Too bad I can't find a house that fits my wants. Are you talking about the PMI insurance requirements? What about for people that can afford to avoid PMI?
Too bad I can't find a house that fits my wants. Are you talking about the PMI insurance requirements? What about for people that can afford to avoid PMI?
JG Pasterjak wrote: Even if you don't believe the hype, all you have to do is look at the fact that interest rates and closing costs tend to be somewhat cyclical
Apparently Canada is in a different cycle then youse guys. For a while last year, they were calling for an increase in interest rates. That is gone. Unless the oilpatch explodes again, BoC is keeping the lending rate at 1.0% and any schmoe should be able to walk in and get a 2.99% 5 year fixed rate mortgage (as low as 2.59% depending on the terms you accept) from a major bank.
This is good news, as it means condo for me later in the year 
This shouldn't effect those of us currently owning and paying a mortgage will it?
In reply to Conquest351:
no, these are underrighting issues related to new financingb
Thinkkker wrote: let me add then, i know that we will have to put more down. Is there a limit on the amount of land that will come with a house? If its cheap enough, well then i can blow up the house or something eventually right? :)
The Land Banks have different rules. Some loans don't allow a structure at all. On others having a structure will change the terms. Some will ignore the structures and say the value's all in the land.
Usually the local fire departments will burn down your house for free to get experience. I've had it done twice and one time they even scraped the foundation and hauled off all the debris.
HiTempguy wrote: Apparently Canada is in a different cycle then youse guys.
That's why I asked about the interest rate statement. Rates are low and stable.
Our market is completely different. I suspect that the changes they are making will make it more similar ours.
grouperalley wrote: In reply to Conquest351: no, these are underrighting issues related to new financingb
Good, we couldn't survive one of these crazy rate increases. We got in at 4.5%.
Can anyone tell me if this is going to mess with refinancing as well? I'm assuming it is. We hope to refi as soon as we get out house finished being remodeled to get my parents off the loan, hopefully drop the pmi and maybe get a little bit power interest rate were hoping
It will mess with all loans. Just do it before about October, maybe November, but I think November is pushing it. Rates should be higher then, but only incrementally so.
Most of the regulatory rate increases will hit late in the year to January.
Glad I'm close to wrapping up my refi at 3.625%.
Somewhat related, my neighbors house sold in only two days on the market. 209k price. Apparently its now somewhat common for sellers to pay some or all closing costs at least in this area.
dyintorace wrote: Glad I'm close to wrapping up my refi at 3.625%.
Even more glad we wrapped up ours at 2.875! 
poopshovel wrote:dyintorace wrote: Glad I'm close to wrapping up my refi at 3.625%.Even more glad we wrapped up ours at 2.875!
I can't wait to dump this E36M3 and not have a loan at all. The rate means guano, you're still shelling out a half-mil in interest. Next house will be cash money, so we don't care about any lending laws.
Datsun1500 wrote: My son just closed on one. He has a 3.25 percent 30 year assumable FHA. He's 20 and I figured when he goes to sell in 5-7 years that will be an easy sell.
Unnhhhh FHA's haven't been assumable since 1984.
Javelin wrote:poopshovel wrote:I can't wait to dump this E36M3 and not have a loan at all. The rate means guano, you're still shelling out a half-mil in interest. Next house will be cash money, so we don't care about any lending laws.dyintorace wrote: Glad I'm close to wrapping up my refi at 3.625%.Even more glad we wrapped up ours at 2.875!
Agreed but how do you get there…between my wife and I, we’ve got more than twice as much in our 401k’s as we owe on our house. We’d liquidate enough stock to pay off our mortgage in a heartbeat if the gubment would allow it but between the 10% penalty for early withdrawal and the capital gains taxes, we’d get slaughtered.
It’s pretty clear they want your ass-ets in the game.
poopshovel wrote:dyintorace wrote: Glad I'm close to wrapping up my refi at 3.625%.Even more glad we wrapped up ours at 2.875!
We did a 30 year. I'm guessing you did a 15. Thought about going with a 15 year, but didn't want to lock myself into the higher rate. I'd rather take advantage of the cheap money and invest earnings elsewhere. 
Datsun do you realize what has to be done to assume an FHA loan?
It's not fully assumable like in the old days. To assume it the buyer has to qualify just like they would for a new loan plus the interest rate can be adjusted to current rates.
Also all this is done by an entity that's not used to dealing with a new loan. It's not the front end origination unit that does the qualifying. It can take weeks & weeks & weeks to finally get an approval. It's much easier to just get a new loan and since the qualifying & interest rates won't be different that's what everyone does.
FHA loans haven't been fully assumable since 1984!
I've followed along after a ton of people who got sick and tired of the "assumable" aspect and just got a new loan with lots less hassle and sometimes even a lower interest rate.
This is a good example of technically vs. practically that trips us all up on here so many times.
carguy123 is right. I'm a mortgage guy and own a few rentals. Going to buy another rental this year, as property is cheap and money is still cheap and easy.
If you have a mortgage at 3.75% or higher on a 30 year fixed and haven't refinanced or tried to refinance do it now. Don't assume you can't get it done--I'm still finding borrowers with loans that we can get done under HARP and save a significant amount of money even if they are underwater. Not everyone qualifies, but those who can, should take advantage of it. Anyone thinking about buying in the next year or two should consider making the move now if they are comfortable doing so. Just my opinion, take it for all that you paid for it!
Sky_Render wrote: Great, I still won't have enough saved up for a down payment for at least a few more years yet.
same here.. womp womp
We were hoping to refinance this year but my wife had some health problems and we have had a few late payments. We have everything caught up now and she is back to work. From what I've read since I'm underwater I would need to make 11 of 12 payments on time to even apply for anything which will put me at next January. Is there somewhere I should look to do it earlier? I'm at I believe 7.5% right now so at some point in the future I could probably save no matter what but sooner would be nice.
RX Reven' wrote:Javelin wrote:Agreed but how do you get there…between my wife and I, we’ve got more than twice as much in our 401k’s as we owe on our house. We’d liquidate enough stock to pay off our mortgage in a heartbeat if the gubment would allow it but between the 10% penalty for early withdrawal and the capital gains taxes, we’d get slaughtered. It’s pretty clear they want your ass-ets in the game.poopshovel wrote:I can't wait to dump this E36M3 and not have a loan at all. The rate means guano, you're still shelling out a half-mil in interest. Next house will be cash money, so we don't care about any lending laws.dyintorace wrote: Glad I'm close to wrapping up my refi at 3.625%.Even more glad we wrapped up ours at 2.875!
If I knew the answer, I'd be rich. 
We've gone native as much as possible (soak dry beans, grow lots of veggies in the garden, make our own shampoo and laundry soap, etc) and cut every unnecessary cost possible (do you really need 500 channels and a 12-hour DVR?). When I get back to work, we should be able to live off of just her salary, and then hopefully put 100% of mine towards the house. We figure we can get it paid off in about 5 years, depending on what I make. The interest savings we calculated stagger the mind.
Simply put, there's no investment you can do that will have a return high enough to offset a mortgage debt. The best thing you can do in pure dollars-and-cents is pay all debts off. Our Grandparents had it right (Can't afford it? Don't buy it!).
PeterAK wrote: Don't assume you can't get it done--I'm still finding borrowers with loans that we can get done under HARP and save a significant amount of money even if they are underwater.
This is the load of crockE36 M3 though! We're not underwater, so nobody will touch us for a refi without us paying up the butt to get it done, offsetting the percentage drop! If we had been idiot screwballs and got a second, or didn't pay double interest for the last 4 years, or any other myriad of things we could be in like flynn, but do what you're supposed to do, and the whole industry E36 M3s on you.
Javelin wrote:PeterAK wrote: Don't assume you can't get it done--I'm still finding borrowers with loans that we can get done under HARP and save a significant amount of money even if they are underwater.This is the load of crockE36 M3 though! We're *not* underwater, so nobody will touch us for a refi without us paying up the butt to get it done, offsetting the percentage drop! If we had been idiot screwballs and got a second, or didn't pay double interest for the last 4 years, or any other myriad of things we could be in like flynn, but do what you're *supposed* to do, and the whole industry E36 M3s on you.
Interesting, we had no problem getting approved for a refinance last year. The only "up the butt" was typical closing costs that are present on any mortgage.
The only reason we didn't refinance was because the house appraised low enough we couldn't roll the refinance costs into the mortgage.
We are going to try again this year once we have remodeled the bathroom.
Javelin wrote: The best thing you can do in pure dollars-and-cents is pay all debts off. Our Grandparents had it right (Can't afford it? Don't buy it!).
Yes, this is true. But it is rather difficult to save up over $200,000 (or more) when you're having to shell out more than $1,000 a month in rent.
The few people I have known personally who were able to buy a house at a very young age lived rent-free with mommy and daddy until they were in their late 20s (or even later)
Javelin wrote:PeterAK wrote: Don't assume you can't get it done--I'm still finding borrowers with loans that we can get done under HARP and save a significant amount of money even if they are underwater.This is the load of crockE36 M3 though! We're *not* underwater, so nobody will touch us for a refi without us paying up the butt to get it done, offsetting the percentage drop! If we had been idiot screwballs and got a second, or didn't pay double interest for the last 4 years, or any other myriad of things we could be in like flynn, but do what you're *supposed* to do, and the whole industry E36 M3s on you.
Not a load of E36 M3. Have you actually tried to refi by working with a true mortgage professional (not a smooth talking sales guy) to run some numbers and discuss options?
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