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Wulaw Horn

Burnt Ends
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Posts posted by Wulaw Horn

  1. 14 minutes ago, Horns99 said:

    Jumbo 30 yr rate @ 5% ? Was freaking 3.50% 2 weeks ago


    Sent from my iPhone using Tapatalk

    Welcome to the living nightmare that is trying to be a mortgage guy right now. 

    MBS were up 116 points when I started my call with my production partner at 9:30 or so.  By the time we hung up they'd lost 87 points or something and were down to "up 33" or something.

    I think I'm going to start drinking in the morning now.  

    Before yesterday I'd have said dont worry- we will see it back down to 3.5% in a month or so.  Now?  No idea.  

  2. 1 hour ago, Francisco 2.0 said:

    Figure I'll just wait a while.  We have 3.25 w/23 years left on the loan; want a 15 to refi, but unless the interest gets to 2.5 or so, we might as well just pay extra on what we have.

    Depending upon how much you owe might not even make sense then... I personally think 2.5 on a 15 is definitely on the table- but might be months away. 

  3. 1 minute ago, Dbeasy said:

    Daughter decided to lock this morning with an option to float down between now and closing if rates drop by 1/4 point or more. The brokers and lenders I talked with felt we will see 2.99 or 3.25 sometime in the next month or two, but given the craziness of rates, daughter just decided to move forward.

    Good time to lock this morning. 

    Fyi tonall out there- you can pretty much always renegotiate. 

  4. 6 minutes ago, Captainant said:

     

    can you explain this in non-mortgage-knowledgable terms? Are rates slated to go up to down over the next few days/weeks? 

    Next few days? Who knows... weeks?   Same answer. Months- I’d guess they almost have to fall. Unless we are going to decouple mortgage from 10 year treasury forever. Which I suppose could happen. 

    Basically when rates fell off a cliff we d n industry hit full capacity and pricing stopped resembling basic fundamentals as we’ve known them because everyone as running at full capacity and redlining operations. 

    At some point in time- the hope is- we see surplus capacity and pricing resembles normal fundamentals again so it behaves in a way we can expect and anticipate and isn’t capricious. 

    The question I was asking Phil is how much he thinks the capacity see is affecting where we are in pricing. 

    • Like 1
  5. 10 minutes ago, UTPhil2006 said:

    We're basically back to around the 1.3's we were at before all of this started, so if anything hopefully this helps stabilize the lenders so we can get back to normal, not torqued up pricing. 

    I was discussing this with my production partner today- how much do you believe the “torqued up” pricing is worth in the market right now?  He said 0.375 to rate. I said 0.75% to rate. 

     

  6. 11 minutes ago, Sandman said:

    I didn't intend to imply that they were, I'm just not going to act at those numbers. I've been checking their website several times a day to see how the numbers are fluctuating. It's bizarre.

    Sure. No reason to act at all today.  I’m not trying to get anybody to fee sorry for me- bc as far as things go with this I’m super blessed to be in the industry I am in- but trying to make a living , guide customers, or help people in this environment is a beat down. Stuff is unraveling by the minute. Seemingly at random. 

  7. 1 minute ago, Not a cat said:

    I was about to ask the same thing.  The other  possible option is the 2 FILs are married to each other?

    This is the answer to how I have 3 sister in laws when I have but one brother and my wife has but one sibling (a sister). 

  8. 5 minutes ago, Zwylde said:

    TDECU.  And I forgot to mention they also waived the origination fee.  I think they took my middle score which was 790 I think.

     

    Wow. They are really getting aggressive at buying the market. Of all the credit unions who have the footprint and ambition to try to do it they are probably #1 on my list. 

    From having worked extensively with them they vacillate between amazing and incompetent. The higher up the food chain you go the less impressive they are- but I’ve never met anyone on the front lines over there that wasn’t really nice and gung ho about serving the member. 

  9. 8 minutes ago, Telegraph_it said:

    Does your down payment actually affect what interest rate you get. Looking at possibility of putting 40% down on house. Does that get me below 3.5% for 30? 
     

    It can. Up to a certain point. My lenders typically price 95-80 better than 80-75, on par with 75-70 and then 69-60 a bit better. Biggest difference is if you have less than stellar credit- the more you put down the less your rate is clobbered. 

    For example- I just put a 15 year guy with 55% ltv and a 621 credit score in at 3.25 on a 15. If he was at 80% ltv no way he could touch that. 

  10. 1 hour ago, Zwylde said:

    I locked in about a month too early unfortunately with my CU at 4.125% but it was $0 down and no PMI.   I never assumed I would be able to get as much house as I wanted but with zero down I was elated.  This particular CU seems to be going after the market pretty hard in the Texas Gulf Coast market.

     

       

    Mind if I ask who it was?  I know a bunch of people in that space and just curious. Hell- I refer back and forth with a credit union guy for when he has a product I don’t and vice versa. 

    Did you pay an origination on that?  That’s a pretty sweet deal. 

  11. 2 hours ago, bluto said:

    VA vs conventional saga continues.... house listed at 275 in DFW area, conventional initial offer was 250, VA was full ask. 'best and final' from conventional was 264 and they have all their ducks in a row. VA offer still hasn't gotten pre qual letter or even a formal offer over, just a realtor email/loi type deal. house only been re-listed since friday after a couple winter months of shit head realtor listing it ineffectively. 

    if VA offer doesn't have its shit together I think we're going to go back to conv at 264 with not a penny out of my pocket beyond commissions. 

       That’s not terrible if they really do go forward and execute and you oh nothing other than realtor commissions. 

  12. 1 minute ago, AUS-97HORN said:

    pretty sure every movie theater is going to end up in BK. 

    hell for that matter, every airline, and cruise line is probably going to have to declare BK. 

     

    they may be able to survive afterwards, but they arent gonna make it in the next 2 months.

     

    honestly the only way to maybe avoid this is basically act like no mortgage/rent/leases are due for the next 3 months.     

    add 4 months to the end of all loans/leases, and give everyone the next 3 months off from house/rent/car/business payments 

    That was my solution in the “what would you do with $1,000 thread). Credit cards too. 

  13. 11 minutes ago, jimmyjazz said:

    This is exactly the right approach.  Even a 3-month reprieve on mortgage/rent would be huge for most households.  The burden could not be placed on landlords, though, it would have to move up to the banks which would be backstopped by the federal government.  Even landlords w/o notes would have to be made whole.  I suppose that would have to come from the government, which presumably has proof of income (tax returns).

    Lord knows the banks have made a massive shitton of money of real estate over the last few decades.  Time to help out.

    Exactly how I would envision it happening. Seems like the most effective and prudent way to keep people on their feet and the least loss involved to the system. Agreed about landlords without mortgages. 

    • Like 1
  14. Straight cash homey. 

    This seems like a dumb idea/too early. 

    I think what really needs to happen is a mortgage/rent holiday where everything gets tucked into the end of the term. 

    Mid you don’t have any housing costs, and you can’t leave the house anyway that probably keeps most people solvent. Same with credit cards and student loans. Don’t cancel the debt just suspend it. 

    • Like 3
  15. 10 minutes ago, Longhornmaniac8 said:

    Got any low down-payment, no-PMI options that can beat 3.5%? They bottomed out at 3.375% last week before they started skyrocketing.

    The credit union I'm planning to go with that fits the above parameters has marched rates down 0.5% in the last 2 days. I'm about 60 days from close, and I think I'm about ready to lock it in.

    Lock it and go. That’s a fantastic deal. I imagine that’s a portfolio product?  It’s a great one. Credit unions, if they want to and are competent, could own this space with stuff like that. As someone whose check was signed for 5 years by a CU (but didn’t work for the CU or in lending at the time) I don’t have much fear that they will be able to get out of their own way and figure that out- but they can probably help their members on accident. 

    The vibe o got from everyone there was state employee. YMMV

  16. Lunch time update I’d be looking at 3.125 on a 15 and 3.5 on a 30. Worsening today (as would be expected with 10 year and Dow up- not that any of that seems to have any bearing on the market right now)

    Somebody smarter than me give a deep dive explanation on mortgage backed securities and what makes them do what they do and why they are trading at times against the 10 year?  My AE says 50% volume and 50% MBS trading oddly via a vis the 10 year that’s making this oddness happen in the past week or 10 days. 

  17. 8 hours ago, Goo Punch said:

    also cameltoe told you so. 

    I’ve followed the clown show from afar and it’s really really really hard to fathom. My sense is even myopic Greg Gym and his absurd “we’ve got to give him 5 years” schtick is off the bandwagon and cameltoe. Is the only one left. I assume, simply, that it’s a personal and/or race thing with him- either that or a high consumption of paint chips. 

    Absolutely zero rational look at shaka’s resume can say anything other than abject failure. 

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