WatchIt's a Great Time to Buy!!!!
......"A weakening economy and the Federal Reserve’s continued purchase of mortgage securities took the 30-year fixed-rate mortgage to historic lows for the second straight week".
....."The Freddie Mac survey showed the 30-year, FRM averaged 3.36% for the week ending Thursday, falling below the all-time low of 3.40% set last week. Last year at this time, the 30-year FRM averaged 3.94%."
http://www.housingwire.com/news/mortgage-rates-set-more-records-lows
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The only reason the rates continue to fall is the fact that housing is in serious trouble and is set for further correction in 2013.
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Thanks to government/RE cartel. Keep the middle class loaded with phantom money. Let the masses borrow as much money as they can so that leeches can survive off them.
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bubblesitter says
BINGO! WE HAVE A WINNER!!!
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Laguna Beach, CA
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They can keep their worthless loan paper.
Viva la resistance!
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Just got my appraisal result report, it was 200K above above an appraisal performed 10 months ago (about 20%). This is not an isolated case, all my colleagues reported similar results with their refi's.
Now our decision is whether to pay 250 basis point to extract 100K - 150K in cash.
Folks, time to refinance. If you were close last time, now may be the time. Good luck.
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SFace says
Hell, if I were you, I'd shoot for a 125% LTV refi.... grab the money while you can!!!
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SFace said: Now our decision is whether to pay 250 basis point to extract 100K - 150K in cash.
A question for the extraction gurus. When you extract more than $100k, do you just put down all the interest on Schedule A for MID, or actually move the interest on the amount in excess of $100k to the appropriate schedule for investments (I'm assuming you're not buying a car). It seems like six of one, half dozen of the other, but one is the "legal" way to do it (though requires more diligent tracking of the portion allocated to investing).
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Mountain View, CA
bmwman91's website
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New record lows for interest rates.....
THE SPICE MUST FLOW!!!!!
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EBGuy says
Since this is my primarily residence, it is 100% schedule A. It's basically a new loan replacing an old loan within the boundary of the 1M balance. What you are thinking is line of credit.
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SFace said: What you are thinking is line of credit.
No, this is what I'm thinking of (courtesy of the IRS):
Refinanced home acquisition debt. Any secured debt you use to refinance home acquisition debt is treated as home acquisition debt. However, the new debt will qualify as home acquisition debt only up to the amount of the balance of the old mortgage principal just before the refinancing. Any additional debt not used to buy, build, or substantially improve a qualified home is not home acquisition debt, but may qualify as home equity debt (discussed later).
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You're probably right. It doesn't matter that much in the overall scheme of things. What is 3.5% of 50K. $1,750 bucks @ 35% = $500.
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SFace said: It doesn't matter that much in the overall scheme of things.
I tend to agree with your there, although, if you're audited, you'd need to show how the excess over $100k was invested (and then redo returns allocating interest to the proper schedule). If I go max conforming on my refi, I'll be over the limit, so I'm trying to figure out if I want to limit myself to $100k instead.
BTW, should I assume that this is an Ess Eff property that is appraising so well (not the Hercules rental).
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male
It does not matter in the case of whether or not realestate will rise or fall because with all that printing going on there is no way to pay any of in back except the tax payors and even then they will not be able if jobs are not generated.This country will have to resort to austarity like Greece and spent which will become very painful for many and even life threatening for others.The coun try is insolvent and it did not have to go that way.The cause was the Federal Reserve and should have never exsisted in the first place ,that was the reason the US fought for independance to keep away of the grip of foreign bankers and now look what the did to your country.It should never of happened.