Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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The secondary mortgage markets are just totally out of wack. Conventional loan rates are almost at 8% plus points. Mortgage rates on government loans are over 7% with points. Rates are much higher today than they were three weeks ago. Last week, rates took a slight downturn but yesterday, it went straight back up. Mortgage Rates will come crashing down. Watch and see. There is no way rates and housing prices will keep on going up and up. Not possible. Home prices will tumble. Any homeowners who need a cash-out refinance, should do it now before they see up to a 40% housing correction in the coming months.
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Please check out these great manufactured homes. Hands down, these manufactured homes look better than stick-built homes.
https://www.youtube.com/watch?v=7kjjqBbdv2o&ab_channel=Chance%27sHomeWorld
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Nice, Mehgan.
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Scheduled the Utah PLM exam again for tomorrow morning at 8 am. When I took the test this morning it was only 60 questions. I think the Utah PLM exam will credit you the right answers and retest your only on the wrong questions . I will see tomorrow morning.
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Manufactured home for $72,000. Great buy.
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Lisa Williams is purchasing a one-unit Single-Family Home as a second home, with a sales price of $427,000 with maximum LTV on a conventional loan with a 6.5% interest rate on an ARM and is closing on Tuesday, March 10th. What is the total amount of the prepaid interest Lisa will pay at closing? Calculate based on a 365-day calendar year. &1505.61
Feedback: On Tuesday, March 10th, the loan will close and fund the same day because there is no right of recission on second homes. The maximum LTV on a second home is 90% = a loan amount of $384,300. Loan amount =$384,000 X .065 = $24,979.50 / 365 = $68.4369 X 22 days = $1,505.61 prepaid interest paid at consummation of the loan.
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If I fail tomorrow, I am going to have to purchase this. This is getting serious now. Took the exam three times, and tomorrow will be my fourth attempt. Got a 62 today.
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