I think I have just refinanced, Sweet

fastfredracing · 10-04-2008, 05:48 PM

A couple of years ago, I needed some money to help my buisness survive a change of location. I took a risky arm loan against my property. I did my part, and kept my credit good, and did a bunch of improvemets on the property to increase its value. But then this whole mortage thing hit, and it was looking like I was not going to be able to re fi. It would have really sucked, my payments would have shot up a considerable ammount. I would not have lost the place or anything, but that stings a little , none the less. I am self employed, and really , when the smoke clears, I do not make that much money. I have been trying like hell for the last couple of months , and it seems as if all loan programs that a guy like me would use are now non existant. I had pretty much gave up, and decided to ride out the storm. Then a local mortage broker that tried to help me a while back calls me , and says there are now programs avialable again. I go through the apraisal on monday, and that is the only thing left, the apraiser says he did a drive by, and should not be a problem. Sweet. Do you think lenders are feeling the sting of this mess, and lightening up?? I am shocked, but relieved. I'll let you know how it works out. Hopefully there is some hope for others. I unlike many others, did not borrow over my head, and was willing to take the arm mortage, knowing full well, that I could keep all of my bills paid on time. Actually over the last two years I have trimmed a ton of fat off of my monthly bills, and I am starting to bank money again. LIfe is good here.

Zeke · 10-04-2008, 06:22 PM

No one wants to rain on your parade. Until the loan funds, it's not a done deal, drive by or not. I'm rootin' for ya and I hope you bring good new to us regarding credit worthy patrons.

Hugh R · 10-04-2008, 08:13 PM

No basis for this statement, but I think people with excellent credit who are borrowing on a real appraisal and can show real income with a loan obligation that is in line with traditional income-to-mortgage obligations in the historical range of around 30% are not having much trouble getting a loan. Welcome to the good old days of the 80s and 90s. Someone correct me if I'm wrong.

HardDrive · 10-04-2008, 08:22 PM

You are correct Hugh. I was talking with a real estate agent the other day. She said there is no problem getting credit, but things have returned to traditional requirements. (Otherwise known as sanity......)

Rick Lee · Rick Lee's Garage

Quote:

Originally Posted by milt

No one wants to rain on your parade. Until the loan funds, it's not a done deal, drive by or not. I'm rootin' for ya and I hope you bring good new to us regarding credit worthy patrons.

110% true. You'd be amazed by the number of "done deals" I've seen die minutes before there were supposed to fund. Some of the stuff wouldn't be believable if it had been in a movie.

turbo6bar · 10-05-2008, 04:33 AM

Quote:

Originally Posted by Hugh R

No basis for this statement, but I think people with excellent credit who are borrowing on a real appraisal and can show real income with a loan obligation that is in line with traditional income-to-mortgage obligations in the historical range of around 30% are not having much trouble getting a loan. Welcome to the good old days of the 80s and 90s. Someone correct me if I'm wrong.

Mortgages in lower dollar ranges are still readily available under traditional guidelines, but Jumbo mortgages are quite pricey. I've seen rates as high as 9% with large down payment (20-30%).

Hugh R · 10-05-2008, 11:55 AM

9% wow, I shouldn't complain about my 4-1/2% first and 6-1/4% second.