I have a side business as a mortgage broker (mostly A paper) and I'll tell you what looking at the vendor rate sheets - it reminds me alot of 2000/2003 when rates fell dramatically all the big guys rates are dropping repeatedly Wells Citi Wahcovia BOA and the brokers are sending out messages to employees saying: refi boom in the making - check the registers of deeds and cold call anyone who signed a loan in 06 or 07 --- they are candidates for refis - bigtime just an observations.........
Really what are the rates on offer?????? No don't tell me they are 2/28 ARMS.... 0% down.....100% finance....
lol 30 year fixed 700 FICo or better 5.5% no points yield spread is about 1 3/8 - so the brokers are doing a happy dance
Nice rate........only issue is every house in town is worth less than last year.....my 20% equity is now 0%......neighbours 39% equity is now 19%...... Should add PMI is dead. Bank isn't interested in less than 20%down.
Genworth has virtually no exposure to subprime loans -- their CEO is an old school conservative type --- and the big 3 have not raised rates they are also still insuring 97's --- I just wrote one yesterday
Why would someone use a mortgage broker? No offense, I have just always wondered that. I'm an originator and counselor, and I have brokers call me from time to time, but always wondered why the buyer doesn't just call us directly. Many buyers/borrowers do, but some want to use a broker and I'm not sure why.... It would save them a lot of money to just call the company directly. I mean really though for the most part, brokers are just going to suggest what gets them the most commission right? Why wouldn't they? Seriously no disrespect meant and I hope it doesn't sound that way, but I don't get it.
i have a fico score of 785 according to countrywide when i spoke about a refi to a 5 yr ARM IO. they gave me the my current int rate (5.75%) and closing costs of 4500. i do'nt think this is a good deal, is it? this was just three days ago.
What's the amount being financed? Is it cash out or just rate and term?? Also, what makes you want an ARM I/O? You planning on selling soon or something?
P.S. What's your LTV? Also, no 5.75% is not good for an ARM, you can get a fixed rate for lower than that. That would be good if you were talking about a fixed rate I/O, but not for an ARM I/O.