BAD SNAKE Posted December 17, 2008 Report Share Posted December 17, 2008 Sounds too good to be true! Check out Cramers video. http://www.cnbc.com/id/28258416 Link to comment Share on other sites More sharing options...
Boss Doctor Posted December 17, 2008 Report Share Posted December 17, 2008 Sounds too good to be true! Check out Cramers video. http://www.cnbc.com/id/28258416 Keeping in mind that I am in no way learned in investing and such, doesn't this guy have a reputation of being wrong, but a good entertainer? Link to comment Share on other sites More sharing options...
stormeaston Posted December 17, 2008 Report Share Posted December 17, 2008 This is great news, the only down side is that savings, money maket accounts and the such will be worthless, the interest will be so low on them you'll have to invest in some other stuff to make any money at all. Link to comment Share on other sites More sharing options...
Grabber Posted December 17, 2008 Report Share Posted December 17, 2008 3.75% is a good mortgage rate. Especially if it's a 30 year loan. In 2001 I refinanced and got a 4.25% rate so it's not worth it for me to refinance again. 6 more years left on my loan so I'm not touching it. Link to comment Share on other sites More sharing options...
stump_breaker Posted December 17, 2008 Report Share Posted December 17, 2008 I'll believe it when I see it. I'm locked at 5% or 5.25% (can't remember) so I'm set. Link to comment Share on other sites More sharing options...
stump_breaker Posted December 17, 2008 Report Share Posted December 17, 2008 3.75% is a good mortgage rate. Especially if it's a 30 year loan. In 2001 I refinanced and got a 4.25% rate so it's not worth it for me to refinance again. 6 more years left on my loan so I'm not touching it. Dang! That's a fixed rate?? Fantastic! Link to comment Share on other sites More sharing options...
rpretzel Posted December 17, 2008 Report Share Posted December 17, 2008 I'm locked in a 5% right now but have another 25 years left. I might look into a refi. Link to comment Share on other sites More sharing options...
ingram4868 Posted December 17, 2008 Report Share Posted December 17, 2008 This is great news, the only down side is that savings, money maket accounts and the such will be worthless, the interest will be so low on them you'll have to invest in some other stuff to make any money at all. It's probably time to start looking at local Credit Unions. Mine still pays 4.25 for checking account interest. Just keep individual accounts within the 250k insurance limits. Link to comment Share on other sites More sharing options...
David Hawkins Posted December 17, 2008 Report Share Posted December 17, 2008 I'll believe it when I see it. I'm locked at 5% or 5.25% (can't remember) so I'm set. I was told that if you have a chance to ReFi for an Interst Rate that is at least 1% or more lower that it would save you a lot of Money as long as you just ReFi the Balance. David. Link to comment Share on other sites More sharing options...
Grabber Posted December 17, 2008 Report Share Posted December 17, 2008 Dang! That's a fixed rate?? Fantastic! Yes, It's a fixed 15 year rate. I paid extra down to principle to make sure the loan is paid off on my birthday in 2015. That's my retirement year and I don't want to have a house payment when I retire. Link to comment Share on other sites More sharing options...
Grabber Posted December 17, 2008 Report Share Posted December 17, 2008 I was told that if you have a chance to ReFi for an Interst Rate that is at least 1% or more lower that it would save you a lot of Money as long as you just ReFi the Balance. David. That depends on how many years you have left ot pay on the laon. Link to comment Share on other sites More sharing options...
MY500SS Posted December 17, 2008 Report Share Posted December 17, 2008 Yes, It's a fixed 15 year rate. I paid extra down to principle to make sure the loan is paid off on my birthday in 2015. That's my retirement year and I don't want to have a house payment when I retire. Alright Rob, retirement in 6 years :happy feet: . I've still got 13 years to go Link to comment Share on other sites More sharing options...
stormeaston Posted December 17, 2008 Report Share Posted December 17, 2008 That depends on how many years you have left ot pay on the laon. And if you plan on staying in the house for quite awhile. Link to comment Share on other sites More sharing options...
stormeaston Posted December 17, 2008 Report Share Posted December 17, 2008 It's probably time to start looking at local Credit Unions. Mine still pays 4.25 for checking account interest. Just keep individual accounts within the 250k insurance limits. Wow, that's a good rate. Link to comment Share on other sites More sharing options...
Fastbackman Posted December 17, 2008 Report Share Posted December 17, 2008 If mine wasn't already paid for I'd be all over that! :bowdown: Link to comment Share on other sites More sharing options...
Grabber Posted December 17, 2008 Report Share Posted December 17, 2008 If mine wasn't already paid for I'd be all over that! :bowdown: Good one !! Link to comment Share on other sites More sharing options...
ItalianStallion Posted December 17, 2008 Report Share Posted December 17, 2008 Good one !! Is this rate cut for mortgage loans or just short term loans ? ItalianStallion Link to comment Share on other sites More sharing options...
stump_breaker Posted December 17, 2008 Report Share Posted December 17, 2008 I was told that if you have a chance to ReFi for an Interst Rate that is at least 1% or more lower that it would save you a lot of Money as long as you just ReFi the Balance. David. I wouldn't do it for 1%. Maybe 2% but our plans have us completely out of debt in about 6 years including the house so I'll probably just sit tight - assuming I can curb my sickness for purchasing new cars. Besides, refi fees are a b!tch... Link to comment Share on other sites More sharing options...
stormeaston Posted December 17, 2008 Report Share Posted December 17, 2008 If mine wasn't already paid for I'd be all over that! :bowdown: Ha Ha...................................you can't play! Link to comment Share on other sites More sharing options...
ItalianStallion Posted December 17, 2008 Report Share Posted December 17, 2008 I wouldn't do it for 1%. Maybe 2% but our plans have us completely out of debt in about 6 years including the house so I'll probably just sit tight - assuming I can curb my sickness for purchasing new cars. Besides, refi fees are a b!tch... Someone correct me if I'm wrong....Isn't this rate cut everyone is referring to the rate at which the Fed is able to borrow ? I believe this cut has little to do with what is reflected in mortagae rates. The resultant effect all this has is that it bumps mortgage interest rates very little. ItalianStallion Link to comment Share on other sites More sharing options...
stump_breaker Posted December 17, 2008 Report Share Posted December 17, 2008 Someone correct me if I'm wrong....Isn't this rate cut everyone is referring to the rate at which the Fed is able to borrow ? I believe this cut has little to do with what is reflected in mortagae rates. The resultant effect all this has is that it bumps mortgage interest rates very little. ItalianStallion Correct. It's the rate banks charge other banks. That's why I said I'll believe it when I see it. Link to comment Share on other sites More sharing options...
GT500-07 Posted December 17, 2008 Report Share Posted December 17, 2008 don't know about getting to 3.50%, but I did get 4.50% this morning 30yr fixed Link to comment Share on other sites More sharing options...
BAD SNAKE Posted December 17, 2008 Author Report Share Posted December 17, 2008 Correct. It's the rate banks charge other banks. That's why I said I'll believe it when I see it. The feds are going to loan money to the banks at near 0%. It's never happen before, 3.5% for a 30 year fixed rate is doable. http://www.cnbc.com/id/28254875 Link to comment Share on other sites More sharing options...
GT500-07 Posted December 18, 2008 Report Share Posted December 18, 2008 The feds are going to loan money to the banks at near 0%.It's never happen before, 3.5% for a 30 year fixed rate is doable. http://www.cnbc.com/id/28254875 this would push mortgage rates lower "The Fed, however, remained cautious about another unusual measure, which Fed Chairman Ben Bernanke first floated two weeks ago. The statement said the central bank was still "considering" buying long-term Treasury securities, which is also thought to be aimed at lowering borrowing costs by going around commercial banks." Link to comment Share on other sites More sharing options...
RiverRunner Posted December 18, 2008 Report Share Posted December 18, 2008 4.625% today at a local credit union. A co-worker locked at 5.25% yesterday and his broker called BS on my rate. I laughed. I'm at 6.125% so I'm looking at a refi. The fees suck but it's only a 2 year payback and my payment for a house will be about the same as what 1 and 2 bedroom apt's go for in these parts. Link to comment Share on other sites More sharing options...
08SGT1977 Posted December 18, 2008 Report Share Posted December 18, 2008 I locked at 4.75% with 1.5 points buydown last Thursday for a new home that we close on 29 Dec. First time home buyer!!! My wife is handling everything as I am still in Iraq. I will get to come home to a new house. Yea!!! I have watched the rates go from 5.25% last Feb to 6.375% in July and guess what they are today from USAA: ...drum roll.... 4.375% with 1.5 points buydown. If I had waited another week I could have saved another 25K over the life of the 30 year loan. We still got a great deal but this is an opportunity of a lifetime for anyone buying or refinancing. Link to comment Share on other sites More sharing options...
Boss Doctor Posted December 18, 2008 Report Share Posted December 18, 2008 Keeping in mind that I am in no way learned in investing and such, doesn't this guy have a reputation of being wrong, but a good entertainer? The above comment was directed to this: "Cramer said, as can real estate. He called the rate cuts 'a stake in the ground' for investors to consider real estate-related bonds – even collaterized debt obligations on the assumption that they’ll be worth much more by this time next year." Would one of you financial guys comment, please? Link to comment Share on other sites More sharing options...
SexyStang Posted December 18, 2008 Report Share Posted December 18, 2008 I work for a Mortgage Company (collections department ) just got out of a meeting and our rates have dropped to 5% expecting to go lower but not just yet (which will make the refinance department very busy) we are also receiving 2700 more new loans being transferred from another mortgage lender in the beginning of the New Year with 200 of them already past due on their payments...... Two positive things for me about all this is the job security..... :work: and I work extremely hard to keep my borrowers happy and remain in their homes. :happy feet: Link to comment Share on other sites More sharing options...
ingram4868 Posted December 18, 2008 Report Share Posted December 18, 2008 So what is the cost of money? What is the spread between what the banks pay for money vs what they charge the consumer? Link to comment Share on other sites More sharing options...
Boss Doctor Posted December 18, 2008 Report Share Posted December 18, 2008 I work for a Mortgage Company (collections department ) just got out of a meeting and our rates have dropped to 5% expecting to go lower but not just yet (which will make the refinance department very busy) we are also receiving 2700 more new loans being transferred from another mortgage lender in the beginning of the New Year with 200 of them already past due on their payments...... Two positive things for me about all this is the job security..... :work: and I work extremely hard to keep my borrowers happy and remain in their homes. :happy feet: Do ya'll do refi's in Tennessee? Link to comment Share on other sites More sharing options...
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