is there anything in the updated stimulus bill about a 4% refinancing rumor?

[Sensai]

I'm about to close this sunday on a refinance for 4.5%..... but its not as good as 4%.

 

[IronWing]

The article on the Senate deal didn't mention it. It did say this though:

Massachusetts Democrat John Kerry said the compromise price tag would be made up of 42 percent tax cuts with 58 percent in new spending. "It's a good balance," he said.

Ahhhhhhhh! Two negatives don't balance! Freaking Ameromath© FTMFL.

 

[StageLeft]

ironwing, that equals 100%, how can that be bad?

Anyway, 4.5 vs 4 is not huge and you should figure that if it does go to 4% it will be hard getting a lender to meet with you cause they'll be inundated for a while (I will be one of those in line). I'd go for the 4.5 unless you're in a million dollar house and really will notice that .5.

 

[IronWing]

Originally posted by: Skoorb
ironwing, that equals 100%, how can that be bad?

No, Kerry is playing a cost against a loss of revenue and claiming it "balances".

452.4 billion (new spending)
+327.6 billion (revenue loss from tax cuts)
--------------
780 billion in additional debt

 

[StageLeft]

Originally posted by: ironwing

Originally posted by: Skoorb
ironwing, that equals 100%, how can that be bad?

No, Kerry is playing a cost against a loss of revenue and claiming it "balances".

452.4 billion (new spending)
+327.6 billion (revenue loss from tax cuts)
--------------
780 billion in additional debt

But it's 100% awesome

 

[OCGuy]

Close what you have. The changes are not going to be as good as they sound for all people.

 

[woodie1]

Originally posted by: Sensai
I'm about to close this sunday on a refinance for 4.5%..... but its not as good as 4%.

I saw somewhere that the GOP proposal to lower the home rate was defeated during the closed door negations. Can't find the article right now.

 

[bozack]

Originally posted by: woodie1

Originally posted by: Sensai
I'm about to close this sunday on a refinance for 4.5%..... but its not as good as 4%.

I saw somewhere that the GOP proposal to lower the home rate was defeated during the closed door negations. Can't find the article right now.

Wow something that might actually help people was defeated..amazing.

 

[Sensai]

cool thanks guys

 

[Vic]

No. I predict mortgage rates will stay above 5% for most of this year, if not go higher. Which is one reason why I'm sticking to loss mitigation.

 

[OCGuy]

Originally posted by: Vic
No. I predict mortgage rates will stay above 5% for most of this year, if not go higher. Which is one reason why I'm sticking to loss mitigation.

Was 4.9 @ par on Tuesday, will probably hit that again this week. Closed a 4.375 @ .625 cost.


What do you base your info on?


Loan mods (aka loss mit) are a thing of the past. Lenders are modifying directly with borrowers. I hope you have a backup.

 

[smokeyjoe]

The Thune Amendment did not even get voted on hehe

http://www.aberdeennews.com/ap...90206/NEWS10/902060452

 

[CPA]

Originally posted by: Ocguy31

Originally posted by: Vic
No. I predict mortgage rates will stay above 5% for most of this year, if not go higher. Which is one reason why I'm sticking to loss mitigation.

Was 4.9 @ par on Tuesday, will probably hit that again this week. Closed a 4.375 @ .625 cost.


What do you base your info on?


Loan mods (aka loss mit) are a thing of the past. Lenders are modifying directly with borrowers. I hope you have a backup.

Now that the stimulus bill has passed expect 10 year bond rates to start moving up - they have to entice someone to buy bonds in order to pay for this stupid stimulus package. When that happens, mortgage rates will start moving up.

 

[Chunkee]

Originally posted by: Sensai
I'm about to close this sunday on a refinance for 4.5%..... but its not as good as 4%.

where did you get 4.5? where do you live?

jC

 

[JS80]

Originally posted by: ironwing

Originally posted by: Skoorb
ironwing, that equals 100%, how can that be bad?

No, Kerry is playing a cost against a loss of revenue and claiming it "balances".

452.4 billion (new spending)
+327.6 billion (revenue loss from tax cuts)
--------------
780 billion in additional debt

Inhofe: 'Bill is 93% spending and only 7% stimulation'

 

[EXman]

Originally posted by: Ocguy31
Close what you have. The changes are not going to be as good as they sound for all people.

I think if they go through they will be for people first that shouldn't be buying homes in the first place.

Just more screwing the guy that is doing what they are supposedly doing...

that 4.5 what term is that 15 years??

 

[Corn]

Originally posted by: JS80

Originally posted by: ironwing

Originally posted by: Skoorb
ironwing, that equals 100%, how can that be bad?

No, Kerry is playing a cost against a loss of revenue and claiming it "balances".

452.4 billion (new spending)
+327.6 billion (revenue loss from tax cuts)
--------------
780 billion in additional debt

Inhofe: 'Bill is 93% spending and only 7% stimulation'

Shit, that sounds a lot like my sex life!

 

[Vic]

Originally posted by: Ocguy31

Originally posted by: Vic
No. I predict mortgage rates will stay above 5% for most of this year, if not go higher. Which is one reason why I'm sticking to loss mitigation.

Was 4.9 @ par on Tuesday, will probably hit that again this week. Closed a 4.375 @ .625 cost.


What do you base your info on?


Loan mods (aka loss mit) are a thing of the past. Lenders are modifying directly with borrowers. I hope you have a backup.

Not for 30 fixed you're not. Those are running about 5.25% and a point as of Friday. And let's not forget all the risk-based pricing adds.

And it's a good thing I work for a servicer dealing directly with borrowers, and not some cheesy 3rd-party broker who pretends to borrowers that he actually has anything to do with structuring the mods.

 

[OCGuy]

Originally posted by: Vic

Originally posted by: Ocguy31

Originally posted by: Vic
No. I predict mortgage rates will stay above 5% for most of this year, if not go higher. Which is one reason why I'm sticking to loss mitigation.

Was 4.9 @ par on Tuesday, will probably hit that again this week. Closed a 4.375 @ .625 cost.


What do you base your info on?


Loan mods (aka loss mit) are a thing of the past. Lenders are modifying directly with borrowers. I hope you have a backup.

Not for 30 fixed you're not. Those are running about 5.25% and a point as of Friday. And let's not forget all the risk-based pricing adds.

LOL. The only add is .15 for no impounds for my borrowers 5.25 for a point? Ill scan you a rate-sheet on Monday. 5.25 @ par was the highest for me last week. 4.9 @ par earlier in the week. Fannie conforming 30.

As far as your work, i'm glad you work for a servicer and not a loan-mod hack.

 

[Vic]

Originally posted by: CPA
Now that the stimulus bill has passed expect 10 year bond rates to start moving up - they have to entice someone to buy bonds in order to pay for this stupid stimulus package. When that happens, mortgage rates will start moving up.

Those yields have been moving steadily (and dramatically) up since the inauguration - Text. With the stimulus bill and even more govt borrowing, this trend in the debt markets is certain to continue. Granted, this has been softened by the yield spread between bonds and MBS's finally starting to shrink a bit, but that can only go so far.

Despite the Fed's promises to keep rates down, they are not almighty, and they have in fact come to a point where their every heroic effort will have a counterbalancing effect. They have, in a sense, become the market.

 

[Vic]

Originally posted by: Ocguy31
LOL. The only add is .15 for no impounds for my borrowers 5.25 for a point? Ill scan you a rate-sheet on Monday. 5.25 @ par was the highest for me last week. 4.9 @ par earlier in the week. Fannie conforming 30.

As far as your work, i'm glad you work for a servicer and not a loan-mod hack.

How is it that all your borrowers are highly qualified when you're in one of the most distressed and declining markets in the country?

 

[OCGuy]

Originally posted by: Vic

Originally posted by: Ocguy31
LOL. The only add is .15 for no impounds for my borrowers 5.25 for a point? Ill scan you a rate-sheet on Monday. 5.25 @ par was the highest for me last week. 4.9 @ par earlier in the week. Fannie conforming 30.

As far as your work, i'm glad you work for a servicer and not a loan-mod hack.

How is it that all your borrowers are highly qualified when you're in one of the most distressed and declining markets in the country?

What percentage of people are forclosing? Take the rest, and that is our client pool.


All we deal with are 700+ FICO, high income, high asset borrowers. Every now and then a 680 will cross my desk, but that would be an outlier.

I am also lucky to have a 60+ loan pipeline to process in this market. My SO has 100+ in the same company.

 

[smokeyjoe]

Originally posted by: Ocguy31

Originally posted by: Vic

Originally posted by: Ocguy31
LOL. The only add is .15 for no impounds for my borrowers 5.25 for a point? Ill scan you a rate-sheet on Monday. 5.25 @ par was the highest for me last week. 4.9 @ par earlier in the week. Fannie conforming 30.

As far as your work, i'm glad you work for a servicer and not a loan-mod hack.

How is it that all your borrowers are highly qualified when you're in one of the most distressed and declining markets in the country?

What percentage of people are forclosing? Take the rest, and that is our client pool.


All we deal with are 700+ FICO, high income, high asset borrowers. Every now and then a 680 will cross my desk, but that would be an outlier.

I am also lucky to have a 60+ loan pipeline to process in this market. My SO has 100+ in the same company.

Oh how I don't miss the mortgage industry and it's lingo.. no offense of course