I was unable to qualify for the make home affordable act. Yes my bank actually told me to stop making payments and then call them back. No wonder our banking industry is so fucked up.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
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Your mortgage lady is stupid. Why would you not lock when rates are at historic lows?
Don't forget that with a jump that big, almost all of them are going to have to be re-ran AUS due to the increased debt ratios. Forgetting the mental/sales block a lot of those customers are going to have, a big chunk of your unlocked approvals probably aren't even worth the paper they're printed on even if the LO could talk them into it.
SOB..
I didn 't lock in 3 weeks ago at 4.5% because I didn't have a property in mind.. it's 5.5% today.
SOB... guess I have to do 5-year ARM that's 4%
I didn 't lock in 3 weeks ago at 4.5% because I didn't have a property in mind.. it's 5.5% today.
SOB... guess I have to do 5-year ARM that's 4%
- Sep 29, 2000
- 70,150
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But not nearly as cheap as it was a day ago.
If those numbers are right and that monthly payments on a 200k at 5% are the same as 170 at a 6.5, either potential buyers better be getting a good raise at work pretty fast or they're going to be bringing less money to the table to buy houses, which should have a fairly immediate and significant impact on lowering the price of housing even further.
Anyway, on money.cnn.com the overnight average is 5.08 for 30 year up about .08 from yesterday. Not sure how that reconciles with the data earlier in this thread...
House appraised above the 105% threshold. All I want to do is move from an ARM to fixed. Not borrow more or ask for a reduction.
Trust me I was in complete shock a loan officer actually told me to stop making payments to his bank and then we could talk. I let him know my opinion that was the most unbelievable thing I have heard during my ordeal to get refinanced. I used more colorful words.
I have heard of this but dismissed it as hyperbole. Last weekend at a bonfire we were all talking about the home situation. And a couple like my wife and I in our neighborhood was trying to get their arm turned to a fixed as well and said their bank told them to stop making payments. We all laughed at how stupid that sounds and I dismissed it in my head. But come Tues I now believe that is exactly what the bank told them to do. I have no idea why the bank would desire such a thing? Unless there is some govt program that kicks in when people stop making payments?!?!?!?!?!?!?
He told you the stop making your payments because he is a loan-mod hack. He wasnt trying to actuallly get you a new loan, he was trying to get your loan moddified by the current lender.
Beware of those assholes.
- Sep 29, 2000
- 70,150
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A bit of a lag vs my OP, but yeah this is real. Mortgage rates are now 5.95 for 30 year up half a % in a week. If this continues, and it seems it will at least for a while, it's going to show up quite soon, as those who were unable to lock their rates can now no longer afford what they could before.
Obama's reckless and ridiculous record deficit spending is causing damage sooner than we expected. He will make Jimmy Carter's hyper-inflation seem like child's play.
This issue has been known and talked about for a long time...it's no surprise to those who actually listen to and pay attention to the truth and reality.
Unfortunately, sensible people aren't in power, so we will need to suffer through it until people wake up.
This issue has been known and talked about for a long time...it's no surprise to those who actually listen to and pay attention to the truth and reality.
Unfortunately, sensible people aren't in power, so we will need to suffer through it until people wake up.
A lock on a TBD property is kind of worthless, but Wells might do it. You would have to do at least a 60 day lock, assuming you can get an offer accepted that fast and a loan funded.
The retail banks are taking anywhere from 30-60 days to do loans right now. That might change now that rates are climbing and volume decreases.
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