FAO People in the Finance/Mortgage Industry

[FM]

Re: FAO People in the Finance/Mortgage Industry

could they drop a bit? who knows; right now they're around a 4-year low (gee when many started to refi on those paper houses they bought )

5.2ish was the better/historical low in '03

[Life on Other Planets AKA Johns]

Re: FAO People in the Finance/Mortgage Industry

i have a 30yr @ 5.25%, and i don't see anything out there beating that at the moment, but i've wondered with rates dropping like flies.

What u have locked in your rate @5.25 for the whole 30 years??

[Jenks]

Re: FAO People in the Finance/Mortgage Industry

^yes. i own a loft in downtown st. louis. technically when i bought it we were in a "blighted" area, even though downtown st. louis has been going through a revival of sorts the past 8 years with massive renovations and people moving back into the city. A lot of the buildings have been tax abated for 10 years and banks were packaging attractive programs with that to get people to move back into the city. We took advantage of a program available through national city where they would buy down a percent if you bought downtown, hence, 30yr@5.25%.

[Kamal]

Re: FAO People in the Finance/Mortgage Industry

What about car loans ? those bitches haven't moved. I just bought a car and the best I could get was a 5.5% (got a Certified Pre-Owned).

Any ideas if the recent rate cut will affect cat loan rates?

[thesightless]

Re: FAO People in the Finance/Mortgage Industry

Behold, he speaks the truth!!! I don't work in the finance industry,.

motherfucker, i always tell the truth, im just not PC.

[thesightless]

Re: FAO People in the Finance/Mortgage Industry

What about car loans ? those bitches haven't moved. I just bought a car and the best I could get was a 5.5% (got a Certified Pre-Owned).

Any ideas if the recent rate cut will affect cat loan rates?

car loans are usually from car companies, not public banks.

[thesightless]

Re: FAO People in the Finance/Mortgage Industry

guys, if youre not looking to cash out, see if you can get a loan mod instead of a refi... rates are insane for loan mods

lol, i do these on the side with some local attorneys. yes, the best option, 3-5K in costs and no principle/term change. much cheaper and efficient.

[Kamal]

Re: FAO People in the Finance/Mortgage Industry

car loans are usually from car companies, not public banks.

got mine from a federal credit union.

[Jenks]

Re: FAO People in the Finance/Mortgage Industry

car loans are usually from car companies, not public banks.

Not really. While finance guys do go to places like Honda finance, GMAC, etc, they also borrow from banks. Where they get their money isn't always through the dealer. It's always the best idea to go to your local bank/credit union first and find out what you qualify for before letting the finance guy at a dealership tell you what you can get when buying a car.

[Kamal]

Re: FAO People in the Finance/Mortgage Industry

Not really. While finance guys do go to places like Honda finance, GMAC, etc, they also borrow from banks. Where they get their money isn't always through the dealer. It's always the best idea to go to your local bank/credit union first and find out what you qualify for before letting the finance guy at a dealership tell you what you can get when buying a car.

+1

That's what I did and the dealership where I bought the car couldn't match the rate, they said take what you have.

[toasty]

Re: FAO People in the Finance/Mortgage Industry

car loans are usually from car companies, not public banks.

just got mine through US Bank, via my car dealer...

[FM]

Re: FAO People in the Finance/Mortgage Industry

I stand corrected...sort of.

Average rates today fell to 5.19%..lowest ever (since keeping records)

[Life on Other Planets AKA Johns]

Re: FAO People in the Finance/Mortgage Industry

^yes. i own a loft in downtown st. louis. technically when i bought it we were in a "blighted" area, even though downtown st. louis has been going through a revival of sorts the past 8 years with massive renovations and people moving back into the city. A lot of the buildings have been tax abated for 10 years and banks were packaging attractive programs with that to get people to move back into the city. We took advantage of a program available through national city where they would buy down a percent if you bought downtown, hence, 30yr@5.25%.

So this 30 year thing @ 5.25 is not common yeah? I ask the question cause here you can fix a rate anywhere from 1- 5 years and then it goes variable. To break out of a fixed contract i have seen people paying anywhere from 2k- 40k economic costs.