September 7, 201115 yr 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.
September 7, 201115 yr 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.
September 7, 201115 yr Rate for strong credit/high equity/no points/ and what's he OOP? 10 and 15 yr.
September 7, 201115 yr Author 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.
September 7, 201115 yr Author 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.
September 8, 201115 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. Thanks. Called my bank mortgage company. 3.5 for 10 to 15 years with $250 closing costs.
September 8, 201115 yr 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.
September 8, 201115 yr 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).
September 8, 201115 yr 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?
September 8, 201115 yr 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.
September 8, 201115 yr 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.
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