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I am a mortgage broker searching for a funding source to refinance a 2nd home in northern California. LTV will be under 75%, credit scores over 700 and full doc. Property is the question, exterior is log cabin style and rock facia. Interior is finished drywall with log style beams in roof and rafters. Loan amount will need to ba jumbo - $550,000. Does not qualify as conforming jumbo. Any thoughts?

brokeroutpost.com- ask in general area all your answers will be givin in seconds.

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stay away from hard money lenders or broker out deals. deal seems simple and easy to close.

a day in the life of a mortgage broker/loan officer trying to close FHA Deals and short sale purchase.
FHA, Home Loans, Refinance, Purchase, Conventional, Jumbo, Cashout, First Time Homebuyer, Real Estate, Mortgage, Wholesale, Lending, Borrow,

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This is not a jumbo loan, and I talked to a mortgage guy who quoted me at 5.5 - 5.75%. Just not sure if it'll go down more.

In my experience interest rates for residential real estate tend to be the lowest in the months of November, December, January and February.

I suspect that the reason for that is during those months the demand for houses and Mortgage money is the lowest.

When the spring market gets going, generally interest rates on Mortgages go up, probably due to the increased demand for Mortgage Money..

I would estimate that we are probably at the bottom or very close to it for residential Mortgage interest rates this year.

The rate that you mention, if that is a 30 year fixed, no points and no fees sounds very good. I would grab that rate and lock it immediately.

I have found that trying to pick the absolute rock bottom on interest rates is like playing the children's game, "musical chairs". You do not know exactly when the "music" will stop. You want to make certain that you have a "chair" when the "music stops".

The same is true on interest rates. The "music" stops about this time every year. I do not know exactly when the "music" will stop, but I do know that the "music" will stop very soon. I recommend that you grab a "chair" now,.

In this case I recommend that you grab that rate, because the rates will start goiing up very soon.

(edit) I see that some people above me say they know of lower rates. In my experience many people in the Mortgage Industry are bait and switch artists.

They offer ridiculously low rates to get you to sign up with them and then they switch you to a higher rate. If the person that you are dealing with is someone that you know to be honest I would stay with them and take that offer. A 30 year fixed at 5.5% or even 5.75% no points no fees is a very good rate.

I would not go chasing the rates below 5%, in my experience they do not exist.

That is just bait to reel you in to switch you to a higher rate later when it is too late for you to do anything about it.

I recommend go with the guy you have got. (as long as you know that he is honest)

Do not go after the under 5% bait or you may wind up with a hook in your mouth, and believe me that is no fun.

http://ScottChristiansen.com helps folks with their Coto de Caza Mortgage (949) 887-6672 Coto de Caza CA Home Loan, Coto de Caza California Refinance Orange County http://www.ScottChristiansen.com

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In September of this year, I will have been in my 5/1ARM (80/20, Interest only, 100% financing, No prepayment penalties) for 2 years. Purchase price: $750K. (Recent appraisal: $810K) Adjusts in 2011.

I have read often that a good rule of thumb for refinancing a mortgage is either a 2+ percentage point drop in rates or 2 years. I can understand why a drop of 2 percentage points make sense, but can someone explain to me why 2 years? I'm anxious to refinance. I've seen only very, very modest declines in value in my neighborhood over the past 18 months, mostly I think because I live pretty close to the beach and there isn't really any undeveloped land to build a bunch of new homes on. But I still am anxious.

1. Any thoughts about the situation in general?

2. How should I factor the recent "new limits on Jumbo loans" legislation into my consideration?

thanks.
hey, mscarriem… overthinkover@yahoo.com

It's extremely important to understand that with a little time and the right approach getting the absolute best mortgage refinancing is not a huge problem.Companies/businesses that arrange financial products of this nature<!–usually are very profitable and it's a good idea to remember where all the money is generated from. You, the customer are the root of their profits.

http://mortgages-finance.awardspace.com/

http://best-loans.awardspace.com/homeloans.htm

Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing–>enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.

I got a jumbo loan in October 2007 at 6.125% (I'm in the SF Bay Area). Since the Fed rate has been cute by 2 points since then, and I understand that as of June my loan will become a conforming loan, what kind of refinancing rate could I reasonably expect to obtain this summer? By "reasonable," I mean nothing shady, just run of the mill Bank of America or Wells Fargo type solid deals.

Thanks!

Honestly there is no way to know. I manage at the national headquarters of Midwest's largest privately held mortgage bank and we have no idea what is going to happen with rates. While you are correct that you will soon have a conforming loan, we are anticipating a tiered rate structure amongst the major end investors. I would not be surprised to see a new subset of rates that falls between conforming and jumbo. 6.125% is not a horrible rate in this market for a fixed, jumbo product.

If you have further questions feel free to email me, unlike most people who answer questions on here I actually know what I'm talking about and have the credentials to back it up.

Edit: I just recieved this email from an answerer that I will not name

"unlike most people who answer questions on here I actually know what I'm talking about and have the credentials to back it up."

Granted there are a bunch of idiots and kids but pardon me for stepping on your holy feet YOU ain't the only one with credentials that far out weight yours.
_______________________________________________

It's ok to disagree with me, but if you are going to do so please at least use proper english! Ain't and out weight…HA!