Posted by Roger_OH on 12/25/08 10:33pm
Msg #272819

Optimistic trend for 2009...

An Associated Press story today noted that fixed-rate mortgage rates fell to a record low for the second straight week, causing refi applications to surge to the highest levels in over 5 years. It also pointed out that a credit score of at least 600 is usually needed to qualify.

This EOM has been the best in quite a while; hopefully it's a harbinger of better times for all of us.

Best wishes for the New Year!

Reply by Bob_Chicago on 12/25/08 10:46pm
Msg #272820

Spoke to someone at a title co this week. She told me that.

based on title orders in process, her message to me was:
"Buckle up "
Sure hope she's right.
Five so far for tomorrow, but anticipate a bunch of "last minutes"
Happy and healthy ,Rog to you, wife and kids.

Reply by Joan Bergstrom on 12/25/08 11:36pm
Msg #272821

Re: Spoke to someone at a title co this week. She told me that.

A loan officer friend of mine 2 days ago (Riverside CA) told me "to get ready."

46% of Riverside, CA County homes are up side down. San Bernardino County has 39%

The average for the rest of the country is 18%.

If my loan officer friend is correct, we are going to see a ton of refinancing loans in 2009.

Time will tell how many occur in the Inland Empire?

Hope everyone has a great EOM.

Reply by Ilene C. Seidel on 12/26/08 7:51am
Msg #272825

Re: Spoke to someone at a title co this week. She told me that.

I've had one for the entire month in Florida

Reply by 101livescan on 12/26/08 9:51am
Msg #272830

I'm seeing the same trend on the Central California Coast. Things are starting to pop. Let's all pray for a prosperous, happy, healthy and fulfilling 2009 and beyond. It's been a tough year, and there are still more foreclosures coming down the pike.

Reply by PA_Notary_II on 12/26/08 2:50pm
Msg #272844

I have had 2 companies tell me that I had better be ready for an overwhelming influx of re-fis in the next 3 months. I sure hope they're right.

Reply by Todd/OH on 12/26/08 7:36pm
Msg #272858

Roger is far busier than I am and we're in the same state. I can't tell if borrowers are waiting for the new year or what, but it's sure quiet where I am. I agree - the potential is out there.

Reply by sue_pa on 12/27/08 8:38am
Msg #272867

ended up w/7 yesterday and turned away 3 because of time constraints.

I am doing the FHA streamlines ... going back to borrowers I've been to in the past year. I'll be back again in early spring when the interest drops again. I made A LOT of money doing these streamlines back in 2003/4.

An observation/prediction I had that I am now seeing ... every one of these I've recently completed where a spouse was removed from the deed earlier in the year and they were told the spouse would be put back on once the deal went through ... not one of them has been. I somehow 'knew' none of these individuals would take the proactive steps to get this completed. Several have asked me again why it wasn't done, how to do it, etc. My pat answer ... "If your LO told you that your spouse would be put back on the deed, you need to contact him for guidance". I guarantee when I go back in the spring none of the spouses will be on those deeds.

Another general observation regarding FICO scores - two loans yesterday - one showed a credit range for the two of them between 780-805 - their interest rate was 5.25%. the other had theirs already averaged 531 and 579 - their rate was 5.5% ... they didn't buy their rate down.

Reply by Teddog/CO on 12/27/08 10:05am
Msg #272870

I do believe that things are picking up already. December has been the first really busy month I've had in a long time.

Hopefully we will see a surge that will last for quite a while. That would be a very nice Xmas present for everyone.

My best to All in the coming New Year !!

Reply by sue_pa on 12/31/08 2:40pm
Msg #273230

I'm finished working for the year but 2009 does look to be off to a good start.

So far, nine appointments scheduled in January for four different companies.


And now, I'm off for my nap so I'm able to be awake at midnight.