Mortgages

[Reaver]

Quote from mgabriel01:

Sure - and I have only ever banked at the local credit union - my wife started the account when she was in graduate school ---- much better than the commercial banks -- I a dare say probably in better financial shape at this point

Yeah I know what you mean man we're pretty tight on lending or else we'd be in some deep shit right now.

We are getting hammered with refinances right now...bad thing is, most people who are refinancing aren;t the ones that need it..they have good credit but are too dumb to actually factor closing costs, and the fact that the loan is being re-amortized so they'll end up paying more interest and for a longer term. People are only concerned with the rate and not their total financial picture. lol

Do you get that a lot too with your people?

 

[daddyeaux]

refi??? refi what??

we're all of a sudden back to the future...

who the hell is appraising the refi's or is this another fico shell game..

 

[mgabriel01]

Quote from Reaver:

Yeah I know what you mean man we're pretty tight on lending or else we'd be in some deep shit right now.

We are getting hammered with refinances right now...bad thing is, most people who are refinancing aren;t the ones that need it..they have good credit but are too dumb to actually factor closing costs, and the fact that the loan is being re-amortized so they'll end up paying more interest and for a longer term. People are only concerned with the rate and not their total financial picture. lol

Do you get that a lot too with your people?

We tell people about resetting the amortization scheduled.
The main audience right now is folks who signed the note in 06 and 07 when rates were higher

We pay closing costs out of the yield spread --- can't do it for everyone - but when we can its WIN-WIN

I get alot of people who don't understand any of this - so it doesnt surprise me that alot of charlatans sold people bum loans and that contributed to the whole f*cking mess the markets are in right now

but not everyone is a crook
we have been a broker for over 15 years

 

[niteflite]

Quote from Reaver:

P.S. What's your LTV? Also, no 5.75% is not good for an ARM, you can get a fixed rate for lower than that. That would be good if you were talking about a fixed rate I/O, but not for an ARM I/O.

the home value according to cfc is 617,000 but that's inflated. realistically i could sell this for around 600. my loan amt is 400. income over 200k, and pay 400/mo in low int. credit card payments and school loans.

 

[daddyeaux]

what I'm reading is insanity part II

so a piece of crap condo worth 1/3 of the top price gets a refi based on what?

pour me a scotch... the monkeys are running the zoo

 

[mgabriel01]

Quote from niteflite:

the home value according to cfc is 617,000 but that's inflated. realistically i could sell this for around 600. my loan amt is 400. income over 200, and pay 400 in low int. credit card payments and school loans.

Property Value $600,000
Loan Amount $400,000
Equity $200,000
Interest Rate 5.7500%
LTV 67%
P&I $2,334.29


the rest of course depends on property taxes, insurance, homeowner dues etc etc etc

If you were in NC I could fix you up in a heartbeat

 

[Reaver]

Quote from mgabriel01:

We tell people about resetting the amortization scheduled.
The main audience right now is folks who signed the note in 06 and 07 when rates were higher

We pay closing costs out of the yield spread --- can't do it for everyone - but when we can its WIN-WIN

I get alot of people who don't understand any of this - so it doesnt surprise me that alot of charlatans sold people bum loans and that contributed to the whole f*cking mess the markets are in right now

but not everyone is a crook
we have been a broker for over 15 years

Now I see your point as far as how a mortgage broker can help. I'm with you know, I know it sounds dumb, but I really never was bale to grasp that concept until you cleared it up.

 

[Reaver]

Quote from daddyeaux:

what I'm reading is insanity part II

so a piece of crap condo worth 1/3 of the top price gets a refi based on what?

pour me a scotch... the monkeys are running the zoo

Yeah the house still has to appraise at above the amount owed...that is what is keeping many who "need" it out of the picture...

 

[Reaver]

Quote from niteflite:

the home value according to cfc is 617,000 but that's inflated. realistically i could sell this for around 600. my loan amt is 400. income over 200, and pay 400 in low int. credit card payments and school loans.

With that kind of LTV you should be able to get a very good rate. Any reason in particular you want and ARM?

 

[mgabriel01]

Quote from Reaver:

Now I see your point as far as how a mortgage broker can help. I'm with you know, I know it sounds dumb, but I really never was bale to grasp that concept until you cleared it up.

The problem with the mortgage brokerage business in general is there are so many scumbags in the business it makes us all look like used car salemen who have no teeth!