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Jumbo home-loan originations near pre-2008 crisis levels


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5 hours ago, cashnocredit said:

I've been getting cold calls every few days on a condo (San Diego) and an apartment complex (Texas) I own wanting to know if I'm willing to sell. I'm not but the numbers they are throwing out are ridiculously high.

 

Something strange is going on out there.


I'm getting a couple of calls a week, at least, that are obviously coming from call centers.  It's not just Rikki Realtor calling moldy contacts trying to resurrect ancient leads.


Generally if an unrecognized call comes from either of our area codes, it's either a recording from Debbie from Dealer Services wanting to sell me an extended warranty on an unspecified vehicle, or it's this.  
 

Sometimes I'll answer and immediately blurt out, "My house isn't for sale," which stuns them long enough that I can hang up before they can actually say anything.

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I've related our travails that have deferred the intended sale of our GA home and move subsequent to MA, having purchased a MA home in Dec 2019.  I wonder if there's been a better time in history to inadvertently be sitting on two homes.

 

In June, I received a cold call from a realtor asking if we were interested in selling our home.  Obviously, I suspected it was a "boiler room" call.  But the fact is that she had an active client, retired couple, who were looking to "downsize" ... and our 4000 sf w/ pool fit the bill precisely.  Supposedly they're content to sit tight until we're ready to make a move (I originally targeted August). 

 

No discussion of price to date.  Things will get interesting when we're ready to jump.  (Hopefully we don't manage to screw this golden situation up ... god know we've been pushing our luck!)

 

fwiw, Bev survived 5 afternoons of being hooked up to an infusion line, 3+ hours ea treatment.  Very mild side effects (modest headache a couple of days).  Very much hoping that this will suspend further nerve damage.  (likely repeating myself), treatment continues with one infusion every 3 weeks for the foreseeable future.

 

Next on her recovery ... aggressive PT to re-build muscle mass (she's lost 60+ pounds, at least half was muscle tissue) and re-train her brain to re-route nerve impulses to healthy tissue, essentially learning to walk on her own again.

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6 hours ago, cashnocredit said:

I've been getting cold calls every few days on a condo (San Diego) and an apartment complex (Texas) I own wanting to know if I'm willing to sell. I'm not but the numbers they are throwing out are ridiculously high.

 

Something strange is going on out there.

same here in the 702.

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7 hours ago, cv91915 said:

Generally if an unrecognized call comes from either of our area codes, it's either a recording from Debbie from Dealer Services wanting to sell me an extended warranty on an unspecified vehicle, or it's this.  
 

Sometimes I'll answer and immediately blurt out, "My house isn't for sale," which stuns them long enough that I can hang up before they can actually say anything.

 

Yeah, I get the car's out of manuf. warrant calls almost every day. Amusing. My car's 12 yeas old. Obviously just massive cold calls that are simply scams.

 

The calls about the condo are specific. Actual realtors that have worked the condos in the area (South of UCSD). Lots of buyers apparently. I haven't lived there in almost 20 years but it's a nice rental and I have great tenants. Give them a big break on rent since prop 13 keeps my property tax low on it. Happy tenants == happy landlord.

 

Not sure how they track me down for the Texas property.  It's in an LLC. It would take serious money to get me to sell it.

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7 hours ago, hdporter said:

fwiw, Bev survived 5 afternoons of being hooked up to an infusion line, 3+ hours ea treatment.  Very mild side effects (modest headache a couple of days).  Very much hoping that this will suspend further nerve damage.  (likely repeating myself), treatment continues with one infusion every 3 weeks for the foreseeable future.

 

Next on her recovery ... aggressive PT to re-build muscle mass (she's lost 60+ pounds, at least half was muscle tissue) and re-train her brain to re-route nerve impulses to healthy tissue, essentially learning to walk on her own again.

 

Best prayers to both of you.

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17 hours ago, hdporter said:

I've related our travails that have deferred the intended sale of our GA home and move subsequent to MA, having purchased a MA home in Dec 2019.  I wonder if there's been a better time in history to inadvertently be sitting on two homes.

 

In June, I received a cold call from a realtor asking if we were interested in selling our home.  Obviously, I suspected it was a "boiler room" call.  But the fact is that she had an active client, retired couple, who were looking to "downsize" ... and our 4000 sf w/ pool fit the bill precisely.  Supposedly they're content to sit tight until we're ready to make a move (I originally targeted August). 

 

No discussion of price to date.  Things will get interesting when we're ready to jump.  (Hopefully we don't manage to screw this golden situation up ... god know we've been pushing our luck!)

 

fwiw, Bev survived 5 afternoons of being hooked up to an infusion line, 3+ hours ea treatment.  Very mild side effects (modest headache a couple of days).  Very much hoping that this will suspend further nerve damage.  (likely repeating myself), treatment continues with one infusion every 3 weeks for the foreseeable future.

 

Next on her recovery ... aggressive PT to re-build muscle mass (she's lost 60+ pounds, at least half was muscle tissue) and re-train her brain to re-route nerve impulses to healthy tissue, essentially learning to walk on her own again.

Keeping good thoughts for you and Bev.

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8 hours ago, cv91915 said:

It will be interesting to see if / how much FHFA increases conforming loan limits this year.

 

Here is the 2021 announcement.

 

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2021.aspx 

 

 

 

 

At one time, financing a "jumbo" entailed an added degree of complexity:  Often a 1/4% higher rate and added time to process an app.  From what I observe, jumbo pricing is often on par with conventional (resulting in slightly smaller APR's given fixed fees on some charges), with near equivalent processing.  Of course, lender options are more limited since you need a lender that can either inventory the loan or has the means to place the loan since security packaging isn't an option.

 

In any case, I assume we're looking at an increase in limits of about 15% ... (but I may be discounting the sections of the country that have seen modest appreciation and aren't a focus for the media).

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8 hours ago, hdporter said:

 

At one time, financing a "jumbo" entailed an added degree of complexity:  Often a 1/4% higher rate and added time to process an app.  From what I observe, jumbo pricing is often on par with conventional (resulting in slightly smaller APR's given fixed fees on some charges), with near equivalent processing.  Of course, lender options are more limited since you need a lender that can either inventory the loan or has the means to place the loan since security packaging isn't an option.

 

In any case, I assume we're looking at an increase in limits of about 15% ... (but I may be discounting the sections of the country that have seen modest appreciation and aren't a focus for the media).


Jumbo pricing has some different drivers than conforming loans.

 

Sometimes the rates are lower.  I don't pretend to understand the interplay of all the moving parts.  :) 

 

And then there's super-conforming.

 

Even within conforming, the loan amount can matter.  On our last (and I do hope I mean last) refi we did a cash-out to get the loan amount high enough so we could get a lower rate than if we'd just refinanced the principal.
 

After closing we then dumped the cash we took out onto the balance of the new loan as an additional principal payment to contain the interest cost.

 

 

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