Comments on: Where Can I Get A 2% Mortgage?

By: Geo

Geo — Thu, 21 May 2009 19:12:07 +0000

That isn’t true, nacho. Read the actual plan outlines: http://www.financialstability.gov/docs/borrower_qa.pdf

The MHA refinance part clearly states that if your loan-to-value ratio is even 105% (in other words, instead of having 20% equity, you only have -5% equity because your home is so devalued), as long as your lender is one of the bailout recipients (which is very, very likely), they are forced to accept your application for refinance as long as your credit score is good, you have a stable income that covers the new payment, and you haven’t missed payments in the past. You aren’t shut out at all. The refinance plan is to reward responsible people like you and me. In fact, this week, we just finished a refinance to go from a 6.6% fixed rate to a 5% fixed rate. Our equity plunged from 27% to 10% in less than a year because our home was devalued, so there was no way we could have done it without this govt program. I’m not crazy about bailouts, but at least banks are finally being forced to do something good with the money they got – reward responsible people! And, by the way, 5% fixed is a pretty damn good rate. If you can’t qualify for lower, it’s not because you aren’t eligible.

By: Nacho

Nacho — Wed, 20 May 2009 17:15:34 +0000

“all that will remain will be the uber-rich (Buffet, Gates, Oprah, Trump, Soros, et al) & the desperate surfs on the bottom graveling for more social programs. Sounds like a recipe for a 3rd world country to me.”

Well maybe not 3rd world country, but it is a recipe for a heavily governmentally controlled state. The more people that rely on the government for food, water, housing, the more powerful government can grow. The good thing is, this is not a stable state. The bad thing is, it will have to get a lot worse before the ignorant masses realize their mistakes.

An increase in welfare programs and government manipulation in the markets (particularly cap-and-trade), will only result in businesses/jobs leaving this country. While at the same time, the incentives to get higher education drop, and the wealthy shelter their money from growing taxes.

This is where we are headed. Its been slowly happening for years, but with Obama the pace has quickened.

Our founding fathers were very intellegent men, that had a great idea. Lets not F it all up….

By: Jennifer

Jennifer — Tue, 19 May 2009 14:03:17 +0000

Are you freakin’ kidding me???!!! What a ridiculous program. Just another BAND-AID to a situation that the American people put themselves in!! Why should I pay for someone else’s mistakes?

How about some personal responsibility!! Sure, I’d like a 2% mortgage, but Brian’s right, who’s going to pay for the rest of the money when the banks don’t make any on a low interest rate??? WE WILL (the responsible ones)!!

and in response to mgp, Amen, I say, AMEN!!

By: George

George — Tue, 19 May 2009 12:29:22 +0000

Brian- I never saw the answer to the question- So exactly where do you go to get this mortgage?

By: Kimberlyn

Kimberlyn — Tue, 19 May 2009 03:32:15 +0000

Well I have to say to you that the bail out program will not help nearly the people that are suffering from the loss of income today. Why do you think your paying. If you do not want to refinance and still can, that is your option. If you take a responsible borrower who has never had these issues before now, what about them. People took loans that were risky, yes. But usually could refinance out of them when the time came. People have been doing this for years folks. Unfortunatley the values are lost. So who’s fault is that? Let’s not play the blame game folks and lets help people in these times. Even the modifications that are taking place are not from the government money really. It is the lawyers that are being hired to defend wage loss. That is what is going on here. A loan modification is not that easy even if you have a government loan. I know, I called to see what is up and Citi Mortgage told me to go pound sand! This article talks about all the money they got. I can still modify my loan due to income loss as these banks do not want these homes back folks. I have gone into the loan modification business in an effort to educate homeowners of the difference of what they get from the bank, the run around, and what they get when they hire a lawyer. It is sad to see so many angry people thinking someone is going to get something for free. Nothing is free. Modify your loan if you can. Hire a lawyer. Call me and I will let you know if your qualify. 866-274-3222

By: elianne

elianne — Mon, 18 May 2009 22:54:21 +0000

The idea of 2% mortgages should be dubbed “The Let’s Really Screw Seniors Act.” Any financial adviser will tell you the closer you are to retirement or retired the more conservative your investments should be, ergo many retirees invest in Cds. Many banks are now offering less than 2% earned interest & in 2011 Obama wants 20% tax on that 2% (as opposed to the current 15%.) 2% mortgages will result in banks having to charge folks to save, thereby depleting their savings. The FED is already purchasing treasuries all the way to 2016 in an attempt to keep rates low. The Obama administration’s mantra is “rewarding work not wealth” but more aptly phrased should read: “punishing savings & rewarding debt”. If this nonsense continues the upper middle & middle classes will cease to exist with a few years, all that will remain will be the uber-rich (Buffet, Gates, Oprah, Trump, Soros, et al) & the desperate surfs on the bottom graveling for more social programs. Sounds like a recipe for a 3rd world country to me. I’m not a mean person, I’d like to see folks who lost their jobs or had catastrophic illness’ get some help but that’s not going to be who benefits…I’m fed up!!!!

By: nacho

nacho — Mon, 18 May 2009 16:41:56 +0000

Chris, if it where that easy, this whole “crisis” would never have happened.

And my personal story: My wife and I bought our first home just about 14 months ago (4 weeks before the retroactive $8000 tax break on new home purchases), figuring that it was an excellent time to buy, and we did in fact get a great deal. We locked in at a very good, and with about 10% down, the rate ended up around 5%. Now the market locally has fallen just about that 10% since (though we are probably not underwater…yet). So, we looked into these refinance, etc., programs to help us out some. But no, we make too much money. Our mortgage is only about 1/3 of our combined income. So, we were smart. We bought a mortgage that we could still pay if one of us lost our job. Now the government is effectively punishing us for our good decision because our taxes pay for these bank bailouts, and refi’s, while we don’t qualify for any of the benifits of these programs.

What a country.

By: Robert

Robert — Sun, 17 May 2009 20:00:13 +0000

I am so sick of the Governemant and all it BS.
I can’t refi and I can’t sell !!!! At leat i know the EMC servicers will be out in a few months to a year when all the option arms they did come due. EMC called me today to tell me to seek another bank other than JPM so i could get out of an option arm. The BIT** had the nerve to tell me it was my fault i was under water. I had to remind her that they hired the appraiser not me.
I know for a fact the Congress does not want the home problem to end. I have spent hours and days if they really wanted this mess cleaned
1. They could go to all the people who are paying on time and have jobs and income refi them regardless of value to 4.5% assumable loans.
2. They could then raise the interest rates which would pull in new sideline buyers and allow fixed incomes to rise. (Added put stop to inflation and free up cash)
3. Bring back the old FHA 203K program for investors. This alone I would be able to put 1000 people back together.
4. Term limits and vote every last one of the BUMS in office out !!!!

By: Tom Fendley

Tom Fendley — Sat, 16 May 2009 14:04:24 +0000

I believe everyone should receive this 2% deal regardless of income. The rich are paying enough in taxes. Everyone is paying to much in taxes. Taxing the rich more just means more job losses. People are naive to think that government is on your side. Most elected officials are self-serving. Look at the information just released where the average government employee makes 2 times what people in the private sector makes. Even if everyone received this break on their mortgage and were to have more money to spend on other things, their cost of living is still going to increase because of the cost of food and services. Just look at all of the fees and taxes on your phone bill, electric bill, gas bill, gas at the pump, hotel taxes, etc. I am a patriot. I spent 22 years in the U.S. Army serving the naive people of the U.S. You can’t get something for nothing.

By: Cindy

Cindy — Sat, 16 May 2009 07:12:59 +0000

I want a 2% mortgage rate too, but not at the expense of my fellow American taxpayer. It’s just another idiotic idea created by an idiotic administration and it’s going to backfire just like everything else they are doing. No, I’ll keep paying the 6.125% on my house that’s worth less than I can sell it for. It’s what I signed on the dotted line for and I’ll continue to be responsible and call it my “home”. If at some point I become unable to make the payment, I’ll accept my fate and rent. Bad stuff happens and we make adjustments but it’s wrong to make others pay for our mistakes or unfortunate circumstances. Our government and a lot of Americans are like some of the passengers who were on the Titanic. They are in denial. Our country is sinking and not everyone can be saved.