Mortgage Rate Update 9/2/2009

[LOVEMYLABXS]

Got a question?

I'm fixin to pay of my place   only 1100 to go and 40 acreas and the house is ours   now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this

Oh yea and only 5 months 27 days till retirement   dont ya LOVE it when a plan finally comes together  

[robodad]

Got a question?

I'm fixin to pay of my place   only 1100 to go and 40 acreas and the house is ours   now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this

Oh yea and only 5 months 27 days till retirement   dont ya LOVE it when a plan finally comes together  

Gonna be a LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOng time till I'm in that predicament !!!

Not sure how it works !!

[dreamingbig]

When it is paid off they will definitely send you a paid in full statement (required by law) as well as the next steps to get the title transferred.  They will either do it for you (most likely for a fee) or provide a statement that you can take to the county yourself.

Congrats on paying off some debt!

[dreamingbig]

In the news, the ADP Employment report came in worse than expected.  Also this morning, Revised Productivity for the 2nd quarter finished near expectations and showed the largest gain in nearly six years.  This emphasizes that businesses are maximizing output from their current staff, and the efficiency gains help to curb inflation - which is good for Bonds.  

Today's rates are holding steady.  Currently 15 year fixed rate loans are still at the 4.375% mark and 30 year conventional fixed rate loans are at 4.875%.  Right now rates are doing well, however if the market starts to fluctuate things may change.  I will keep you guys posted.

Didn't know you got into the biz!  Congrats.  I have worked in secondary for 8 years now (setting pricing, hedging interest rate risk, and selling loans) and follow the market quite closely.  Rates are better than they have been in a couple months and I wouldn't get too greedy.  30yr fixed rates are back to 4.875% or so at par and I don't expect them to go much lower than that.  Credit guidelines also continue to be tightened making it harder to qualify.  Good news is that the LTV on Fannie owned mortgages is being moved up to 125 for DU refi plus which should help those who haven't been able to qualify due to declining home prices.  Most companies should have the 125% LTV available very soon if not already.  The larger banks (Wells Fargo and Bank of America) will have them first.  If you ever have any questions shoot me a PM and I will answer them.

[JackOfAllTrades]

A little more than 6 years for me.. And I won't be near retirement yet. So far, my plan is working. Lord willing, I'll turn that Mortgage payment into extended college tuition for my boys for a couple years, (other than what I've saved already), then it'll be gravy after that.

Point is..  Anyone putting off refinancing needs to do the math and Git'R Done! There's a bunch of money to be saved by consumers.

-Steve

[jackelope]

I was able to cut the rate, but not in a financial position to cut the term yet. looking forward to that day impatiently.

I have a great mortgage person...
 

[BLKBEARKLR]

Got a question?

I'm fixin to pay of my place   only 1100 to go and 40 acreas and the house is ours   now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this

Oh yea and only 5 months 27 days till retirement   dont ya LOVE it when a plan finally comes together  

Could not have said it any better myself.  I am in the same situation, only thing I am doing now is buying new trucks. Already bought the 2008 F250 diesel, now fully paid for. Going to wait until around December by a brand new ranger, get it paid for then beginning of 2011 but a new F150. And then have that paid for by Aug 2012. And the wife retires and we settle down. Will probably sell this house though and move to a state that is more retiree friendly. Starting to like the looks Wyoming more and more every day with the research I have been doing....

Joe

[LOVEMYLABXS]

Joe no new truck  but did ask the wife if I could get a new TRACTOR and she didn't say NO!! but she said if I got one I'd have to teach her how to run it so that pretty much says to me that's a YES and so I keep mentioning that the 28hp Jinmma is on sale and we all know how a woman like a sale 

[runamuk]

I'd love to work with a normal loan but it ain't gonna happen trailer trash does not have the same loans available.  my rate is just fine for now at 9% and I just hope I can find a private party that is willing to invest in us.....and not jack that rate up even higher... :bash:I still have a few years before I have to do something....

and retirement isn't that what happens when you die 

[BLKBEARKLR]

Oh a tractor would be nice, going to wait until we see where we are going to retire at and how much land we decide to buy. So hopefully will be getting one soon...

[bucklucky]

Cant beat a good tractor 

[BLKBEARKLR]

Cant beat a good tractor 

Sure you can with a Big A$$ Hammer   

[bucklucky]

Not funny 

[fishcrazy]

What would a $153,000 @ 4.35% = on a 15 year loan be?

Here ya go Fred:

Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07

Now THAT is saving some money!!  Thanks for the figures!

What would the monthly payment be on that?

Kris

[Machias]

$1154.86