

1/21/2008 1:49:59 PM

Quote :

"if you are doing it for the profit, then just buy a real single family home and share it."

1/21/2008 2:09:07 PM

thanks,

he and i are good friends, it would be easy living with him.

It might come into a snag though, cause I have a girlfriend that wants to live with me, and I think she wants to do the 'living alone w/no roommates' thing.


I want to do what's financially the most responsible.

just gathering good information, thanks agian

[Edited on January 21, 2008 at 2:14 PM. Reason : ad]

1/21/2008 2:14:20 PM

I was quoted yesterday a loan from Wells Fargo at 5.6% 30-year fixed mortgage

With the interest cuts again from yesterday, and more projected next week, what is a rate that I should be able to get at this point?

I am kinda a n00b when it comes to this type of knowledge

I have excellent credit (730+), and will be putting down 5% on the house.

The 5.6% loan included rolling the PMI into the monthly mortgage payment

I just want to be sure that the "best they can do" doesn't actually mean "I'm going to give you a rate higher than normal to make more money because you're a first time home buyer"

Thanks Dr. TWW

1/23/2008 8:06:30 AM

wells fargo will ALWAYS screw you.

price yourself at http://www.daylightdm.com/current-mortgage-rates-test.php


make sure you are comparing ALL lender-related fees (points, origination, underwriting, application, flood cert, tax cert, commitment fee, broker fee, etc. fees in 800 section).

1/23/2008 8:23:10 AM

Yeah, you can do better than 5.6

1/23/2008 9:41:56 AM

Hey Home Mortgage people!

Need input here. We are about to lock a rate on a 100% financed LTV 30 year fixed loan from Wachovia, and are curious if this is a good deal....by my estimate, considering that we only plan on staying in the house for 4 years or so, this should be a good plan.

30 year fixed financing, 100%, no origination fees / no points, no PMI (lender paid) - rate is 6.25% and could even float down an 8th of a point today further, which we'd be able to slip down to.

It was between that, and take the PMI payment and lock 5.75. If my calc's are correct that half a point shift is not as good for the length we are staying in the house compared to avoiding any upfront money or having to pay PMI payment for for 4 years.....of course, if we stay longer than 7 years the opposite is true and taking the lower rate is smarter.

Does that seem sound?

1/23/2008 9:45:51 AM

i'm refinancing from a 100% loan and i was told yesterday that there is a good chance of rates hitting 4.75% in the next few weeks and with the way things are going a lot of lenders will even pay the pmi (this was with midcarolina bank btw).

1/23/2008 12:06:23 PM

i'm preparing myself for a serious flame here....

if the dow continues on an upward rally, how long before the interest rates start climbing again?

I've got until the end of Feb to lock in a rate, and when locked in, I can "float down" once in that period to a lower rate

1/23/2008 4:31:25 PM

climbed .25% this afternoon

1/23/2008 4:44:56 PM

I'll be moving (back) to the area in June/July and my wife are beginning our mortgage search now. I found out today that pre-approvals last only 90 days.

For how long (on average) is a house staying on the market in the area? My wife and I found a house (online) we are interested in, and we don't want to keep looking at it if there is a good chance it will be gone when we go to boy.

1/23/2008 7:36:11 PM

^^Mortgage rates??

1/23/2008 8:53:53 PM

Quote :

"We are going to build a family compound It will be: My wife and I, and our two kids My Dad and Mom My wifes Mom In total, their homes are worth around 700-750k combined. We are considering something in the 1.5 Mil range. We probably will not build until 4 or 5 years from now, but want to start in the planning/land aquisition portion of the project."

Get enoug extra land that you will be able to dig tank trenches 8 feet deep and 12 feet wide so that the ATF can't go Waco on your compound.

Where is it going to be?

1/23/2008 9:34:09 PM

Not sure yet ... In the area, for sure. The size of the project depends on what we can get for about 1.5 mil. I dont think we can go much higher than that though.

Economies of scale say that it should be cheaper in regards to services, and should allow us to make it a "Green" oriented house as well ... Solar elect. systems, energy efficient appliances, etc., and effectively 1 laundry room for 3 families instead of 3 separate laundry rooms ... that sort of thing.

I saw a peice of land on falls lake for 150k for 2.3 acres ... something like that sounds promising.

1/23/2008 10:16:37 PM

2.3 acres is not big enough for a compound. you need vast fields of tall grasses/crops to set traps for the feds in.

1/23/2008 10:21:29 PM

You could just do it medieval style and put your wife's mom outside of the compound walls and only allow her within the gates when under attack. In return for the land she can farm turnips as rent. Eventually you may have numerous relatives and in-laws outside of the walls that owe their livelihood to you and your progeny.

Oh man, and I didn't even talk about Prima Nocta.

1/23/2008 10:57:11 PM

smath: yes.

rates tomorrow will be .25% or higher than today before 3pm

1/23/2008 11:12:36 PM

wow, why are they rising like that? shouldn't they fall when the feds cut interest like that?

1/23/2008 11:15:10 PM

nope that means jack shit with long-term mortgage rates.


stock market swing today drove it up.

1/23/2008 11:31:42 PM

what but i thought they cut interest rates?!?!?! isn't that every interest rate in the whole world?!?!?!?



on the bright side, i can slap an interest rate derivative on a large commercial property now at a silly rate, i've yet to figure out how those types of things fluctuate

[Edited on January 23, 2008 at 11:37 PM. Reason : asdf]

1/23/2008 11:35:17 PM

i realize that they aren't tied to each other DIRECTLY.


i'm glad i locked in when I did.

[Edited on January 24, 2008 at 1:42 PM. Reason : ]

1/24/2008 1:41:33 PM

What I read online last night is that mortgage rates are tied to mortgage bonds. Generally, when the stock market is doing poorly there is more interest in bonds which makes mortgage rates go down. When the fed cuts their rate and the economy picks up investors flock to the stock market and interest in the bond market drops. Bond prices going down means mortgage rates go up. So, generally when the fed cuts interest rates mortgage rates will go up. There are obviously a ton of other factors influencing the rate though, so there is no guarantee on that.

[Edited on January 24, 2008 at 2:14 PM. Reason : l]

1/24/2008 2:10:35 PM

The rates are going crazy....sounds like they are going back up.

Today, I just locked an 80/20 at 5.85% and 9.25%. Screw you, PMI. Pretty nice loan for 100% and no money down.

Feeling quite good about this loan. Of course, I was lucky to have a 760+ credit score to reel it in.

[Edited on January 24, 2008 at 3:21 PM. Reason : sdaf]

1/24/2008 3:21:24 PM

I have heard that mortgage rates might drop again next week which contradicts my earlier statement. If the stock market doesn't pick up as a result of the fed cutting interest rates then the bond market will remain strong and mortgage rates will remain low. It is quite possible as shaky as the economy is right now.

1/24/2008 3:48:00 PM

9.25 !!! Wouldn't pmi have been cheaper?

1/24/2008 4:37:55 PM

thanks government for the $1,200 check (optimistic they will max me out for no good reason) i can use to pay for my refi. unfortunately since it's borrowed money i'll wind up paying back twice that at some point, but it's fun for now

[Edited on January 24, 2008 at 5:34 PM. Reason : sdfdf]

1/24/2008 5:28:46 PM

i aint getting shit

1/24/2008 6:03:32 PM

Quote :

"9.25 !!! Wouldn't pmi have been cheaper?"

Nope. That 2nd loan is like 35K so your p+i isn't much. All the while that 145$ or more of PMI is totally nuked.

After doing the math the piggy back was a much better option for us since our salaries are such that we can't deduct PMI from our taxes, but CAN for the interest rates.

1/24/2008 7:20:01 PM

PMI on my house is ~$40/month. Credit Unions ftw when it comes to PMI.

1/24/2008 10:40:06 PM

^^ Wait. I don't understand why piggyback would be cheaper yet you can't deduct pmi. If pmi was more then you could most certainly deduct it. Also, don't you have to pay another set of closing costs for the piggyback loan?

1/25/2008 12:55:30 AM

I'm going to go ahead and lock now, and use my float down when the market goes back down

I've got until Feb 29th to use the FD

[Edited on January 25, 2008 at 8:39 AM. Reason : .]

1/25/2008 8:29:08 AM

Well PMI can only be deducted if total gross income is less than 110K. My wife and I's total combined income is right below that point, so in a year unless one of our careers stalls....we won't be able to deduct that 140-150 a month. Its just a waste. I'll take the deduction on all the interest, pay off the 2nd loan first too.

Another set of closing costs for piggy back? No.

Once you write it all out on paper and see what it will cost you and your break even points (while estimating how long you will be in the house - that's important) it's pretty easy to see which program will save you the most over that time you stay in the house.



[Edited on January 25, 2008 at 9:29 AM. Reason : d]

1/25/2008 9:27:42 AM

Quote :

"we won't be able to deduct that 140-150 a month. "

Damn dude. That sounds pretty high for PMI.

1/25/2008 9:38:43 AM

Yeah, but at 3 places I was quoted that was the estimate of PMI for an 100% LTV loan....it sucked

1/25/2008 10:03:17 AM

i bought my house in september and i'm refinancing now and with my appraisal and what i've paid, i'm going from a 100% 30 year fixed at 7.25% with PMI to a 95% 30 year fixed at 5.5% with no PMI. it's saving me $200 a month.

1/25/2008 10:10:37 AM

yeah so is right now a good time to refinance?

1/25/2008 10:13:36 AM

I would think so

1/25/2008 10:15:22 AM

Yeah that was a good move MOODY. Question - how much fees or costs did you pay to refinance? I dont know much about it...

1/25/2008 10:37:13 AM

Quote :

"Today, I just locked an 80/20 at 5.85% and 9.25%. Screw you, PMI. Pretty nice loan for 100% and no money down."

Quote :

"Well PMI can only be deducted if total gross income is less than 110K. My wife and I's total combined income is right below that point"

This just begs the question. How could you have a combined income of nearly 110K and not have any money to put down on a mortgage?

1/25/2008 6:47:30 PM

^ Spend the money on other stuff.

1/26/2008 12:31:50 PM

If you can't manage to squirrel away even 20% of 110K for some kind of down payment, I'm going to go out on a limb and say you're living above your means.

I mean, holy shit, 9.25%? That's insane.

1/26/2008 1:35:35 PM