October 1, 20223 yr Author 13 hours ago, BearSchlong said: Closed on Monday for 4.5%, 10% down and 1 point, 15 year conventional at my CU, and they kicked me $500 back in a promo. Almost ran out of the 90 lock in period due to some shoddy estate lawyering but finally got it done. I wasn’t really happy with the rate in the beginning, but now I’m happy. I'm pretty sure people would murder people for that rate right now. That's awesome you got that, credit unions are almost always pretty solid at rates. I'll take you off my refinance list for when rates go back down
October 2, 20223 yr On 9/27/2022 at 12:08 PM, UTPhil2006 said: With mortgage rates creeping up on 8 I’m offering HJ’s as well On my keyboard the H is really close to the B. Not judging.
October 2, 20223 yr On 10/1/2022 at 10:20 AM, UTPhil2006 said: I'm pretty sure people would murder people for that rate right now. That's awesome you got that, credit unions are almost always pretty solid at rates. I'll take you off my refinance list for when rates go back down Yeah, I've got a go-to guy at a CU out here, and they do a really great job. Good rates, and close quick. And, I've found that my customers tend to trust the CU moreso than my other go-to mortgage guy, although my mortgage guy is honest and honorable. If I give a customer both contacts, they will go with the CU most of the time. Edited October 2, 20223 yr by Gil Bang
October 2, 20223 yr I got tequila drunk last night and agreed to buy my wife a new house. Someone please kill me.
October 3, 20223 yr Author 4 hours ago, StruggleBus said: I got tequila drunk last night and agreed to buy my wife a new house. Someone please kill me. We can take tequila shots when we lock your rate too. Might need it
October 3, 20223 yr 7 hours ago, StruggleBus said: I got tequila drunk last night and agreed to buy my wife a new house. Someone please kill me. Un- de- feated.
October 3, 20223 yr Author Some solid news to start Monday. 10 year down .12 after a good bit down Wednesday and a little Thursday. We’re down about 30 basis points since basically hitting 4.0 last week. A small reprieve but a reprieve nonetheless.
October 3, 20223 yr 29 minutes ago, UTPhil2006 said: Some solid news to start Monday. 10 year down .12 after a good bit down Wednesday and a little Thursday. We’re down about 30 basis points since basically hitting 4.0 last week. A small reprieve but a reprieve nonetheless. So that puts the 30 year at about, what, 9%?
October 3, 20223 yr 15 minutes ago, jimmyjazz said: So that puts the 30 year at about, what, 9%? National average about 6.4% on a 30.
October 3, 20223 yr 10 minutes ago, Wulaw Horn said: National average about 6.4% on a 30. It was snark.
October 3, 20223 yr Author 1 hour ago, UTPhil2006 said: Some solid news to start Monday. 10 year down .12 after a good bit down Wednesday and a little Thursday. We’re down about 30 basis points since basically hitting 4.0 last week. A small reprieve but a reprieve nonetheless. Make that .22 so far.
October 3, 20223 yr 28 minutes ago, jimmyjazz said: It was snark. I’m aware. I general post the national average on Monday (from the previous Friday) so figured that was as good a place as any.
October 3, 20223 yr Author 16 minutes ago, Wulaw Horn said: I’m aware. I general post the national average on Monday (from the previous Friday) so figured that was as good a place as any. Are you posting from the slide on the cruise? Or the craps table at least?
October 3, 20223 yr 20 minutes ago, UTPhil2006 said: Are you posting from the slide on the cruise? Or the craps table at least? Brunch. Earlier from the video poker machine.
October 5, 20223 yr Author And another yo yo in the other direction. 0.15 up today. Glad we locked people when we did. Seems that's gonna be the new norm for now is lock while in the valleys and ride out the climbs.
October 5, 20223 yr Author So Thad's friend's divorce could be your gain. We have a coming soon near the Apple Campus (they've been AirBnB'ing it for a while) I figured I'd post here as well. 3/2.5, 2188 sq feet, will be listed at 600k. Hardwood/tile throughout, surround sound, deck, large lot, nice kitchen, solid price for the area. A few pictures below. Figured yall might know of somone looking or looking yourselves in the NW Austin area..
October 7, 20223 yr Author 13 hours ago, BearSchlong said: Lmfao. #Beaumontproblems #remotework That’s a $230K house here. And you got a Twin Peaks. That’s about all I remember from rolling through Beaumont the last time
October 7, 20223 yr I can be in the gulf or the farm in an hour, the airport in 20 mins, and my overhead is really low. West end of Beaumont is really lovely for the price.
October 7, 20223 yr It’s a 2.25 million dollar house in San Francisco. Of course it’s cheaper to live in Beaumont. No one actually wants to live there.
October 7, 20223 yr I'm surprised prices would still be that low there. Two years ago that would have been a $250,000ish house here in East Texas, but now they would be asking about tree fiddy, for no reason other than prices have increased elsewhere where there are actual legitimate reasons for the increase. I don't see those prices being sustainable for non big cities, as there is no fundamental reason for the shift. If we see stagflation I think there will be a lot of homes for sell for significant discounts outside of larger markets when all the people who had to stretch to buy at inflated prices really start to feel the pain. I'm not sure the statistics about housing inventory are really applicable for much of the country.
October 7, 20223 yr Saw Loan Depot decided to halt employee 401k match programs. Executives gave themselves raises.
October 7, 20223 yr Author 2 minutes ago, Loch Ness Monster said: Saw Loan Depot decided to halt employee 401k match programs. Executives gave themselves raises. Sounds about right. They’re wilting fast
October 7, 20223 yr 49 minutes ago, Loch Ness Monster said: Saw Loan Depot decided to halt employee 401k match programs. Executives gave themselves raises. it's the American way
October 8, 20223 yr 1 hour ago, Loch Ness Monster said: Saw Loan Depot decided to halt employee 401k match programs. Executives gave themselves raises. They could be headed for bankruptcy.
October 8, 20223 yr My mortgage is with Loan Depot. Safe to assume that if they declare bankruptcy the loan is discharged? Should I stop making payments now?
October 8, 20223 yr 11 minutes ago, gurt said: My mortgage is with Loan Depot. Safe to assume that if they declare bankruptcy the loan is discharged? Should I stop making payments now? Try it and let us know how it works out. Unfortunately you have collateral.
October 8, 20223 yr 11 hours ago, NotActuallyALonghorn said: If we see stagflation I think there will be a lot of homes for sell for significant discounts outside of larger markets when all the people who had to stretch to buy at inflated prices really start to feel the pain. This will probably be damped by the interest rates. Anyone who bought in with low rates isn't going to sell unless they have an emergency reason, as they'll have to buy a much cheaper house just to 'break even' on payments.
October 8, 20223 yr 1 hour ago, Sam Lin said: This will probably be damped by the interest rates. Anyone who bought in with low rates isn't going to sell unless they have an emergency reason, as they'll have to buy a much cheaper house just to 'break even' on payments. And they know what the monthly nut is. It’s not like they are on adjustables subject to rate risk.
October 8, 20223 yr Yeah, but the monthly nut was calculated when their other household costs were much cheaper. If they stretched themselves out because housing prices were too high then they may not have much choice. And if interest rates keep people from buying at a price that will cover the loan, then the bank gets the house back and we end up with a bit of a foreclosure crises. That could have a cascading effect on home values, especially in areas where they rose for no real reason.
October 8, 20223 yr 5 hours ago, NotActuallyALonghorn said: Yeah, but the monthly nut was calculated when their other household costs were much cheaper. If they stretched themselves out because housing prices were too high then they may not have much choice. And if interest rates keep people from buying at a price that will cover the loan, then the bank gets the house back and we end up with a bit of a foreclosure crises. That could have a cascading effect on home values, especially in areas where they rose for no real reason. So your theory is people with low interest rates calculated their monthly nut when other household costs were much cheaper (food & energy), and because of inflation, these people are now stretched thin. If true, they can’t sell the house because high interest rates are keeping others from affording a price that will pay off the loan, and the lenders will have to short sale. This will cause a foreclosure crisis in non-populous areas because prices rose for no reason Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts.
October 8, 20223 yr On 10/2/2022 at 4:25 PM, StruggleBus said: I got tequila drunk last night and agreed to buy my wife a new house. Someone please kill me. Get tequila drunk again and tell her you want a divorce... Then when you get sober, buy her about $5k in jewelry and tell her she should never take anything you say while drinking tequila as serious. Then stop drinking tequila so you don't say any more stupid shit.
October 8, 20223 yr 22 minutes ago, Neonmoon said: So your theory is people with low interest rates calculated their monthly nut when other household costs were much cheaper (food & energy), and because of inflation, these people are now stretched thin. If true, they can’t sell the house because high interest rates are keeping others from affording a price that will pay off the loan, and the lenders will have to short sale. This will cause a foreclosure crisis in non-populous areas because prices rose for no reason Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts. But after they bought the house, they bought a $45k vehicle or two ... Electricity prices have doubled... Wasn't included in their DTI. (And electricity still won't be.) They have to downsize to stay at the same payment, etc... Because prices haven't been shocked yet. I love the cash out refi I did a year ago. .. I also love that I didn't flip it into another property at a crazy price (but I've lost an eighth of it in the stock market, so... Par.) Housing prices will come down. They went crazy for no real reason other than inflation. There is a house I've had my eye on, but I'm not going to pay what they're asking. It's not moving; in an area where houses like it were on market for less than a week just a few months ago. I can remodel my place and wait for the rebound. Edited October 8, 20223 yr by Slacks
October 8, 20223 yr 32 minutes ago, Slacks said: But after they bought the house, they bought a $45k vehicle or two I mean, if they did, they’re fucked. That applies to any borrower. But I already addressed this issue. Of course housing prices will come down. The Fed is raising rates intentionally to crush demand. That will lead to more supply and lower prices. I just disagree with the theory that increased household costs will lead to a foreclosure crisis. To say housing prices went crazy for no real reason other than inflation is a bit vague, if not sciolistic. There was already an inventory shortage before the pandemic, in fact a very large one. Then, America wasn’t allowed to spend any money for 6 months or more due to the pandemic. In addition, the pandemic proved remote work was feasible. Add in low interest rates so it’s cheap to borrow money. That’s a perfect storm for insane demand, which in turn leads to inflation. It wasn’t magic, there were real reasons behind the inflation.
October 8, 20223 yr 18 minutes ago, Neonmoon said: I mean, if they did, they’re fucked. That applies to any borrower. But I already addressed this issue. Of course housing prices will come down. The Fed is raising rates intentionally to crush demand. That will lead to more supply and lower prices. I just disagree with the theory that increased household costs will lead to a foreclosure crisis. To say housing prices went crazy for no real reason other than inflation is a bit vague, if not sciolistic. There was already an inventory shortage before the pandemic, in fact a very large one. Then, America wasn’t allowed to spend any money for 6 months or more due to the pandemic. In addition, the pandemic proved remote work was feasible. Add in low interest rates so it’s cheap to borrow money. That’s a perfect storm for insane demand, which in turn leads to inflation. It wasn’t magic, there were real reasons behind the inflation. I don't know what sciolistic means, but if it's good, it's me.
October 8, 20223 yr Author 1 hour ago, Slacks said: Get tequila drunk again and tell her you want a divorce... Then when you get sober, buy her about $5k in jewelry and tell her she should never take anything you say while drinking tequila as serious. Then stop drinking tequila so you don't say any more stupid shit. Don't listen to this man. Just switch to whiskey.
October 8, 20223 yr 6 minutes ago, UTPhil2006 said: Don't listen to this man. Just switch to whiskey.
October 10, 20223 yr 1 hour ago, BabaYaga said: Any of you ass hats going to the MBA in Nashville? Can’t. Already scheduled to be at the Catalina Wine Mixer.
October 10, 20223 yr 2 hours ago, Wulaw Horn said: Can’t. Already scheduled to be at the Catalina Wine Mixer. You're going to miss Darius Rucker? How dare you?
October 10, 20223 yr On 10/8/2022 at 6:14 AM, Neonmoon said: Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts. Have you visited the wives thread?
October 11, 20223 yr Will wrap arounds become a thing with these huge spreads that have opened in the last 10 mos? Not to be confused with reach arounds Edited October 11, 20223 yr by bluto
October 11, 20223 yr 40 minutes ago, bluto said: Will wrap arounds become a thing with these huge spreads that have opened in the last 10 mos? Not to be confused with reach arounds That’s an interesting question. Title companies hate them and most won’t insure on them.
October 11, 20223 yr 30-YR. CONFORMING 6.805% +0.061 30-YR. JUMBO 6.479% +0.032 30-YR. FHA 6.597% +0.071 30-YR. VA 6.497% +0.065 30-YR. USDA 6.671% +0.090 15-YR. CONFORMING 6.092% +0.103
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