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UTPhil2006

By UTPhil2006
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UTPhil2006

UTPhil2006 3773

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13 hours ago, BearSchlong said:

Closed on Monday for 4.5%, 10% down and 1 point, 15 year conventional at my CU, and they kicked me $500 back in a promo.

Almost ran out of the 90 lock in period due to some shoddy estate lawyering but finally got it done.

I wasn’t really happy with the rate in the beginning, but now I’m happy.

I'm pretty sure people would murder people for that rate right now.  That's awesome you got that, credit unions are almost always pretty solid at rates.

I'll take you off my refinance list for when rates go back down ;) 

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mchookem
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alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
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Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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Gil Bang

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On 10/1/2022 at 10:20 AM, UTPhil2006 said:

I'm pretty sure people would murder people for that rate right now.  That's awesome you got that, credit unions are almost always pretty solid at rates.

I'll take you off my refinance list for when rates go back down ;) 

Yeah, I've got a go-to guy at a CU out here, and they do a really great job.  Good rates, and close quick.  And, I've found that my customers tend to trust the CU moreso than my other go-to mortgage guy, although my mortgage guy is honest and honorable.   If I give a customer both contacts, they will go with the CU most of the time.

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jimmyjazz

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29 minutes ago, UTPhil2006 said:

Some solid news to start Monday. 10 year down .12 after a good bit down Wednesday and a little Thursday. We’re down about 30 basis points since basically hitting 4.0 last week. A small reprieve but a reprieve nonetheless. 

So that puts the 30 year at about, what, 9%?

 

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UTPhil2006

UTPhil2006 3773

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1 hour ago, UTPhil2006 said:

Some solid news to start Monday. 10 year down .12 after a good bit down Wednesday and a little Thursday. We’re down about 30 basis points since basically hitting 4.0 last week. A small reprieve but a reprieve nonetheless. 

Make that .22 so far. 

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UTPhil2006

UTPhil2006 3773

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So Thad's friend's divorce could be your gain.  We have a coming soon near the Apple Campus (they've been AirBnB'ing it for a while) I figured I'd post here as well.  3/2.5, 2188 sq feet, will be listed at 600k.  Hardwood/tile throughout, surround sound, deck, large lot, nice kitchen, solid price for the area.  A few pictures below.  Figured yall might know of somone looking or looking yourselves in the NW Austin area..

 

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NotActuallyALonghorn

NotActuallyALonghorn 4962

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I'm surprised prices would still be that low there. Two years ago that would have been a $250,000ish house here in East Texas, but now they would be asking about tree fiddy, for no reason other than prices have increased elsewhere where there are actual legitimate reasons for the increase. I don't see those prices being sustainable for non big cities, as there is no fundamental reason for the shift. If we see stagflation I think there will be a lot of homes for sell for significant discounts outside of larger markets when all the people who had to stretch to buy at inflated prices really start to feel the pain. I'm not sure the statistics about housing inventory are really applicable for much of the country. 

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Sam Lin

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11 hours ago, NotActuallyALonghorn said:

If we see stagflation I think there will be a lot of homes for sell for significant discounts outside of larger markets when all the people who had to stretch to buy at inflated prices really start to feel the pain.

This will probably be damped by the interest rates. Anyone who bought in with low rates isn't going to sell unless they have an emergency reason, as they'll have to buy a much cheaper house just to 'break even' on payments.

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Upgrayedd

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1 hour ago, Sam Lin said:

This will probably be damped by the interest rates. Anyone who bought in with low rates isn't going to sell unless they have an emergency reason, as they'll have to buy a much cheaper house just to 'break even' on payments.

And they know what the monthly nut is.  It’s not like they are on adjustables subject to rate risk.

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NotActuallyALonghorn

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Yeah, but the monthly nut was calculated when their other household costs were much cheaper. If they stretched themselves out because housing prices were too high then they may not have much choice. And if interest rates keep people from buying at a price that will cover the loan, then the bank gets the house back and we end up with a bit of a foreclosure crises. That could have a cascading effect on home values, especially in areas where they rose for no real reason.

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Neonmoon

Neonmoon 38126

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5 hours ago, NotActuallyALonghorn said:

Yeah, but the monthly nut was calculated when their other household costs were much cheaper. If they stretched themselves out because housing prices were too high then they may not have much choice. And if interest rates keep people from buying at a price that will cover the loan, then the bank gets the house back and we end up with a bit of a foreclosure crises. That could have a cascading effect on home values, especially in areas where they rose for no real reason.

So your theory is people with low interest rates calculated their monthly nut when other household costs were much cheaper (food & energy), and because of inflation, these people are now stretched thin. If true, they can’t sell the house because high interest rates are keeping others from affording a price that will pay off the loan, and the lenders will have to short sale. This will cause a foreclosure crisis in non-populous areas because prices rose for no reason 

Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts. 
 

 

 

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Slacks

Slacks 6723

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On 10/2/2022 at 4:25 PM, StruggleBus said:

I got tequila drunk last night and agreed to buy my wife a new house. Someone please kill me. 

Get tequila drunk again and tell her you want a divorce...

Then when you get sober, buy her about $5k in jewelry and tell her she should never take anything you say while drinking tequila as serious.

Then stop drinking tequila so you don't say any more stupid shit.

 

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Slacks

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22 minutes ago, Neonmoon said:

So your theory is people with low interest rates calculated their monthly nut when other household costs were much cheaper (food & energy), and because of inflation, these people are now stretched thin. If true, they can’t sell the house because high interest rates are keeping others from affording a price that will pay off the loan, and the lenders will have to short sale. This will cause a foreclosure crisis in non-populous areas because prices rose for no reason 

Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts. 
 

 

 

But after they bought the house, they bought a $45k vehicle or two ... Electricity prices have doubled... Wasn't included in their DTI. (And electricity still won't be.)

They have to downsize to stay at the same payment, etc... Because prices haven't been shocked yet.

I love the cash out refi I did a year ago. .. I also love that I didn't flip it into another property at a crazy price (but I've lost an eighth of it in the stock market, so... Par.)

Housing prices will come down. They went crazy for no real reason other than inflation.

There is a house I've had my eye on, but I'm not going to pay what they're asking. It's not moving; in an area where houses like it were on market for less than a week just a few months ago. I can remodel my place and wait for the rebound.

 

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Neonmoon

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32 minutes ago, Slacks said:

But after they bought the house, they bought a $45k vehicle or two

I mean, if they did, they’re fucked. That applies to any borrower. But I already addressed this issue. 

Of course housing prices will come down. The Fed is raising rates intentionally to crush demand. That will lead to more supply and lower prices. I just disagree with the theory that increased household costs will lead to a foreclosure crisis. 

To say housing prices went crazy for no real reason other than inflation is a bit vague, if not sciolistic. There was already an inventory shortage before the pandemic, in fact a very large one. Then, America wasn’t allowed to spend any money for 6 months or more due to the pandemic. In addition, the pandemic proved remote work was feasible. Add in low interest rates so it’s cheap to borrow money. That’s a perfect storm for insane demand, which in turn leads to inflation. It wasn’t magic, there were real reasons behind the inflation. 
 

 

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Slacks

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18 minutes ago, Neonmoon said:

I mean, if they did, they’re fucked. That applies to any borrower. But I already addressed this issue. 

Of course housing prices will come down. The Fed is raising rates intentionally to crush demand. That will lead to more supply and lower prices. I just disagree with the theory that increased household costs will lead to a foreclosure crisis. 

To say housing prices went crazy for no real reason other than inflation is a bit vague, if not sciolistic. There was already an inventory shortage before the pandemic, in fact a very large one. Then, America wasn’t allowed to spend any money for 6 months or more due to the pandemic. In addition, the pandemic proved remote work was feasible. Add in low interest rates so it’s cheap to borrow money. That’s a perfect storm for insane demand, which in turn leads to inflation. It wasn’t magic, there were real reasons behind the inflation. 
 

 

I don't know what sciolistic means, but if it's good, it's me.

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UTPhil2006

UTPhil2006 3773

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1 hour ago, Slacks said:

Get tequila drunk again and tell her you want a divorce...

Then when you get sober, buy her about $5k in jewelry and tell her she should never take anything you say while drinking tequila as serious.

Then stop drinking tequila so you don't say any more stupid shit.

 

Don't listen to this man.  Just switch to whiskey.

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UT_OB1

UT_OB1 2197

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On 10/8/2022 at 6:14 AM, Neonmoon said:

Most people prioritize keeping a roof over their head, and will reduce other types of spending, including making sacrifices when it comes to discretionary spending. That being said, all these loans have to meet the ability to repay rule created by the Dodd Frank Act. In addition, there are tons of rules like max DTI ratios limits that don’t allow fuckery. So even if the lender maxed out the DTI ratios, the borrower should be able to pay it back even with increase household costs. It’s built into the system. Of course, one could argue no everyone is super responsible, and things will go to shit. That’s not entirely accurate because again, borrowers now are required to have certain credit scores and years of job stability to prove they are responsible enough to pay back their debts. 
 

 

 

Have you visited the wives thread?

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