Rates Keep Falling

Time to call your loan officer…

But Jil says rates are going up?..looks bullish for lower end housing.

Potentially I can see rates going down more as things are shaky in Europe, but I am going ahead and taking advantage of it now and just locking in savings from low fixed no cost rates (quoted 3.375% investment 30 yrs). Who has time to rethink about it every 5 or 7 years? Aren’t they low enough, quite frankly? Rates used to be 7-8% typically years ago and for you old timers didn’t they hit double digits for a spell during the late 70s or early 80s? My mortgage broker who has been around for many years even said her own personal investment home loans have never hit this low before.

And if they happen to go lower? Shoot, after six months min period, I will refi again if the savings warrant it. Yes, refinancing used to be a b*tch with pulling all your paperwork and mega faxing but now if you have everything saved electronically (tax returns, etc) it is pretty darn easy now. And you sign some thngs online and the notary comes straight to your home at your convenience.

I dont believe in financing anymore…I am too old and dont like banks…my last loan was 2%…variable didnt go up for 6 years

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Well, I don’t “believe” in financing too, but my pocketbook says otherwise :wink:

Financing is great as long as your salary is increasing. …At my age nobody will hire me, in fact I haven’t had W2 income since 1986…can’t even get a loan since 2008 and Dodd Frank

Yeah sounds like a terrible way to live…:slight_smile:

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I too don’t have w2 income no more. Everything is great except getting those uber cheap loans. Oh well. You get some and you lose some.

Geez, so if I may ask, what do you do for healthcare coverage? Spousal coverage or you buy on your own? With kiddies, must not be cheap…

There’s such a thing called Obamacare. :slight_smile:

I :heart: Obama

Please…those are fighting words

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They are going back up with the markets. Back to 3.7%.

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I heard about a bank in the BA that will loan with 40% down on stated income at 4.25 percent…Any others out there? …this is unconfirmed from a Russian realtor friend of my wife…

Sterling bank does stated income with 35% down. East West Bank also has stated income program I think. I wonder if there is any bank that does stated income with say 20 or 25% down?

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Yea, I have heard about East West Bank with 40% as well. So far no other I’ve heard of.

I found this list of non-qm lenders a while back

http://www.nonqmloans.com/non-qm-lenders/

The blogger has a list of stated income lenders. I am not sure if the list is any good. Both Sterling and East West are not on it, that doesn’t sound good to me… But anyhow I will probably contact every single one of them to see what’s available out there.

I am a leverage junkie. The lower down payment requirement the happier I am. :slight_smile:

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What us the lowest rate out there? Close to all time low.
https://ycharts.com/indicators/30_year_mortgage_rate

My mortgage broker pretty much locked me in at 3.75% (30 yr, no cost, conforming investment loan) but has informed me that she is holding off since she thinks she can get me to 3.65% or lower but rebates/fees aren’t lining up just yet. Most banks/brokers would just close the loan and move on to the next one. Guys, how come you are not using her???

My mortgage broker locked 3.75% rate for me today, 30-yr fixed, cashout to $417k, investment property, 60% LTV ratio. For straight-up refi with no cashout he said he can do 3.625% today. It’s all no-point no-fee.

He said rate today is super good so he is rushing to lock rate for as many loans as possible. I am on the fence whether I should refi my other loans.

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@maluka

Well, apparently my broker said rates actually started ticking up after all so she locked too at 3.75%. If true, you better hurry or wait until they come down again. I was cool with it.