oh i am in the industry, i have been an originator for 16yrs i don't know how to do anything else! I went to work for a Bank a few years back and it changed the way i do business. 50% of my business is construction loans also my bank clients are just better qualified then the loans i get from the real estate agents i work with. The statement of selling mortgage products has to do with refinancing customers. I do a small percent of refinances and all of them are conventional we only offer one bank statement product so i tend to stay away from the exotic products as i call them.

0 ...

Report Post

Posted by KiwiHead

Auckland, NZ

Member since Jul 2014

27433 posts

Posted on 3/7/19 at 5:21 pm to SDVTiger

quote:
How does paying an amortized loan accomplish this? Or you believe paying principal builds equity

It sure as hell does not hurt your equity situation. The point is to eliminate the debt eventually unless you think carrying around a death contract past into perpetuity is a good idea. Hell you borrowed the principal, you might as well get some of it just betting on the capital gain is what got a lot of people to simply walk away from their homes.

quote:
Lol no you didnt. Worlds did a 550 and most were a 580 and above

That was insane. No way I would trust a borrower or for that matter anyone with significant money with a 550 or 580 score.....what was their fully amortized rate? 7.5 - 8 with a 2.99 teaser? I know there were people lending at 100 LTV at 580 like Countrywide, First Franklin, etc but your teaser rate on the 2/28 was in the range of 6.5 to 7 pre meltdown. A lot of those people lost their homes....or should I say, walked away from their homes when they could not deal with the increase on the nut and saw that their "investment" was not gaining in value

Page 1 2 3 4 5 6 7 8