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| Mortgage guys! https://mail.chicagofanatics.com/viewtopic.php?f=39&t=65538 |
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| Author: | Killer V [ Fri Dec 16, 2011 10:24 am ] |
| Post subject: | Mortgage guys! |
I know we have a few mortgage guys around here. What's the current state of the industry? Have requirements really been tightened for new mortgages? Is a 20% down payment now a requirement for the best rates or does credit score still rank higher? I'll be looking this spring/summer (so if anyone's looking to move to Evanston, I'll know of an affordable house for sale this late winter/early spring). |
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| Author: | T-Bone [ Fri Dec 16, 2011 10:31 am ] |
| Post subject: | Re: Mortgage guys! |
I miss hearing from a Bulldog Scott out here. He helped me refinance a couple of years back and still see his ugly mug on quarterly newsletters that get sent out. |
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| Author: | WestmontMike [ Fri Dec 16, 2011 10:33 am ] |
| Post subject: | Re: Mortgage guys! |
I wouldn't really worry about the rate. Sure, you want the best rate you can possibly get... but even the worst rates you can get today are pretty damn good. |
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| Author: | SomeGuy [ Fri Dec 16, 2011 10:34 am ] |
| Post subject: | Re: Mortgage guys! |
I know some "Mortgage Guys" and they say things are still slow, credit scores are still a factor but 20% down is huge now. I wish we could get David Hockberg on here to scream at us, tell us to fuck off and give us the straight dope. Instead we get speadaq1 and his attempts to curry favor via fridge magnets of the 2003 Bears. |
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| Author: | ChgoSportsFreak [ Fri Dec 16, 2011 10:36 am ] |
| Post subject: | Re: Mortgage guys! |
Yes, there are tighter guildlines. They are no longer giving you a mortgage just because you're alive. People who can afford homes and have good credit are still being able to buy with no issue. Credit score is really where it is at, however, a bigger downpayment also helps a ton because then you dont have to carry MI (mortgage insurance). Keep saving, keep paying the bills on time and keep your job. |
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| Author: | WestmontMike [ Fri Dec 16, 2011 10:41 am ] |
| Post subject: | Re: Mortgage guys! |
I know a few mortgage guys as well... it's pretty much the opposite of slow. Rates are low. Home prices are low. The maximum loan to value restriction on harp loans is going away which means everyone who can will be refinancing. |
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| Author: | ChgoSportsFreak [ Fri Dec 16, 2011 10:50 am ] |
| Post subject: | Re: Mortgage guys! |
WestmontMike wrote: I know a few mortgage guys as well... it's pretty much the opposite of slow. Rates are low. Home prices are low. The maximum loan to value restriction on harp loans is going away which means everyone who can will be refinancing. The industry is swamped with refinances...home purchases not so much. Seeing a lot of short sales & REO but traditional business is much slower. Once these lenders figure out HARP2 more refinances will happen. Look for that mid 1st quarter next year. |
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| Author: | jackref [ Fri Dec 16, 2011 11:11 am ] |
| Post subject: | Re: Mortgage guys! |
ChgoSportsFreak wrote: WestmontMike wrote: I know a few mortgage guys as well... it's pretty much the opposite of slow. Rates are low. Home prices are low. The maximum loan to value restriction on harp loans is going away which means everyone who can will be refinancing. The industry is swamped with refinances...home purchases not so much. Seeing a lot of short sales & REO but traditional business is much slower. Once these lenders figure out HARP2 more refinances will happen. Look for that mid 1st quarter next year. Can you explain that a bit more? What is a HARP loan and if I am looking to refi in 1Q in 2012 a good time to do it? |
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| Author: | redskingreg [ Fri Dec 16, 2011 11:17 am ] |
| Post subject: | Re: Mortgage guys! |
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| Author: | doug - evergreen park [ Fri Dec 16, 2011 11:17 am ] |
| Post subject: | Re: Mortgage guys! |
jackref wrote: Can you explain that a bit more? What is a HARP loan and if I am looking to refi in 1Q in 2012 a good time to do it? Me too. |
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| Author: | WestmontMike [ Fri Dec 16, 2011 11:45 am ] |
| Post subject: | Re: Mortgage guys! |
Every lender has there own additional set of rules for these and not every loan is eligible…. But basically it’s a refinance for under water mortgages with almost nothing required except for paying your mortgage on time. Not always the case, but typically no paystubs, W2s, bank statements, no credit score minimum or even appraisals (usually). There used to be 105% and 125% maximums on loan to value, but that’s going away. So if your house is worth $10K and you have a $100K mortgage… no problem, you can refinance. |
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| Author: | doug - evergreen park [ Fri Dec 16, 2011 11:46 am ] |
| Post subject: | Re: Mortgage guys! |
I'm so doing this after the Holidays... |
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| Author: | bigfan [ Fri Dec 16, 2011 11:50 am ] |
| Post subject: | Re: Mortgage guys! |
Call Townstone, ask for Barry, he will help you out. Toll Free: (888) 516-6639 |
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| Author: | Hawg Ass [ Fri Dec 16, 2011 11:52 am ] |
| Post subject: | Re: Mortgage guys! |
WestmontMike wrote: Every lender has there own additional set of rules for these and not every loan is eligible…. But basically it’s a refinance for under water mortgages with almost nothing required except for paying your mortgage on time. Not always the case, but typically no paystubs, W2s, bank statements, no credit score minimum or even appraisals (usually). There used to be 105% and 125% maximums on loan to value, but that’s going away. So if your house is worth $10K and you have a $100K mortgage… no problem, you can refinance. Hmmm... that is very interesting and thanks for the information. |
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| Author: | jackref [ Fri Dec 16, 2011 11:53 am ] |
| Post subject: | Re: Mortgage guys! |
WestmontMike wrote: Every lender has there own additional set of rules for these and not every loan is eligible…. But basically it’s a refinance for under water mortgages with almost nothing required except for paying your mortgage on time. Not always the case, but typically no paystubs, W2s, bank statements, no credit score minimum or even appraisals (usually). There used to be 105% and 125% maximums on loan to value, but that’s going away. So if your house is worth $10K and you have a $100K mortgage… no problem, you can refinance. Awesome. Thanks for the info Mike! |
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| Author: | Killer V [ Fri Dec 16, 2011 12:19 pm ] |
| Post subject: | Re: Mortgage guys! |
bigfan wrote: Call Townstone, ask for Barry, he will help you out. Toll Free: (888) 516-6639 Should I tell him that bigfan referred me? |
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| Author: | Phil McCracken [ Fri Dec 16, 2011 12:20 pm ] |
| Post subject: | Re: Mortgage guys! |
Killer V wrote: bigfan wrote: Call Townstone, ask for Barry, he will help you out. Toll Free: (888) 516-6639 Should I tell him that bigfan referred me? Only if you want a black eye |
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| Author: | bigfan [ Tue Dec 20, 2011 8:51 pm ] |
| Post subject: | Re: Mortgage guys! |
Killer V wrote: bigfan wrote: Call Townstone, ask for Barry, he will help you out. Toll Free: (888) 516-6639 Should I tell him that bigfan referred me? if you want. or just say you read on it on this website and he will know. |
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| Author: | Free Ajent [ Tue Dec 20, 2011 8:52 pm ] |
| Post subject: | Re: Mortgage guys! |
He didn't/couldn't help me because I was underwater. Found another guy, going through the process now. From what they are telling me, it looks like I will be getting a principle reduction also. |
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| Author: | badrogue17 [ Tue Dec 20, 2011 9:07 pm ] |
| Post subject: | Re: Mortgage guys! |
Free Ajent wrote: He didn't/couldn't help me because I was underwater. Another stereotype proven out! 
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| Author: | bosco [ Tue Dec 20, 2011 9:44 pm ] |
| Post subject: | Re: Mortgage guys! |
What if the 2nd mortgage puts you over the home value for refi? Will they merge the two even if the 2nd mortgage puts you slightly over the value? From my understanding, you can't refi the first mortgage without the 2nd. Is that right? |
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| Author: | WestmontMike [ Wed Dec 21, 2011 9:56 am ] |
| Post subject: | Re: Mortgage guys! |
Quote: Will they merge the two even if the 2nd mortgage puts you slightly over the value? Ask your lender, but i'd guess no.Quote: From my understanding, you can't refi the first mortgage without the 2nd. Is that right? No, that's not right. |
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