Guests - If You want access to member only forums on FM. You will gain access only when you Sign-in or Sign-Up on Fishing Minnesota.

It's easy - LOOK UPPER right menu.

Sign in to follow this  
Followers 0
fisherdog19

Mortgage Update

2 posts in this topic

Just a quick update on the market and what the rates are doing. Conforming A, Alternative A, and Jumbo A paper loans rates have seen a slight decrease over the last 8 weeks, and an even larger decrease since last September. On the flip side, second mortgage/home equity, and subprime rates have done the opposite especially on the high loan to value, and high combined loan to value (first and second leins combined) mortgages. Those in ARM'S that are over 1 year old may be in the biggest dilemma; do I ride out the ARM that may be at a slightly lower rate than what is available now, or refinance into that fixed mortgage?

Well, if you are in an ARM, and plan on staying in the home longer past the adjustment date than what is left on your ARM's fixed rate period, you should consider it. In more simple terms; if your ARM will adjust in April 2008 (12 months), and you plan on staying in your home for more than 12 months after it adjusts, you should consider refinancing. Current ARM to Fixed spreads are very minimal so if you are looking at purchasing or refinancing for any reason just go with the fixed rate. The minimal savings, and possible costs of refinancing in the future will cost you more than you will save in the short term. Although projections for some indices like Prime rate, 3 month LIBOR, and US Treasury note into the first 3 quarters of 2008 are for them to decline slightly (.1-.25%), it is not enough of a drop to consider staying in your ARM.

What does this mean? If you are in the above situation, don't put it off any longer because current rate projections are for an increase, as the industry recommendation is to lock current clients into their rates. Why you ask; well after the bond sell off last Friday due to some positive economy reports, consensus is that the economy will continue to put out positive reports which will in turn cause some type of rise in the current rates.

Current conforming 30 year notes are hovering in the high 5% range, while Jumbo 30 year notes are around 6.25%. If you are in need of a home, land, or commercial loan for any reason, please call me for a prompt, courteous, professional, no obligation consultation. Whether you have good or bad credit, little to no money down, or don't know what you can qualify for I'm here to help. I am a nationwide lender, and offer some of the lowest rates and closing costs available anywhere. Remember, all FM Members get a free appraisal when you finance with me.

Share this post


Link to post
Share on other sites

Rates moved upwards almost .125% since Thursday. Just thought some of you would like to know.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  
Followers 0



  • Posts

    • cabsav
      thanks everyone for the input, we have decided to drive and take our own kayaks for the convenience. plus we can carry more tackle.
    • smurfy
      Thanks. So it hasn't changed much then. Still might go give it a whirl!
    • live4chrome
      If you haven't read it yet, a couple of slobs are about to ruin it for the rest of us. Pick up your garbage and respect private property. The land owners who allow access to the lower sucker river are about to shut it down because they are so fed up with it. http://minnesotasteelheader.blogspot.com
    • Rick G
      With the wind being fairly strong today I opted to hit the back waters of Little Rock. Have done goid there in yrs past.... so I figured it would be worth a shot. Finding crappies was pretty easy, they were holding tight to the brush and downed trees. Finding crappies over 8inches was tough...lol.  I don't think I broke 9inches. But did manage one big carp. Guessing right around 30in, pulled me and the yak all over the lake before I got it boat side
    • Rick G
      Hit the one down by Watkins a couple times this winter. There were a lot of people that fished it this last winter. Got gills and crappies of all different sizes. If your looking for keeper size fish, other area lakes will provide better numbers. Haven't been on the other one of  in a few yrs. There were good numbers of 6-7in sunfish if I remember right.