How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
irvinebullhousing
Well-known member
Cares said:
Cheers! No guts No glory.
qwerty
Well-known member
Compressed-Village said:
Cash is king, id rather have the cash than no mortgage, my guess is there will be good buying opportunities in the stock market in the next 2-3 years. With that said there is always a part of me that just wants to pay off the mortgage since I hate having debt.
qwerty
Well-known member
I completely agree with SGIP. I?ve mentioned before how my wife wanted to move to greenwood in Tustin but it was going to cost about an extra 1400-1500 a month for an extra bedroom that we were not going to use anyway. The 1400-1500 was a result of higher interest rates, more expensive house and related property taxes. That was considering the tax savings under the old tax laws. It would have made it more expensive to own in Greenwood post the new tax laws.
irvinebullhousing
Well-known member
fortune11 said:
House is paid for and use as a vacation pad. Like you and SIGP mentioned, those are see through homes and not even a car park on the street. 11.9 months of the year sit unoccupied.
irvinebullhousing
Well-known member
qwerty said:
Cash is KING. So assume 500k in bank, and assume 500k in mortgage at 3.75. 500k interest at 1 %. And wait time for market to crumble??????no one know. Would it better to not pay any interest? Open a 500k HELOC and float it until market crumbled then tap it. In the mean time when you have no mortgage you build up that saving very quickly.
qwerty
Well-known member
@CV - yeah I don?t know what is going to happen and essentially just gambling that the stock market will dive, put in the cash and my future returns will payback the 2.75% on the mortgage. I can pay it off and essentially lock in the 5% return equivalent which isn?t all that shabby at this point in time. But I already beat my mortgage interest pretty easily just with my day trading.
I have thought about getting a HEloc but don?t need it but it probably would be nice to have access to it if the market took a severe dive but then you have to worry about beating the related interest rate
I have thought about getting a HEloc but don?t need it but it probably would be nice to have access to it if the market took a severe dive but then you have to worry about beating the related interest rate
sgip
Well-known member
Bank portfolio loans run .25 to .50 lower than Fannie/Freddie (Agency) paper. Banks can move their profit margins higher - and get closer to Agency paper rates, or lower to run under Agency rates. Banks also do not have additional government fees added every so often as the Agencies do.
My .02c
My .02c
irvinehomeowner
Well-known member
qwerty said:
I'm getting old. I have no recollection of this.
Good thing you didn't... no 3CWGs in Greenwood.
Perspective
Well-known member
Affordable jumbos: 40-year fixed rate, easy, qualifying, interest-only for 10 yearshttps://www.mortgagegrader.com/affordable-jumbos/
The mortgage market appears to be pushing further into the non-QM space, as mortgage volume declines.
The mortgage market appears to be pushing further into the non-QM space, as mortgage volume declines.
irvinebullhousing
Well-known member
Perspective said:
This is exactly as I mentioned before. Creative financing will start again as housing products elevated pricing or stubbornly expensive . Is this getting into stupid lending from banks? Remain to be seen.
irvinebullhousing
Well-known member
Cares said:
Agree with you, completely. Go for gold.
sgip
Well-known member
75-70% LTV refi's are in the 3.95 to 4.125 range, depending on property type and FICOS. Some deals will require impounding to get that rate. Occupancy is also assumed to be owner occupied.
75-70% LTV purchases are in the 3.750 to 4.000 range, also depending on the same factors.
Got $$$ to move to a bank? These upper 3 numbers can be pushed to the mid to low 3's in some cases.
One consideration: Now that FNMA/FHLMC loan limits have risen, what was eligible for better jumbo pricing might now be required to use Agency loan terms which sometimes are not as favorable.
My .02c
SGIP
75-70% LTV purchases are in the 3.750 to 4.000 range, also depending on the same factors.
Got $$$ to move to a bank? These upper 3 numbers can be pushed to the mid to low 3's in some cases.
One consideration: Now that FNMA/FHLMC loan limits have risen, what was eligible for better jumbo pricing might now be required to use Agency loan terms which sometimes are not as favorable.
My .02c
SGIP
Irvinecommuter
New member
Soylent Green Is People said:
Those are for conforming right? I can't see those rates for non-conforming or jumbo.
sgip
Well-known member
I talk about rates in ranges because of the dozen plus variables that go into a real rate quote. Its impossible to inform precisely so the general numbers and trends are how I try to post.
Much of the data you see on Zillow Mortgage Marketplace is standard conforming. Most jumbo rates are better than standard conforming but you wont' see them on aggregator sites. Citibank usually is on ZMM with garbage pricing. I can ga-ron-tee that if Citibank's standard conforming is 4.50, their jumbo stuff is 4.125 or better. They just don't want to push out best pricing and based on the totality of circumstance within the individual loan they can't deliver the price as seen on line.
In most cases today 3.875-4.00 is jumbo bank stuff, and 4.00 to 4.125 is standard conforming.
Hope that helps.
Much of the data you see on Zillow Mortgage Marketplace is standard conforming. Most jumbo rates are better than standard conforming but you wont' see them on aggregator sites. Citibank usually is on ZMM with garbage pricing. I can ga-ron-tee that if Citibank's standard conforming is 4.50, their jumbo stuff is 4.125 or better. They just don't want to push out best pricing and based on the totality of circumstance within the individual loan they can't deliver the price as seen on line.
In most cases today 3.875-4.00 is jumbo bank stuff, and 4.00 to 4.125 is standard conforming.
Hope that helps.
Irvinecommuter
New member
Soylent Green Is People said:
It does...thanks.