U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-11-2008, 01:28 PM
 
Location: New York
2,251 posts, read 4,166,790 times
Reputation: 1607

Advertisements

ATTENTION !!! ATTENTION !!! ATTENTION!!!
REPRICE NOTICE REPRICE NOTICE REPRICE NOTICE
EFFECTIVE 12:15 PM Eastern Time

6.000 -1.501 -1.251 -0.876 -0.626
5.875 -1.095 -0.845 -0.470 -0.220
5.750 -0.638 -0.388 -0.013 0.237
5.625 -0.239 0.011 0.386 0.636
5.500 0.177 0.427 0.802 1.052
5.375 0.705 0.955 1.330 1.580
5.250 1.492 1.742 2.117 2.367


Rates are going lower............ Yea!!!!

...
Reply With Quote Quick reply to this message

 
Old 09-12-2008, 10:11 AM
 
Location: Cary, NC
1,036 posts, read 3,629,791 times
Reputation: 503
Modification Specialist - Thank you for proving my point in trying to argue the other side. As you noted, if the above items I pointed out (credit score, LTV, points, closing costs, rate lock length) are taken into account... your "5.375% is a great rate and everyone else is screwing you" argument holds no water.

You post rates like if its one size fits all. Again... advertising interest rates without a corresponding APR is ILLEGAL for a reason.
Reply With Quote Quick reply to this message
 
Old 09-12-2008, 10:14 AM
 
Location: Cary, NC
1,036 posts, read 3,629,791 times
Reputation: 503
Quote:
Originally Posted by Modification Specialist View Post
How about on a second home?
It is different from lender to lender, I had a discussion last night with a client, looking to buy an smaller investment home that was over 100 miles away from his primary. I mentioned we should look at checking out the requires for applying for a 2nd home mortgage, which would result in a lower interest rate.

Dude... you know this is ILLEGAL!!!!! You just advised a client to commit MORTGAGE FRAUD.

they told you that they were buying a home as an investmen. You advised them to LIE about this and claim it as a second home to get a lower interest rate. If they intend to buy it as an investment home to rent out then they must apply as an investment property.

I hope you didn't mean what you just wrote there...
Reply With Quote Quick reply to this message
 
Old 09-12-2008, 10:23 AM
 
Location: Cary, NC
1,036 posts, read 3,629,791 times
Reputation: 503
Quote:
Originally Posted by Modification Specialist View Post
30yr rates 9/11/08
6.000 -1.829 -1.579 -1.204 -0.954
5.875 -1.426 -1.176 -0.801 -0.551
5.750 -1.092 -0.842 -0.467 -0.217
5.625 -0.696 -0.446 -0.071 0.179
5.500 -0.287 -0.037 0.338 0.588
5.375 0.238 0.488 0.863 1.113

Quote:
Originally Posted by Modification Specialist View Post
ATTENTION !!! ATTENTION !!! ATTENTION!!!
REPRICE NOTICE REPRICE NOTICE REPRICE NOTICE
EFFECTIVE 12:15 PM Eastern Time

6.000 -1.501 -1.251 -0.876 -0.626
5.875 -1.095 -0.845 -0.470 -0.220
5.750 -0.638 -0.388 -0.013 0.237
5.625 -0.239 0.011 0.386 0.636
5.500 0.177 0.427 0.802 1.052
5.375 0.705 0.955 1.330 1.580
5.250 1.492 1.742 2.117 2.367


Rates are going lower............ Yea!!!!

...


Do you know how to read rate sheets? This is NOT better... this pricing is WORSE than the one you posted an hour before.

Just because you put 5.25% at the bottom doesn't make the rates better. Look at the points (or YSP) that is being charged for the corresponding rate. Someone locking on the first sheet at 5.375% for 15 days (I am assuming that 15 days since you nicely cut out the length of the lock) would have needed to pay .238 points. Based on the reprice, it would cost .705 points.

That is almost .5 points more!! How is that better for a consumer?? On a $200,000 loan they would need to pay $1000 more to get that same rate after the reprice.

I hope you didn't call any clients with this "good news". Again, mistakes happen... but before you start posting "advice" you should do your due dilligence and understand what you are saying. Consumers look at this and feel like they can get a 5.375% rate... no disclaimer about terms (is this 15 or 30 year, fixed or ARM, 600 score or 700 score, 50% or 90% LTV, full doc or stated income, OK or FL property, 50k loan or 400k loan) and no consideration for APR (what are the points and fees you would charge, in addition to those the bank is charging).

This isn't technically an "advertisement" as far as I know... but this is still deceptive and misleading. Not to mention the information is wrong.
Reply With Quote Quick reply to this message
 
Old 09-12-2008, 10:54 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,101,771 times
Reputation: 952
Quote:
Originally Posted by rcarrillo View Post
Do you know how to read rate sheets? This is NOT better... this pricing is WORSE than the one you posted an hour before.

Just because you put 5.25% at the bottom doesn't make the rates better. Look at the points (or YSP) that is being charged for the corresponding rate. Someone locking on the first sheet at 5.375% for 15 days (I am assuming that 15 days since you nicely cut out the length of the lock) would have needed to pay .238 points. Based on the reprice, it would cost .705 points.

That is almost .5 points more!! How is that better for a consumer?? On a $200,000 loan they would need to pay $1000 more to get that same rate after the reprice.

I hope you didn't call any clients with this "good news". Again, mistakes happen... but before you start posting "advice" you should do your due dilligence and understand what you are saying. Consumers look at this and feel like they can get a 5.375% rate... no disclaimer about terms (is this 15 or 30 year, fixed or ARM, 600 score or 700 score, 50% or 90% LTV, full doc or stated income, OK or FL property, 50k loan or 400k loan) and no consideration for APR (what are the points and fees you would charge, in addition to those the bank is charging).

This isn't technically an "advertisement" as far as I know... but this is still deceptive and misleading. Not to mention the information is wrong.
x10000000000. Can't rep you though, must spread it around.
Reply With Quote Quick reply to this message
 
Old 09-12-2008, 10:56 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,101,771 times
Reputation: 952
Quote:
Originally Posted by rcarrillo View Post
Modification Specialist - Thank you for proving my point in trying to argue the other side. As you noted, if the above items I pointed out (credit score, LTV, points, closing costs, rate lock length) are taken into account... your "5.375% is a great rate and everyone else is screwing you" argument holds no water.

You post rates like if its one size fits all. Again... advertising interest rates without a corresponding APR is ILLEGAL for a reason.
Quote:
Originally Posted by rcarrillo View Post
Dude... you know this is ILLEGAL!!!!! You just advised a client to commit MORTGAGE FRAUD.

they told you that they were buying a home as an investmen. You advised them to LIE about this and claim it as a second home to get a lower interest rate. If they intend to buy it as an investment home to rent out then they must apply as an investment property.

I hope you didn't mean what you just wrote there...

Meant to multi-quote these in my previous post as well, especially the one about how MS is advising his clients to commit occupancy fraud.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top