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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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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Flew too close to the sun on wings of pastrami

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.

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.

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.

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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-- source

Me too.

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@audioidkid

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.

I'm so doing this after the Holidays...

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@audioidkid

Call Townstone, ask for Barry, he will help you out.

Toll Free: (888) 516-6639

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

Hmmm... that is very interesting and thanks for the information.

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2018
#ExtendLafleur
10 More Wins

Awesome. Thanks for the info Mike!

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Should I tell him that bigfan referred me?

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Only if you want a black eye

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if you want. or just say you read on it on this website and he will know.

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

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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You never miss your wealth, till your well went dry
Seem like only yesterday, you were here smiling
Now you gone away, but I know you in a better place
No traces of you, what can I do?
Alone and confused

Another stereotype proven out!

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

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?

Ask your lender, but i'd guess no.

No, that's not right.