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Ted Rood
Senior Loan Officer ,  Busey Home Morgage
1 Insurance Center Plaza
Creve Coeur,  Missouri  63141
Comments
"Man, doing a cash-out while raising the rate on your entire loan balance by 70 bps sure seems like a foolhardy option compared with keeping a cheap first mortgage in place and doing a heloc for the cash. Who cares if the rate's a bit higher, or potentially not tax deductible, at least you're not tossing a first mortgage rate in the 3's for one in the 4's."    View Comment
"Thanks for mentioning Freddie's "somewhat obsolete" rate survey again, Matt. As outdated as it is when it comes out, it gets even worse when media outlets pick it up several days later after rates have had even more time to change. No one would want to track last week's stock movement 4-8 sessions later if they were interested in current stock prices, but for some reason that logic doesn't always carry through to bonds."    View Comment
"Here's your key takeaway: "60 percent is held by homeowners whose mortgages rates are below 4.0 percent". Cash out refinances aren't as appealing (equity or no) if your rate's going to go up considerably. Sure, HELOCs are an option, but their rates are headed up, seemingly every quarter."    View Comment
"Rates seem quite content where they're at, which is both good news and bad....Good, in that they're no longer rising daily.....bad, in that they're at multi-year highs. Guess it depends on whether you see the "rate glass" as half full, or half empty!"    View Comment
"As an 18 year loan officer, I'd love to hear more about those 100%, no appraisal loans, guessing if they really exist they are strictly a very local (likely CU) product. As far as the data, it's from the Urban Institute, which is hardly an objective party here. To say "default rates are "as low as they can possibly be" is completely subjective and hardly factual."    View Comment
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