Do you own your home???

[foofighter]

man if mortgage rates drop to where it was back in 05/04 it would be stellar...but lenders cant be so crazy giving out loans like they did back then...that's what got them into this mess to begin with.

man if rates drop like that i would look for a new house LOL

[sheclimbs]

Rates have dropped! A lot!

Conforming rates for single family, duplexes, triplexes and four units are in the mid 5% range (5.500% at zero points, full documentation owner occupied).

If you have any loan you are considering either refinance or purchase, even if it is not a conforming loan, rates are very low for many loan products.

Disclosure: I do have my license and I actively work for a RE Mortgage Brokerage and Sales Firm

[nappyt]

Originally Posted by xhuskr

what? where r u living? my wife and I just got our annual xmas gift from our land/slumlord with a $100 increase. looking to buy and will start the process again this month...keep your fingers crossed

The cheapest house I looked at before moving into my current rental, was $680k even with a good credit score and 20% down my rent is a little less than half of what my mortgage would be and landlord includes a garden. I have been lucky the last house I rented I was in for 5+ years and never had the rent raised. My current landlord seems like the same kind of guy. I'll know this summer.

[queenwilhelmina]

Question about refi's:

What is the determining factor in what rate you're able to get? For example, if you have less than desirable income, but excellent credit, can you still get a good rate?

[SheDevil]

Originally Posted by queenwilhelmina

Question about refi's:

What is the determining factor in what rate you're able to get? For example, if you have less than desirable income, but excellent credit, can you still get a good rate?

When I actively worked in the industry the whole loan was based on your credit (the ones we sold a lot of at least)...we did a ton of no income no asset deals. Just don't get in over your head with it...get something you can afford vs. something they will say yes to

[kbteachme]

My rate is also a low 5% right now and I'm just waiting for things to go even lower.

[Jordansrealm]

Originally Posted by queenwilhelmina

Question about refi's:

What is the determining factor in what rate you're able to get? For example, if you have less than desirable income, but excellent credit, can you still get a good rate?

Much of it is based on credit score. I dont make a ton of money either but my credit score was 812 and that was the medium of the three they run. So, I qualified for the best rates and much more than I need. Also, rates just dropped 3 quarters of a point last night

[queenwilhelmina]

Originally Posted by SheDevil

When I actively worked in the industry the whole loan was based on your credit (the ones we sold a lot of at least)...we did a ton of no income no asset deals. Just don't get in over your head with it...get something you can afford vs. something they will say yes to

We're already in over our heads! Our current rate is like 8.5%. It's horrible. I don't need to go into details about all that because it's personal, but it's good to know that having good credit is worth something.

Thanks!

[Jordansrealm]

Originally Posted by nappyt

The cheapest house I looked at before moving into my current rental, was $680k even with a good credit score and 20% down my rent is a little less than half of what my mortgage would be and landlord includes a garden. I have been lucky the last house I rented I was in for 5+ years and never had the rent raised. My current landlord seems like the same kind of guy. I'll know this summer.

Not sure I agree with you here. Renting is always throwing money out the drain. It may seem better because you can rent a big house for less than buying it but keep in mind all that money you are putting down each month is GONE. If you can afford to buy renting is never the better option.

I also dont see rates and home prices getting much lower this year. They have already dropped substantially.

[ThinkFast]

If you don't yet own your own home consider getting a Real Estate license. It takes a little time but the tests are relatively easy if you study. There are some fees to have your license active but if you act as your own buying agent you can use your commission as part of your down payment and closing fees. That's what we did when we bought our first house and it was a big help.

[SheDevil]

Originally Posted by queenwilhelmina

We're already in over our heads! Our current rate is like 8.5%. It's horrible. I don't need to go into details about all that because it's personal, but it's good to know that having good credit is worth something.

Thanks!

If you have a bank loan willie...you need to get rid of that rate!!!!!!!!!! If your credit score is good criminy girl....CALL THEM NOW!!!!! You could save TONS no joke. Ask sheclimbs....if she's in the biz she'll back me up on this one

[un-kola]

Originally Posted by sheclimbs

Rates have dropped! A lot!

Conforming rates for single family, duplexes, triplexes and four units are in the mid 5% range (5.500% at zero points, full documentation owner occupied).

If you have any loan you are considering either refinance or purchase, even if it is not a conforming loan, rates are very low for many loan products.

Disclosure: I do have my license and I actively work for a RE Mortgage Brokerage and Sales Firm

Our condo that we rent is paid in full and the house we live in is at 5.32%.We refied last in '02.Do you see that rate dropping.I can't see refi'ing unless it drops to at least 4.5%.- Lloyd

[surlygal]

Originally Posted by Jordansrealm

Not sure I agree with you here. Renting is always throwing money out the drain. It may seem better because you can rent a big house for less than buying it but keep in mind all that money you are putting down each month is GONE. If you can afford to buy renting is never the better option.

I also dont see rates and home prices getting much lower this year. They have already dropped substantially.

We rented a very big beautiful house - but couldn't paint and it just never felt like home. We paid good rent for a great house...i was willing to give it up and own a tiny bit smaller home, but do whatever I wanted to the house I own and live in. I hated writing that rent check each month - I was thowing $ into someone elses pocket and just spending ours.

With our new home loan we do pay about $500.00 (including hoa's) more a month but it's mine all mine! and trust me we painted!

[sheclimbs]

not quite there yet

[ODB]

Originally Posted by surlygal

With our new home loan we do pay about $500.00 (including hoa's) more a month but it's mine all mine! and trust me we painted!

And you'll get all that back, and more, come next tax season.

[nappyt]

Originally Posted by Jordansrealm

Not sure I agree with you here. Renting is always throwing money out the drain. It may seem better because you can rent a big house for less than buying it but keep in mind all that money you are putting down each month is GONE. If you can afford to buy renting is never the better option.

I also dont see rates and home prices getting much lower this year. They have already dropped substantially.

for me a house is a liability and keeps me from reaching my long term goals. right now renting I can maximize my long term investment strategies and pay off debt. in 30 years i'll be able to retire and have a house paid off. now just isn't the right time for me to buy.

I also think rates will hit the mid 4's before to long. I think when the recession hits full force the houses are going to get some people upside down. I'll be there for the short sell with the high credit score and the cash to get a bargain.

but i agree for 99% of the people your point is true.

[J_Sims]

Originally Posted by Jordansrealm

Good luck!

You too

[dudevf1]

I would say that renting makes a lot of economic sense in this market. If prices fall to where you can build equity sooner and make monthly payments more reasonable compared to rent, then that would change. But you also have to consider personal preferences/circumstances. If you plan on living here for 10 years and have a family then owning makes sense from a quality of life perspective even at today's prices.

There are hidden costs to home ownership that are rarely discussed by those who expereince the "joys" of home ownership. If you are in a 30 year mortgage with money down then you may find yourself the equivalent of renting or worse if you have to sell sooner than expected. If you get a 15 year mortgage with 20% down, then by all means go for it unless you plan on moving in a couple of years. But there's even many variables to the latter.

Owning could turn out to be very attractive in 2008-2009 if prices fall more, but I don't see any need to rush in to a market that to me has very little upside potential.

[northshore]

Originally Posted by SheDevil

Ok I have my Real Estate Lis (but don't use it)....so let me share....northshore....100% financing!!! It's all about your credit score.

Jordan and Jeff...congrats!!! Good time to do it with the rates....they say with a low rate like this it's like buying a house at half price, in the end your payment is lower like back in the days when a house was 100k but the rates were 10-12%

SheDevil, this can turn into an interesting conversation. 100% based on what? 80% first and a 20% second? Is this a 30 year fixed versus a 5 year ARM? There is no way in the world anyone can sign me for an ARM or any kind of a hybrid loan. Again, this is only my own opinion but it's just beginning to tank. I'm sure homes will be allot more affordable by the summer if not fall.