View Full Version : FAO of liL Ray... A Real Estate Question...
liL Ray
07-25-2007, 10:13 AM
...
liL Ray
07-25-2007, 10:16 AM
...
Too Bad.... His name is "He Ping Ping"
First name "He"
Last name "Ping Ping"
Just jokes man, but he's the shortest man in the world.
plus, what you think, all short people knows every other short person?
rminds of the days when I was going to college in Mass. and these dumb white folks from other closed minded towns use to say, "I know this Black guy who comes from NYC, his name is Peter, do you know him?"
GETDAHFUCKOUTTAHERE beyotch!!!
Funny... Did you have your medication yet?
liL Ray
07-25-2007, 10:17 AM
...
liL Ray
07-25-2007, 10:17 AM
Funny... Did you have your medication yet?nope...I work better without it.
Alright f*ck the dumb sh*t... Any hints on the direction of mortages. You guys may need to cut to bring customers in.... Are you seeing this? I need info. Lots of it!!!
where is the FU avatar?
Google it.... Mortgage trends?????????
liL Ray
07-25-2007, 10:19 AM
...
drilla
07-25-2007, 10:26 AM
you guys should just call each other...
fyi - FAO, includes the word "of". FAO of = For the attention of of
im done here. :)
liL Ray
07-25-2007, 10:28 AM
Any hints on the direction of mortages. You guys may need to cut to bring customers in.... Are you seeing this? I need info. Lots of it!!!cut what? commissions? "Don't hate me because I choose a profession that actually pays" is my catch phrase now in this market.
I ain't cutting shit because I know the game is tight right now and more than likely, if they are coming to me and not their local Chase, Citi, Countrywide, Bank of America (I hate their commercials) or WAMU, it means they have been turned down by them already or they don't have it like that to step inside their doors.
I am mainly concentrating on Refis with those ARMs coming up for maturity and doing REfis where folks need cash... Also, finding purchases with folks who can actually put 10% down and show 3 months PITI in the bank....
I don't know where the market is going...I have seen a couple of Lenders start to up their LTVs and lower their credit scores from the 700 and 720 for the homeowners and NOT first time homebuyers...so that's promising. However, they are still hard on the FTHBs...some are bringing back the 100% for the FTHBs, but at very high credit score and only on Single Family residence.
**FTHB = First Time Home Buyers.
you guys should just call each other...
fyi - FAO, includes the word "of". FAO of = For the attention of of
im done here. :)
Actually, what get dropped is good for everyone, when it comes to real estate. Soooooooooooooo, back to your corner from whence thee cometh, thine MULE!!
liL Ray
07-25-2007, 10:34 AM
Actually, what get dropped is good for everyone, when it comes to real estate. Soooooooooooooo, back to your corner from whence thee cometh, thine MULE!!
yeah, what he said!
lol
cut what? commissions? "Don't hate me because I choose a profession that actually pays" is my catch phrase now in this market.
I ain't cutting shit because I know the game is tight right now and more than likely, if they are coming to me and not their local Chase, Citi, Countrywide, Bank of America (I hate their commercials) or WAMU, it means they have been turned down by them already or they don't have it like that to step inside their doors.
I am mainly concentrating on Refis with those ARMs coming up for maturity and doing REfis where folks need cash... Also, finding purchases with folks who can actually put 10% down and show 3 months PITI in the bank....
I don't know where the market is going...I have seen a couple of Lenders start to up their LTVs and lower their credit scores from the 700 and 720 for the homeowners and NOT first time homebuyers...so that's promising. However, they are still hard on the FTHBs...some are bringing back the 100% for the FTHBs, but at very high credit score and only on Single Family residence.
**FTHB = First Time Home Buyers.
Good stuff.... You gave out exactly what people need to hear, i.e., trends. When I mentioned cuts, I was talking about rate cuts. Anyone looking for you to cut your rates is looking for hand outs. Look at the JC Claussell video - That's clear evidence that "a Ninja gotta eat", son!! Hence, I don't blame you for making sure that you getting paid.
drilla
07-25-2007, 10:36 AM
good point. carry on...
:)
Also, finding purchases with folks who can actually put 10% down and show 3 months PITI in the bank....
very interesting, mortgage brokers always have interesting leads
liL Ray
07-25-2007, 10:42 AM
Good stuff.... You gave out exactly what people need to hear, i.e., trends. When I mentioned cuts, I was talking about rate cuts. Anyone looking for you to cut your rates is looking for hand outs. Look at the JC Claussell video - That's clear evidence that "a Ninja gotta eat", son!! Hence, I don't blame you for making sure that you getting paid.
cutting rates? That has nothing to do with the Loan officer....the rates are set by the Feds(you know this) and then by the lenders...you may get a 1/8 or a 1/4 here and there for many reasons (loan size, can close within 10 days instead of 30, a special on single family purchases, etc), but for the most part, if you want a lower rate, get ready to reach in your pockets or proceeds and pay for that shit...most lenders may allow you to buy it down a whold point, but you got to pay 2 for it (500K loan cost you $10K for a buydown of a point)...sometimes it's worth it if you are staying in the house forever)...
liL Ray
07-25-2007, 10:48 AM
Also, finding purchases with folks who can actually put 10% down and show 3 months PITI in the bank....
very interesting, REAL ESTATE brokers always have interesting leadsfixed...
point taken...ok, sorry I didn't call you...do you still want me to call?
I have hooked up with 2 great lead source that are funneling this to me...one of the source is a professional who fixes credit...for those in the industry, you must hook up with one of these...I got a guy who does work for the Chase /Wamu A Paper dept and I get the fallout of what they don't need....they want guys with 680 and better scores with funds to put down...they send him guys who may have 590 and 630 scores and if he can raise their score, they get them, and if he can't, well, I ain't got to spell it out to you.
In these times relationships are very important...oh, and best believe, this ain't one of those "for the love" industries...hahaha
cutting rates? That has nothing to do with the Loan officer....the rates are set by the Feds(you know this) and then by the lenders...you may get a 1/8 or a 1/4 here and there for many reasons (loan size, can close within 10 days instead of 30, a special on single family purchases, etc), but for the most part, if you want a lower rate, get ready to reach in your pockets or proceeds and pay for that shit...most lenders may allow you to buy it down a whold point, but you got to pay 2 for it (500K loan cost you $10K for a buydown of a point)...sometimes it's worth it if you are staying in the house forever)...
Ok... perhaps, I was misguided, but one thing I learned is that the banks may not set their rates based on what the Fed. does. For example, as the Fed. raises the rates, the energy can be taken out of the market, as we are seeing now. People will not take out loans because the cost is too high. As a result, what will the banks do? They need to motivate people to borrow money so the bank can get customers in by cutting their rates.
I know you're on the inside so I thank you for anything that you can provide.
As with some things in life, TIMING is everything!!!
[snip....] ...oh, and best believe, this ain't one of those "for the love" industries...hahaha
Tell it!!!! hahahahahahahahaha
liL Ray
07-25-2007, 10:55 AM
Ok... perhaps, I was misguided, but one thing I learned is that the banks may not set their rates based on what the Fed. does. For example, as the Fed. raises the rates, the energy can be taken out of the market, as we are seeing now. !!!
I wish they listen to you.
This has been the trend:
3years ago, everytime the Feds cut, the rate went down...when the did nothing, the rates went down
2 years ago, everytime the FEDS did nothing the rates went down...
a year ago, when the raised the rates, the banks raised theirs...
Nw this year, everytime the FEDS do nothing and leave the rates alone, these fucking lenders raise theirs!!!!
this sit ain't about Economics 503 no more....
Bring Back Greenspan.
go figure...
liL Ray
07-25-2007, 10:59 AM
People will not take out loans because the cost is too high.
a big Steve Austin OH HELL YEAH they will!!...the thing I hear as the rates rise, is these oldtimers reminding folks that the rates use to be 16 and 18% and folks still were buying homes and taking out loans.
still remember, rates are still reletively low....everybody got caught up in the 4.5% rates of 3 to 5 years ago...Thank God at least the stupid "can I get a 5% rate" questions has stopped...folks are at least getting educated about what's going on.
a big Steve Austin OH HELL YEAH they will!!...the thing I hear as the rates rise, is these oldtimers reminding folks that the rates use to be 16 and 18% and folks still were buying homes and taking out loans.
still remember, rates are still reletively low....everybody got caught up in the 4.5% rates of 3 to 5 years ago...Thank God at least the stupid "can I get a 5% rate" questions has stopped...folks are at least getting educated about what's going on.
preach this everyday
a big Steve Austin OH HELL YEAH they will!!...the thing I hear as the rates rise, is these oldtimers reminding folks that the rates use to be 16 and 18% and folks still were buying homes and taking out loans.
still remember, rates are still reletively low....everybody got caught up in the 4.5% rates of 3 to 5 years ago...Thank God at least the stupid "can I get a 5% rate" questions has stopped...folks are at least getting educated about what's going on.
Now Ray, you know my parameters... even a quarter of a percent means a bundle of money in my case. Man, I do remember when the rates were at 17 and 18%. Sh*t was bananas. But yes, people still bought houses.
That's an interesting observation you made about the movement of the market with respect to rate cuts/raises. I don't know. I'm trying to decide whether to continue with what I have or refi.
fixed...
point taken...ok, sorry I didn't call you...do you still want me to call?
I have hooked up with 2 great lead source that are funneling this to me...one of the source is a professional who fixes credit...for those in the industry, you must hook up with one of these...I got a guy who does work for the Chase /Wamu A Paper dept and I get the fallout of what they don't need....they want guys with 680 and better scores with funds to put down...they send him guys who may have 590 and 630 scores and if he can raise their score, they get them, and if he can't, well, I ain't got to spell it out to you.
In these times relationships are very important...oh, and best believe, this ain't one of those "for the love" industries...hahaha
its all good, i got your number, as you said, relationships are ALWAYS important, sounds like you got a great set up
Fletch
07-25-2007, 11:16 AM
I ain't cutting shit because I know the game is tight right now and more than likely, if they are coming to me and not their local Chase, Citi, Countrywide, Bank of America (I hate their commercials) or WAMU, it means they have been turned down by them already or they don't have it like that to step inside their doors.
I saw a Times article where the definition of "have it like that" has gotten much tougher! I find it and post.
some are bringing back the 100% for the FTHBs, but at very high credit score and only on Single Family residence.
**FTHB = First Time Home Buyers. I'll quote words from an ol' school song......"It's too late, 'cause I'm all in!"
liL Ray
07-25-2007, 11:24 AM
Now Ray, you know my parameters... even a quarter of a percent means a bundle of money in my case. Man, I do remember when the rates were at 17 and 18%. Sh*t was bananas. But yes, people still bought houses.
That's an interesting observation you made about the movement of the market with respect to rate cuts/raises. I don't know. I'm trying to decide whether to continue with what I have or refi.If you don't have to refi...don't....
If you must, call me...but I ain't doing shit for less than 2 points, but you will know you are getting par...none of that "we don't charge closing cost...then why is my rate at 7.5% and my boy ray is quoting me 6.75%" nonsense. and don't send me anybody else's GFE...if you like theirs, close with them and free up my time.
liL Ray
07-25-2007, 11:27 AM
I saw a Times article where the definition of "have it like that" has gotten much tougher! I find it and post.
true dat..."have it like that" this year, is not the same as like year...
"have it like that" is going back to the days when only white rich men bought houses....maybe not that bad, but almost.
"have it like that" = 720 score and above and have 3 to 6 months PITI reserves in the bank if refi'ing...and if buying add 10% downpayment to that.
edit** but America is great: there are many "have it like that" folks to pass around and afford a person like myself a living.
Powered by vBulletin® Version 4.1.10 Copyright © 2012 vBulletin Solutions, Inc. All rights reserved.