30 year fixed rates

[Smiling JOe]

Kitty, it's true, but today, we have many expenses which weren't around in the "good 'ole days." Cable TV, Hi-speed internet, cell phone, gym memberships, Netflix, multiple autos, fun toys like boats, RVs and motorcycles, eating out often, movies/entertainment, etc. Those few things right there are your 20% down in a few years time.

 

[BeachSiO2]

When I bought the house I currently live in last August, the loan officer actually told me not to worry about 20% down, we should do something less. I said thank you but no thank you.

 

[Bob]

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.

http://home.ingdirect.com/products/products.asp?s=RatesandClosingCost i believe you'll need 700 ficos...ING will do 5.75 for 80 percent on jumbos, and no one has lower closing costs

 

[dunefrog]

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

I can only speak for myself. But here's my experience over the last few months. These were for Jumbo/Super Jumbo mortgages. My FICOs are good, and my income/debt ratios are well below average.

The big, national banks I have talked with all wanted 25%-30% down. And I have gone directly to the banks and through mortgage brokers. Only LOCAL banks have "allowed" 20% down, and they "had to get approval" before doing it.

Not only that but the spread between conforming and jumbo has consistently been at least 60 basis points or higher for jumbo.

Obviously not everyone's experience. But I wanted to share that.

 

[30ashopper]

Yes, Kitty. 10% down, 700 credit score, will hook you up in most cases.

Isn't the current Freddie and Fannie standard 15%? I thought banks followed what those institutions set.

 

[SHELLY]

I can only speak for myself. But here's my experience over the last few months. These were for Jumbo/Super Jumbo mortgages. My FICOs are good, and my income/debt ratios are well below average.

The big, national banks I have talked with all wanted 25%-30% down. And I have gone directly to the banks and through mortgage brokers. Only LOCAL banks have "allowed" 20% down, and they "had to get approval" before doing it.

Not only that but the spread between conforming and jumbo has consistently been at least 60 basis points or higher for jumbo.

Obviously not everyone's experience. But I wanted to share that.

Were these loans for condos or land in Florida?

.

 

[dunefrog]

Were these loans for condos or land in Florida?

.

Only one loan will be for property in SoWal. The other was a refi for a place in Colorado. Do you ski, Shelly?

 

[SHELLY]

Do you ski, Shelly?

Yes, but only the activities that don't involve strapping those boards to my feet and whizzing uncontrollably down a snow-covered mountain.

.

 

[dunefrog]

Yes, but only the activities that don't involve strapping those boards to my feet and whizzing uncontrollably down a snow-covered mountain.

.

Well anytime you want to ski barefoot, come on up! I'd love to see that.

 

[Here4Good]

Dunefrog, were these for non-primary residences?