30ashopper
SoWal Insider
Non conforming jumbo's (I believe the conforming limit for Walton is 417K) have sky rocketed. Well Fargo's is at 9.2% APR, and BofA is currently sitting at 7.95%. This can't be good for the local market.
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30 year fixed rates
- Thread starter 30ashopper
- Start date
Joe Complete
Beach Lover
If you shop around you can still find great deals. Pentagon Federal Credit Union offers unbeatable deals and you don't need to be in the military. ANYONE can join. They offer the same rates on jumbos as conforming loans. The only catch with the jumbo loans is they want you to have 20% equity. To me that seems reasonable considering the current mortgage crisis.
Today's 30-year fixed rate is 6.125%
https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp
In the past 2 weeks their rates have been as low as 5.75% on both jumbo and conforming. They fluctuate quite a bit on a daily basis.
Today's 30-year fixed rate is 6.125%
https://www.penfed.org/productsAndRates/mortgages/mortgageRatesListing.asp
In the past 2 weeks their rates have been as low as 5.75% on both jumbo and conforming. They fluctuate quite a bit on a daily basis.
Miss Kitty
Meow
Thanks Joe! I didn't know about these guys. Their jumbo rates are soooo low. I wonder how they do it? I'll be calling them tomorrow.
Just to compare...I was looking at a 5/1 Jumbo ARM for 6.625%. 30 yr Fixed Jumbo was over 7%. Going with Pentagon could save me a lot of money. Thanks again.
I used to think the same thing...but apparently, the last few years, people got used to putting very little money down when they bought a house.
So people with practically no savings were buying overpriced properties with adjustable rate mortgages set at initial teaser rates...
Joe Complete
Beach Lover
Correct, I do mean downpayment in the case of a purchase, equity in the case of a refinance.
Miss Kitty
Meow
I used to think the same thing...but apparently, the last few years, people got used to putting very little money down when they bought a house.
So people with practically no savings were buying overpriced properties with adjustable rate mortgages set at initial teaser rates...
;-)...I was playing a bit dumb there, sorry. That post astounded me, because when you see the mess we are in and the thought process
that still lingers, I am scared for people. Can anyone get any kind of loan with less than 20% down these days?
Smiling JOe
SoWal Expert
Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.
Miss Kitty
Meow
Well, I am sorry, but that makes me say...PUCK! I guess it is better than 0%. :roll:
So, the American Dream used to be to own a home. It is now considered a RIGHT? Lord helps us all. Hello...did not most people save up to buy a home back in the "good old days"????? I am getting sicker by the moment. Deep breaths.
TooFarTampa
SoWal Insider
Refinancings are the sticky wicket. If appraised value has dropped significantly and you are trying to refinance a jumbo loan, banks may want/claim to need people to bring 100K, 200K to the table just to refinance instead of working with a buyer who is making payments on time and has good credit. 30Ashopper is right ... combined with the high rates on jumbos, for our market, it's not good!