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30 Year fixed mortgages @ 4.875%

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posted on Dec, 4 2008 @ 07:02 PM
reply to post by AgentOrangeJuice

What in this thread made you feel as if this was an attempt to get business? And yes rates this low are newsworthy. You see alot of people, with tightening lender guidelines may have tried to refi out of an arm at 6% and did not qualify, now at 4.875% they may be able too. Not to mention those delaying putting in or signing off on an offer this is a good time.

You see most people in my industry are reactive and not proactive, so i was trying to get the info out. If it doesn't help you then go to another thread. If you feel i am giving bad advice then by all means call me out.

posted on Dec, 4 2008 @ 07:09 PM
reply to post by mybigunit

A little touchy....yes, trying to help people out and i'm being attack as if i posted that i talked to an alien tried to take a picture but the camera was jammed.

And yes that is true on the backend money AKA, YSP (yield spread premium) Some make there money that way others dont. I for example will charge an origination fee at 4.875% and make my money that way. The bank will do the same at say 5.5%. Greedy brokers will charge an origination at 5.375% (beating the bank rate) and have the lender pay them...well today an additional 1.5% of the loan amount. So they end up makeing 2.5% of the total loan amount.

posted on Dec, 4 2008 @ 10:03 PM
reply to post by anotherdad

Wow what a freaking moron.

Seriously dude, go back and re-read my post before you flip out and embarrass yourself.

As MBU said:

Yes brokers do have a wholesale sheet to work from but generally the people end up paying retail anyways because the brokers make the difference in back end money.

In relation to what I said, as a broker in ANY FORM OF FINANCIAL SERVICE you can offer the lowest price across a spectrum. Had you the intelligence to understand what I was saying, that is. In the end, I find it highly unlikely a 30yr Mortgage from a REPUTABLE INSTITUTION would be so far below industry standards. Especially since most Mortgages are sold, and you sell it based on it's yield.

Your inability to understand a simple post without blowing up and somehow finding a personal attack out of it, really makes me question your "inside" knowledge.

My advice to people: Don't trust a Loan Officer to give you financial advise.

posted on Dec, 4 2008 @ 11:59 PM

Originally posted by VelmaLu
I tried to refinance the home I bought a few years ago, and I have sterling credit. The problem I have is the home won't appraise for what I owe on it. How do you get around that?

Burn your house down and claim the insurance proceeds.

posted on Dec, 5 2008 @ 06:21 AM
reply to post by In nothing we trust

Your Mortgage company would confiscate all Insurance proceeds.
(Escrow Clause)

posted on Dec, 5 2008 @ 09:52 AM
this is crazy. these artificially low rates are what caused the housing bubble in the first place!!

posted on Dec, 5 2008 @ 04:25 PM

Originally posted by anotherdad
Mods: this is not in any way a solicitation, just thought a good heads up for the ATS nation out their.

Being in the industry i can answer any questions people may have, but when long term fixed rates drop to the lowest level in 6+ years i figured it's newsworhty.

Just be careful, a lower rate does not always equal a better loan. My opinion is make sure you are lowering your terms not just your payment. Don't get sucked in on refinancing a fixed mortgage you've been paying on for 10 years unless you do a 20 or 15 year term. Dont extend it back out to 30. If you just purchased a home recently make a call you may be able to keep your payment the same while cutting your term 5 or 10 years.

Today will be a busy day so any questions i may be slow getting back to.

Good luck

I heard last night on NPR that this is not a rate that is eligable for refinancing. only for new buyers...

posted on Dec, 8 2008 @ 01:40 PM
reply to post by AgentOrangeJuice

I don't get it either. I have a 4.5% - Fixed 15yr loan. 5yrs into it. 30yr loan in the 5% was easily had. Why people opted for ARM, No Interest, Option ARM or some other junk loan is beyond me -> oh yeah, greed and stupidy.... Forgot.

Anyway the problem with housing is not falling values!! - It's overinflated values!! Until houses drop back to 3x to 4x the median income of the area they are in, things are out of wack. No one can afford a house 5x-10x their income..

We should not be trying to prop up over inflated house prices!!

posted on Dec, 9 2008 @ 10:23 AM

Originally posted by vapedson

It's like buying stock or any investing, you cannot expect it to appreciate only. You should have done research and stop blaming others.

But, but, I've always been told that a house is a good investment! Don't tell me that's wrong!

Actually, I know better, but that 'good investment' thing is still being thrown around as if real estate will always rise in value. If you rent it, it's an investment. If you live in it, it's not an investment.

posted on Dec, 9 2008 @ 01:27 PM

Originally posted by Bobbo
For a novice just getting into the game, I admit some of the blame is on my shoulders for not better investigating the market, but isn't it also the responsibility of the broker to lay things out for their client?

ALL of the blame is on your shoulders.

The markets are a volitile thing, a broker who says, "hey wait a minute, someday the market can come crashing down" is the broker who works as a burger flipper.

Seriously YOU are to blame. For all of it. To jump into something with so much of your future at risk and not know about the market is a bit ignorant and foolhardy.

(note: I really do feel for you and I wish I had a nicer response)

posted on Dec, 9 2008 @ 01:28 PM

Originally posted by Anonymous ATS
this is crazy. these artificially low rates are what caused the housing bubble in the first place!!

Low rates to qualified borrowers are fine and great. Low rates to unemployed idiots with 15 illegitimate children and a ghetto luxury car they bought with their 12 cousins as co-borrowers are what caused the housing bubble.

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