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Opinion: Why we need a mortgage rate reset

Housing Wire

What if that one loan turned into three to six loans? They went to their bank and get a 30-year fixed rate loan. By 2004, they heard they could refinance, possibly get some cash out. Some went risky with a popular ARM loan and got a 6.5% For starters, there will be fewer of us — loan officers, banks, brokers.

Mortgage 432
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Will Homeownership Bankrupt Americans?

DataMaster

After months of being outbid, he decided to wait and see if the housing market cools off a bit. in April 2004. Ask a bank or loan officer, though, and their suggestions are higher, ranging from 28% to 35%. He simply didn’t have the extra stores of cash to outbid those who did. But the range goes even higher!

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article thumbnail

Will Homeownership Bankrupt Americans?

DataMaster

After months of being outbid, he decided to wait and see if the housing market cools off a bit. in April 2004. Ask a bank or loan officer, though, and their suggestions are higher, ranging from 28% to 35%. He simply didn’t have the extra stores of cash to outbid those who did. But the range goes even higher!

article thumbnail

Will Homeownership Bankrupt Americans?

DataMaster

After months of being outbid, he decided to wait and see if the housing market cools off a bit. in April 2004. Ask a bank or loan officer, though, and their suggestions are higher, ranging from 28% to 35%. He simply didn’t have the extra stores of cash to outbid those who did.