Interest rate changes???

Still looking at re-fi’ing the home…..anybody seeing any changes it the interest rates out there?

Tim

Rates are about as low as I’ve seen them. I do believe they might start inching up as spring starts heating up and the banks start making a few more loans. Just my opinion.

According to the news….They wer etalking the strong possibility of 4.5%. I gotta wait another month as they changed the laws and you need to wait 90 day’s after your house comes off the market to apply for a re-fi.120 if you want to get any money out!

March 4th!!!! Can’t wait!!!

A lot of changes coming guys! Start looking at your different options for refinancing!

Couple of quick comments on some upcoming changes:

-200 billion is being added to the MBS market (MBS market directly effects the current interest rates)

-Fannie and Freddie are looking at possible doing over 80% LTV (loan to value) without mortgage insurance

-Any lender that receives TARP funds has to offer modifications even to people that are not currently behind on their mortgage payments(if your over equity, or in a balloon, etc)

Happy Fishing!!!

How do we find out what lenders received TARP funds??

Here is the list Show me the TARP money

FYI: The link above completely crashed my pc. Might be coincidence not sure.

Link worked fine for me.

I called my mortgage company this morning asking how this package is going to possibly be of a benefit to me. We are way upside down in our house. They said, they nor any other financial institution is “writing off” any debt on homes that are way undervalued. Nor will this program be any different. They also said there appears to be definite income guidelines to who can be helped. This is typical democrat BS, take me and my grandchildre’s tax dollars and give it to the “poor”.

If you have any info to the contrary, I’d love to hear about it.

Many people will not be able to qualify for a new loan depending on equity related to current home value.

This is about the only info I have seen…

Who’s eligible for mortgage assistance

I like their examples of homes losing 15% value. Now let’s talk abour real world homes that have lost 40-50% of the original purchase price in less than two years. Honestly, it’s pretty attractive to give it back to the bank most days.

Quote:

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Here is the list Show me the TARP money

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stay away from this link, it started taking over my computer also……

I have uploaded it to my website so you guys can try a different site.

P.S. This only displays down to 30 million, which means there are banks that received less then 30 million and not displayed on my site.

Here it is:

http://www.gfihomeloans.com/custompage-view.aspx?id=74

Nice little article about the housing market.

#4 Worst places to own a home in the US

Kooty it sucks, but as an outsider moving to this market from another market and having friends moving here from elsewhere, the writing was on the wall. We saw the rate at which home prices were rising and the prices people were demanding and were astonished. Most were unjustifiable. We understand why, human nature, we want to advance or do better. Twins cities is competitive, with an educated population and a large influx of people from around the midwest, a great place to live I am finding out. The larger reason, because anyone could get financing. Everyone was in the game, there was an “artificial” demand created. Who do we blame? Ourselves first of all. But we must put a lot of the burden on the financial institutions also. If people would not have “qualified” we would have been in a better situation currently. This is a personal issue within my own extended family, we saw it happen right before our eyes. We knew the financial situation, it was repetitive, ongoing, yet somehow they were able to qualify for a home and then qualify for a refi that put them way upside down. It just wasn’t with the home either, vehicles, toys, etc… In a lot of ways we are going to be better of in the long run. Just going to take time and patience. The people I feel for are the ones that have paid their mortgages and now are getting crapped on by the prices. How about rewarding the guy that has paid his mortgage on time for a decade or two.

Or me who was willing to pay the going rate two years ago and haven’t been late on a single payment. Now, my home value is down 45% according to one appraiser. Which I believe to be true simply because there is no place to get a comparable comp within many, many miles of my house. So, now my home value(part of my retirement mind you), along with my 401k isn’t worth squat. Yet, I still owe the bank way more than the house is worth. At this rate, I’ll be lucky get what I paid for my house in 30 years. Look at the interest I’ll pay over those years, pretty expensive rent. I’m not sure how I was suppose to know the housing market was going to crash like this.

Pretty frustrating looking at an asset that clearly will not ever be worth what I had hoped. Yet, I don’t expect the government to bail me out, however if they will, I’m going to take full advantage of it.

I think you summed it up well John with your experience. You’re getting burned by the greedy and ignorant. I’m sure you won’t qualify though if their is a program. It will take some strange and complicated set of circumstances.

Sorry guys about putting up a link that’s caused problems for some. No malice intended. Tried the link myself several more times without any issues.

I found myself in an ugly position back in the late 70’s. Housing prices had skyrocketed for years here in Waterloo mostly due to the fact that Deeres had hired nearly 10,000 people in a few short years. Thought I better buy now or wouldn’t be ever again be able to afford a house. Well I jumped, paid an ungodly amount for a small two bedroom fixer upper at 17 1/2 percent interest on a 30 year loan with 20 percent down. Spent about 14 grand fixing the place up. Deeres start laying 4 or 500 people a week off and everything goes south in town. Every other house in town has 4 sale signs out front. Couldn’t give a house away for a few years. I was layed off and couldn’t make the payments. Banks wouldn’t refinance. I moved on and let it sit for several months until I found a couple that rented it from me for about $175 a month less than what I owed. After owning for nine years I couldn’t see myself ever getting ahead so decided my only way out was to sell for whatever $$$ I could get. At closing I wrote a check out to the bank for 15 percent more than selling price to cover what I still owed. OUCH. It all amounted to about a $40,000 lesson the way I figure. Been living in my present place twenty-five years. Twice the house, half the cost, bought and paid for 10 years ago.
I feel bad for people that find themselves in an unfortunate position now, I’ve been there. I don’t really give a rats butt whose in control of this show right now as long as they find a fix and soon.