Bryce Johnson's Discussions

I think that a home that sells in less than a month is good news. What's the problem? Why can't people be more positive in this kind of market? All it takes is a few people to spread the word that things are heading in a positive direction instead of the "doom and gloom". I live in the Seattle area and I am starting to see things pick up a little. I think all of us in the real estate/ mortgage profession need something to cheer us up and keep us motivated. How about a congrats instead of ridicule. This market is yours for the taking, get out there and be positive and do something about it.

The 10 yr T-note is not really a good measure of where rates are going. A lot of time you will see the 10 yr drop and rates go up. A good measure is the FNMA 30 YR 5.5% bond. As a mortgage professional, I will typically advise locking if you are happy with the rate and payment. If you are working with a knowlegable profressional, they will know what weekly economic reports are coming out next week which would have an impact on mortgage backed securities. I had 3 clients lock in today because of some late volitility in the market which will likely lead to a small increase in rates tomorrow. Bascially what I am saying is, you must make sure you are working with someone who is up to date on the market conditions and rate trends. Good luck!

As a mortgage professional, I feel it's very important to network and share what's working with others so there is consistancy in our business. I thought I would ask other mortgage professionals, which lenders are you using that you find offer the lowest rates and the easiest to work with?Conforming?Jumbo?Stated?FHA? My answers to the above:provident, first horizon, GBINGHSBC, flagstarSecurity National, WF

Wow, I wasn't expecting some of these reactions. My question was in good faith and was just curious to see what people are doing. Yes, I do have a nice suit on in my pic :)

Oldnavajo- If you want to stay in the business strap yourself in. Your going to be fighting for deals and slashing fees to compet. You may go months without a pay check. And then the one that does come in will be tiny. Speak for yourself. Business is going great! 

Are you current on your payments? Can you qualify with just your income since your husband got laid off? No matter what I would push for the loan modification because you can show hardship with your husband losing his job. If they tell you they can't help you unless you are behind in payments, tell them to stick it where the sun don't shine. Do not miss payments! That is not the responsible thing to do and will ruin your credit.  In the meantime, I would also look up to see if you loan is held by Fannie Mae or Freddie Mac. Go to www.makinghomeaffordable.gov. and click on loan look up. You have some flexibility with these programs, but you would still need to qualify.

FHA loans do not have combined loan to value limit, so that would probably be your best bet.You would need to keep your 2nd in place and refinance into an FHA 1st.