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My Favorite Quotes
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 Keith Gumbinger - “If you've already got one set up, you're good to go.”
 Keith Gumbinger - “I would definitely expect more of it. Buyers may not pay for it. The seller or builder may pay for it to get a house sold.”
 Keith Gumbinger - “This would free up cash now, while still minimizing their exposure to rising rates during the period they expect to remain in the house.”
 Keith Gumbinger - “These loans can be of value for people who want to save or invest the money they would have paid in principal, ... Unfortunately, the way the product has been pitched, borrowers have been encouraged to stretch their budget to buy more house.”
 Keith Gumbinger - “Does that mean (consumers will) stop borrowing because it costs them another 5 a month Probably not. It may influence decisions. I don't think it halts decisions.”
 Keith Gumbinger - “If you're the gambling sort, you could get into an interest-only product and bet that the market will build equity for you.”
 Keith Gumbinger - “If you're making a pre-payment on your mortgage principal, ultimately you'll pay less interest,”
 Keith Gumbinger - “The optimal thing to do is to lock in your interest rate.”
 Keith Gumbinger - “This is very popular right now because it lets you draw some money out of your home and improve cash flow. If you do this, resist the temptation to draw too much equity out of your home.”
 Keith Gumbinger - “For most home buyers, especially first-time buyers, taking a 15-year (or 20-year) mortgage is out of the question.”
 Keith Gumbinger - “People are a little more realistic about their time frame, especially young folks,”
 Keith Gumbinger - “Leveraging yourself out at a time when (home) prices are very high certainly could set you up for difficult times.”
 Keith Gumbinger - “What is new today is that lenders are allowing for the layering of risks on top of one another. What we don't know is what if we put all these risks together and put them in a rising interest rate environment, a declining housing market, or a weakening economy.”
 Keith Gumbinger - “What is new today is that lenders are allowing for the layering of risks on top of one another, ... What we don't know is what if we put all these risks together and put them in a rising interest rate environment, a declining housing market, or a weakening economy.”
 Keith Gumbinger - “If you re-extend from 15 years back out to 30 years, that might reduce your monthly payment by 30 percent, ... If there isn't a likelihood that you'll pay off your mortgage, the re-extension of the term of your loan could measurably improve your cash flow.”
 Keith Gumbinger - “Someone who will be out of their home within five years to seven years can save some money with an ARM. But you have to be aware of the reality that interest rates are likely to be somewhat to significantly higher in three years, five years, 10 years down the road from today.”
 Keith Gumbinger - “With rates as low as they are people can cut years off the mortgage for the same monthly payment.”
 Keith Gumbinger - “If you've refinanced in the last 18 months or two years, this movie's a rerun. Rates aren't at compellingly low levels.”
 Keith Gumbinger - “A quarter point here, a quarter point there, and soon you start to feel the pain of significantly increased monthly payments,”
 Keith Gumbinger - “Expanding your menu (as a lender) to include as many loan choices means you get a better opportunity to scour borrowers out of niche markets.”
 Keith Gumbinger - “No-money-down home purchases used to be the kind of thing you only saw on late night TV.”
 Keith Gumbinger - “They're trying to make home prices more expensive, so some of this speculative activity will decrease, and incomes will have a chance to catch up.”
 Keith Gumbinger - “If you plan to be in your house for decades, on the other hand, you might consider paying points to lock in the best long-term rates. Points, which cost one-half of a percent to 1 percent of the loan and are paid up front, let you buy a better interest rate. If you pay points up front, it's harder to get your money back, ... When rates are high, borrowers have to pay points to trim rates any way they can, but with rates so low there is really no need to pay those points.”
 Keith Gumbinger - “If you plan to be in your house for decades, on the other hand, you might consider paying points to lock in the best long-term rates. Points, which cost one-half of a percent to 1 percent of the loan and are paid up front, let you buy a better interest rate. If you pay points up front, it's harder to get your money back, ... When rates are high, borrowers have to pay points to trim rates any way they can, but with rates so low there is really no need to pay those points.”
 Keith Gumbinger - “The risk with an ARM is that when interest rates rise, you could end up paying much more than you bargained for. You're subject to the vagaries of the market, ... You want to maximize the fixed-rate picture to match your time frame.”

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