Mortgage Rates

[Qryche11]

I have been in the business 10 years and I have never seen rates this low. I locked a guy yesterday on a 30 yr fixed rate at 3.99%. The 15 yr rates are down to 3.125% as well. I hope all of you BGP friends are looking into this or have already looked into it.

 

Also, do not shrug off a refinance if you think the value of your property has dropped to what you owe or below. 80% of the loans I refinance right now are through Freddie Mac and Fannie Mae's Home Affordable Streamline program where you can refinance up to 125% of your property value. If any of you are interested in at least seeing if you qualify for something like this due to the market value drop, hit me up. I can verify whether or not you have a Freddie or Fannie backed loan. I strongly urge all of you to move on these rates though.

[UKMustangFan]

I really wish I had a bit more in savings right now. This is definitely the time to be buying a house, but unfortunately, I don't have the 20% down payment quite yet.

[Clyde]

Rate for strong credit/high equity/no points/ and what's he OOP? 10 and 15 yr.

[Qryche11]

I really wish I had a bit more in savings right now. This is definitely the time to be buying a house, but unfortunately, I don't have the 20% down payment quite yet.

 

 

You can do an FHA loan with 3% down althoughnyou will have a monthly PMI payment.

[Qryche11]

Rate for strong credit/high equity/no points/ and what's he OOP? 10 and 15 yr.

 

3.25% today OOP is typically 2k unless you choose to bury it in the loan. most people I tell to just bring it to closing since you normally skip a mortgage payment.

[theguru]

I understand Q11 is great at what he does...

[Clyde]

3.25% today OOP is typically 2k unless you choose to bury it in the loan. most people I tell to just bring it to closing since you normally skip a mortgage payment.

 

Thanks. Called my bank mortgage company. 3.5 for 10 to 15 years with $250 closing costs.

[HammerTime]

Clear you PMs Q.

[Qryche11]

Cleared

[Alabama Larry]

Is there any help for an Auto Loan?

[Clyde]

Interesting math.

 

I was messing around with a 10 yr loan vs an 11 yr loan.

 

If I still pay the same amount that I pay now my payoff for an 11 and a 10 is the same month. The P&I on the 10 and the 11 are 60 and 140 respectively less than I pay today. Paying the same amount I pay today (ie paying extra principal) came out to the same month as a payoff.

[dmderringer10]

Looking at attempting to buy a HUD foreclosed home if I'm able to get the financing. I have plenty saved up for the price of the home but the problem is I'm self employed and it doesn't look like I make much money.

 

The property would be used as a rental income property (even though I may live there with roommates at first).

[Clyde]

Looking at attempting to buy a HUD foreclosed home if I'm able to get the financing. I have plenty saved up for the price of the home but the problem is I'm self employed and it doesn't look like I make much money.

 

The property would be used as a rental income property (even though I may live there with roommates at first).

 

Your income is listed on your 1040, correct?

[sportsfan41]

I'm still trying to get my credit score up from some stuff that took place nearly a decade ago when I first got out of high school. It's a slow slow process.

[dmderringer10]

Your income is listed on your 1040, correct?

 

Deductions and stuff like that from the business take away from taxable income, or so i'm told. I don't really understand taxes. The property is only listed at 50,000. It's 4 bedoom 3 bath. IMO, it should be listed much higher so that why i'm interested. Total assets I have roughly 35,000 saved up in different areas (Stocks, Mutual Funds, Savings, CD's) that could be very liquid if needed. But like I said it looks like I dont have a high income and someone I know in the mortgage business said that could raise some red flags.