Austin Real Estate Daily - Forum: Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker Simple:Press Forum Version 3.1.3 John McClellan on Current Interest Rates http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/current-interest-rates/page-1/post-49/#p49 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/current-interest-rates/page-1/post-49/#p49 Been getting a lot of emails and phone calls about rates....the only thing we know is that we don't know anything. they are up one day and down the next. As soon as the market picks a direction I will update everyone on my predictions....for right now..

if you are closing in the next 10 days ....LOCK

If you are closing in the next 11-20 days....LOCK/FLOAT

If you are closing in the next 21-90 days....FLOAT

]]> Tue, 30 Sep 2008 10:35:38 +0000 John McClellan on The take over of Fannie Mae and Freddie Mac http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/the-take-over-of-fannie-mae-and-freddie-mac/page-1/post-28/#p28 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/the-take-over-of-fannie-mae-and-freddie-mac/page-1/post-28/#p28 ….since the FHFA has taken over Fannie Mae and Freddie Mac the perception of risk for MBSs has been reduced and the spread between them and Bonds has dramatically shrank overnight causing our rates to decline…how long it will last and what changes the FHFA will implement on the underwriting side is yet to be determined.

 

 

]]> Mon, 08 Sep 2008 09:57:07 +0000 John McClellan on Condo Lending http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/condo-lending/page-1/post-26/#p26 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/condo-lending/page-1/post-26/#p26 Just wanted everyone to know that Chase has changed their condo guidelines recently...


 

Topic

 

Current Policy

 

Policy Effective 9/17/08

 

Occupancy/

Max LTV

 

•

Primary: 95/95

• Second: 95/95

• Investor: 75%

•

Primary: 90/90

• 2nd Home: 75/75

• Investor: Not eligible

]]> Thu, 04 Sep 2008 09:27:17 +0000 Kevin Bown on Dropping PMI http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-7/#p7 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-7/#p7 Thanks John, I'll try to keep up with those payments!Wink

]]> Mon, 18 Aug 2008 14:36:26 +0000 John McClellan on Dropping PMI http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-2/#p2 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-2/#p2 Fannie Mae guidelines require that you have a perfect payment history for the last 24 months and that you have had the mortgage for at least 24 months before you can petition to drop the MI. Value may be determined by the tax appraisal, Broker price opinion, or a residential appraisal.

]]> Mon, 18 Aug 2008 14:12:38 +0000 Kevin Bown on Dropping PMI http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-1/#p1 Ask a Mortgage Banker http://austinrealestatedaily.com/forum/ask-a-mortgage-banker/dropping-pmi/page-1/post-1/#p1 I have some properties with loans that include PMI (Private Mortgage Insurance). I anticipate to be at below 80% loan to value pretty soon. When is the soonest that I can petition the lender to drop the PMI?


Thanks!

Kevin

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