Friday, October 03, 2008
Conforming Jumbo to CHANGE 12/1/08
We knew the conforming jumbo limit was going to change on 1/1/09 to $625,500, however just recently I've learned from some banks that the last day to close a loan for $729,750 is on 12/1/08. What this means is that if your loan is greater than $625,500 and you can't reduce it to this amount, you have to act fast to refinance that loan into a 30 year fixed. Loans are taking about 30 days to close right now, so I have to submit your complete loan package to a lender by October 31, 2008 at the latest.
Here some pricing scenarios:
Scenario 1: $729,750 loan amount, Loan to Value 80%, FICO 700,
on a no-closing cost 30 yr fixed:Rate 7.250% APR 7.250%
Scenario 2: $729,750 loan amount, Loan to Value 75%, FICO 720,
on a no-closing cost 30 yr fixed:Rate 6.500% APR 6.500%
Scenario 3: $729,750 loan amount, Loan to Value 60%, FICO 700,
on a no-closing cost 30 yr fixed:Rate 6.375% APR 6.375%
If you're loan is less than $625,500 you don't have to do anything right now, but for those with higher amounts you should consider acting now.
Call today.
Rhonda Morris
Show and Sell Realty
510-793-8600
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2 comments:
I have heard that some people are abandoning there home in order to buy another one possibly better suited to them or possibly less expensive. They are then telling lenders that they are renting out home #1, but then pocketing the cash. What do you think?
Rohnda Morris is a great person to manage your properties. I trusted her for many years and she is wonderful.
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