General Question

jahnsmuth's avatar

When will jumbo loan rates be reasonable?

Asked by jahnsmuth (2points) November 24th, 2008
Observing members: 0 Composing members: 0

5 Answers

tonedef's avatar

What are you asking? When will the now jumbo rates become lower and more reasonable? Or when will it be reasonable for rates to be jumbo?

Also, please include more information re: your question in the appropriate field.

dynamicduo's avatar

There’s no real way to know in today’s economy. Even in yesterday’s economy, it’s pretty hard to accurately identify what next year’s rate will be.

As well, it depends on your personal financial history – your credit score, what state you are in, what bank you associate with. It also depends on what you define as “jumbo loan”, how much money are we talking here?

tonedef's avatar

Meta: also, dynamic, these questions so rarely result in follow-ups by the questioner, or in lurve. No wonder they make people cranky!

dynamicduo's avatar

No kidding, tonedef. This is a prime example of a subpar user so far – nothing in their profile, nothing contributed to the community, their first question is an almost unanswerable question, and they seem to have asked it and run away, not even providing clarification. Of course it could be that this user will start participating, and that would be nice indeed, but experience has shown me that this is not the case.

Cranky is too kind of a word. In my old community this was combated in a few ways. First off, a $5 membership fee deterred both spammers and takers (people whose only contribution is taking, not giving). Then, one needed a certain number of comments before being able to ask a question, which was great to instill a good habit in users. Even if a user accumulated lots of answers, they also needed to wait one week before asking, again to combat spammes who don’t like to invest time or money into spamming. Finally, each user can ask one question a week, which eliminates Google-able and silly questions.

Of course, it’s worthwhile to note that I did “leave” that community for Fluther (leave in quotes, I’m still a member of both, but I’m spending more time here nowadays). The set of rules gives the site a certain flavour, one that’s different from Fluther’s flavour. Each is appropriate for certain situations. But there’s no doubt in my mind that Fluther has more “silly” and easily-answered questions being asked by new and non-contributing users, and that might affect the site as it continues to grow.

AlfredaPrufrock's avatar

There’s money to be lent for business purposes by community banks, who will make large loans as a participation loan with other community banks to spread the risk. Unlike larger banks, most community banks have held with the same fiscally conservative lending standards that most banks had prior to deregulation—credit-worthiness of the borrower is key.

If you’re asking when banks will be able to return to lending money to people for houses they can’t afford, the answer to that is “never.”

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