non-conforming loans!!?

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What’s the easiest way to monitor rates for non-conforming loans? I see the national mortgage rates went down, but when I asked my lender for my mortgage rates (trying to get a loan) totally the opposite, so I was wondering if there are any website to monitor rates for non-conforming loans so I can lock my interest rate once it comes down. any tips would be great. thanks!

5 Comments
  1. Reply
    bostonianinmo
    January 22, 2011 at 5:47 am

    http://www.bankrate.com monitors all interest rates on all types of credit.

  2. Reply
    chicka
    January 22, 2011 at 6:38 am

    Non conforming rates generally do not change daily like conforming rates. They are tied to Wall Street ratings rather than Bond ratings. They could change weekly, monthly, we never can tell. LOL
    I hear rumblings of more sub-prime rate increases coming down the pike. If you are within 30 days of settlement, you should be able to lock in.

  3. Reply
    loancareer
    January 22, 2011 at 6:51 am

    In short, no.

    Conforming, or FNMA loans all fall within the same paramaters so rates, while varied, can be published and tracked. Non-conforming is a very broad brush. It isn’t a “Type of loan” as much as it is a “Group of exceptions” lenders are willing to make under certian and always changing criteria. In this market you may be lucky just to find a lender willing to do non-conforming products.

    I could probably give you an idea of what and where to track if I had a clearer idea of what you mean by non-conforming.

  4. Reply
    Mark M
    January 22, 2011 at 7:01 am

    What you saw was an industry issue. The market for non-conforming loans dried up. Too much to explain here though.

    We haven’t caught up to that market issue yet.

    Our 30 year non-conforming no point deal is still 6.625%, 2k in closing costs. No joke, no bait and switch. 65% D/I ratio available with high credit score.

    I don’t know if that solves your problem.

  5. Reply
    Terry S
    January 22, 2011 at 7:58 am

    Non conforming loans “Blew Up” two weeks ago.

    They are NOT tied to Freddie Mac or Fannie Mae.

    The only 2 lending organizations today that are willing to do loans.

    Wait for the dust to settle.

    Stay in contact with your mortgage broker.

    They eat, sleep, drink the rates on all kinds of loans every single day.

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