Below 6%

[carrot]

Oh well ! I still think he did good he had signed a contract and had so much time to get financing he waited till last possible moment for rates to come down and actually came down a little the last day from 6.2 to 6 and that was the best he could do 6%. He did get a great break builder lowered prices 75,000.00 before new year. When he signed contract and after 2008 he was not offering the discount. He also got in before all the Countrywide buy out which I think was a plus also as BOA may have different guidelines.

Thanks for the update about the 5.5!

[Jersey Girl]

i've been contacted by quite a few investors lately looking for multi-family properties. anybody else experiencing the same thing?

also, in some areas im noticing the rent prices dropping. im assuming since the investors can't unload they are just trying to get their properties occupied (minimize their loses). in these areas it makes it difficult to find the positive cash flow properties cause even though the prices have gone down, when they drop the rents too, it's not working out. have any of you noticed a similar trend in your area?

[waynelong]

Carrot,
Sorry if I sounded like I was knocking what your son did. I was really just commenting on the interest rate drop. He may have locked in prior to the drop and he still got a good rate. These rates are hard to believe!

[waynelong]

VA loan last week at 5.375%. I think people will look back at '08 and wish they had bought their home then.. Principle and Interest on $200,000 home is $1120/mo. WOW!

[carrot]

I agree this seems like the best time to buy a house as waynelong stated. Somebody needs to call the media and tell them because they are stuck on the subprime issue AGH! I think they have scared everyone about the lending process.

[waynelong]

Smart people always lean into the wind.

[Max]

I wish I had this kind of mortgage.... I bought in June'06 and the rate went up to 7% at that particular time. Of course with no money down and hoping for the future appreciation I jumped into interest only 80/20 loan on a 174K house... now I'm paying $1350/mo and been renting it out for a year at $1100... but now I think I will have to go down to $1000 to rent it again. This sucks.

[waynelong]

You are not the only one caught like that Max. It isn't fun though. Rates dropped to 5.125 today.

[Max]

I asked my friend in Myrtle Beach to give me a CMA, I want to see if there are any chances to refinance.