Here They Come Again,This Time Mortgages…

[dudley0]

If you were talking to me, we also shaved about 1% off our current mortgage at the time. So it was worth it to refi.

Nope, not pointing any fingers.

Just saying how it supposed to work. I refinanced my last house once every I think 30 days because the rates dropped so much. Could only do it after a certain time frame. Might have been 90 days. Been a while. We refinanced, nothing out of pocket. Kept the same time frame but because of points lowered our payment. Did that four times in a row.

Refinancing is money in the bank if you do it right. On the other hand I have seen people refinance to by a motorcycle. Paid on that thing for 30 years... umm, no thanks.

 

[actaeon277]

The first housing crisis sure was fun huh? It must've been, since guvmint clearly wants another one.

Well, that's the government's job. To turn everything to sh**

 

[actaeon277]

well...

 

[actaeon277]

 

[BugI02]

Didn't browse the twitter link but read about this on another site. Seems if you put the 20% down they ding you as well. Wonder if they are giving discounts on PMI?

Funny you should mention it. I heard a commercial on radio today for a bank offering no PMI if you put only 5% down. No 'fine print' at the end of the commercial other than 'some restrictions apply'

My reaction was split between 'here we go again' and 'probably only the 'oppressed' qualify'

 

[Cameramonkey]

Nope, not pointing any fingers.

Just saying how it supposed to work. I refinanced my last house once every I think 30 days because the rates dropped so much. Could only do it after a certain time frame. Might have been 90 days. Been a while. We refinanced, nothing out of pocket. Kept the same time frame but because of points lowered our payment. Did that four times in a row.

Refinancing is money in the bank if you do it right. On the other hand I have seen people refinance to by a motorcycle. Paid on that thing for 30 years... umm, no thanks.

Yeah, we had the option of taking $25k out to do work on the house, or taking PMI off. We made the smart move.

Oh, and we called our old bank. There was no provision to drop PMI if property value rose. That calculation was locked at the time of signing. We would only lose it if we refinanced with them to adjust the value at the time of signing (they offered nearly the same rate) or paid down the mortgage in another year.

 

[91FXRS]

You bet they are. What’s another few trillion in bailouts for a banking industry which is too big to fail while also dropping the bottom out of the housing market so Blakcrock can buy up another hundred billion in inventory at a discount.

Surely no one believes the democrats want anything which would actually be fair and/or beneficial for the country.

I dont know how to do the scratch thing but only thing I would change with this post is "democrats" to "politicians"...

 

[Cameramonkey]

I dont know how to do the scratch thing but only thing I would change with this post is "democrats" to "politicians"...

Highlight the text you want to strike, hit the 3 dots next to the text and color options, and in the dropdown you will see this: S Click that and it will convert the highlighted text to strikethrough.

 

[manifest destiny]

The federal government shouldn't even be in the real estate lending business. Not in any capacity. A borrower asks for a loan from a lender. The lender decides if he trusts the borrower. Terms are agreed to between the borrower and the lender. I don't see any reason for the fed's involvement.

 

[1DOWN4UP]

 

[DadSmith]

View attachment 270957

Last month mine was at 779 then it dropped 18 points for no reason this month.
Only 7% credit usage, no new accounts, or credit checks, no late payments etc.
Why would it drop 18 points for no reason?

 

[Ingomike]

Last month mine was at 779 then it dropped 18 points for no reason this month.
Only 7% credit usage, no new accounts, or credit checks, no late payments etc.
Why would it drop 18 points for no reason?

It is a ****ing scam. Who the **** cares?

 

[HoosierLife]

If it's tied to PMI, then don't get a loan with PMI. I would think most people with high credit scores don't pay PMI to begin with.

I thought PMI was added to any loan above 80% LTV?

For the longest time, I have recommended keeping your down payment as low as possible.

I’m pretty anti-Dave Ramsey. Other than helping people get out of consumer debt, I think his financial advice sucks.

If you could get a 3% rate (a few years back) and put 5% down, why wouldn’t you?

You could easily take that extra money you would have put down into some kind of investment vehicle earning 5%+, thus getting a 2%+ arbitrage on your money.

Not to mention the fact that when you put down that big down payment, you don’t really have access to that equity.

The idea that your home is your greatest asset may have been true in my grandfathers day.

Not anymore.

You can’t access the equity without a loan. Or by selling the house.

When you take into account taxes and upkeep, your ROI plummets.

Plus when you pay off your house, you lose the mortgage tax credit.

Don’t know why I went on this rant.

Oh, yeah I don’t know if this new rule will change my thinking on recommending putting 20% down to avoid the PMI.

Probably just miss a payment or two on a credit card before you apply and drop below the 720? threshold.

Stupid communists.

 

[funeralweb]

“A new Biden administration mortgage rule set to take place on May 1 will force loan applicants with good credit to pay higher fees and subsidize applicants with poor credit in the name of "equitable" access to home ownership.”

Here's the Awful Thing Biden Just Did to the Mortgage System

townhall.com

"No Homeowner Left Behind" Flippin' ridiculous....

 

[dudley0]

Plus when you pay off your house, you lose the mortgage tax credit.

Indiana is doing away with the mortgage exemption and adding to the homestead.

This is good news for those of us that own our houses outright.

I only found out about it when I was at closing last month.

 

[phylodog]

I don't see any reason for the fed's involvement.

As with all things, the fed was brought in to line the pockets of the politicians and increase their span of control and influence.

 

[DCR]

The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries.

- Winston Churchill

 

[Lpherr]

Last month mine was at 779 then it dropped 18 points for no reason this month.
Only 7% credit usage, no new accounts, or credit checks, no late payments etc.
Why would it drop 18 points for no reason?

Credit scores fluctuate.
It doesn't do any good to check it daily, monthly, or whatever. It will never be the same.
I've never worried about my score. Reviewing credit history is going to reveal more than a number someone assigns to you.
When making a high dollar purchase, it's imperative to shop rates, and not just assume one place is giving you the best rate.

 

[Shadow01]

An unrecoverable housing market crash is the answer. Hopefully about a month before the general election

 

[tim87tr]

Yes, I heard this in financial pages. It is the point system for any federally backed mortgages. They changed the name but it is what used to be called PMI fees, that you actually pay extra percentage on the mortgage for insurance based on your own risk category, based on your performance. They are having low risk customers who deserve lower rates subsidize the high risk so they can get homes they cannot earn legitimately.

See also: Communism

I think there is a bigger plan. These high risk mortgages are destined to fail, leaving the Federal agencies in charge of huge blocks of once privately held real estate. I think the big picture is two fold 1) it gives government agencies a huge slush fund to make money with selected "investors" 2) It allows the government to exercise the "scattered site" public housing program to spread the cost of social services to a wider populace and to buy votes from those who get to live in better areas on welfare and expand anti American causes.

See also: Dearborn Michigan, & Minneapolis, Minnesota

Isn't this the same engineered destruction that played out in 08/09? I recall interest only 3 year balloon style mortgages then, so this is another angle on a game with the same end results. Yes I agree with the bigger plan for selected big players who "return the favor" to the hand that FED them on the top end, and the vote buying/chaos on the bottom end.