Lender of last resort - Page 2 - Mercedes-Benz Forum

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post #11 of 17 (permalink) Old 09-28-2008, 09:58 PM
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Originally Posted by ThrillKill View Post
We're in the middle of a refi on our principal home and it is going sluggishly slow and they are scrutinizing everything. We had been choosing balloon morts. because they had the lowest rates. When the time came to pay the balance, we just refinanced and did it all over. I got a 6%fixed rate but this is taking wayyyyy too long.
Dude you know I could have done that loan for ya
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post #12 of 17 (permalink) Old 09-28-2008, 10:08 PM Thread Starter
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Originally Posted by ThrillKill View Post
We're in the middle of a refi on our principal home and it is going sluggishly slow and they are scrutinizing everything. We had been choosing balloon morts. because they had the lowest rates. When the time came to pay the balance, we just refinanced and did it all over. I got a 6%fixed rate but this is taking wayyyyy too long.
TK,
The market is FROZEN.

A summary from LA Times (of all places) of why ...

Quote:
Lending freezes as anxiety grips capital markets - Los Angeles Times
Lending freezes as anxiety grips capital markets
Credit is so tight, routine transactions have been hobbled. With interbank lending stifled, regulators are worried.
By Tom Petruno and Walter Hamilton, Los Angeles Times Staff Writers
11:15 PM PDT, September 26, 2008
As Congress wrestles with a $700-billion plan to buy up bad mortgages, many on Wall Street say the situation in the banking system has become desperate.

Credit -- the lifeblood of the economy -- has simply stopped flowing in many parts of the financial system over the last two weeks.
...
Bert Boeckmann, who owns Galpin Motors in North Hills, said the credit crunch had made it tougher for all but "prime" borrowers to get car loans.

As for mortgages, Wells Fargo & Co. this week was charging 9.25% for "jumbo" 30-year loans -- those larger than about $730,000.
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post #13 of 17 (permalink) Old 10-09-2008, 03:34 PM Thread Starter
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as of 10/09/2008 03:32 PM Eastern
Product Interest Rate APR
Conforming1 Loans
40-Year Fixed 7.250% 7.462%
30-Year Fixed 6.125% 6.353%
20-Year Fixed 6.125% 6.427%
15-Year Fixed 5.875% 6.252%
5-Year ARM 5.875% 6.481%
Jumbo Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 9.625% 9.808%
15-Year Fixed 9.125% 9.394%
10-Year ARM 9.500% 8.807%
5-Year ARM 8.000% 7.278%
FHA – loan limits vary by county.
30-Year Fixed 7.000% 7.749%
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post #14 of 17 (permalink) Old 10-09-2008, 07:17 PM
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I started a refi app on the 23rd of September, have heard absolutely zero back. Fuck.
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post #15 of 17 (permalink) Old 10-09-2008, 10:53 PM
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I started a refi app on the 23rd of September, have heard absolutely zero back. Fuck.
They are spending much of their time trying to figure out if they still have 1) jobs, 2) retirement funds, 3) credibility. I fear your application might be under the pile of somewhat soiled undies from where they keep shitting themselves every time they log onto finance.yahoo.com

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post #16 of 17 (permalink) Old 10-09-2008, 10:56 PM
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Originally Posted by mlfun View Post
as of 10/09/2008 03:32 PM Eastern
Product Interest Rate APR
Conforming1 Loans
40-Year Fixed 7.250% 7.462%
30-Year Fixed 6.125% 6.353%
20-Year Fixed 6.125% 6.427%
15-Year Fixed 5.875% 6.252%
5-Year ARM 5.875% 6.481%
Jumbo Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 9.625% 9.808%
15-Year Fixed 9.125% 9.394%
10-Year ARM 9.500% 8.807%
5-Year ARM 8.000% 7.278%
FHA – loan limits vary by county.
30-Year Fixed 7.000% 7.749%
I kinda like my 4.375. Though I would assume rates will start coming down soon to spur things forward.

A chicken in every pot, pot in every house and a house in every debtor's name.

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post #17 of 17 (permalink) Old 10-10-2008, 12:50 AM Thread Starter
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Originally Posted by mcbear View Post
I kinda like my 4.375. Though I would assume rates will start coming down soon to spur things forward.

A chicken in every pot, pot in every house and a house in every debtor's name.
Rates won't be down unless the loan is from the fed since there is no other source of cash.
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