Comments on: Friday’s Rates http://raincityguide.com/2007/04/13/fridays-rates-3/ Seattle's Leading Resource for Real Estate Information Fri, 19 Mar 2010 05:20:19 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-127636 Rhonda Porter Mon, 23 Apr 2007 14:36:22 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-127636 Hi Joe, It's really hard to say without having all of your financial details.... It's possible that you may be looking at a NIV type loan depending on how much money you'll be putting down towards the new home, credit, etc. And, there are different forms of reduced doc loans that may not impact pricing too significantly--depending on what the rest of your financial picture looks like. Hi Joe,
It’s really hard to say without having all of your financial details…. It’s possible that you may be looking at a NIV type loan depending on how much money you’ll be putting down towards the new home, credit, etc. And, there are different forms of reduced doc loans that may not impact pricing too significantly–depending on what the rest of your financial picture looks like.

]]> By: joe http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-127617 joe Mon, 23 Apr 2007 14:23:55 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-127617 I am really out of tune with the rates. I used to be the official rate low hunter for a family/friends in 2001/2002. If I found a good broker with good rates, he/she would get another 20 plus refi's soon(I cannot keep a good deal secret). Have not needed it for 5 years, but since we are looking at buying a house(moving from the present one). When we bought our previous house, we both had documented incomes(W2's) but now my wife is a practicing physician(just started a few months ago). She has the potential but right now not much income to show(mostly expenses), I have a W2. So how do we document income ? Last time I bought a house 5 years ago in falling rate env, I initially bought the house with 5.5%(7 yr ARM) and refinaced three times in 1.5 year, and finally hit a rock bottom of 3.875% with 7 yr ARM. With the tax benefits, it is almost free money. I am really out of tune with the rates. I used to be the official rate low hunter for a family/friends in 2001/2002. If I found a good broker with good rates, he/she would get another 20 plus refi’s soon(I cannot keep a good deal secret). Have not needed it for 5 years, but since we are looking at buying a house(moving from the present one).

When we bought our previous house, we both had documented incomes(W2’s) but now my wife is a practicing physician(just started a few months ago). She has the potential but right now not much income to show(mostly expenses), I have a W2. So how do we document income ?

Last time I bought a house 5 years ago in falling rate env, I initially bought the house with 5.5%(7 yr ARM) and refinaced three times in 1.5 year, and finally hit a rock bottom of 3.875% with 7 yr ARM. With the tax benefits, it is almost free money.

]]> By: Friday’s Rates and How Frequently Rates Change | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-126722 Friday’s Rates and How Frequently Rates Change | Rain City Guide | A Seattle Real Estate Blog... Fri, 20 Apr 2007 16:27:19 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-126722 [...] Friday’s Rates and How Frequently Rates Change April 20, 2007 As of 9:00 a.m. PST, mortgage interest rates are the same as what I posted last Friday.   By the time I’ve pressed the “publish” button…these rates may not be accurate. [...] [...] Friday’s Rates and How Frequently Rates Change April 20, 2007 As of 9:00 a.m. PST, mortgage interest rates are the same as what I posted last Friday.   By the time I’ve pressed the “publish” button…these rates may not be accurate. [...]

]]> By: Brian Brady http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124485 Brian Brady Sun, 15 Apr 2007 06:26:14 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124485 Do you know why New Jersey has points, Ardell? Prepayment penalties are forbidden unless from a loan offered by a federal bank. I was quoting points on that cell phone in 1991, Ardell. Do you know why New Jersey has points, Ardell?

Prepayment penalties are forbidden unless from a loan offered by a federal bank.

I was quoting points on that cell phone in 1991, Ardell.

]]> By: Rhonda Porter http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124206 Rhonda Porter Sat, 14 Apr 2007 14:20:58 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124206 Too funny! I'm working with a returning client on a refinance right now and he really wanted a set rate that would have cost about 3 points. He's not planning on staying in the home forever, after reviewing his pricing options, he elected 1 point. I was relieved since I feel it's a much better option. Ardell, my first cell phone was a motorolla brick phone--before they had the improved slimmer batteries. It was not portable--hard wired into the car with the fancy attena. :) Too funny! I’m working with a returning client on a refinance right now and he really wanted a set rate that would have cost about 3 points. He’s not planning on staying in the home forever, after reviewing his pricing options, he elected 1 point. I was relieved since I feel it’s a much better option.

Ardell, my first cell phone was a motorolla brick phone–before they had the improved slimmer batteries. It was not portable–hard wired into the car with the fancy attena. :)

]]> By: ARDELL http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124131 ARDELL Sat, 14 Apr 2007 07:53:51 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124131 Sometimes I feel like Grandma Moses. 3 point loans and my first cell phone looked like this <a href="http://images.google.com/imgres?imgurl=http://www.privateline.com/war/Motorolabagbig.jpg&imgrefurl=http://www.privateline.com/mt_telecomhistory/&h=451&w=400&sz=49&hl=en&start=1&tbnid=m5cRmJL-n-mEGM:&tbnh=127&tbnw=113&prev=/images%3Fq%3D1985%2Bbag%2Bphone%26gbv%3D2%26svnum%3D10%26hl%3Den%26sa%3DG" rel="nofollow"><img style="border: 1px solid" height="127" src="http://tbn0.google.com/images?q=tbn:m5cRmJL-n-mEGM:http://www.privateline.com/war/Motorolabagbig.jpg" width="113" /></a> I used to lug it around on my shoulder until they started installing them into the cars. Sometimes I feel like Grandma Moses. 3 point loans and my first cell phone looked like this

I used to lug it around on my shoulder until they started installing them into the cars.

]]> By: ARDELL http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124130 ARDELL Sat, 14 Apr 2007 07:52:25 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124130 Brian, When and where I started in the real estate business, most buyers used a loan with 3 points and most rates were quoted with 3 points. I didn't start seeing 0/0 loans until I moved to California. Brian,

When and where I started in the real estate business, most buyers used a loan with 3 points and most rates were quoted with 3 points.

I didn’t start seeing 0/0 loans until I moved to California.

]]> By: Brian Brady http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124080 Brian Brady Sat, 14 Apr 2007 05:04:01 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-124080 The Friday rates are a great barometer, Rhonda. QUESTION FOR THE READERS: CNBC reported tonight that the average 30 year fixed rate mortgage rose from 6.15% to 6.22%. If that's true, how does Rhonda do it? ANSWER: It's all in the "point" http://www.raincityguide.com/2007/03/03/whats-the-point/ Thanks for the participation today, Rhonda The Friday rates are a great barometer, Rhonda.

QUESTION FOR THE READERS:

CNBC reported tonight that the average 30 year fixed rate mortgage rose from 6.15% to 6.22%. If that’s true, how does Rhonda do it?

ANSWER: It’s all in the “point”

http://www.raincityguide.com/2007/03/03/whats-the-point/

Thanks for the participation today, Rhonda

]]> By: Rhonda Porter http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-123958 Rhonda Porter Fri, 13 Apr 2007 20:57:46 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-123958 Hi Ardell, the rates that I quote are with a point. Whether it's a 1% origination or a 1% discount, it comes out the same with the rate. Hi Ardell,
the rates that I quote are with a point. Whether it’s a 1% origination or a 1% discount, it comes out the same with the rate.

]]> By: ARDELL http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-123957 ARDELL Fri, 13 Apr 2007 20:55:01 +0000 http://raincityguide.com/2007/04/13/fridays-rates-3/#comment-123957 Rhonda, One thing I've noticed about the market, is when everyone says it is supposed to be having a problem, some of us aren't having that problem. We are are just working a whole lot harder so we DON'T have that problem :) That's true of market prices, sale volume and most everything else across the board! I can't tell you the point basis yet, but will after closing. But I can tell you that I would like you to quote rates with 1% origination fee and zero discount points, as that is more the norm for our area...or for my clients anyway. I'd rather know the rates with zero discount and 1% origination fee, and then I can modify as needed from there. Sometimes I pay the origination fee, so quoting it without that, doesn't help me. One of my recent transactions had a buy down to 5.5%. This is a shift, as buyers are getting more conservative. Free everything is not always, and rarely, the best way to go. Better to get the seller and or agent (and yes, sometimes even the loan broker) to contribute to the cost, and keep the rate as low as possible for the client, with no fees. My experience anyway. On the 80/20, the lender on the second wouldn't let us buy down the rate on the second, but we did on the first. Rhonda,

One thing I’ve noticed about the market, is when everyone says it is supposed to be having a problem, some of us aren’t having that problem. We are are just working a whole lot harder so we DON’T have that problem :) That’s true of market prices, sale volume and most everything else across the board!

I can’t tell you the point basis yet, but will after closing.

But I can tell you that I would like you to quote rates with 1% origination fee and zero discount points, as that is more the norm for our area…or for my clients anyway. I’d rather know the rates with zero discount and 1% origination fee, and then I can modify as needed from there. Sometimes I pay the origination fee, so quoting it without that, doesn’t help me.

One of my recent transactions had a buy down to 5.5%. This is a shift, as buyers are getting more conservative. Free everything is not always, and rarely, the best way to go. Better to get the seller and or agent (and yes, sometimes even the loan broker) to contribute to the cost, and keep the rate as low as possible for the client, with no fees. My experience anyway.

On the 80/20, the lender on the second wouldn’t let us buy down the rate on the second, but we did on the first.

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