Another Chance

by | May 14, 2020 | Interest Rates/Loan Limits, Jim's Take on the Market | 7 comments

Here’s another chance to lock your rate at the lowest in history!

Will it go lower? Maybe but not by much. It’s unpredictable too, so take your 3% and smile because you’ll have bragging rights around the BBQ this summer! Oh, wait….

7 Comments

  1. Joel Harrison
    Joel Harrison on May 14, 2020 at 3:33 pm

    Rates are finally reflecting the current MBS market…previously investors were increasing their margins due to the volatility and they were too busy to take on new business.

    Below are our rates for 30 year fixed on both Purchase and Rate and Term Refinances:

    2.990% with total costs of $1,624
    2.875% with total costs of $3,471
    2.750% with total costs of $6,039

    Above is based on: a loan amount of $400,000 | 740+ credit score | <=60% LTV | California Only

    Happy to answer any questions,

    Joel Harrison
    760-280-2800
    joel@4LoanInfo.com

    America's Loan Advisors Inc.

  2. Jim the Realtor
    Jim the Realtor on May 14, 2020 at 4:10 pm

    Thanks Joel for the quotes – he’s a good guy if you’re looking!

  3. just some guy
    just some guy on May 14, 2020 at 9:03 pm

    welp……I need a jumbo refi……so I am stuck in amber until those APRs start with a 3

  4. Jim the Realtor
    Jim the Realtor on May 14, 2020 at 9:04 pm

    How about 2.75% for five years? You ain’t going to be there forever.

  5. Jim the Realtor
    Jim the Realtor on May 15, 2020 at 7:30 am

    One of the biggest contractions has been in loans that require minimal documentation to prove a borrower’s ability to repay and that can’t be sold to or insured by government entities. Such loans — often referred to as non-QM mortgages — are popular with self-employed borrowers who don’t get W-2 forms detailing their wages.

    Some major non-QM lenders have announced they’ve stopped issuing loans altogether. That includes Irvine-based Impac Mortgage Holdings, which works with outside brokers as well as directly with borrowers under the name CashCall Mortgage.

    Impac has cited uncertainty in the marketplace for its decision. Justin Moisio, the company’s chief administrative officer, did not respond to a request for comment.

    Angel Oak Mortgage Solutions of Atlanta, another big non-QM lender, said it temporarily stopped making low-documentation home loans. It started doing so again last week, but with changes. A borrower needs to provide 24 months of bank statements from their business and have a minimum FICO score of 700. Before, only 12 months were needed and borrowers needed only a 600 credit score.

    Angel Oak said the loans were always only for self-employed borrowers. Previously, loan seekers could qualify using a personal bank statement, but that’s no longer an option.

  6. andrewa
    andrewa on May 15, 2020 at 12:04 pm

    To all those who are fairly confident their jobs will still be there tomorow, the money to assist Boeing etc. and those who have lost their jobs will not be borrowed from South Africa or Great Britain or eslewhere but will be printed by the US government so one must expect inflation to rise appreciably in consequence.
    Locking in todays mortgage rates is therefore possibly quite a good idea.

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