Comments on: California Mortgage Rates Still High: Examining Actual Mortgage Products in Today’s Market and the Family Budget Impact. http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/ Investing ideas for preserving wealth in a fluctuating market. Mon, 08 Sep 2008 13:42:56 +0000 http://wordpress.org/?v=2.3.2 By: Carolina Mortgage Makers http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-540 Carolina Mortgage Makers Sun, 25 May 2008 20:01:42 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-540 The good news is that most mortgage companies and brokers will give you a copy of the Good Faith Estimate simply by requesting one. This allows you to collect Good Faith Estimates for each mortgage offer you consider and do a line-by-line comparison when mortgage refinancing. It is important to realize that the Good Faith Estimate is just an estimate The good news is that most mortgage companies and brokers will give you a copy of the Good Faith Estimate simply by requesting one. This allows you to collect Good Faith Estimates for each mortgage offer you consider and do a line-by-line comparison when mortgage refinancing. It is important to realize that the Good Faith Estimate is just an estimate

]]> By: Red http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-249 Red Wed, 16 Apr 2008 20:08:34 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-249 Numbers are wrong on 15 and 30 year Fixed IO payments. Simply: 30 year interest only at 6.625% does not generate a higher payment than 15 year amortizing loan at 7.125%. Don't need calculator to know that. The payment on the 30 year interest only loan should be somewhere around $2623. However, the 15 year loan should have a lower rate than the 30 year, not higher. Is the 30 year rate wrong? And the payments on the 15 year loan are too low, not enough amortization - Bankrate.com calculator gives $4300+ for 15 year, 7.13% amortizing loan. And $3043. for a 30 year, amortizing loan. Some of those online calculators fail to refresh some of the input values when you do a recalc... Numbers are wrong on 15 and 30 year Fixed IO payments. Simply: 30 year interest only at 6.625% does not generate a higher payment than 15 year amortizing loan at 7.125%. Don’t need calculator to know that. The payment on the 30 year interest only loan should be somewhere around $2623.
However, the 15 year loan should have a lower rate than the 30 year, not higher. Is the 30 year rate wrong? And the payments on the 15 year loan are too low, not enough amortization - Bankrate.com calculator gives $4300+ for 15 year, 7.13% amortizing loan. And $3043. for a 30 year, amortizing loan.
Some of those online calculators fail to refresh some of the input values when you do a recalc…

]]> By: mybudget360 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-235 mybudget360 Mon, 14 Apr 2008 21:09:16 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-235 Chip, You do realize that in 2006, 21 percent of California buyers went in with zero down? 5 percent is generous. And 20 percent in California has not been a traditional standard for many years. http://www.burbed.com/wp-content/uploads/16-homes1embeddedprod_affiliate4.gif No need to make the figures look worse. They look bad on their own. Chip,

You do realize that in 2006, 21 percent of California buyers went in with zero down? 5 percent is generous. And 20 percent in California has not been a traditional standard for many years.

http://www.burbed.com/wp-content/uploads/16-homes1embeddedprod_affiliate4.gif

No need to make the figures look worse. They look bad on their own.

]]> By: chip http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-234 chip Mon, 14 Apr 2008 20:33:17 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-234 Interesting article, except that why did you assume only 5% downpayment? Instead use the traditional 20% downpayment. You wanted to make the figures worse right? Interesting article, except that why did you assume only 5% downpayment?
Instead use the traditional 20% downpayment.

You wanted to make the figures worse right?

]]> By: mybudget360 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-225 mybudget360 Fri, 11 Apr 2008 19:33:29 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-225 The monthly payment calculations were based from the online calculators of the financial institutions. You also may need to factor in that they are based with a 5 percent down payment. Which item is in questions and we can work through it? The monthly payment calculations were based from the online calculators of the financial institutions. You also may need to factor in that they are based with a 5 percent down payment. Which item is in questions and we can work through it?

]]> By: Wayne Hobbs http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-224 Wayne Hobbs Fri, 11 Apr 2008 19:22:29 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-224 I could not help but notice that your monthly pmt calculations were wrong on all but two of your examples which harmed the financial credibility of the rest of your article. I personally can't disagree with your logic but I would advise having your assistants double check their work. I could not help but notice that your monthly pmt calculations were wrong on all but two of your examples which harmed the financial credibility of the rest of your article.

I personally can’t disagree with your logic but I would advise having your assistants double check their work.

]]> By: mybudget360 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-223 mybudget360 Fri, 11 Apr 2008 19:14:31 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-223 I think 2 to 3 years for California is a good guess. Many of the option ARM mortgages do not recast until 2010 and 2011. I think 2 to 3 years for California is a good guess. Many of the option ARM mortgages do not recast until 2010 and 2011.

]]> By: Rich http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-222 Rich Fri, 11 Apr 2008 18:30:22 +0000 http://www.mybudget360.com/california-mortgage-rates-still-high-examining-actual-mortgage-products-in-todays-market-and-the-family-budget-impact/#comment-222 It sounds astounishing! But it's very true. It'll take more than 2-3 years to go back to where it started from. It sounds astounishing! But it’s very true.
It’ll take more than 2-3 years to go back to where it started from.

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