Who bought the 2010 home?

NEW -> Contingent Buyer Assistance Program
The current rate I have seen is as low as 3.8%. The slow months have always been the beginning of the year til tax time. The fed is trying to keep interest low to encourage buying activities. If you shop around for the 3.8% then lock in because there has not been anything lower in recent decades.
 
[quote author="dish"]Hello Everyone,

Firstly, Congratulations to all New Buyers and to be New Home Owners!

I am seriously considering buying @ Montecito, after they called me last week, being next on their list.

I have a question to experts or whoever is going thro' similar situation and thought this would be appropriate thread:

Their 3rd phase is August move-in, which means i can't lock-in my interest rate without any costs to me till closing date is within 60 days. I don't want to keep watching interest rates for next 4 months or so. My guess is interest rates would be higher later this year, so I would rather lock the rates now. At the same time, I want to see if there is any way I can save lock-in rate fees somehow.

Any thoughts?

just a little note: I want to stay away from the debate if buying is bad idea, ethnicity discussions stuff. It is discussed already at many places and believe me i have read it.

Thanks.[/quote]

You can't. The longer you want your rate lock the more is going to cost you upfront. There is just no ways around it. Long term rate lock doesn't really make sense and conversion is low. So the lenders tend to shy away from it. You don't have to watch the interest rate, just lock in when it's time and shop for the best rates. At least that's what I am doing.
 
Whoah... what kind of terms is a 3.8%?

The lowest fixed I've seen is around 5%. 5/1s can get down to 3.75%.

Someone hook me up with a 3.8% and I'll refinance ALL DAY!
 
[quote author="graceomalley"]The current rate I have seen is as low as 3.8%. The slow months have always been the beginning of the year til tax time. The fed is trying to keep interest low to encourage buying activities. If you shop around for the 3.8% then lock in because there has not been anything lower in recent decades.[/quote]

Maybe in a shorter-term variable rates product... even conforming loans are not that low. most people purchasing montecito/ sonoma will likely be in an agency jumbo product.

fed doesn't control interest rates, only st lending rates. mortgage rates are generally based on 10yr treasury. that being said, the fed is subsidizing the mortgage market by purchasing mbs thereby providing the liquidity to originate mortgages in the first place. this is scheduled to end in march, but it has been said they may extend as they view housing recovery an important part of overall economic recovery.
 
i currently have my tv above my fireplace, which is pretty tall. I bought my mount at costco ($80). It's an adjustable bracket that allows you to till the tv downwards. I hesitated for the longest time before going this route. I will say, that you get used to it. It's been up there for about 8 months and no neck pain to date. I have yet to drill and run wires which is going to be a pita as I wanted to be sure we were comfortable with the positioning. Unless we buy a new home, it's the next thing on my to do list...
 
@akim: But is your fireplace 6 feet tall?

I exaggerate but I swear you could fit a family of FCBs into the fireplaces in the 2010 HK Collection.
 
Thanks for the warm welcome guys!

BTW - I am looking to buy a plan 1 or 2 in Montecito. Hopefully get that call next week. Fingers are crossed!
 
[quote author="rounderx54"]Thanks for the warm welcome guys!

BTW - I am looking to buy a plan 1 or 2 in Montecito. Hopefully get that call next week. Fingers are crossed![/quote]

Next phase release is this Saturday! Make sure you sign in and keep your fingers crossed!!! Good luck!
 
Welcome dish... and you bring up a very good point.

With closings for new homes being out 4-6 months, how do you deal with interest rates? A 6-month wait could end up costing you hundreds (possibly thousands) in an interest rate bump.

Not that I think rates could jump high in that period of time... but it is something to consider (but could be countered by saving up more money for 6 months).
 
Congrats to all the new buyers. My wife and I almost pulled the trigger on the Sonoma Plan 3 home but after much consideration we didn't go through with it. The lack of a yard, proximity to Sand Canyon, the high Mello Roos, and the fact that we found the perfect home for us that wasn't even listed on the market (with the help of usctrojan).
 
[quote author="new2irvine"]You can get an interest rate in the mid 3% going with one of the FHA ARMs that are out there. The one I looked into was fixed at around 3.5% to 4% for the first 5 years. It goes up a maximum 1% every year thereafter and maxes out at 9 or 10%. This option works best if you know your hold period is less than 5 years. There may be more to it so you may want to do your own research.

In terms of a lock, you should get a quote on how much a rate lock will cost you and run a cost/benefit analysis. Just for reference, I was quoted approx $5k for an 80% loan at around 5% to lock for 90 days. You should ask your bank since the cost of a lock depends on your loan amount, your down payment, how many days out you want to lock, the interest rate you want to lock at, etc.[/quote]
I don't know if I'd have the stomach for getting one of those ARM loans even if I estimated that I'd move in 5 years. I guess I'm conservative like that. I never really considered not being able to lock in the rate on a new Woodbury home because I doubt rates are going to move a lot in 3-6 months.
 
thanks IHO for the welcome.
i am talking to couple of lenders, best option so far 180 days lock-in option at the cost of .25 rate addition to market rate, no up-front cost. ARM is not an option for me either. i want to stay put for longer period (5-7+ years) unless there is an unforeseen circumstance.
 
[quote author="dish"]thanks IHO for the welcome.
i am talking to couple of lenders, best option so far 180 days lock-in option at the cost of .25 rate addition to market rate, no up-front cost. ARM is not an option for me either. i want to stay put for longer period (5-7+ years) unless there is an unforeseen circumstance.[/quote]

.25% charge for 180 days lock doesn't seem expensive at all. Figure a buy up ratio of 3:1, it's only .75 point of your loan amount. Unless their "market rate" is inflated or pad it somewhere else... got to be careful of these quote. :-/
 
[quote author="dish"]thanks IHO for the welcome.
i am talking to couple of lenders, best option so far 180 days lock-in option at the cost of .25 rate addition to market rate, no up-front cost. ARM is not an option for me either. i want to stay put for longer period (5-7+ years) unless there is an unforeseen circumstance.[/quote]
PM Solyent Green is People to see what he can do for you. He's taken good care of my buyers.
 
mike, this is useful info! thanks so much for being such a great help to everyone, especially those of us just starting the homebuying process!
 
It is always interesting to see where the high fire danger areas are in Irvine: Quail Hill, Shady Canyon, Orchard Hills, Portola Springs, and Laguna Crossing--all very expensive locations.

The RE agent or the builder rep will never point out that you may lose your home due to a wild fire.
 
I thought WB was a flood hazzard... someone mention this long time ago, probably cause of the Rattlesnake Reservoir above Northwood High school...

BTW, to all WB buyers... be kind to the snails crossing the sidewalk <!-- s:D -->:D<!-- s:D -->
 
Hi,

Haven't followed this site long but had a question for anyone with information. I currently live in the inner city and wondering if anyone knew when the low incoming housing would be made available in woodbury?

Trying to get my kids out of the inner city and finally try to do good in school. I told my friends and relatives about the low income housing being built one day and I'm hopeful that we can be your neighbors one day.
 
You must log in or register to reply here.
Back
Top