Mortgage market 2017

[13SECSS]

Hey guys. Happy new year to all of you. I try not to get on here and waste too much of everybody's time, but I do like the post directly about the mortgage market every few months or so. 2017 is definitely off to a strange start, I think a lot of uncertainty in the market is causing the rates to rise and unfortunately it does affect things when it comes to people borrowing money, as obviously money cost more when the rates go up. With that said, there is some exciting news. FHA just announced that as of January 27 2017 it will be lowering its monthly PMI insurance by 25%. In a nut shell, on a $200,000 loan this would save you $75 a month. It doesn't sound like a lot, but for every $10,000 that you borrow your payment goes up about $52 a month therefore if you were looking at a dream house that cost 225 but only feel comfortable with the payment of 200,000 FHA mortgage, that $225,000 house after the end of the month, would yield the same payment of $200,000 house today due to the decrease in monthly PMI insurance. These are one of the few things that I expect to put a little drive to the market as FHA has some more announcements coming next month and I'll keep everybody updated.

With the rising interest rates, a lot of people get upset as they were looking to refi in the past and we're leaning on the fence hoping the rate would come down, now that rates went up, they think their stuck in their FHA mortgage because they don't want to take a higher interest-rate. 9 out of 10, even an interest-rate a half a percent higher than what you may currently have now on an FHA loan, by switching to a conventional loan you're eliminating PMI and saving money each month, even if you don't have 20% equity. A lot of customers think that you have to have 20% equity in order to not have PMI on a conventional loan, that is completely untrue. I have products and programs that allow you to have as little as 5% equity in your home and eliminate PMI insurance which in some cases can save hundreds of dollars a month on your mortgage payment.

Lastly, with higher rates comes higher consumer confidence and equity in your property. Anyone who purchased between 2010 and 2016 should have A very decent amount of equity. Now would be the time to take a look at that and see if you could actually refi out of a 30 year and go down to a 20 year and actually have the same payment because we can aluminate PMI insurance.

As always, I appreciate everyone on here and I thank everyone for the business. Feel free to call me or email me seven days a week with any questions.

Thanks again guys.

 

[ShadowRuleZ]

I gave a buddy your number, not sure if he ever called you but he was looking for a construction loan, is that something you offer?

 

[camaromann]

Is it better to call and talk with someone, or do you know if rates for home equity loans have risen, fallen, or stayed about the same? Me and my wife have been interested in taking between $10,000 and $15,000 in equity do get all new concrete driveway and a patio poured at our house. Not sure if you can get an equity loan that small.

 

[camaromann]

Also I should mention we are only looking to have the loan out for 2 years max. We will take a longer loan time if we were required too, but we will have it paid in 2 years or less regardless.

 

[13SECSS]

I gave a buddy your number, not sure if he ever called you but he was looking for a construction loan, is that something you offer?

Thanks for the referral. What's his name. We do offer them, the sad part is, they are pretty pricey due to the risk.

 

[13SECSS]

Also I should mention we are only looking to have the loan out for 2 years max. We will take a longer loan time if we were required too, but we will have it paid in 2 years or less regardless.

Feel free to call or email me. I don't do them personally, but I can get you with a person that does only home eq loans.

Because a home eq is an adjustable rate and fluctuates with the market, most of the clients bed call me in regards to the home-equity loan and up refinancing your mortgage and taking cash out of it so they don't have to worry about rising rates.

Either way, I'll get it taken care of.

 

[82hatch]

I'd love to get rid of my PMI

 

[dave89iroc]

I'd like to get a HEL, but my credit is trashed right now

 

[13SECSS]

I'd love to get rid of my PMI

Touch base with me, let's see what we can do.

 

[13SECSS]

I'd like to get a HEL, but my credit is trashed right now

Shoot me an email. Let's see what I can do to get the scores back up. No charge on my end to help.

 

[Tin]

Is it better to call and talk with someone, or do you know if rates for home equity loans have risen, fallen, or stayed about the same? Me and my wife have been interested in taking between $10,000 and $15,000 in equity do get all new concrete driveway and a patio poured at our house. Not sure if you can get an equity loan that small.

At most places, the smallest HELOC will be $10,000. I'm going to get one at my employer for new windows and air conditioning. Keep in mind it's a revolving loan, so you don't have to use the full amount from the get go. You use it as you need it and the payment is adjusted accordingly. Some places do offer fixed rates, which are currently higher than the adjustable rates at this point in time. It can be a crapshoot, but I don't think we will see rates skyrocket any time soon so the adjustable will most likely be the best way.

 

[camaromann]

Feel free to call or email me. I don't do them personally, but I can get you with a person that does only home eq loans.

Because a home eq is an adjustable rate and fluctuates with the market, most of the clients bed call me in regards to the home-equity loan and up refinancing your mortgage and taking cash out of it so they don't have to worry about rising rates.

Either way, I'll get it taken care of.

I will only owe about $10,000 left on my house later this year. I would only be interested in a home equity loan, and would have the money paid back in 2yrs or less. I always like to use other people's money, especially when it will only cost me a couple hundred over the course that it's paid back in. When we get ready I will remember to call you. Thanks.

 

[camaromann]

At most places, the smallest HELOC will be $10,000. I'm going to get one at my employer for new windows and air conditioning. Keep in mind it's a revolving loan, so you don't have to use the full amount from the get go. You use it as you need it and the payment is adjusted accordingly. Some places do offer fixed rates, which are currently higher than the adjustable rates at this point in time. It can be a crapshoot, but I don't think we will see rates skyrocket any time soon so the adjustable will most likely be the best way.

Later this year is when we plan to do it. I talked to a couple banks and was told $15,000 was the smallest home equity loan they could do. It was around 5.75% for a 5 year term and $286/month. The whole $15,000 would be spent instantly unfortunately. But my garage will be lifted and have footings poured under it, new garage floor, and new concrete from the garage all the way out to the city sidewalk. I'll be pretty stoked to have a dry garage with awesome new smooth and flat concrete everywhere

 

[Tin]

Later this year is when we plan to do it. I talked to a couple banks and was told $15,000 was the smallest home equity loan they could do. It was around 5.75% for a 5 year term and $286/month. The whole $15,000 would be spent instantly unfortunately. But my garage will be lifted and have footings poured under it, new garage floor, and new concrete from the garage all the way out to the city sidewalk. I'll be pretty stoked to have a dry garage with awesome new smooth and flat concrete everywhere

Whereabouts in Warren are you? I'm behind Randazzos.

 

[kammi10]

Later this year is when we plan to do it. I talked to a couple banks and was told $15,000 was the smallest home equity loan they could do. It was around 5.75% for a 5 year term and $286/month. The whole $15,000 would be spent instantly unfortunately. But my garage will be lifted and have footings poured under it, new garage floor, and new concrete from the garage all the way out to the city sidewalk. I'll be pretty stoked to have a dry garage with awesome new smooth and flat concrete everywhere

i pulled out HELOC on my current house for 30k just because i knew i had 60k+ in equity. only used about 15k of it, so you dont have to use the whole thing. better to get some extra headway just in case you want to do something later in life that require more. such as a remodel 5-10 yrs down the road when the house is paid off. use that rather than refinance the house to get cash out. doesnt hurt you if its available and sitting there with no balance what so ever

 

[camaromann]

Whereabouts in Warren are you? I'm behind Randazzos.

Literally one street over from you if I remember. Your backyard is the Edison field I think you told me? There is a vacant house on the corner of my street where the old man passed away.

 

[camaromann]

i pulled out HELOC on my current house for 30k just because i knew i had 60k+ in equity. only used about 15k of it, so you dont have to use the whole thing. better to get some extra headway just in case you want to do something later in life that require more. such as a remodel 5-10 yrs down the road when the house is paid off. use that rather than refinance the house to get cash out. doesnt hurt you if its available and sitting there with no balance what so ever

There is literally not one thing (other then a couple windows) that is not brand new in or on the house in the last 3 years. I plannned to pay it off shortly after Christmas at the end of this year 2017. After that we plan to stay here for the next 8-10 years.

Edit: The garage and concrete is the last thing to do hence the equity loan. Rather leave money in the bank.

 

[Tin]

Literally one street over from you if I remember. Your backyard is the Edison field I think you told me? There is a vacant house on the corner of my street where the old man passed away.

Yep, I wanted to pick that old mans garage, looked like he had tons of shit. You've probably seen me ripping around the block on my mini bike :lol:

 

[camaromann]

Yep, I wanted to pick that old mans garage, looked like he had tons of shit. You've probably seen me ripping around the block on my mini bike :lol:

Ya that old man couldn't even close the doors. Every summer couple days a week there is a loud ass mini bike that rips down Newport in front of my house 3-4 times during the afternoon and evening lol. Probably you I'm guessing now haha.