EDU Mortgage EDU

chickenfcker

OT Supporter
Apr 22, 2005
4,554
HELOCS are more consumer loans, so there are no set rules or guidelines that everyone abides by. Each bank/credit union/etc. has their own credit policy for what they will or will not lend on. It is not common for places to offer HELOCs on a 2nd home or rental, but that's not to say some places won't do it. Keep looking, usually a local community bank or CU will be your best bet.

Thanks duder. 5 year draw period is pretty shitty right? CU is no closing costs but 5 yr draw, my servicer gives 10
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
There’s no easy way to say this. The last 6 weeks, rates have been getting shit-pumped. In the almost-16 years I’ve been doing this racket, we’re close to the highest I’ve ever seen now. If people ask “what’s the rate today then?” I pretty much say “what’s the fuckin’ difference? Whatever it is today, it’s going to be higher tomorrow. Maybe even by this afternoon it’ll be higher.” I don’t even look at rates to price them now, too ugly. I’d guess for a good credit conventional borrower you’re somewhere between 6.5%, and I wouldn’t be surprised if some places are at or near 7%. I have maintained all along that the housing shortage would help support the housing market and values, but if we’re approaching 7%, some people simply won’t qualify, and others will just say fuck it and find alternatives to buying near ATH prices and decade+ highs for rates. I’m sorry for anyone trying/needing to buy now. It’s not pretty. My local area is even worse, considering expensive home insurance premiums have gone up probably 300%, flood insurance in some areas have gone up significantly. Hell, even utility bills have gone up significantly for no discernible reason. Shit is cray

05B46779-1BE3-450F-9952-F2A09AA3F114.jpeg
 

Jon91SE

These hoes ain’t loyal
OT Supporter
Mar 31, 2004
30,539
FL
The new FEMA flood pricing is spelled out to get significantly worse year over year and is only being limited by annual caps

When they dropped the first shake up in 50 years (oct21) they went hard and some people just haven’t given it the thought it deserves
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
For context, rate sheets come out every morning around 10am. If the market moves around 20 points (up or down), investors will often “re-price” which is basically saying “due to the substantial change, we’re pulling our morning rate sheets and here are new rates.” So keeping in mind that 20 points is a pretty significant move, here’s what happened today:

10596078-F0D2-433E-A283-888BB22C886B.jpeg
that’s not 1.13 points. That’s a 113 point swing today. Crushed.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
The new FEMA flood pricing is spelled out to get significantly worse year over year and is only being limited by annual caps

When they dropped the first shake up in 50 years they went hard and some people just haven’t given it the thought it deserves
A title company told me last week one of their friends had a piece of land, got house plans drawn, got a builder lined up to work up a budget. They went to get their loan from the bank. Got a quote for flood insurance:

$10,000 annual premium.

So they’re building somewhere else. It’s awful.
 
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Mike00

Well-Known Member
Feb 11, 2005
1,966
pa
There’s no easy way to say this. The last 6 weeks, rates have been getting shit-pumped. In the almost-16 years I’ve been doing this racket, we’re close to the highest I’ve ever seen now. If people ask “what’s the rate today then?” I pretty much say “what’s the fuckin’ difference? Whatever it is today, it’s going to be higher tomorrow. Maybe even by this afternoon it’ll be higher.” I don’t even look at rates to price them now, too ugly. I’d guess for a good credit conventional borrower you’re somewhere between 6.5%, and I wouldn’t be surprised if some places are at or near 7%. I have maintained all along that the housing shortage would help support the housing market and values, but if we’re approaching 7%, some people simply won’t qualify, and others will just say fuck it and find alternatives to buying near ATH prices and decade+ highs for rates. I’m sorry for anyone trying/needing to buy now. It’s not pretty. My local area is even worse, considering expensive home insurance premiums have gone up probably 300%, flood insurance in some areas have gone up significantly. Hell, even utility bills have gone up significantly for no discernible reason. Shit is cray

View attachment 261617

Priced out another investment roperty yesterday or rather got a pre-approval. 6% on arm 7% on the conventional - what’s hilarious is the points on the 15 year make it so stupid it’s not even worth running anymore.

Stupid rates but houses still sleling and I’ll probably take the arm and go with it for now.
 
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Jon91SE

These hoes ain’t loyal
OT Supporter
Mar 31, 2004
30,539
FL
A title company told me last week one of their friends had a piece of land, got house plans drawn, got a builder lined up to work up a budget. They went to get their loan from the bank. Got a quote for flood insurance:

$10,000 annual premium.

So they’re building somewhere else. It’s awful.
And they are going higher…. They like didn’t even hide it or play word games at all when it was released lol

My guess is the steady, limited yearly build up will keep some people oblivious but Lordy that’s gonna be a come to Jesus moment I don’t wanna be a part of
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Priced out another investment roperty yesterday or rather got a pre-approval. 6% on arm 7% on the conventional - what’s hilarious is the points on the 15 year make it so stupid it’s not even worth running anymore.

Stupid rates but houses still sleling and I’ll probably take the arm and go with it for now.
Investment properties and 2nd homes have been getting kicked in the dick for a while. If the going primary residence rate is 6.5%, to get that same rate with on a 2nd home or investment, I believe the cost is 4.125 points.
 

shreddedchicken

OT Supporter
Mar 31, 2016
3,631
There’s no easy way to say this. The last 6 weeks, rates have been getting shit-pumped. In the almost-16 years I’ve been doing this racket, we’re close to the highest I’ve ever seen now. If people ask “what’s the rate today then?” I pretty much say “what’s the fuckin’ difference? Whatever it is today, it’s going to be higher tomorrow. Maybe even by this afternoon it’ll be higher.” I don’t even look at rates to price them now, too ugly. I’d guess for a good credit conventional borrower you’re somewhere between 6.5%, and I wouldn’t be surprised if some places are at or near 7%. I have maintained all along that the housing shortage would help support the housing market and values, but if we’re approaching 7%, some people simply won’t qualify, and others will just say fuck it and find alternatives to buying near ATH prices and decade+ highs for rates. I’m sorry for anyone trying/needing to buy now. It’s not pretty. My local area is even worse, considering expensive home insurance premiums have gone up probably 300%, flood insurance in some areas have gone up significantly. Hell, even utility bills have gone up significantly for no discernible reason. Shit is cray

View attachment 261617

Thanks for getting me a good rate a few months ago
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
And they are going higher…. They like didn’t even hide it or play word games at all when it was released lol

My guess is the steady, limited yearly build up will keep some people oblivious but Lordy that’s gonna be a come to Jesus moment I don’t wanna be a part of
Well THAT one shouldn’t go higher. Since it’s a new property and new flood policy, they pay the full-boat rate right from the outset. Anyone who has an existing flood policy, they can increase it something like 17% each year until they feel it’s reached an “appropriate” level. But won’t tell you what that level is.
 

Mike00

Well-Known Member
Feb 11, 2005
1,966
pa
Investment properties and 2nd homes have been getting kicked in the dick for a while. If the going primary residence rate is 6.5%, to get that same rate with on a 2nd home or investment, I believe the cost is 4.125 points.

Arm was nominal points. no point on the 30 year at 7%. So yeah was just saying primary wasn’t horrible. Oddly enough though investment and second properties are pretty much same now.

I just find it weird 15 year has become stupid pointless. I forget what the points where but it was something stupid with like 50-60k down. It was insane.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Arm was nominal points. no point on the 30 year at 7%. So yeah was just saying primary wasn’t horrible. Oddly enough though investment and second properties are pretty much same now.

I just find it weird 15 year has become stupid pointless. I forget what the points where but it was something stupid with like 50-60k down. It was insane.
Investment and 2nd homes are the same now because everyone had been lying about “oh yeah we’re using it as a 2nd home” and then renting it out on Airbnb :rofl:
 

Weapon X

Well-Known Member
Sep 5, 2001
9,250
The new FEMA flood pricing is spelled out to get significantly worse year over year and is only being limited by annual caps

When they dropped the first shake up in 50 years (oct21) they went hard and some people just haven’t given it the thought it deserves
Anyone that bought a house in a flood zone is out of their fucking mind.
 

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