I own a mortgage company in colorado and wanted to let everyone know that mortgage rates are as low as they have been in the last 4-6 years. If you have been thinking of purchasing, refinancing, currently have an ARM, need cash out or just have questions about your mortgage you might want to look into making a change right now. feel free to get in touch with me or visit my website. www.flatironfinancialgroup.com.
Mortgage Rates are great right now
- Thread starter zgriff40
- Start date
S
sortastock
Member
Yeah, I'm pretty excited about the situation. I'll be graduating from college next year, and my wife and I will be looking to buy our first home. I know I am definately the minority, but I really hope the market doesn't begin to rebound anytime soon!
Related question:
With the current state of the market, is it harder to get approved for a loan with less than 20% down payment than it was say 5 years ago? We are doing our best to save, but won't be able to get above 10% for our first home...
Related question:
With the current state of the market, is it harder to get approved for a loan with less than 20% down payment than it was say 5 years ago? We are doing our best to save, but won't be able to get above 10% for our first home...
also will be a first time home purchaser. Ive been waiting a year for this, but still dont have 20% down... guess the sled is going to have to go next month...
K
khaddon2110
Well-known member
Timing is everything. 3/4 point drop today.
Probably take a week to show up in home finance rates. But might be worth the wait.
N
NDflatlander
Active member
There is another rate decrease expected for the end of the month. In an article I read today 100% of the analysts feel that the fed will drop another .25%, 66% feel the fed will drop another .5%. Let the home refinancing begin!
H
HalfwayM7
New member
Mortgage Failures and low interest rates.
In my very low and humble opinion, I would suggest to not refinance with an ARM and or buy more house than you can afford, with a conservative mortgage rate. If everybody jumps back on that bandwagon, then we will all be right back in it and worse off for it when the rates go back up, and the mortgage rates will go back up. The rates cannot stay depressed like this for long, especially considering the tens of billions of dollars lost to it already.
Personally, I think we should let the economy take the hit. It is a supply and demand based economy. Right now the housing supply is high and demand is low. I say let it straighten itself out. Yes, I would be affected by it, I own a home and work in the commercial transportation industry (Airlines) Usually, it is one of the first industries to reflect downturns in the economy. I think I understand the repercussions of letting it settle itself out. I was lucky enough to not buy into the "interest only", ARM, or buy a lot more house than I could afford, on a conservative mortgage rate (7-9%). What goes down, must go back up when it comes to mortgage rates. I am afraid this is going to open the door for more people to repeat the same mistakes, as before, when the rates were so low. I really hope I am wrong here and you guys can rub my nose in it after all is said and done.
So if you are refinancing to a fixed rate, I agree with the thread author, now is the time to do that. If enough people do that, maybe the housing industry can stabilize itself without a whole lot more damage to the economy. Yes, I know there are lot more factors involved, but as a people we need to be much more fiscally responsible. If you get a chance, Thomas Jeffereson for one, had a lot to say about being fiscally responsible. He was thinking about fiscal responsibility a long time before this. Seems his thoughts on that subject are not as outdated as one would think, even in today's fast paced economy.
Simply because you can, does not mean you should.
Sorry, I now return you to your regular scheduled programming....
Let the flaming begin......
In my very low and humble opinion, I would suggest to not refinance with an ARM and or buy more house than you can afford, with a conservative mortgage rate. If everybody jumps back on that bandwagon, then we will all be right back in it and worse off for it when the rates go back up, and the mortgage rates will go back up. The rates cannot stay depressed like this for long, especially considering the tens of billions of dollars lost to it already.
Personally, I think we should let the economy take the hit. It is a supply and demand based economy. Right now the housing supply is high and demand is low. I say let it straighten itself out. Yes, I would be affected by it, I own a home and work in the commercial transportation industry (Airlines) Usually, it is one of the first industries to reflect downturns in the economy. I think I understand the repercussions of letting it settle itself out. I was lucky enough to not buy into the "interest only", ARM, or buy a lot more house than I could afford, on a conservative mortgage rate (7-9%). What goes down, must go back up when it comes to mortgage rates. I am afraid this is going to open the door for more people to repeat the same mistakes, as before, when the rates were so low. I really hope I am wrong here and you guys can rub my nose in it after all is said and done.
So if you are refinancing to a fixed rate, I agree with the thread author, now is the time to do that. If enough people do that, maybe the housing industry can stabilize itself without a whole lot more damage to the economy. Yes, I know there are lot more factors involved, but as a people we need to be much more fiscally responsible. If you get a chance, Thomas Jeffereson for one, had a lot to say about being fiscally responsible. He was thinking about fiscal responsibility a long time before this. Seems his thoughts on that subject are not as outdated as one would think, even in today's fast paced economy.
Simply because you can, does not mean you should.
Sorry, I now return you to your regular scheduled programming....
Let the flaming begin......
Feds drop 3/4 point and US bond Drops
HalfwayM7 I agree with what you are saying and i dont think most people should be using ARM products at this time. Currently it is a great time for people to get out of there ARM's and into a secure fixed rate mortgage at a below normal market rate. Rates are great right now sitting in the low to mid 5's for a 30 year fixed (for A borrowers). Its hard to say how long they will stay low, but we are all hopping it will stimulate more buying to help with the sluggish realestate market.
If anybody has any other questions feel free to get in touch as i am more than happy to answer questions
Zach
HalfwayM7 I agree with what you are saying and i dont think most people should be using ARM products at this time. Currently it is a great time for people to get out of there ARM's and into a secure fixed rate mortgage at a below normal market rate. Rates are great right now sitting in the low to mid 5's for a 30 year fixed (for A borrowers). Its hard to say how long they will stay low, but we are all hopping it will stimulate more buying to help with the sluggish realestate market.
If anybody has any other questions feel free to get in touch as i am more than happy to answer questions
Zach
Thanks for the pm, I sent one back to you.
Last edited:
How long do you think it'll stay down. We're listing our house in April and buying another as soon as it sells.
I'm by no means a banking guru, now with that said here's what I got.
I became a home owner this August. First thing, if you are ready, don't dick around search hard. We kinda farted around and from when we first got loan quotes the rates went from 5% up to I think 5.8, and I bought it down to 5.7. Not a ton, but it did add a few hundy each month.
As for the 20 percent down, hell all I had was my 500 in earnest money. I had no problems getting the loan though. I did have very good credit though.
One other thing, I was hyped up on first time buyer loans/deals...I ended up steering clear of those, do many stipulations. IMO the best bet is just lock into a good traditional 30 year.
I became a home owner this August. First thing, if you are ready, don't dick around search hard. We kinda farted around and from when we first got loan quotes the rates went from 5% up to I think 5.8, and I bought it down to 5.7. Not a ton, but it did add a few hundy each month.
As for the 20 percent down, hell all I had was my 500 in earnest money. I had no problems getting the loan though. I did have very good credit though.
One other thing, I was hyped up on first time buyer loans/deals...I ended up steering clear of those, do many stipulations. IMO the best bet is just lock into a good traditional 30 year.
Someone please correct me if I am wrong but I have been told that when the fed lowers the prime it does not affect the mortgage interest. It is more tied to the stockmarket.
Similar threads
