All Forum Posts by: Keith C.

@Mark Lewis its a tough call to predict markets I suggest to  my borrowers if you like the Rate and can make those payments  lock it . The slight changes that typically happen weekly doesn't  make much difference on the monthly payments . Its those larger moves and only God or Corona Virus Patient 01 knows when that will happen ,,,

Over the last few days Mortgage rates have been heading higher .When Bonds hit all time lows banks essentially threw in the towel after getting inundated with rate  Lock requests . They Pulled the plug on the lowest priced rates ever seen .

I was locking in loans under 3 % on Friday and  Monday but  by Tuesday the same loans were in the high 3%'s some banks were over 4%. Too many Borrowers overwhelmingly tried to lock in these low rates that bankers had to curb the mortgage submissions. 

 The quickest way was just raise the rates and end the party . Consider the fact that  more than likely  those who had already applied with a broker or bank and already  had their documents in a file were able to take advantage Of this very short lived rate bonus. 

As the loan application queue lightens  up we will likely see a the bond and mortgage markets realign. My suggestion if you are in the market for a new loan or a ReFi get your app in and wait for rates to come back down. You likely wont like today's rates as many are higher than a few months back  Best of luck and keep your eye on rates as they have been all over the place this past week 

I use times like these to pick up deals on not only motivated but frightened sellers.Iv gotten sweet deals during Hurricane Seasons. I put my offer in as their lost hope before a hurricane hits which would devastate their property value even more.  If you can find that type of seller, you will be  the night in shinning armor relieving them of their Pandemic Infested  Property. Get them while their nervous , " This too shall pass " 

@Susan Ferris for seasoned landlords there are various lenders that would allow for a higher LTV than 75%. Some rates may be a little higher but you get more leverage. Even paying an extra point or two you should easily see the benefit of a-higher LTV loan.

@Steve Oak I would insure you have a mortgage pre approval letter , hopefully that notches you closer to the top of the sellers acceptable offers considerations. The only drawback of an FHA loan is that it requires an FHA certified inspection, Many times I'v seen FHA loans get denied due to their stricter pass inspection requirements. FHA are tough with any form of water condensation anywhere within or near the home. that said Considering so many people on edge recently with Covid19 maybe their wont be that many buyers trying to compete, Best of luck ..

@Shaun Marks First Congrats , since you wish to payoff the the new HELOC I believe you will have no issue with a common six-month title-seasoning wait period. Getting cash out will likely be more difficult considering the short period of time. I can check your state guidelines for you send me a PM

@Chris VanAckeren It is very difficult to pick bottoms and tops , As a Loan Officer with rates this low I think a prudent choice would be lock the rate . no one has a crystal ball and can predict rates but with the recent major fall off in 10 year treasury which is an indicator for 15 & 30 year mortgages , Today they started edging back up today. We are very near all time rates lows , step up and take a shot at historic low rates.

@Christopher B. Non owner occupied loans are typically higher , and likely won’t be at the low 2.8 in the start of the thread , That said its worth a look as most loan rates are at all time lows

@Elenis Camargo Amazing success in such short time , I thought I did well with my 9 units in FL year 1 . I'm in contract myself with some partners on a 24 Unit in AL, Once we close that would put me at 33 Units in 2 years ..  Just keep looking ,talking and closing. 

@Doug Wolff see if you can negotiate the price lower ! -- Orlando is one city sellers know the entire economy and city will be affected, 

That said you know that in 3 Months know one at all will be discussing Covid 19 ,, they'll have forgotten and moved onto the next thing falling from the sky :) ..