Mortgage Rates

[Dick Graves]

Fellow sportsman & sportswomen, the following mortgage rates are being offered by our best lender for conforming loans above $125,000.00, NO POINTS. We have programs that offer "no fee" loans, meaning there is no closing costs to purchase or refinance your home.

30 year fixed rate: 6.25%
20 year fixed rate: 6.25%
15 year fixed rate: 5.75%
10 year fixed rate: 5.625%

Balloons and ARM's

3/1 ARM: 4.875 %
5/25 Balloon: 5.125 % (payment fixed for 5 years)
7/23 Balloon: 5.500 % (payment fixed for 7 years)

JUMBO Loans

30 year fixed 6.375 %
15 year fixed 6.000 %
5/1 ARM 5.125 %

We can conduct a mortgage analysis for you, FREE, if you e-mail the following information:

Loan inception date, month and year & Loan Amount.
Term of loan: 30-20-15 year etc.
Interest rate.

A fax number and or telephone number. Only those interested will be contacted.

E-mail information to Richard@firstcapitalcorp.com or vist our web site at www.firstcapitalcorp.com or click on the banner ad on this site and submit your inquiry.:confused: :confused: :confused:

These rates are effective as of 10:05 A.M., 08/02/2002 and are subject to change without notification.

Thnak you,
Dick Graves
(O) 586-263-8500 Ext. 13

[Dick Graves]

Very little movement in rates over the past couple of weeks!

Conforming loans above $125,000.

Fixed Rates, No points!

30 Year 6.25
20 Year 6.25
15 Year 5.750
10 Year 5.625

ARM's & Balloon's

7/23 Balloon 5.50%
5/25 Balloon 5.125
3/1 ARM 5.125

JUMBO's $300,000.00 & Up.

30 Year Fixed 6.375
15 Year Fixed 6.000
5/1 ARM 5.000

Great rates from our best investor. Call for no point, no closing cost interest rates.

Enjoy the summer, we are running out of it!

:cool: :cool: :cool:

[Dick Graves]

Been out of town since 9/15, return and find that they have gone lower:


30 Year fixed 6%
15 Year fixed @ 5.5%

7/23 Balloon 5.5
5/25 Balloon 5.25

Jumbo above $310,000

30 Year Fixed 6.25
15 Year Fixed 5.75
5/1 ARM 5.125

These rates apply to conforming loans above $125,000 and Jumbos above $310,000.00.

AWESOME, interested E-Mail me at richard@firstcapitalcorp.com and leave me a phone number and a name. This will not last!!!:D

P.S.: No cost mortgage analysis will tell you what your savings are.

[Steve]

Yeap, if any of you from the site are thinking about refinancing please send Dick a PM. He is a first year sponsor and helping the site out, so let's give him a call.

[Dick Graves]

Quick calculations and how much you could save:

$150,000.00 mortgage at 7.25 % over 30 years, will cost you $368,375.00


$150,000.00 @ 6% over 30 years will cost you $323,757.00


Savings $44,618.00, better in your pocket then some bank!

Over & Out


P.S.: This will not last, recentely read that mortgage rates have not been this low since Elvis performed live, now I am thinking they may have to restate and replace Elvis with Frank Sinatra, no offense.

Cold nights and warm days mean perch season is just around the corner!:p

[tony_1]

Dick I sent you a PM. I didn't notice your office number in your original post, sorry.

[Dick Graves]

Best investors are offering the following, NO POINTS! Conforming loans above $125,000.00

30 Yr. 6.0%
20 Yr. 5.875%
15 Yr. 5.500%
10 Yr. 5.500%

Balloons (They are due at 7/5/3 years, you either have to sell the home or refinance) These programs are designed for people who will be selling within the 7/5/3 year time frame. They are amortized over 30 years. Very nice rates if you plan on selling within the allocated time, or the lower rate will help you qualify for a new home purchase.

7/23 5.375%
5/1 5.125%
3/1 4.750%

To complete a mortgage analysis for you and recommend the right loan program, the following informatiion is helpfull.

Loan balance & Interest rate, year you signed your current mortgage? Is there a 2nd mortgage or equity line of credit, the balance and interest rate?

How long do you plan on staying in your home?

A fax number, so I can fax the analysis to you and a telephone number to contact you.

My goal is simple, if we can save you money let's do it, if we can not, the analysis will tell you.

Contact me for JUMBO rates above $310,000.00

(O) 586-263-8500 Ext. 13 if I am out, I will be paged & return your call ASAP.

Thanks,
Dick Graves

:D

P.S.: Is this really the first day of fall, what the he** happened to summer?

[Dick Graves]

This information will help you now and in the future and should be passed along to your children and grandchildren. This is the way investors treat applicants when they apply for credit. It may be unfair, but it is out of our hands.

All credit is based on your credit report scores, or what is known as FICO scores ( very few people, including me, know how these scores are determined, they are based on 33 variables) .

Conforming loans for mortgaes must have a FICO score of 620 or above. What hurts credit scores? Lots of things. #1 late payments on any mortgage, car, revolving credit loans. Meaning 30 or more days late. Late mortgage payments will destroy your credit. Investors will not look at a conforming loan if you have any 30 day lates on your mortgage in the previous 12 months. Having credit cards with a balance of more then 50% of your credit limit, lowers your scores, even if you have never had a late payment. This is not a good thing.

Bankruptcy will screw you for a minimum of 2 years, meaning that it has to be discharged for 2 years before they will even consider a mortgage. Bankruptcy stays on your credit report for a minimum of 7 years and in some cases 10 years, avoid this at all costs, if possible.

To many inquires on your credit report, these stay on your credit report for a minimum of 6 months. If you are rate shopping for a mortgage, every time you give a mortgage broker your personal information, social security number, date of birth, etc., you can bet they are running a credit report inquiry.

Applying for credit cards with a lower rate, means that someone is running your credit report. Cell phone companies, car dealers, mortgage compaines and credit card compaines do this at will, once you give them the information necessary to check your credit, they will.

Tax leins and collection accounts are very bad things, even if you pay off a tax lein, it remains on your credit report. Tax collectors are very bad people and screw over the public, unless you fight back.

I do not run credit reports on clients unless you are very serious about purchasing or refinancing your home. Simple questions that I ask, help me determine if I can help you.

Because your credit scores are below 620, does not mean that we cannot help you, it just means that you are not a conforming borrower, you may have to pay a higher rate, but at times, it is the only alternative to get you out of a bad situtation.

That was the bad news: A lot of people would like to buy a home and are told that they have no credit, how do you fix this?

These suggestions have helped clients in the past. Where ever you do your banking, whether it is a bank, credit union or whatever. Speak to the manger and ask them for a personal loan of $500.00, which is deposited in a savings account. You will not touch this money for 30 days. At the end of 30 days go back to your bank, withdraw the money and pay off the loan. Repeat this process 3-4 times. Each time that you do this, it is reported to the 3 credit reporting agencies. Do the same thing for credit cards. Using Sears as an example, obtain a credit card with a limit of $500.00, buy something that you need and pay off the balance each month, which is reported to the 3 credit reporting agencies. This process will establish your credit. The important thing is do not go crazy charging things, before you know it they got you in a squeeze and you are in a big mess.

Nuff for now, hope this helps you folks. Credit can work wonders for you or destroy you, don't abuse it.

Thanks for reading this rambling mess!
Dick :confused: :confused: :confused:

[Dick Graves]

Stock market rally on Friday started pushing rates back up to the 6.25 % area on 30 year fixed rates! Not a good thing for buyers and the refinance market, still nice rates!:mad: :mad:

[Dick Graves]

30 year rates hit 6.5% at 4:30 P.M. today, looking at another .25% by Friday. At this rate they will be at 7% by early to mid week, next week.:mad: :mad: :mad:

[Dick Graves]

Dow dropped today and rates fell back, or lower by 1/8th, Bush says we are going to war with Iraq, what a freaking mess! If we do this, my gut feeling tells me this is a BAD THING! For those that have been around long enough, remember Viet Nam, Korea, etc.

No offense, this is about OIL, not terroisism. Damn thing stinks and so does Washington D.C.

Work like you don't need the money!

Live like it's heaven on earth!

Author unknown!:mad: :mad: :mad: :mad: :confused: :confused:

[Dick Graves]

Rates have fallen back a bit since the last post,

30 Year fixed rates for conforming loans above $125,000.00 are 6.0 %, no points!

15 year @ 5.50%

7/23 Balloon 5.25%
5/25 Balloon 4.875%

Any questions can be sent to richard@firstcapitalcorp.com or call 586-263-8500 Ext. 13

Thanks,
Dick:cool: :confused:

[WALLEYE MIKE]

Just locked in at 5 3/8% at 0 points. Never thought rates would be this low. But then again savings rates are at 1% or lower. CD's are a bit higher but not much.

[Dick Graves]

Mike: Great rate, if it is a 30 year fixed, let me know which bank is offering this fantastic rate, I will locate them and do some business, our best investor was offering 5.875, on a 30 year fixed no points today! If you can beat that number, grab it, they won't last. My sources are suggesting higher rates come November. At times I wish I had a crystal ball.:confused:

Unfortunately I need a complete loan package, appraisal, title work, survey and all the goodies, before we can lock. Most banks are now underwrting loans submitted in mid October, they are buried and it is taking about 4-5 weeks to close a loan, not good!

Who knows, they may go lower, sure hope so, will keep the readers of this post informed.:confused::confused: :confused:

Understand that Standard Federal STOPPED taking refinance loans, due to volume, and are only taking application on purchases.:(

Later guys!:rolleyes:

[WALLEYE MIKE]

15 year mortage @5 3/8 % Currently have Standard Federal, getting rid of them. Wells Fargo offered this rate.

[SalmonSlayer]

I just closed on refinancing with Wells Fargo at 5.625% no points for a 15 yr fixed. Looks like I jumped the gun, but even that's great compared to my 6.875% I got from them 4 years ago. Just wish I had waited, but hindsight IS 20/20! Since I was refinancing with them as my current lender, they offered $0 closing fees, except for filing paperwork of less than $200! All other fees are POC by lender!

ben

ps I'm pretty happy with Wells Fargo...but then again they are the ONLY mortgage company I've ever dealt with.

[Dick Graves]

You did well, if you get to greedy, the rates can turn and go North in a heartbeat, which is not a good thing. :p

[Dick Graves]

Looking for things to get a whole lot better over the next couple of days.

Expect 30 year fixed rates on loans above $125,000 to drop below 6%, no points by the weekend. This is a good thing!;)

[Dick Graves]

30 year fixed rates at 5.875%, conforming loans above $125,000.00;)

How long will this last?:eek:

Don't know, but I would take advantage of these rates if you have anything above 7.0%:confused:

[GOTCHA]

Does this mean only loans over 125,000 ?

[Jason Adam]

Dick, I sent you an E-Mail on refinancing

[Dick Graves]

Conforming Loans above $125,000.00 subject to change as fast as a buck snort.

20-30 Year fixed 5.875%
10-15 Year fixed 5.250%

7 Yr. Balloon 5.125%
5 Yr. Balloon 4.625%
1 Yr. ARM 4.375%

JUMBO Above $300,700.00

30 Yr. Fixed 6.125%
15 Yr. Fixed 5.750%
5/1 ARM 4.875%

Underwriters were swamped with the prior rates, this should bury them, probably take one month to close a loan with these numbers.

Will be AWOL from the office 11-14 through 11-17, if you know what I mean.

Later,
Dick Graves:eek:

[Dick Graves]

Thanks Jason, should be in the office by 9:00 A.M., thought about fishing today, but there is a hurricane blowing on LSC today.

Over & Out

P.S.: Before you guys contact your lender you should have the following information and documents:

Loan balance & interest rate.
2 Years W-2's, or if self employed 2 years tax returns with all forms. (for both borrowers, if this is the case)
2 recent pay stubs. (both borrowers)
3 months of bank statements.
Any stock, 401K, IRA statements. (most recent)
Previous title policy (refinance)
Previous survey (refinance)

Office number 586-263-8500 Ext. 13




:confused:

[Dick Graves]

Well you guys kept me hopping after I posted the rates on Friday morning. Hope I did not miss anyone. Well try and lock everything before I leave for a little deer hunting excursion on Thursday.

I appreciate all of you that faxed me the necessary information so I could put your loan together without chasing all over Metro Detroit.

Low mortgage rates are a good thing! ;)

[Dick Graves]

All banks offering homeowners the opportunity to complete a cash out refinance on their existing homes just received a "BIG" slap in the face. The following announcement was made last week.

"New cash out Pricing Structure" effective December 3, 2002.

Loan to Value below 70% zero price adjustment.

LTV 70.01 to 75% .500% adjustment.
LTV 75.01 to 80% .500% adjustment.
LTV 80.01 to 85% .750% adjustment.
LTV 85.01 to 90% .750% adjustment.

What this means if you refinance your existing home, take some equity out to consolodate debt, etc., you will have to pay the above adjustments.

For instance a cash out/refinance of $150,000, with a LTV of 80.1 % or more, will cost you $1,125.00 in additional fees.

This is an industry wide adjustment initated by FNMA.

Folks this is a big ripp off, write both of your State Senators and your Congressmen and complain.

The equity that you build up in your home is your money and should not be paid to some bank just because you want to take it out.

This is very sad news and every homeowner in the country should write their representative and complain about it.:mad:

[Dick Graves]

30 Year rates are holding in the 6.0% range when I left the office today. All other rates are reduced according to the above. Will it last?:confused:

My thought, don't think so:mad:

Be back on Sunday night, hopefully with a 8-10 pointer, but in all honesty, will settle for one big fat doe!;)

God bless all that are making the trip and have a safe hunt!:cool:

[Dick Graves]

Rates started to move up yesterday, some banks as much as 1/2 point in less then 8 hours. DOW must be moving up!:mad:

[Dick Graves]

Rates are back to the 6% range on 30 year fixed rates.

On the low end 3/1 ARM 4.75%, no points.

Contact me or your lender for rates on no point No closing cost rates. Have a safe Holiday season.

Later!

[Dick Graves]

Rates are holding and are about the same as the last post.

6% range on conforming 30 year rates.


Have a safe holiday season and think spring

[Dick Graves]

They continue to fall!;)

Following conforming loans, above $125,000.00

30 Year 5.75%
20 Year 5.625%
15 Year 5.25%
10 Year 5.125%

7/30 Balloon 5.0%
5/25 Balloon 4.625%
3/1 ARM 4.50%

We believe these may be rock bottom rates, but we have been wrong before.

Specializing in Cash Out refinance loans. Unfortunately it is taking about one month to close a loan. All lenders are swamped and some have stopped taking refinance applications.:mad: Standard Federal was posting 30 year fixed rates on 12-30-2002 at 6.125%

Give me a call for rates on no fee loans: 586-263-8500 Ext. 13 or e-mail richard@firstcapitalcorp.com

Happy New Year to all !

:cool:

[doogster]

Dick, I'm in the mortgage business also. Can't believe Standard is posting rates so high, they are normally the bottom of the barrel. Good to see you getting some business from the site, wise investment. It's nice to see the guys saving some money too.

You are right about the new price hits on cash outs - bunch of BS!!

[Dick Graves]

Rates started to move up a bit last week:eek:

30 year rates back in the 6% range and the rest have moved accordingly. Keep and eye on the DOW, if it should take off, so will mortgage rates!

To darned cold around here, thinking of a little Flordia golf in early February and maybe some fishing!

Hope everyone had a safe holiday season;)

[Dick Graves]

Rates dropped back below 6% on 30 year fixed rates, other programs have dropped accordingly. Interested in more details, give me a call @ 586-263-8500 Ext. 13, leave a call back number, if I am away from my desk!

Think spring! :cool:

[teflonmechanic]

Dick check your pms
Thanks
Mark

[Dick Graves]

Mortgage rates are holding about the same since the last post of 1-22-2003.

30 Year rates at 5.75% on loans above $125,000.00 No points!

Still very good rates!

Really thinking about Spring-Winter blast tonight!:eek:

[Shad]

100k for 15yrs., no points @ 5.3%. I was told they were even lower @4.75%.

[Dick Graves]

Shad you are right, 15 year fixed are below 5.0%, 30 Year are in the 5.5 to 5.75 range, depending on the loan size. ARM's 4.25 to 5.0% range.

Look for Greenspan to lower Fed rates next week, won't have much effect on mortgage rates. They are at a 40-50 year low today. Good time to take advantage of these rates, contact your lender or give me a call. 586-263-7670 Ext. 13.:confused:

Think spring!

[Dick Graves]

Stock market is moving higher on a daily basis. Rates have moved accordingly and are approaching 6.25 % on a 30 year loan.:mad:

Watch the DOW, rates will move up if the DOW continues to climb:confused:

[Dick Graves]

Damned war has everyone spooked. Investors have no clue as to what to do with their money. Watch the DOW, rates are back below 6.0% on 30 year fixed. The freaking financial markets are in a turmoil.

Its ugly. 30 year rates were better by 1/8 at 9:00 A.M. this morning, by noon they were back to even and by 3:00 P.M. worse by 1/8th. Back to even by 6:00 P.M. Three rate changes in less then 10 hours, starting to hate this business! Net for the day, same as yesterday.;)

[Dick Graves]

:eek: These rates were posted this morning from our best investor for conforming loans above $125,000.00, no points & depending on the loan size no closing costs.

30 Yr: 5.375
20 Yr: 5.25
15 Yr: 4.75
10 Yr: 4.625

Balloons

7/23 4.50
5/25 4.125
3 Yr. 4.00

Jumbos above $322K

30 Yr. 5.625
15 Yr. 5.125

Incredible, but they could change very quickly.

Call your lender or give me a call for a free mortgage comparison. Will need current loan balance, mortgage rate and date of inception to see how much you can save.
:confused: My office 586-263-8500 Ext. 13;)

[Dick Graves]

They have improved since the last post. Call your broker or lender and check the rates. Amazing!:eek:

[Dick Graves]

Since my last post, mortgage rates have been on a roller coaster ride. Bottomed out in June at 5.00 % on 30 year fixed rate loan above $125,000.00

By early August, they were back in the 6.25% range.

The past week they have been declining and are back in the 5.50 % range on 30 year fixed rates.

If you have questions, give me a call at 586-263-8500 Ext. 13, I have a program available that will compare what you have, as to what is available today. The print out tells you how much you can save over the life of the loan and it is FREE to Michigan-Sportsman participants.

Later,

Dick Graves (586) 263-8500 Ext. 13
First Capital Corp:confused: :confused:

[Dick Graves]

What a whip-saw ride this has been for the mortgage business;) , from the bottom at about 5.25% to the current rate at 6.375 to 6.5% on 30 year fixed rates.

HELOC rates have moved from a low of 4.0% to the current rate at around 8.0%.

Thanks to all of you have trusted me with the financing of your homes, I believe most people were satisfied.:lol:

I don't know how the rest ofthe country is doing with employment, but Michigan's economy is hurting big time. Record numbers of home foreclosure's and bankruptcy filings. Sad state of affairs.:rant:

I am about ready to dust off the "Hooked Up" and catch some fish.:fish:

Think spring and be safe this year.;)

[Dick Graves]

Well folks, I sympathize with any one with a 1-2-3 year ARM, game is on, rates on 30 year fixed rates are appraoching 6.75 %, ARM's have gone through the roof. HELOC's have gone from 4.0 % to 8.25% in less then two years.:rant:

S.E. Michigan leads the nation in home foreclosures. Doo Doo is hitting the fan. Real estate values are falling in Macomb and St. Clair County. Unfortunately, families are picking up their belonging's and leaving Michigan, and they are leaving in droves.:rolleyes:


Time for a new Governator?????:yikes:

[lwingwatcher]

S.E. Michigan leads the nation in home foreclosures. Doo Doo is hitting the fan. Real estate values are falling in Macomb and St. Clair County. Unfortunately, families are picking up their belonging's and leaving Michigan, and they are leaving in droves.:rolleyes:


Time for a new Governator?????:yikes:

The foreclosure situation anywhere doesn't have a darned thing to do with what party is running the show.

It all boils down to lenders wanting to make a buck loaning the money and appraisers coming up with inflated values. Then, the buyer with no equity who maybe even refied and pulled all the cash they could defaults on the loan, packs up their family and heads to parts unknown (maybe back to the homeland) and the rest of us are stuck holding the bag.

Who is to blame????? Hmmmm.....

[Dick Graves]

Watcher, have to disagree, Michigan has a job climate that is determental to business. Without strong leadership in the governor's office, business will continue to close in this state. Really does not matter what party is in office, if they can't use some common sense enticing business to stay in Michigan and getting new companies to come here, we will continue to see job loss in Michigan, and unfortunately people will lose their homes during the chaos.

Michigan laws literally strangles business, with regulations, laws and a court system that has lost it's way.

[lwingwatcher]

Dick, you can have all the jobs you want.

If lenders let borrowers into homes with no mony down...they have no equity.
Because of that, walking from a mortgage is much simplier. Heck, buy a home, no money down...don't make any payments, get foreclosed on, wait for the redemption period...how many months can they live in that home without making a single payment?

Then, take the 125 LTV re-fi's.:rolleyes: You have a 100 thousand house and now you borrow 125,000 and smile. To sell it, and break even it would have to sell for about 140 thousand. Who in their right mind is going to want to pay 140 for a 100 thousand house? Ain't happening.... Or, if you take somebody who gets the 125LTV refi and just flat out splits back home....to whatever country it was....

you just loan the money, I have to deal with the aftermath...

[Dick Graves]

In my 10 years in this business I have closed many loans for people. Only three that I can recall were for 100 % financing. None on the 125% financing that was offered. Buying a home is one of the most important financial decision's a person can make. I am up front with all of my clients, if you cannot afford the home you are looking at, I will tell you.

Having a sound working relationship with several realtors, who refer clients to me, they are all prequalified prior to making an offer on a home. Why bother looking at a home for $250,000.00 when you can only afford $190,000.00.

I kind of get your drift, some mortgage brokers are out to make a quick buck and ignore sound financial advice for their clients. Most of them do not last long in this business. Without referals your business, as any other, will suffer.

[lwingwatcher]

Without referals your business, as any other, will suffer.

Don't I know it...and it grinds me to know end when I see real estate agents and mortgage brokers encouraging buyers to get in over their heads. It happens all the time. Then, combine that with the re-fi racket and you have a recipe for disaster because then...it is all about the money.

To the benefit of a few, everybodys suffers...but, that is typical of today's "me first" society.

I betcha if lenders and appraisers had to back these loans with their own money, they would sure as heck get real in a hurry or, be out of business in a hurry.

[Frantz]

I need a nice friendly loan for 5.5 so I can sell my 16+ Acres with the house and deer hunting, so I can buy a place out in Colorado to spend ther est of my life.

[Dick Graves]

Great choice for a retirment, have hunted the Pasgosa Springs area. As far as the 5.5 % interest rate, good luck, they are history for a while, so is 5.75, 6.00, 6.25, unless you want an ARM, which I highly recommend against.:evil:

BUT good luck in Colorado, beautiful state!:corkysm55

[fishin addiction]

Just wondering what the latest scoop was on mortgages.

[WILDCATWICK]

Just wondering what the latest scoop was on mortgages.


Depends on what your looking for. Rates have gone up & look like they will continue along that path. If it's a 30 year term fixed with no points your looking for, expect to be somewhere around 6.75%.

A savy buyer can get a great intrest rate with a little homework. Many homes that are for sale have an FHA mortgage. If that FHA mortagage was financed in the last five years and it's fixed, it probably is assumable. Most realitors do not check with a seller to see if a house has an FHA fixed mortage. You need to ask. If the seller does there is a real good chance that the mortgage is assumable. All the seller has to do is call the company that is servicing their loan and ask. If it is assumable you could pick up their mortgage rate and years left on their term. Most people would need to get a second mortgage in order pay the differnece between the sales price and the FHA mortgage balance, but if you have that kind of cash then by all means use it!

By doing this you will save a bundle of money monthly and long term. You will probably cut 2-5 years off your first mortgage term which can result in savings up to 5 figures!! You get a much lower interest rate than what is now being offered. You also avoid a lot of closing costs! Most assumable mortgages only charge a $500 application fee (non-refundable).

I, for the life of me, can't figure out why most realitors are not utilizing this fact for their clients when they are listing their home or helping someone look for a home. If I was looking at two homes that were similar in style and price and one was assumable and one was not, my decision would be very easy on which one to buy and that would help sell that house faster and save the buyer a ton of cash. Every one wins!:D

[lwingwatcher]

Most realitors do not check with a seller to see if a house has an FHA fixed mortage. You need to ask. If the seller does there is a real good chance that the mortgage is assumable.

I, for the life of me, can't figure out why most realitors are not utilizing this fact for their clients when they are listing their home or helping someone look for a home.

It is REALTORS...

Now that we have that matter cleared up...I will help you figure things out. Terms of sale are included in listing agreements and by local boards for input in the MLS. If a listing agent does their homework, they can often include that fact in the MLS data sheet. But, just because it is an assumable mortgage, doesn't mean that all buyers qualify for assuming that mortgage.

While you are correct that many agents just don't know what is available, buyers agents cannot get that information if the sellers agent doesn't know it to begin with. So, don't blame the buyers agent, attribute it to the listing agent who might be more concerned about planting a sign than getting all the requisite information at the listing appointment.

[WILDCATWICK]

Sorry about the spelling. But I satnd by everything I said. It's up to a savy buyer to get their agent to inquire about such matters. It's up to the buyer to relay to their agent their needs. Most people are unaware of assumable mortgages and many agents that I talk to thought that assumable mortgages were done away with years ago.

But, just because it is an assumable mortgage, doesn't mean that all buyers qualify for assuming that mortgage. If they qualify for an FHA mortgage they qualify for the assumablity of an FHA. So if the agent is already out there showing people homes without pre-approvals than it's a waste of everyones time. If they are approved than all is well.

Take it for what you will lwingwatcher, I'm just trying to educate the market. There are alot of creative ways to save tons of money and the majority of lenders, realtors, and consumers are unaware of these ways. Heck most Loan Officers don't even consider assumable mortgages. They won't make any money doing them. There are some of us that do what's best for the consumer, knowing that it will conme back to serve us well in the long term.


Sorry if you were offended but I stand by everything I stated 100%.....jI just can not stand by the spelling!;)

[shawndonna]

I called my mortgage company and they said my mortgage was not assumable. Why would they want someone to assume your already low interest rate? My house has been for sale for over 60 days with no showings. This is ridiculous, I do thank you for the tip. If you have any more that may entice any buyers let me know. I thought that LSC would be temptation enough guess not.

[lwingwatcher]

It's up to a savy buyer to get their agent to inquire about such matters. It's up to the buyer to relay to their agent their needs. Most people are unaware of assumable mortgages and many agents that I talk to thought that assumable mortgages were done away with years ago.

So if the agent is already out there showing people homes without pre-approvals than it's a waste of everyones time. If they are approved than all is well.



Like I said, a buyers agent can inquire all day long but if the sellers agent doesn't know the answer...it might just be a waste of time. If the buyer needs an assumable mortgage, it would prolly be a mighty hungry buyers agent that would enter into a contract to find such a home...especially one that the buyer actually likes. And, if agents are as uninformed as you lead us to believe, just how in the heck are you going to expect them to devise a successful negotiating strategy? But, maybe they are the agents that you say are wasting everyones time....I dunno.

Sure, assumable mortgages are great but...finding a buyer that will actually be able to find the home of their dreams that has an assumable mortgage....well, I think I will stick with the ready, willing, and able buyers...it seems alot easier to me to close a deal. I agree though...most loan originators are not going to be too interested in them...afterall, they are loan originators, and you know where they make their money.

[WILDCATWICK]

I called my mortgage company and they said my mortgage was not assumable. Why would they want someone to assume your already low interest rate? My house has been for sale for over 60 days with no showings. This is ridiculous, I do thank you for the tip. If you have any more that may entice any buyers let me know. I thought that LSC would be temptation enough guess not.

FHA is pretty much the only group that still has assumable mortgages. The reason is quite simple. The bank it's held with gets to retain the servicing rights and collect the interest. Just like any sales business its' easier to keep customers, in this case loans, than to generate new ones in a highly competitive market. receiving 5.5% interest is better than 0.

Double check your original closing papers to make sure that you are getting an acurate answer to your question. It will tell you on a document called Truth & Lending. It will say right on it if it's assumable or not.

[WILDCATWICK]

Like I said, a buyers agent can inquire all day long but if the sellers agent doesn't know the answer...it might just be a waste of time
Not if the seller's agent wants to sell the home. They should be doing an estimate of proceeds for the seller anyway. They should be calling and getting a payoff and can ask the servicer of the mortgage company right then if tht mortgage is assumable.

If the buyer needs an assumable mortgage, it would prolly be a mighty hungry buyers agent that would enter into a contract to find such a home...especially one that the buyer actually likes

Who's working for who? If a savy buyer want's to save a bundle I have given them a suggestion on how to do it. If the agent isn't willing to work for the buyer in this fasion I suggest that the buyer find a new agent. It's a buyers market with not alot of buyers, agents should be doing what ever they can right now.

And, if agents are as uninformed as you lead us to believe, just how in the heck are you going to expect them to devise a successful negotiating strategy?

Most agents are not aware of assumability. That's just the way it is. They will not suggest it to potential buyers so I'm throwing it out there right now for people looking. The negotiaton strategy is no different. You have a buyer and a seller and you come to terms on a set price.

A savy seller and listing agent will use the assumability to their advantage as well. The market is flooded with homes for sales. Listings are taking forever to sell. A good listing agent will use whatever strategy they can in order to sell their clients home. If that liting agent is only going to do the minimum and do things because...it seems alot easier to me to close a deal. Then I would fire them and get a new agent who is going to be agressive and do what is best for the client. It's not about easy...it's about getting it done.

Most FHA mortgages are assumable. They were the first group to allow a way for peole to get into homes with no money out of the buyers pocket. A result of this fact is that there are plenty of homes out there that are assumable. People unfortunatly close on these homes everyday and could have assumed the mortgage and gotten a great interest rate but they did not know that and insted will pay 5 digets more over the years for that home. Foolish IMO, they would have done it the way I'm suggesting if they had just known. I'm letting people know to be helpful.

lwingwatcher, what is it that you do for a living?

[lwingwatcher]

They (sellers agent) should be doing an estimate of proceeds for the seller anyway. They should be calling and getting a payoff and can ask the servicer of the mortgage company right then if tht mortgage is assumable.



Who's working for who? If a savy buyer want's to save a bundle I have given them a suggestion on how to do it. If the agent isn't willing to work for the buyer in this fasion I suggest that the buyer find a new agent.


lwingwatcher, what is it that you do for a living?

I sure do wish I knew how to quote segments and reply to those but I don't so...I will have to fumble my way along.

There is a time and a place for everything and providing the seller a proceeds worksheet is done at different times depending on circumstances. As a lender, you should know darned good and well that the sellers agent cannot simply get on the phone and call for a payoff--it will NOT be released under current privacy laws. And, I am here to tell you that relying on anything a servicer says over the phone is a recipe for disaster...and I know better to pass anything like that on without written confirmation. Sure, the seller can get that information but, if they happen to be able to find their paperwork they can read it for themself or call their servicer if they want to hear whether they can or not. I just had a client get told that their mortgage was assumable by a lender and then...when I disagreed...well, when all was said and done...I am glad that my sellers did not agree to a sale subject to the assumption cuz assumptions would have gotten us in a helluva mess if you get my drift.

I think it is great that you can make all sorts of recommendations on the selection of a good agent to represent ones interests.... But, often times it becomes necessary to suggest to lenders that they stick to lending and I will stick to what I know...yup, I am a real estate broker and an Accredited Buyer Representatve and....well, you get it by know don't ya?

I do agree, it is not about easy, it is about getting it done but...part of my job is to make life simplier for my clients, not get them involved in wrong way deals which more often than not lead to nothing but frustration.

Like Dick Graves said earlier though...referrals make life a whole lot easier in this business and I wouldn't be able to rely on them without years of working relationships with satisfied clients and customers. Most of the time folks don't remember what lengths you went to on their behalf but...if things go south...they remember every lousy detail and tell all their friends to boot.

So, you have to know that most agents are not going to spend hours looking for the seller with an assumable mortgage, even though it might be a great selling point.

[shawndonna]

I need some more tips on how to sell my home. This is a goofy market. Any agent that brings a buyer in will get a bonus. I advertised on this web site,,,does anyone want a Harrison Township boattown house???

[GullLkRltr]

I need some more tips on how to sell my home. This is a goofy market. Any agent that brings a buyer in will get a bonus. I advertised on this web site,,,does anyone want a Harrison Township boattown house???

I have a suggestion - - -
Just curious shawndonna what type of lake access you enjoy just down the road--- is it a public access, or private, deeded, shared association etc.?
Please excuse my ignorance of your area but I live and work on the west side of the state. Let me know and I'll give you a home selling tip.:)

60 days without a showing? ---and I thought our market was a little slow over here

[WILDCATWICK]

So, you have to know that most agents are not going to spend hours looking for the seller with an assumable mortgage, even though it might be a great selling point.


Nuff said:(

[rcdan-o]

Double check your original closing papers to make sure that you are getting an acurate answer to your question. It will tell you on a document called Truth & Lending. It will say right on it if it's assumable or not.


I would asssume that you mean Truth in Lending? not truth and lending. Being an orignator for over 6 years I know that when I qoute rates that REG Z REQUIRES an APR to be posted. RESPA guideline.

[lwingwatcher]

I would asssume that you mean Truth in Lending? not truth and lending.

Perhaps he has just made too many assumptions...:lol:

It is not just lenders that misspeak themselves, I got an offer last night that the buyers agent wanted the seller to pay 3% of the pre-pays.....

[WILDCATWICK]

I would asssume that you mean Truth in Lending? not truth and lending. Being an orignator for over 6 years I know that when I qoute rates that REG Z REQUIRES an APR to be posted. RESPA guideline.

Yep I missed spelled the correct document. I'm sure he understood which document to look at. But Truth in Lending is alot more than just APR and is not required when queting rates. Only required when an application is taken.

[rcdan-o]

Not trying to argue here, just stating the fact that, If I put a sign in someones yard to advertise payments or rates, REG Z states that you need the APR posted as well. Just do not want to see a fellow originator get caught up in this.

[rcdan-o]

It is not just lenders that misspeak themselves, I got an offer last night that the buyers agent wanted the seller to pay 3% of the pre-pays.....


Yes but if the buyer has asked for seller to pay all closing costs , prepaid items... where is that wrong?

I write FHA deals with Down Payment Assistance that asks for the seller to pay for EVERYTHING. Buyers get in with no money out of pocket. Buyers get their earnest and homeowners insurance checks back at closing.


One thing is for sure in real estate and real estate lending.... it is an everchanging market and new curves (idea's ?) all the time.

[WILDCATWICK]

Not trying to argue here, just stating the fact that, If I put a sign in someones yard to advertise payments or rates, REG Z states that you need the APR posted as well. Just do not want to see a fellow originator get caught up in this.

All my signs have APR's if they have payments on them. I thank you for your concern. I don't know how this all came up. I never was talking about myself advertising????


No need to respond. I'm just trying to help the people who are unaware of assumable mortgages. Great way to market or buy a house with rising rates.

[lwingwatcher]

Yes but if the buyer has asked for seller to pay all closing costs , prepaid items... where is that wrong?
.

Well, that is precisely why lenders should stick to lending and agents should stick to trying to write decent offers.

You didn't properly read what I had posted earlier and the agent that had written it didn't understand what she had written actually meant.

Lets just say, we have a $100,000 purchase price, and closing costs of $3000. In this example, the closing costs equal 3% of the purchase price.

But, asking for a seller concession of 3% of the buyers closing costs is not even the same as it would only amount to $90.

Big difference....

Every word might mean something that is very important and professionals need to be held accountable for their statements. Attention to detail is essential to the communication process in this business and nothing should be taken for granted.

As far as the adverse effects of seller concessions....that would take a new thread and I don't want to hi-jack this one to go there.

[shawndonna]

I currently have lake access to Lake St.Clair. You can drive a 4wheeler out onto the lake in the winter. You can swim or fish from the bank. There is no boat ramp.

I have my home on the market currently it has been listed 60+days. No one has looked at the home no visits during open houses. My question is this...should we offer concessions??? Lower the price? Offer the buyers agent a incentive?

[WILDCATWICK]

I currently have lake access to Lake St.Clair. You can drive a 4wheeler out onto the lake in the winter. You can swim or fish from the bank. There is no boat ramp.

I have my home on the market currently it has been listed 60+days. No one has looked at the home no visits during open houses. My question is this...should we offer concessions??? Lower the price? Offer the buyers agent a incentive?

If your not getting anyone to even look at the home than it very well maybe overpriced. That is usually the first criteria of the buyer. So you may want to start there. If it was me I would ask the agent why they think no one has come to see the house. Location sounds great. Just double check on the pricing.

Concessions can always be offered, but if you advertise those concessions then you'll probably would want to increase the price of the home to cover these. That won't help the sitiuation. Just like any sale of any product it needs to stand out and price is one thing that definetly helps.

There can be other factors as well. How many open houses has the listing had? How often has it been in the Sunday paper? It's possible that your home is not being marketed very well either. If I was selling my house, before I entered a listing agreement I would have a clear understanding of how often my house will be advertised in the paper and how many open houses I would have. I'd make them commit to that in writing.

As I said don't forget who's working for who. Best of luck.

[rcdan-o]

[quote=lwingwatcher]Well, that is precisely why lenders should stick to lending and agents should stick to trying to write decent offers.



Could not have put it any better myself, we have alot of double dippers around here trying to orginate and act as a realtor.

2 totally different jobs with many similarities.

[GullLkRltr]

I currently have lake access to Lake St.Clair. You can drive a 4wheeler out onto the lake in the winter. You can swim or fish from the bank. There is no boat ramp.

I have my home on the market currently it has been listed 60+days. No one has looked at the home no visits during open houses. My question is this...should we offer concessions??? Lower the price? Offer the buyers agent a incentive?

pm sent

[WILDCATWICK]

pm sent


Shawndonna, This guy knows his stuff. He'll be able to give you great advice!:)

[lwingwatcher]

If I was selling my house, before I entered a listing agreement I would have a clear understanding of how often my house will be advertised in the paper and how many open houses I would have. I'd make them commit to that in writing.

As I said don't forget who's working for who. Best of luck.

From some of what you have said in this thread, I think you would try and pull the same stunt with your cardiovascular surgeon too.:rolleyes:

Ya know what? Marketing is best left to the pro's and...while I know who is working for who...I also know better than to enter into relationships where my client is going to try and tell me how to run the show....they just don't work well in real estate either...:dizzy: :dizzy:

[WILDCATWICK]

From some of what you have said in this thread, I think you would try and pull the same stunt with your cardiovascular surgeon too.:rolleyes:

Ya know what? Marketing is best left to the pro's and...while I know who is working for who...I also know better than to enter into relationships where my client is going to try and tell me how to run the show....they just don't work well in real estate either...:dizzy: :dizzy:

Just giving my perspective as a former advertising director of a newspaper and now loan officer. And to be frank, I'm the client and I want an understanding before handing my house over to someone to sell. A good agent will voice any concerns and any concerned seller should listen and then come to an agreement. But as I've said the agent is working for the seller not the other way around.

I never said to tell an agent what to do????:mad: What I said is the seller should have a clear understanding what the agent will do for them. I would not hand over a listing without clear understandings. That would be foolish.

You're taking this much to personal. I have not said one thing about your work. Just making suggestion of the seller/buyer. Relax.

[WILDCATWICK]

Lwingwatcher Please Make Space In Your Pm Box.

[GullLkRltr]

Hey lwing,

One thing to remember is that in our profession there are losers just like there are in any profession. Just because you and I know what we're doing doesn't mean all Realtors do - unfortunately:rolleyes:
Case in point- a local Realtor listed a lakefront property that was owned by a bank (taken back when owner failed to pay the mortgage) The Realtor hired by the seller (the bank) listed the property at just over half the value the property was really worth. I know that an appraisal was done on this property by the former owner just a month prior to the property being listed and know the appraised value as performed by a competent appraiser. The property when I read the legal description has in the vicinity of 300 feet of lake frontage. The listing agent based the value on the property having 50 feet of lake frontage:dizzy: and marketed it as such. Even put the legal description for the property on the MLS and listed lake frontage at 50'---DUH By the time the former owner asked me to check the status of the property so they could purchase it with help from a financial backer it was too late---already sold. No Brainer I'd have bought it myself for that price :rant:
The moral of the story is to expect professional service from a Realtor but don't assume it. Same goes for members of any profession including Doctors, Lawyers etc.

Doesn't ever hurt for the seller to ask us questions, cost that bank in my story above $150,000. I'm sure WILDCATWICK would've caught that lake frontage error if he was involved.

[GullLkRltr]

Dick Graves

Sorry if I contributed to any hijacking of your Advertiser's thread.
Please keep us all up to date on current mortgage rates and I wish you well in these uncertain real estate times here in Michigan.

[lwingwatcher]

Dick Graves

Sorry if I contributed to any hijacking of your Advertiser's thread.
Please keep us all up to date on current mortgage rates and I wish you well in these uncertain real estate times here in Michigan.

Ditto...

And, my PM box is empty...I wondered why it was so quiet....oops.

And, I am not taking anything personal at all...:lol: if you knew me at all you would know that I have absolutely no patience for incompetence around other peoples money. Furthermore, any professional with excellent communications skills must be a good listener...both to fully understand the needs of customer or client and to know when to walk away from one the feels the need to try and control. Like I said...it generally doesn't work well.

about those interest rates....

[Dick Graves]

Well I hope you have all made peace.:yikes: Mortgage rates and qualifying for a loan have changed so much in the last 6-8 months, that I refuse to post anything, anymore. U/W guidelines change daily!:evil: All mortgage loans are now based on credit scores, income, debt-to-income, past credit history and THE PATRIOT ACT.:rant: :rant: This is an ever revolving business. Times are extremely difficult in Michigan. I feel the pain daily for those that have bought more then they can afford, especially those that jumped on the ARM's that looked so good a couple of years ago and are now finding it difficult to get out of, because of the simplicty of obtaining credit.

About this time next year my wife and I will be in a position to take advantage of all that we have saved, without penalty. If the good Lord is willing, it will be time to play, do a little travel and enjoy what we have left.

My investigative experience tells me that their is some petty jealously on this post. My suggestion stick to your business, or what you think you know and let others stick to theirs. If you don't like this advice, find a new occupation.

With that thought I will leave you with this. Take the day off and take a kid fishing.:fish:

Later

Dick Graves

P.S.: Be a little vindicative in life, all of those credit card offers that you recieve in the mail, with pre-paid postage, mail the damned things back empty, at least they have to pay the postage. 54 offers last month, were mailed back empty.:dizzy:

[Creek-Chub]

Welcome back Dick!

I've got to say I'm curious - how are mortgage loans "based on" the Patriot Act? Thanks...

[Dick Graves]

Creek Chub, using the term Patroit Act is a little misleading. When it passed, the loan application had to be changed and more disclosure forms are now included with a loan package. Obviously this information is passed along to some government agency for more scrutiny:rolleyes: It also requires that the applicants include a photo copy of their drivers license, state i.d., passport, or whatever.:yikes:

In other words, a never ending trail of paper for ever prying eyes.:rant:

[lwingwatcher]

Welcome back Dick!



Well, now that he can get a word in edgewise....:lol: :lol: :dizzy:

My bad...:chillin: :chillin: :chillin:

[romayer]

Creek Chub, using the term Patroit Act is a little misleading. When it passed, the loan application had to be changed and more disclosure forms are now included with a loan package. Obviously this information is passed along to some government agency for more scrutiny:rolleyes: It also requires that the applicants include a photo copy of their drivers license, state i.d., passport, or whatever.:yikes:

In other words, a never ending trail of paper for ever prying eyes.:rant:

Dick,

My understanding is that most states have long standing bans on copying a photo ID for loan application purposes. The reason was to avoid discrimination and/or lawsuits that come with it. I believe nobody really enforces that rule, but it could be used against the lender in the case of an unfavorable ruling on the application.

The key part was not making a copy when taking the application. It is perfectly acceptable to make a copy after approval of the application, simply for identification purposes on closing date.

Do you know if any of this information holds true for Michigan?

On a second note, could somebody develop further on the process of assuming an FHA loan? I apologize if I missed this information, but I was looking to find out if another appraisal or inspection are mandated by the FHA etc.

Thanks,

Robert

[Dick Graves]

Romayer: The two main investors that I deal with want a copy of the drivers license with the loan package. No one has objected to this formality once the Patriot Act Disclosure form is shown to the applicant for their signature.

Patriot Act just requires more paper work.:yikes:

Dick

[shawndonna]

When is the realestate market going to pick up???? Do we have to wait for a new president?
shawn

[Dick Graves]

Shawn: If you are trying to sell a house on Huron Pointe, God Bless, there must be a hundred houses for sale in that area. In the real estate market, I beleive this is called a "buyers market". My research tells me that people are fleeing Michigan and they are doing it "Big Time". Unfortunately, Michigan is not the state to do business in.:rant:

You can blame it on the Governor, the State Lawmakers, whoever. I can tell you horror stories about trying to do business in the City of Detroit, which is the biggest loser in the country as far as residents. I believe 65,000 people have fled Detroit in the last 5-10 years.:evil:

Will it turn around, I have no clue. BUT watch for another rate increase from the FED by the end of June.:yikes:

Wishing you success!


Dick

[romayer]

On a second note, could somebody develop further on the process of assuming an FHA loan? I apologize if I missed this information, but I was looking to find out if another appraisal or inspection are mandated by the FHA etc.

Thanks,

Robert

If anybody has any input on the second part of my previous post, it would be greatly appreciated.

Robert

[WILDCATWICK]

If anybody has any input on the second part of my previous post, it would be greatly appreciated.

Robert


Sorry, I've been a little hesitant do to others here:hide:

It's up to each individual mortgage servicer for the home that is being assumed. Each has their own policies. They may require a full appraisal or just a drive by. The best thing you can do is to have someone call the service provider and ask for the assumable department, then ask away. My company does not require it. They just charge a $500 application fee (non-refundable) and then a $500 transaction fee at the closing. That's all that's involved. But again it varies from company to company.

[romayer]

Thanks, WCW. My mortgage would only have a $75 non-refundable application fee to be assumed by somebody else that qualifies and it's a 5.50% 30yr fixed. It should be a huge selling point, if both RE agents know what they're doing.

All my paperwork from Wells Fargo doesn't mention anything about appraisals and such, so I will need to make the call.

[WILDCATWICK]

Thanks, WCW. My mortgage would only have a $75 non-refundable application fee to be assumed by somebody else that qualifies and it's a 5.50% 30yr fixed. It should be a huge selling point, if both RE agents know what they're doing.

All my paperwork from Wells Fargo doesn't mention anything about appraisals and such, so I will need to make the call.


Let me know what you find out about their appraisal policy. The $75 sure beats the my $500 on my house. But either way it's a small price to pay to save a bundle.

In my opinion you're right about the huge selling advantage it should be to have an assumable mortgage. But I guesse there are some agents that don't see it that way. I would think you could find someone out there that will take that advantage and capitalize on it.

[lwingwatcher]

But I guesse there are some agents that don't see it that way..

Maybe you oughtta quit guessing and stick to things you know about....:rolleyes:

[WILDCATWICK]

Just confirmed and now not a guesse!:evilsmile

[paulywood]

I am looking to purchase my first home and read through this thread. I saw a few suggestions on what to do to increase your chances of getting a good interest rate. I was wondering what else I should do? I know that I have very good credit but don't know my credit score. Should I check it? Will asking for a credit report lower my rating? I know that applying for more credit will lower the rating. Any other suggestions by Dick or anyone else who knows are appreciated.

Also, when looking at homes, should I have my own seperate real estate agent?
Thanks.

[lwingwatcher]

I know that I have very good credit but don't know my credit score. Will asking for a credit report lower my rating? I know that applying for more credit will lower the rating. Any other suggestions by Dick or anyone else who knows are appreciated.

Also, when looking at homes, should I have my own seperate real estate agent?
Thanks.

It is good that you have good credit but don't worry about your score, the lender that you apply for pre-approval with should let you know. Dings on your credit score shouldn't be a big issue as long as everybody and their brother hasn't been checking on it lately (you, banks, credit cards). Don't worry about it now. As long as it is decent and you have good debt to income ratios, you should be fine. All loans are not equal (nor are lenders) so shop around for a lender just like you would for a real estate agent. A lousy one in either field can cost you a bundle.

Yes, Yes, Yes....you should not try and figure the market out by yourself and a competent and experience real estate professional acting on your behalf should save you a ton of headaches and a considerable chunk of change. Like lenders, you have to shop around. In order to have a buyers agent truly representing your interests, it will require a contract. Don't be in a rush to enter into a contract until you are sure that the agent is the one that you feel will hold your hand through what might just be the most expensive thing in your life that you have purchased. Remember, you will be paying for years based on your decision and, it certainly would be nice to have made the best one available. The advantages of somebody who knows the market and lending programs avaiable to you will truly be an asset.

Good luck, homes aren't getting any cheaper ya know....

[Dick Graves]

You need some honest answers, give me a call on my cell phone, I will leave this hi-jacked thread up to you.:yikes: If I cannot help you, then you have to call the rest, who are trying to advertise for FREE.:rant:



Dick

586-909-0375

[lwingwatcher]

You need some honest answers, give me a call on my cell phone, I will leave this hi-jacked thread up to you

???????????



"Any other suggestions by Dick or anyone else who knows are appreciated".


:hide:

[romayer]

Let me know what you find out about their appraisal policy. The $75 sure beats the my $500 on my house. But either way it's a small price to pay to save a bundle.

My mortgage company told me $500 in total costs, including credit report fees etc. No appraisals or inspections are mandated by the mortgage company :)

Dick - What is a 30yr fixed interest rate these days? 0 points, conforming loan.

[shawndonna]

I need some advice from you experts, my home has been for sale and is currently for sale by owner. I am thinking of leasing my home out do any of you have some ideas or information on this subject? I respect your advice it has helped in the past.
Shawn

[romayer]

Dick,

What's going on with the 30yr mortgage rates lately? I noticed the 10yr Treasury moved back a lot in the last 2 weeks.

Please let me know if it bothers you that I keep asking for updates without doing anything. We have our house on the market and I want to know what's going on for when we switch to the buyer's side.

Robert

[Dick Graves]

Bob: They have fallen back a bit to the 6.5-6.625% range, no points, conforming 30 year rates, only one lender that I know of is offering these rates. There may be more, but this one has no "tickler" rates.:sad:

P.S.: Shawndonna, real estate sales is not my business, I know a few hardworking people in the business, if you are interested send me a PM and I will give you their numbers. Tough market in S.E. Michigan for now.


Dick

[Dick Graves]

:rant: Interesting report last night on the news. Michigan real estate values have fallen 8% since last year. Also read that about 35 % of the home's in S.E. Michigan that are listed for sale, are in foreclosure. Sad situtation for Michigan residents, unless you are in the market to buy.:yikes:

But there is still money around, a home on Huron Pointe, Harrison Twp. is being remodled to the tune of 2 million dollars. Stainless steel plumbing throughout, someone has way to much loot.:dizzy:

[Slick fishing]

The housing market is real bad shape thru out the united staes other than three states in the us, there was a good report on world news tonight the other night..

I know people I work with that have taken $40 grand loss just to sell there house, I cant understand how anybody would want to sell there house other than if they got over there head, I wish you all the luck if your trying to sell.. Cya Slick