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Old August 8th, 2007, 12:36 PM   #1
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Default Changes in the Mortgage Market

Hey guys and Gals- As many of you know, I'm a Mortgage Broker. I wanted to give everyone a heads up as to what's going on right now just because the changes are major.
The banks are shutting down programs for mid 600 credit score programs with high loan to values, meaning if your house is worth 150,000 and you owe 140,000 This started last Thurs. There are still some good first time homebuyer programs with zero down but the guidelines are are getting really tight because Wall Street doesn't want the loan.
If you have and arm loan, you should really have myself or someone you trust in the mortgage industry look at your situation. There are too many homes being foreclosed on, and I hate to hear about anyone in that position. I'm finding houses are appraising for less than they did 7yrs ago, but I have a great appraiser that can find every nickel in your home. This isn't supposed to be an advertisement, I've just had and great time on this site you guys are hilarious, and don't want to see anyone go through this aweful experience

Call me or PM me if you have any questions.

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Old August 8th, 2007, 12:59 PM   #2
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Whats the deal with the new laws? Sounds like the interest only / zero down mortgages are coming back to bite all the banks in the ass.

Who would have thought that people with zero money to put down, can't make their house payments

I have a feeling the housing market is in for a big time screwing. IMO, if first time homebuyers aren't there because they can't get financing, that screws up the whole lineup of buy/sell on the way up.
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Old August 8th, 2007, 01:52 PM   #3
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Who would have thought that people with zero money to put down, can't make their house payments
I bought mine zero down, kind of...
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Old August 8th, 2007, 02:19 PM   #4
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I have a feeling the housing market is in for a big time screwing.
I thought it was already there?
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Old August 8th, 2007, 02:19 PM   #5
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Whats the deal with the new laws? Sounds like the interest only / zero down mortgages are coming back to bite all the banks in the ass.

Who would have thought that people with zero money to put down, can't make their house payments

I have a feeling the housing market is in for a big time screwing. IMO, if first time homebuyers aren't there because they can't get financing, that screws up the whole lineup of buy/sell on the way up.
I don't know what's going to happen, it's on CNBC all day long. I know everyone is in for a rude awakening that has no equity. Last week they made it a ton harder for people to recover from this, by tighting up guidelines and eliminating easy financing loans. I'm seeing bank that approved loans 2weeks ago tell people, "I know you're ready to close on your new home but we're taking the money off the table, no loan for you! I see Detroit/Michigan going in to a depression unfortunately. On CNBC a national business news cast they keep referencing Michigan.
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Old August 8th, 2007, 02:23 PM   #6
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Originally Posted by clarkstoncracker View Post
Whats the deal with the new laws? Sounds like the interest only / zero down mortgages are coming back to bite all the banks in the ass.

Who would have thought that people with zero money to put down, can't make their house payments

I have a feeling the housing market is in for a big time screwing. IMO, if first time homebuyers aren't there because they can't get financing, that screws up the whole lineup of buy/sell on the way up.
The other part is that mortgage banks were buying all these loan and doing what the call wharehousing them. Then when they go to sell them on Wall street knowone wants to buy them. They tried to raise the payback rate on them and it didn't work so they shut the system down. It's a group of loans between subprime and conventional called Alt A
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Old August 8th, 2007, 02:25 PM   #7
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How do these changes effect me? I'm a first time buyer, and I just bought my place in January for $150,000 so I don't have much equity.. Credit score was mid 600s if I remember, and I got locked in at 6.125%

Carrying PMI also.
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Old August 8th, 2007, 03:18 PM   #8
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How do these changes effect me? I'm a first time buyer, and I just bought my place in January for $150,000 so I don't have much equity.. Credit score was mid 600s if I remember, and I got locked in at 6.125%

Carrying PMI also.

It doesn't effect you, you did fine, if you see anything around you sell for a descent amount, something that makes your house look good let me know. I'll have a appraiser do what the call a value check (free) if rates go down and we can drop your rate a little plus drop your PMI due to more equity we'll do it. We'll just figure out your break even point on your saving to make sure it's worth your while. PM me if you have any more questions.
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Old August 8th, 2007, 03:22 PM   #9
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How do these changes effect me? I'm a first time buyer, and I just bought my place in January for $150,000 so I don't have much equity.. Credit score was mid 600s if I remember, and I got locked in at 6.125%

Carrying PMI also.
Directly, they won't effect you. Just make sure you make your payments.

Indirectly, who knows? Watch values drop some more. Watch foreclosures increase. It's simply supply and demand in action...
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Old August 8th, 2007, 03:36 PM   #10
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The other part is that mortgage banks were buying all these loan and doing what the call wharehousing them. Then when they go to sell them on Wall street knowone wants to buy them. They tried to raise the payback rate on them and it didn't work so they shut the system down. It's a group of loans between subprime and conventional called Alt A
Well, does that mean I'm screwed?

I owe around $120,000 on my house, and it was just appraised at $92,000.00

According to free credit report, my credit score is 502.

I'm in the last month of my 3 year arm. Should I refinance now? I think I'm paying 7.2% now, but my arm can only adjust 4% per year. So thats not that bad. 4% isn't much
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Old August 8th, 2007, 03:57 PM   #11
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Well, does that mean I'm screwed?

I owe around $120,000 on my house, and it was just appraised at $92,000.00

According to free credit report, my credit score is 502.

I'm in the last month of my 3 year arm. Should I refinance now? I think I'm paying 7.2% now, but my arm can only adjust 4% per year. So thats not that bad. 4% isn't much
God I hope you're kidding.
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Old August 8th, 2007, 04:00 PM   #12
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PMing you mr mortgage guy with a 4 door jeepy
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Old August 8th, 2007, 04:14 PM   #13
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Originally Posted by clarkstoncracker View Post
Well, does that mean I'm screwed?

I owe around $120,000 on my house, and it was just appraised at $92,000.00

According to free credit report, my credit score is 502.

I'm in the last month of my 3 year arm. Should I refinance now? I think I'm paying 7.2% now, but my arm can only adjust 4% per year. So thats not that bad. 4% isn't much

I hope you are kidding X2
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Old August 8th, 2007, 04:37 PM   #14
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Id laugh to death if your score is 502 and your giving advice on here all the time on finances.
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Old August 8th, 2007, 04:43 PM   #15
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Id laugh to death if your score is 502 and your giving advice on here all the time on finances.
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Old August 8th, 2007, 04:57 PM   #16
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Id laugh to death if your score is 502 and your giving advice on here all the time on finances.
Whats wrong with 502? Thats way higher then the lowest.

And whatever, I have like 400 bucks in savings.
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Old August 8th, 2007, 05:02 PM   #17
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Well, does that mean I'm screwed?

I owe around $120,000 on my house, and it was just appraised at $92,000.00

According to free credit report, my credit score is 502.

I'm in the last month of my 3 year arm. Should I refinance now? I think I'm paying 7.2% now, but my arm can only adjust 4% per year. So thats not that bad. 4% isn't much
Your best bet is to pack a duffel (a big one) throw it in the jeep maybe wizz on the carpet while going and get the hell otta there!:tonka:
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Old August 9th, 2007, 07:42 AM   #18
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Your best bet is to pack a duffel (a big one) throw it in the jeep maybe wizz on the carpet while going and get the hell otta there!:tonka:

Ok, I made a mistake about the house. I think its value jumped up a couple hundred grand after hacksaw pulled his truck out to go to work today./
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Old August 9th, 2007, 08:55 AM   #19
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Ok, I made a mistake about the house. I think its value jumped up a couple hundred grand after hacksaw pulled his truck out to go to work today./

:chiefwoohaw:
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Old August 10th, 2007, 09:02 AM   #20
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Ok, I made a mistake about the house. I think its value jumped up a couple hundred grand after hacksaw pulled his truck out to go to work today./

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