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

    • skibass
      We talked to a guy who did very well in 16 FOW by Frontier on Monday. Also heard from a group who did well near Birchdale (not sure on depth).  Our best luck was in 21-25 FOW
    • megofishing
      I am planning on kayaking and fishing the Cannon River this season--between Cannon Falls and Hwy 61. I just want to know if the current is generally swift or lazy, i.e., can I paddle BACK to my entrance spot or do you  need to drift downstream and do the two vehicle thing. I understand it may depend on how low or high the river is at any given time, but in general, when things are 'normal', can you paddle back with little difficulty?
    • maxpower117
      I'll keep it short and simple. The causes of boom and bust on Mille Lacs.    1. Improperly managed slot limits. Too many large fish are allowed in the lake.  2. Netting during spawn. Poor spawning success.    The recent years of high catch rates rates indicate a good 2013 year class but most importantly it is a red flashing light for anyone paying attention. High catch rates are a result of good population AND low or decreasing forage. I put AND in caps because fish won't bite like they have  when they're not hungry.    Cut down that year class class before it's too late. I give it 2 more summers before another crash is inevitable.    Round and round we go, where it stops, nobody knows. 
    • megofishing
      After using most of the brands you've mentioned, I absolutely love Lunkerhunt frogs...real lifelike, and don't seem to fill up with water as much as the others. They also hold up really well--caught some pike and bowfin without them getting destroyed. I have been using the "Croaker" color exclusively, but definitely picking up some other patterns. They also make a popper frog which is great if you want to make a little more noise.
    • megofishing
      I agree with AlwaysFishing--you can come down in line weight for braid if you're just straight up bass fishing. I personally like 30lb if there are a lot of toothy critters around. I use 50-60lb when going after pike and muskie. Have you ever tried fireline for your spinning rod? When jigging, wacky worming, etc., I use 8-12lb fireline exclusively--you can feel EVERYTHING and no stretch is an added bonus.