Jim in Anchorage Posted December 5, 2008 Posted December 5, 2008 Maybe something from all these Federal billions that a normal person can benefit from? Believe it when I see it.
SD Jarhead Posted December 5, 2008 Posted December 5, 2008 Shoot, I'm presently sitting at 4.8% on a 30 year fixed. I can't complain. Now if it gets down to 4% then we're talking!
SDS Posted December 5, 2008 Posted December 5, 2008 Shoot, I'm presently sitting at 4.8% on a 30 year fixed. I can't complain. Now if it gets down to 4% then we're talking! color me skeptical....
SD Jarhead Posted December 5, 2008 Posted December 5, 2008 color me skeptical.... About my loan rate? I'm not lying. Actually when I re-fied I missed an opportunity to get it at 4.6ish. I have a friend who was a broker and told me that the rates had dropped to that level and that I should consider refinancing, I waited another 10 days to see if it would get lower and instead it started creeping back up when I jumped in. That's with no points also...
SDS Posted December 5, 2008 Posted December 5, 2008 About my loan rate? I'm not lying. Actually when I re-fied I missed an opportunity to get it at 4.6ish. I have a friend who was a broker and told me that the rates had dropped to that level and that I should consider refinancing, I waited another 10 days to see if it would get lower and instead it started creeping back up when I jumped in. That's with no points also... have a friend at Countrywide?
SD Jarhead Posted December 5, 2008 Posted December 5, 2008 Actually no, I'm a normal Joe. If you fail to believe that mortgages rates were as low as I said do some research for yourself. I'm actually looking at my loan statement right now (citibank), but it doesn't tell me when I originated the loan. Actually that wouldn't matter since they weren't the original lender anyway....but I'm not blowing smoke. I have no reason to lie to you (or the board). If you don't believe me, that's your issue.
DC Tom Posted December 5, 2008 Posted December 5, 2008 Maybe something from all these Federal billions that a normal person can benefit from? Believe it when I see it. We've been talking to our bank this week about getting our mortgage modified to 4%. Don't know if we will (depends on the fees, which they haven't disclosed yet). At my wife's office, I think what closings are actually closing are running in the 4.5-5% range. But about half the buyers don't get loans. Rates are insanely low, but money's still tight.
Jim in Anchorage Posted December 5, 2008 Author Posted December 5, 2008 Actually no, I'm a normal Joe. If you fail to believe that mortgages rates were as low as I said do some research for yourself. I'm actually looking at my loan statement right now (citibank), but it doesn't tell me when I originated the loan. Actually that wouldn't matter since they weren't the original lender anyway....but I'm not blowing smoke. I have no reason to lie to you (or the board). If you don't believe me, that's your issue. Good for you. I was thinking of something relevant today, not those with a way-back machine to get 1999 rates
bills_fan Posted December 5, 2008 Posted December 5, 2008 We've been talking to our bank this week about getting our mortgage modified to 4%. Don't know if we will (depends on the fees, which they haven't disclosed yet). At my wife's office, I think what closings are actually closing are running in the 4.5-5% range. But about half the buyers don't get loans. Rates are insanely low, but money's still tight. I was thinking about doing the same thing. Waiting to see what else Congress has up its sleeve. Keep us posted regarding fees, if you would.
SDS Posted December 5, 2008 Posted December 5, 2008 We've been talking to our bank this week about getting our mortgage modified to 4%. Don't know if we will (depends on the fees, which they haven't disclosed yet). At my wife's office, I think what closings are actually closing are running in the 4.5-5% range. But about half the buyers don't get loans. Rates are insanely low, but money's still tight. What is your bank's incentive to do this?
blzrul Posted December 5, 2008 Posted December 5, 2008 My credit union is offering 4.5% for a 10-year mortage with 1.5 points. A friend in the UK called yesterday and he got 2% on his mortgage - given our prime rate I was wondering when those pig banks would stop charging 5 and 6% interest. I think we should see about 4% on a fixed mortgage soon. I have a current 5% rate but with my mortagage balance if I can refi for 10 years and stay employed long enough I can save 300k in interest
DC Tom Posted December 5, 2008 Posted December 5, 2008 What is your bank's incentive to do this? None that I can think of...not for us, at least, who aren't in default and have no expectation of being so. I think it's just a program Wells Fargo created to reduce defaults on their mortgages, but all their borrowers are eligible, so... I suspect, too, that it's probably a deal when they lower the interest rate AND increase the term of the loan, so that they ultimately make more in the long term despite taking a cash flow hit. But I haven't yet talked to them (my wife did, and there's no story she can't get wrong), so I don't really know myself. But ultimately, if it's to our benefit, I don't care what their incentive is.
SDS Posted December 5, 2008 Posted December 5, 2008 None that I can think of...not for us, at least, who aren't in default and have no expectation of being so. I think it's just a program Wells Fargo created to reduce defaults on their mortgages, but all their borrowers are eligible, so... I suspect, too, that it's probably a deal when they lower the interest rate AND increase the term of the loan, so that they ultimately make more in the long term despite taking a cash flow hit. But I haven't yet talked to them (my wife did, and there's no story she can't get wrong), so I don't really know myself. But ultimately, if it's to our benefit, I don't care what their incentive is. I guess if they offer it, then why not? Since I didn't see much incentive, I assumed such a deal wouldn't exist.
John Adams Posted December 5, 2008 Posted December 5, 2008 I suspect, too, that it's probably a deal when they lower the interest rate AND increase the term of the loan, so that they ultimately make more in the long term despite taking a cash flow hit. But I haven't yet talked to them (my wife did, and there's no story she can't get wrong), so I don't really know myself. I shudder to imagine the life of Mrs. DC Tom.
DC Tom Posted December 5, 2008 Posted December 5, 2008 I shudder to imagine the life of Mrs. DC Tom. We don't talk much. We tend to inhabit separate rooms of the house (separate bathrooms ARE the secret to a happy marriage, by the way). Most of our conversations are variations on me saying "I told you so" and her saying "Well, I didn't know! You're the smart one!" Most people would find our relationship dysfunctional...it works for us, though.
Chef Jim Posted December 5, 2008 Posted December 5, 2008 color me skeptical.... He found Super-Duper Low Mortgage Rate Company right next door to his Silver R Us broker.
blzrul Posted December 5, 2008 Posted December 5, 2008 We don't talk much. We tend to inhabit separate rooms of the house (separate bathrooms ARE the secret to a happy marriage, by the way). Most of our conversations are variations on me saying "I told you so" and her saying "Well, I didn't know! You're the smart one!" Most people would find our relationship dysfunctional...it works for us, though. Does she also strew rose petals on the floor as you come down the hall to make your grand entrance? And stand slightly behind your throne fanning you with palm fronds?
Chef Jim Posted December 5, 2008 Posted December 5, 2008 Does she also strew rose petals on the floor as you come down the hall to make your grand entrance? And stand slightly behind your throne fanning you with palm fronds? I'm thinking more gasoline and lit matches.
blzrul Posted December 6, 2008 Posted December 6, 2008 I'm thinking more gasoline and lite matches. I can certainly understand THAT.
DC Tom Posted December 6, 2008 Posted December 6, 2008 Does she also strew rose petals on the floor as you come down the hall to make your grand entrance? And stand slightly behind your throne fanning you with palm fronds? Jealousy is so unbecoming you, evil B word snake woman.
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