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  1. #1
    zpeters's Avatar
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    Mortgage Rates... What you need to know!!

    Hey Guys,

    Some know I am a direct mortgage lenders, for those who don't well now you do!

    Just wanted to give you guys some insight on what is going "to happen" (use these words loosely).

    The obama program has been declared a very minor success with only 31,000 loans made permanent outa of 700k+ applications for loan mods. The mortgage industry and housing industry have not YET rebounded but inflation still remains a problem. What i mean is that WHEN rates go up 6-7% in 2010.... inflation will become another issue due to the fact noone will buy houses after the credit expires (message me for info on tax credit). Inflation and the dollar are going to contribute to lots of diff negative factors for the housing industry.

    What this means for you?

    Are you considering refinancing.... Lock your rates between now and Feb 1st (DO NOT WAIT TILL AFTER MARCH)

    DO NOT PAY CLOSING COSTS. Lenders like myself have the ability to PAY FOR ALL CLOSING COSTS (yes i do mean NO CHARGES added onto your loan amount)

    DO NOT USE A BROKER.... Brokers will be out of business soon and their closing times vary from 60 days to 120 days

    If you're at 5.875 or higher this is the time to take advantage of rates guys..

    Just so everyone knows you NEED 640 credit, NO PRIOR LATES.

    Refinancing will save you money over the course of the loan, but may not be worth it if your considering moving within 24 months. (There is a more exact ratio for this)

    Happy holidays everyone and be safe with your financing... Could be a great money saver for some!!


  2. #2
    Ridin' the Rancocas 04RXP22's Avatar
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    I just did a stream-line re-finance back in August, and I was blown away when they told me that there was no credit check with the streamline.

    Knocked about $250/month off my mortgage, and shortened it.

  3. #3
    zpeters's Avatar
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    Streamline is our niche product..

    We offer no closing costs... SINCE august though credit is a requirement..

    you did this in AUG 09'?? AUG 08' didnt have credit check...

  4. #4
    zpeters's Avatar
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    If anyone wants to use a GREAT Calculator to determine if refi'ing is worth it based on their current rate versus the par rate. Here ya go!

    http://www.hsh.com/calc-amort.html

  5. #5
    Click avatar for tech links/info, donation request K447's Avatar
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    Quote Originally Posted by zpeters View Post
    ...WHEN rates go up 6-7% in 2010.... inflation will become another issue due to the fact no one will buy houses after the credit expires (message me for info on tax credit).

    Inflation and the dollar are going to contribute to lots of diff negative factors for the housing industry...
    When you say inflation, are you talking about housing prices, or prices of stuff other than houses?

    Are you expecting housing prices to deflate, or remain stable?

    6-7% in 2010 - do you mean rates will rise TO 6-7%, or go up by another 6-7% from current levels?

  6. #6
    you're talking about refinancing.... what about buying??? I'm looking to buy here in jersey anytime between now and june '10... any advice???

  7. #7
    zpeters's Avatar
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    Quote Originally Posted by treemoney View Post
    you're talking about refinancing.... what about buying??? I'm looking to buy here in jersey anytime between now and june '10... any advice???
    BUY before may 2010... If your a 1st time then you have that available credit .. (PM for more info on the tax rebate)


    if you need a foreclosure list for NJ let me know i will foward you my updated list

  8. #8
    zpeters's Avatar
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    Quote Originally Posted by K447 View Post
    When you say inflation, are you talking about housing prices, or prices of stuff other than houses?

    Are you expecting housing prices to deflate, or remain stable?

    6-7% in 2010 - do you mean rates will rise TO 6-7%, or go up by another 6-7% from current levels?
    Inflation will be caused by numerous factors but that includes everything.. Depends on how the 1st quarter turns out honestly IMO.. i will detail on this later....

    6-7% will be the "Par Rate" it wont go up too 12% like back in 1983'

    IF/When we have that rate it's going to cause another crisis in the mortgage market for SEVERAL reasons.

    When the Fed announced they are no longer buying MBs( Mortgage Back Securities) this is going to drive rates higher. If they feel that the housing market hasnt recovered they will continue to buy... This is the problem that will be arising in the first quarter 2010


    NJ house value question- (This opinion "based on statistics" only)

    housing market 150,000 $ -250,000 $ STABLE or Flatlined

    Housing Market 250,000$ + possible 5-10% more decline.

    I'll explain further

  9. #9
    Ridin' the Rancocas 04RXP22's Avatar
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    Quote Originally Posted by zpeters View Post
    Streamline is our niche product..

    We offer no closing costs... SINCE august though credit is a requirement..

    you did this in AUG 09'?? AUG 08' didnt have credit check...
    Aug 09 through Bank of America

  10. #10
    zpeters's Avatar
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    what rate 5.25, 5.5%?

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