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Old October 12th, 2009, 04:55 PM   #1
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Default Wow Lending tree is flooding my phone and emails!

I started looking to see who had what for cash out loans so as I can make a bid on the land in Parma. My phone machine is going to explode from all the calls. I just got home at 4:00 and just now got off the phone with the second lender asking me stuff. she sounds like she can do a great job so I am waiting to hear back tonight to see what she has for products.
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Old October 12th, 2009, 04:59 PM   #2
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I thought this was a bad thing, I would've said, "If you call me again I'm going to lend my foot up your ass."
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Old October 12th, 2009, 05:05 PM   #3
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I thought this was a bad thing, I would've said, "If you call me again I'm going to lend my foot up your ass."
I suspect I will have to change my phone machine message to that after I get a good rate.
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Old October 12th, 2009, 05:33 PM   #4
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I thought this was a bad thing, I would've said, "If you call me again I'm going to lend my foot up your ass."
i don't know if i would actually want to put my foot up someones ass
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Old October 12th, 2009, 05:41 PM   #5
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i don't know if i would actually want to put my foot up someones ass
use someone else's foot.
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Old October 12th, 2009, 05:42 PM   #6
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use someone else's foot.
that's a good idea.
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Old October 12th, 2009, 06:12 PM   #7
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well I just got off the phone with Quicken Loans and they have a 5 year ameritized loan that would put me at 3.99% for 5 years on a 30 year loan. with a 2% per year max up or down. with a cap of 5% total. so the payments on $180,000.00 would be $855 a month for the first 5 and then adjust from there. so its looking better for me as other banks didn't even want to talk about a cash out loan.
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Old October 12th, 2009, 06:13 PM   #8
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i've used lending tree a few times and dont think i'll ever do it again. sick of lenders harassing me all the time even after i told them no thanks.
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Old October 12th, 2009, 06:42 PM   #9
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well I just got off the phone with Quicken Loans and they have a 5 year amortized loan that would put me at 3.99% for 5 years on a 30 year loan. with a 2% per year max up or down. with a cap of 5% total. so the payments on $180,000.00 would be $855 a month for the first 5 and then adjust from there. so its looking better for me as other banks didn't even want to talk about a cash out loan.
Careful Dana.

In five years, you'll be stuck with a 8.99% mortgage and won't be able to refi lower because of inflation. I'm just sayin...
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Old October 12th, 2009, 06:53 PM   #10
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Careful Dana.

In five years, you'll be stuck with a 8.99% mortgage and won't be able to refi lower because of inflation. I'm just sayin...
my 5 year arm was at 5.00. I'm currently paying 2.25% with a max upswing of 1% per year.

I have to say that with the libor rate so low, I wouldn't think of an arm on a property I'd be staying with for more then the arm term, especially with obama in office.
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Old October 13th, 2009, 07:16 AM   #11
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well I just got off the phone with Quicken Loans and they have a 5 year ameritized loan that would put me at 3.99% for 5 years on a 30 year loan. with a 2% per year max up or down. with a cap of 5% total. so the payments on $180,000.00 would be $855 a month for the first 5 and then adjust from there. so its looking better for me as other banks didn't even want to talk about a cash out loan.
Watch your ass with Quicken AKA Rock Financial, they like to pull some shady shit. They did it to me when I was mortgage shopping.
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Old October 13th, 2009, 07:37 AM   #12
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well I just got off the phone with Quicken Loans and they have a 5 year ameritized loan that would put me at 3.99% for 5 years on a 30 year loan. with a 2% per year max up or down. with a cap of 5% total. so the payments on $180,000.00 would be $855 a month for the first 5 and then adjust from there. so its looking better for me as other banks didn't even want to talk about a cash out loan.

If property values are still in the shitter in 5 years, you may not find anyone to refinance you and you will watch your interest rate climb. It is tempting, but is a gamble.

What were the 30 year rates?
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Old October 13th, 2009, 06:13 PM   #13
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well today the tails are coming out of the wood work. even my realtor said to avoid quicken. he said they had pulled stuff on his customers and it took forever to close. as for the other loans I have a guy wanting to give me 360 months at 4.875 %. that would make my payment $955 without taxes or insurance.
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Old October 13th, 2009, 06:15 PM   #14
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I do have a question for you guys? who here has done anything with Pa.116 tax abatements?
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Old October 13th, 2009, 06:16 PM   #15
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as for the other loans I have a guy wanting to give me 360 months at 4.875 %. that would make my payment $955 without taxes or insurance.
I'd jump on that if that was with no points paid.
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Old October 13th, 2009, 06:24 PM   #16
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I think he said 1 point. still he was only talking $4400 in closing costs.
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Old October 13th, 2009, 06:29 PM   #17
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i don't know if i would actually want to put my foot up someones ass
might end up here
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Old October 13th, 2009, 08:11 PM   #18
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yeah i think he should've gone this route... \/

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use someone else's foot.
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Old October 14th, 2009, 07:04 AM   #19
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I think he said 1 point. still he was only talking $4400 in closing costs.
well, if you do a 30 year and you plan on living there, you can deduct the point over the life of the loan ( I think) - however - if $4400 includes the point in the CC, I would go that route.
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Old October 14th, 2009, 07:38 AM   #20
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I do have a question for you guys? who here has done anything with Pa.116 tax abatements?
You can take up to two acres out to build a house on. Building a structrure for farm use does not require removing land the structure is sitting on from P.A.116. Getting land out of P.A.116 before the 7 year term is up is next to impossible unless there has been a death with the land owner. If tax credits have been taken while the land is under P.A.116 and the P.A116 is not renewed, you will have to pay all of the tax credits back for the last 7 years. To get around this you have to renew the P.A.116 for another 7 years without taking your credits. After that 7 year term is up you can do with it as you see fit.
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