- Jun 11, 2014
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Founding Member
Back then there were heavy cash outs. I wonder how that compares to today vs just refi with no cash out2020 had the most cash out refis since.... 2007.
Back then there were heavy cash outs. I wonder how that compares to today vs just refi with no cash out2020 had the most cash out refis since.... 2007.
Were seeing a lot of paid off property owners taking HELOC's with minimum or no draws. Pretty smart actually to have the source of funds available if needed without spending personal savings or capital in the event you decide to remodel or need repairs....good news.Back then there were heavy cash outs. I wonder how that compares to today vs just refi with no cash out
I just hadn’t heard about what was going on with the cash outs. Thanks for sharing that.Were seeing a lot of paid off property owners taking HELOC's with minimum or no draws. Pretty smart actually to have the source of funds available if needed without spending personal savings or capital in the event you decide to remodel or need repairs....good news.
Bad news is we are still paying off high revolving accounts on people who are at 70-80% and have refied at least once within the last couple of years...some 2 or 3 times in the last 4 to 5 years. These are like candy for us since we are already insuring the previous loans....quick update title and lien search, copy paste close and fund...next....
Buying season is just starting. Spring break and all. Plus there’s fear of interest rates wavering. I’m wondering how hard the fall is going to be. May end up worse than ‘08Our market is scary nuts. Everything under $1M has at least 10 offers within 3 days. Missed out on the Buy side of a home last week asking $825k. Our client offered $865k and was beat by a higher offer.
Writing another offer for another client that is going to be beat out on an asking of $725k and our clients offer is $810k and there's higher offers.
Mindblowing.
Buying season is just starting. Spring break and all. Plus there’s fear of interest rates wavering. I’m wondering how hard the fall is going to be. May end up worse than ‘08
Our market is built on something completely different then it was in in 2006-2010 and that bubble. Builders have been cautious this go around and the demand it by far higher than supply. Not saying there won’t be a dip but I just don’t see the collapse we saw previously.Buying season is just starting. Spring break and all. Plus there’s fear of interest rates wavering. I’m wondering how hard the fall is going to be. May end up worse than ‘08
I share your sentiment to a degree NV but what causes a housing crash is when the bottom gives way. At the rate of current inflation the bottom(first time and lower income earners who can barely afford their house)is living on the edge right now and it won't take some big Black Swan event for their legs begin to buckle....how many are on fore bearance right now? How many still haven't gone back to work, lost their business or will as unemployment continues to be in the 10% range according to Jerome Powell speaking for the Fed. We are still losing as many jobs as we are gaining.Our market is built on something completely different then it was in in 2006-2010 and that bubble. Builders have been cautious this go around and the demand it by far higher than supply. Not saying there won’t be a dip but I just don’t see the collapse we saw previously.
Back then there were heavy cash outs. I wonder how that compares to today vs just refi with no cash out
Ever have one of those days where you have to argue because the "rules" are so stupid?
I'm doing taxes and couldn't find our mortgage documents. When I got online they weren't available for me. @Seedy is listed as primary and I'm secondary but he doesn't have an online profile. We found out that he would have to die or we would have to refinance for me to get those tax documents on my profile. After Seedy argued with them on how ridiculous this was she suggested he make an online profile and give me the username and password. That didn't go over well with him. For all they know I handed the phone over to a stranger. They told him he was "verified" by me because I handed him the phone.
Cool. We’re back to this. WTF.
Cool. We’re back to this. WTF.
PM sentMarket is definitely interesting. I am about to close on a sale and flipped a home in the middle of no where on the west coast, purchased for 350k in 6/2019 and now under contract to sell it for 500k (fingers crossed), sank about 30k in minor improvements. Definitely well beyond my most rosy expectations when I first bought it in 2019. What I am seeing driving the market is very limited supply meeting very low interest rates.
I realize everyone is bracing for a collapse in the real estate market. I don't think we see a major pullback unless interest rates hit 4.5%+ and the economy slows down enough to keep the velocity of money at historic lows. It will take a while for builders to catch up, and even then the cost of building has significantly increased, causing prices of new homes to be significantly higher too, which also fuels why Builders remain cautious about overbuilding.
Speaking of mortgage rates, I am looking to refinance an investment property that I am renting as an AirBNB in Ocala. Currently at 4.125%. Anyone know a Credit union or bank that offers rates at least 3.25% or lower on investment properties currently?