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Mortgage Rates are DROPPING. I am a Loan Officer - Any Questions?

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BlackNMild2k1:
$50k on a first mortgage is low.... rate wouldn't be optimal.
At that point, I would suggest you pay it off into a HELOC with a lower rate, even if it's adjustable.

$65k and below is usually were pricing is not the best from what I've seen.

$100k cash out is good. You should have taken advantage of the low rates over the last month, or the Home Equity promotion we just had (ended 3/31) that had a starting rate of 1.74% for the first 12 months.

But for a $100k cash out loan, I would look at a smaller lender for better rates (get a quote/loan estimate), and if you'd rather have your loan at a larger establishment, just take the quote to them.

PSA: Some Larger lenders like Wells Fargo have stopped doing Cash Out and Jumbo Loans for the time being. They have also temporarily stopped ordering appraisals. so choose your lender wisely.

(my Bank is business as usual for now, and we are matching all legitimate offers in writing)

If you want me to look at a Loan Estimate for you to make sure you're getting a good deal, just message me. Be sure to compare the APR between lenders.

UncleBob:
...what

RABicle:
When will rates drop again Elmo? My family and I are suffering under 6% interest!
Also ****, your original post. 30year fixed rates? In Australia the banks don’t offer any more than 3 years fixed.

BlackNMild2k1:
they are slowly ticking down over the last week... but not enough to make a difference for most.

I know in Canada they also do not have 30yr fix mortgages....must be rough.
Here in the US though, we're not really expecting anything major in rate reductions till sometime mid to late next year, which sucks, and is also an estimate I really hope proves to be wrong, as I really hope reductions in rates start happening much much sooner than that.

BeautifulShy:
Bumping this because I am in the process of becoming more independent and I have a girlfriend who would help with finding a house for both of us to live in.

We are also considering having two or three bedrooms to rent out for a resident to add some extra income.
What are feasible options for this in regards to make this a reality?


I am in Arizona in Mesa and my girlfriend is in California.  We are looking to stay on the west coast so California, Oregon, Washington and Nevada.  Arizona isn't an option because I want to leave Arizona and it is too hot for my girlfriend. She works are Target in a very bustling city and myself on a second seasonal stint at Amazon in Phoenix but prospects are looking good for a more permanent status.

So we want to move to so we can stabilize with those jobs in these cities; Seattle WA, Tacoma WA, Bellevue WA and Redmond WA.

In Oregon Portland and surrounding metro suburbs.   

In Las Vegas Nevada.

In California with three different searches on Zillow; LA, Long Beach, Irvine, Altadena, Pasadena for the first search.  Price range in the 159,00 to 570,000 on the first page

Second Search would be this, Real Estate & Homes for Sale 1(( lower price condos in Anaheim, Long Beach, Bellflower, Seal Beach, Los Angeles). On the first page the price range is 255,000 in Anaheim to 479,000 in Santa Ana

Last one is the most expensive. The lowest price is 2.2 Mil in Long Beach with the highest being 20.7 Mil on the 1st page

I am searching on Zillow in the above areas. I can send you the Zillow Searches if you need the links.

 Help me BNM, You are my only hope.

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