Comments on: Why You Might Not Be Able to Get a 5% Mortgage http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/ Comprehensive Chicago Real Estate Information Tue, 31 Jan 2012 13:18:33 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Today’s Mortgage Rates in the 5% to 5.375% for Qualified Buyers | The Chicago 77 http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-714 Today’s Mortgage Rates in the 5% to 5.375% for Qualified Buyers | The Chicago 77 Mon, 06 Jul 2009 16:33:47 +0000 http://www.thechicago77.com/?p=630#comment-714 [...] should be around the 5% to 5.375% range. Some of the issues that affect your mortgage rate are your loan to value (LTV) of your home. Your credit score (which a 740+ is now what is required) and the type of home (single [...] [...] should be around the 5% to 5.375% range. Some of the issues that affect your mortgage rate are your loan to value (LTV) of your home. Your credit score (which a 740+ is now what is required) and the type of home (single [...]

]]> By: Brad Walbrun http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-452 Brad Walbrun Mon, 18 May 2009 21:35:54 +0000 http://www.thechicago77.com/?p=630#comment-452 Rudi-the fico score adjustments and LTV adjustments are new, and have not always been there. And there can be an inversely proportionate relationship between rate and fees. I can give somebody a really, really low rate, or do really, really low (or non-existent) fees, but not both. And this article was meant to educate realtors, buyers, and homeowners on what goes into an interest rate, not somebody like yourself who apparently has all of the answers already. Rudi-the fico score adjustments and LTV adjustments are new, and have not always been there. And there can be an inversely proportionate relationship between rate and fees. I can give somebody a really, really low rate, or do really, really low (or non-existent) fees, but not both. And this article was meant to educate realtors, buyers, and homeowners on what goes into an interest rate, not somebody like yourself who apparently has all of the answers already.

]]> By: Rudi Hofmann http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-451 Rudi Hofmann Mon, 18 May 2009 21:15:25 +0000 http://www.thechicago77.com/?p=630#comment-451 Brad, with the exception of Mortgage Insurance, everything you mentioned and you could of mentioned more, are fees. The only way the rate would be affected is if the borrower wanted their fees incorporated into the rate, instead of paying them out of pocket. Escrows (Impound Account) has always been required if the loan to value was above 80%. We've always had fees for property type, type of ownership, loan to value, credit score tiers, cash out, interest only, etc. Now we have a few more and some are higher than before. But, Rates are at a Historic Low! Happy funding, Rudi Brad, with the exception of Mortgage Insurance, everything you mentioned and you could of mentioned more, are fees.

The only way the rate would be affected is if the borrower wanted their fees incorporated into the rate, instead of paying them out of pocket.

Escrows (Impound Account) has always been required if the loan to value was above 80%. We’ve always had fees for property type, type of ownership, loan to value, credit score tiers, cash out, interest only, etc.

Now we have a few more and some are higher than before. But, Rates are at a Historic Low!

Happy funding, Rudi

]]> By: What Is a Rate Lock and How Does It Affect My Loan? | The Chicago 77 http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-372 What Is a Rate Lock and How Does It Affect My Loan? | The Chicago 77 Thu, 30 Apr 2009 15:12:51 +0000 http://www.thechicago77.com/?p=630#comment-372 [...] such as loan-to-value (LTV) or credit score. For a thorough explanation, see my article called Why You Might Not be Able to Get a 5% Mortgage. A person with a 745 score at 60% LTV would be able to get a better rate than somebody with a 700 [...] [...] such as loan-to-value (LTV) or credit score. For a thorough explanation, see my article called Why You Might Not be Able to Get a 5% Mortgage. A person with a 745 score at 60% LTV would be able to get a better rate than somebody with a 700 [...]

]]> By: Rates Are Down, But Loans Still Hard To Get | The Chicago 77 http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-178 Rates Are Down, But Loans Still Hard To Get | The Chicago 77 Mon, 23 Mar 2009 16:58:57 +0000 http://www.thechicago77.com/?p=630#comment-178 [...] a fixed from an adjustable, are having a hard time getting the financing they need. See my article, Why you Might not be able to get a 5% Mortgage for more detail on why. At a time when we all need to save as much money as possible, it is [...] [...] a fixed from an adjustable, are having a hard time getting the financing they need. See my article, Why you Might not be able to get a 5% Mortgage for more detail on why. At a time when we all need to save as much money as possible, it is [...]

]]> By: What Causes Mortgage Rates to Move? | The Chicago 77 http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-139 What Causes Mortgage Rates to Move? | The Chicago 77 Mon, 09 Mar 2009 14:49:41 +0000 http://www.thechicago77.com/?p=630#comment-139 [...] not talking about risk-based pricing. (See my article on Why You Might Not Be Able To Get a 5% Mortgage for more information on that.) Risk based pricing?which is normal on all loans now, including [...] [...] not talking about risk-based pricing. (See my article on Why You Might Not Be Able To Get a 5% Mortgage for more information on that.) Risk based pricing?which is normal on all loans now, including [...]

]]> By: Mortgages at 4% More Myth than Reality | The Chicago 77 http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-78 Mortgages at 4% More Myth than Reality | The Chicago 77 Fri, 06 Feb 2009 14:18:03 +0000 http://www.thechicago77.com/?p=630#comment-78 [...] I wrote about the possible problems of getting a 5% loan. On Wednesday I started to hear about another plan. Maybe you may have heard all the buzz about [...] [...] I wrote about the possible problems of getting a 5% loan. On Wednesday I started to hear about another plan. Maybe you may have heard all the buzz about [...]

]]> By: Katie Anderson http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-77 Katie Anderson Thu, 05 Feb 2009 18:41:21 +0000 http://www.thechicago77.com/?p=630#comment-77 It appears that our government Republicans and Democrats are currently in a stalemate when it comes to our economy and what should be done. Interesting to see all the different opinions on what needs to be done to stimulate the economy and get American's back on their feet. Here is what one Republican has to say: http://online.wsj.com/article/SB123380033980550585.html I am not quite sure I agree but I do know that our recovery is going to be long and painful. It appears that our government Republicans and Democrats are currently in a stalemate when it comes to our economy and what should be done. Interesting to see all the different opinions on what needs to be done to stimulate the economy and get American’s back on their feet. Here is what one Republican has to say:

http://online.wsj.com/article/SB123380033980550585.html

I am not quite sure I agree but I do know that our recovery is going to be long and painful.

]]> By: George http://www.thechicago77.com/2009/02/why-you-might-not-be-able-to-get-a-5-mortgage/#comment-76 George Thu, 05 Feb 2009 16:48:22 +0000 http://www.thechicago77.com/?p=630#comment-76 You really put this market into prospective Brad, thanks for input. George You really put this market into prospective Brad, thanks for input.
George

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