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| | Author | Messages | |
Godfather
Posts:10
 | | 09/26/2007 10:45 PM |
 Alert | | I just came back from a mortgage company, that is helping me get in a fixed mortgage, from a adjustable loan. There was a bill that was just passed by congress and president Bush. From what this guy is telling me, is that there is no cost out of my pocket. I think he gets paid by the government. Has anyone else heard this or has gone trough the process? Please let me know. If you would like this guys information PM me. | | | |
| | love@hm
Posts:486
| | 09/27/2007 7:52 AM |
Alert | There's been some discussion of doing something similar in order to help people who are having difficulty paying their mtg payments because of their ARM's. The people who qualify have to still be paying all their other bills, and show they've always had intention to pay their MTG and have not defaulted in the past. . .
It has become quite debatable as to whether or not is it appropriate to put into action.
The pro-side says: "these people were taken by lousy mtg brokers who got them into a house and left them to rot with payments they couldn't afford. We need to get the foreclosures off the market and keep people in their homes - help the poor souls."
The con-side says: "The market will fix itself. These people put their names on the dotted-line and should have read the contract better and been better at knowing what they could afford instead of listening to a broker telling them what they could afford - stupid is as stupid does."
Anyway, apparently it when through. . . a fixed loan is a much wiser choice. Hope you are able to get a good interest rate. | | | |
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| | LeonPotter
Posts:506
| | 09/27/2007 8:33 AM |
Alert | <div class='NTForums_Quote'>Posted By love@hm on 09/27/2007 7:52 AM
Anyway, apparently it when through. . . a fixed loan is a much wiser choice. Hope you are able to get a good interest rate.</div>
I disagee that "a fixed loan loan is a much wiser choice." The best choice is the one that cost the least. This takes in all factors including;interest rate, points and origination fees.
My preference is a conventional ARM. I used one when I bought this house. I refi'd into an another A.R.M I wasn't planning to do that, but a lower interest rate, no origination fees, no points, and all closing cost waived. I couldn't pass it up. The term of the loan was shortened from 30 to 20.
Comparably, fixed rates cost more when I bought the house and when I refi'd.
It's been over a year and it has reset DOWN. Not by much, but it went down. | |
My answer is "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | azreplant
Posts:222
| | 09/27/2007 10:16 AM |
Alert | The House passed something but the Senate must hammer out theirs and then go to conference then see if the President will sign it. Not a done deal by a long shot. Also GODFATHER, I would triple check anything your broker tells you. Something is fishy.
QUOTE:
By Robert Schroeder, MarketWatch
Last Update: 4:24 PM ET Sep 18, 2007
PrintPrint EmailE-mail Subscribe to RSSSubscribe to RSS DisableDisable Live Quotes
WASHINGTON (MarketWatch) -- Reaching out to hard-hit borrowers in the subprime-mortgage market, the House on Tuesday passed a bill that lowers down payments for borrowers, raises loan limits and boosts funds for housing counseling.
Passed by a vote of 348 to 72, the bill reforms the Federal Housing Administration and is the latest lifeline thrown to borrowers from Washington as the fallout in the mortgage market continues.
About two million loans are expected to reset to higher rates in the next two years, with defaults expected to follow. Congress and the White House have floated various proposals to stem the damage.
The bill directs up to $300 million a year into an affordable housing fund. A motion offered by Rep. Jeb Hensarling, R-Texas, to kill the fund was rejected.
'We do not have a general program for helping build affordable family housing, and that's what this bill would do.'
— Rep. Barney Frank, D-Mass
"We do not have a general program for helping build affordable family housing, and that's what this bill would do," said Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee.
Lawmakers also passed an amendment to the bill offered by Frank that would raise the agency's loan limit from its current $417,000 to as much as $729,750.
"Such an increase would ensure that FHA is a viable option for borrowers who have payment option and interest-only adjustable rate mortgages (ARMs), which will be resetting in the next few years," said Stanford Group Company analyst Jaret Seiberg.
However, the Bush administration has registered opposition to that and other key parts of the House bill.
"The program should remain targeted to traditionally underserved homebuyers, such as low- and moderate-income families," the White House said in a statement on Monday.
The National Association of Mortgage Brokers supported the amendment raising the loan limit.
"Because FHA has been driven from those parts of the country where consumers are most in need of affordable financing, such as California, millions of borrowers have been forced to turn to high-cost financing and other non-traditional loan products," wrote NAMB President George Hanzimanolis, in a letter to lawmakers.
The bill eliminates down payment requirements on FHA loans. The requirement is currently 3%.
Some Republicans opposed the housing fund. "A better approach is to dedicate the FHA surplus to shoring up the financial solvency" of an agency program, said Rep. Spencer Bachus, R-Ala. Frank, however, said that no money would go to the trust fund until FHA solvency was certified.
The Senate Banking Committee is scheduled to debate its own FHA bill on Wednesday. President Bush would need to sign a final version for the bill to become law. | |
<=== Galaxies In Collision | |
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| | Sinbad
Posts:3046
| | 09/27/2007 10:33 AM |
Alert | Wow.. I would be interested in this new Bill.... If I wasn't already safe with a fixed rate.
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Just doing it one day at a time. Change is good and it should be looked upon as an improvment! not a problem.
______________________________________
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San Diego Super Chargers! GO!!!
Joined old forum March 2006
Post count: 3068 + these | |
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| | LeonPotter
Posts:506
| | 09/27/2007 10:42 AM |
Alert |
QUOTE:
By Robert Schroeder, MarketWatch
Last Update: 4:24 PM ET Sep 18, 2007
PrintPrint EmailE-mail Subscribe to RSSSubscribe to RSS DisableDisable Live Quotes
WASHINGTON (MarketWatch) -- The National Association of Mortgage Brokers supported the amendment raising the loan limit.
"Because FHA has been driven from those parts of the country where consumers are most in need of affordable financing, such as California, millions of borrowers have been forced to turn to high-cost financing and other non-traditional loan products," wrote NAMB President George Hanzimanolis, in a letter to lawmakers.
</div>
Here's a source with a vested interest that borrowers don't default and even better, borrow more money backed by federal insurance. TO say consumers were FORCED to turn to HIGH cost financing, is an interesting statement to say the least.
It could be taken as an exaggeration because no guns were pulled on potential borrowers to sign or it could be an admission that lenders/mortgage brokers took advantage of borrowers lack of knowledge, greed, and/or eagerness to get a piece of the "American Dream".
One must consider the sources and any agenda they may NOT speak about. | |
My answer is "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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|  | TortosaGuy
Posts:691
| | 10/10/2007 10:51 PM |
Alert | | what about people with interest only loans? do they qualify? because my younger brother has a 30 year fixed but the first 10 years are interest only | |
*formerly known as inyrfce2*
Senior Member
Posts: 797
Joined: Dec 2006 | |
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