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Mortgage/Loan help

Discussion in 'Stocks, Investments & Finances' started by Voss, Sep 1, 2021.

  1. Sep 1, 2021 at 8:33 PM
    #1
    Voss

    Voss [OP] Dust in the wind

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    If you have any questions about getting a mortgage, refinancing a mortgage or getting any type of loan for a property in general, don’t hesitate to ask!

    I’m not sure if I’m using this section correctly(mods please let me know if I’m not) but I’ve had a tremendous amount of support from this community and since my area of expertise has nothing to do with our beloved trucks, thought I’d help how I can.

    If you want to know how to get the lowest rate on a mortgage, what you may qualify for/how to achieve your desired qualified amount, what loan programs are available for your situation or anything to do with getting a loan, I’m here for my Tundra Fam.

    I won’t be sharing my personal info but I’m happy to answer any questions you may have. Want to know if you are getting a good rate? Paying too much in closing costs? Getting the right type of loan for your situation? I’m here for you all.
     
    Last edited: Sep 1, 2021
  2. Sep 1, 2021 at 8:50 PM
    #2
    iHacker

    iHacker SW TRD PRO

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    Subscribed good to have a member in the real state business, if I ever have a question about this topic I’ll keep your thread in mind.

    Thanks for your advice
     
    GODZILLA, Voss[OP] and AZTundra like this.
  3. Sep 1, 2021 at 9:22 PM
    #3
    Voss

    Voss [OP] Dust in the wind

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    Great! Glad I can contribute to this community!
     
  4. Sep 1, 2021 at 9:45 PM
    #4
    blackdemon_tt

    blackdemon_tt Battery Slayer

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    Damn... missed ya by 2 weeks... I'm subscribing as well... for future reference..
     
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  5. Sep 1, 2021 at 10:18 PM
    #5
    Voss

    Voss [OP] Dust in the wind

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    Depending on your situation, we may want to talk even now. Something I try to educate my clients on is how to put themselves in a better financial situation after they’ve made their purchase.

    For example, most people don’t put 20% down these days which means they have Mortgage Insurance. If they have a FHA loan, their MI stays for LIFE. If they have a conventional loan and pay their MI separately, it could take them anywhere from 8-16 years to eliminate their MI.

    BUT…

    Once 6 months has past from the time of purchase, banks will use current market value to determine a borrowers equity. So if prices continue to rise and if renovations have been made, a borrower who purchased with as little 3.5% down may have 20% equity to not only eliminate their MI but also lower their rate resulting in a considerably lower monthly payment.

    At the end of the day, everyone’s situation is different but knowing what options are available for a persons specific situation can potentially save someone thousands a year.
     
    Last edited: Sep 1, 2021
    Ely010606, Haslefre, iHacker and 4 others like this.
  6. Sep 2, 2021 at 4:08 AM
    #6
    Bakershack

    Bakershack Critical of Noncritical Thinkers

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    Thanks Valod. Is there any way I can take advantage of today's super low rates for a house that I haven't built yet? I have the land and will be building soon, but that's it.
     
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  7. Sep 2, 2021 at 5:05 AM
    #7
    blackoutt

    blackoutt YEAH BUDDY!

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    30 yr jumbo refi, $950k, existing lender, $4600 closing costs, from 3.8% to 2.8%. Good enough deal to just jump or shop around to optimize a bit further?

    *asking for a friend. I have given them my opinion already but curious what you think. Great thread, I love this stuff!
     
  8. Sep 2, 2021 at 5:17 AM
    #8
    Joro43

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    I’d shop it. Depends on credit score and timing. However probably look to lock in soon as the 10 yr May increase based on inflation. Powell was dovish the other day, and everyone is anticipating an increase at some point here in the next few months. It also depends if your buddy’s original mortgage loan closed within 7 years. If so you can probably do better than 4600 closing costs. If not then that’s about standard for fees. I just refinanced about 2 months ago using a broker I found on lendingtree they were out of California and I never met in person but worked just fine for me here in TX
     
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  9. Sep 2, 2021 at 5:43 AM
    #9
    Medinasmoke

    Medinasmoke New Member

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    Refi after 6mths. Is stupid. If a person doesn’t have twenty percent when purchasing a home, they won’t have any money for renovations. Your house will not increase enough(20%). in 2yrs unless major renovations to remove you from pmi. Smart thing is , getting it removed your self, get below 80 percent of your loan (fast as possible). where it is normally removed from your lender
     
  10. Sep 2, 2021 at 6:27 AM
    #10
    rockmup

    rockmup New Member

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    Thats just simply not true for many people.
     
  11. Sep 2, 2021 at 6:45 AM
    #11
    blackdemon_tt

    blackdemon_tt Battery Slayer

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    This is good info... I could ude this with my brother, but I don't have a pmi payment though.....
     
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  12. Sep 2, 2021 at 6:56 AM
    #12
    NoRcptn

    NoRcptn Better than mediocre poster

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    I purchased my first house when I was 27 for 250k. Did not have 20% Down. After my total house bills, I had $400 dollars left over for living for the month. I refi’d in 6 months, removing PMI which was close to $300. Saved me. Two years later I sold that house for more than double the purchase price. So in my situation that advice worked.
     
  13. Sep 2, 2021 at 7:19 AM
    #13
    AZBoatHauler

    AZBoatHauler SSEM#140/ASCM#3/2ndGenNaysayer/BAF140

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    My house has gone up 30% over the past year. I’m not saying the top of the market is a good time to refi but to say the home can’t or won’t increase that much is ignoring what’s going on.
     
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  14. Sep 2, 2021 at 7:23 AM
    #14
    NWPirate

    NWPirate Tesla kool-aid connoisseur

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    Great thread, thanks for the knowledge!

    For anyone looking for a refi, check out Aimloan.com. They are a internet company out of San Diego, I've used them twice and have been really happy. I got a 15yr @ 2.0 earlier this year with a lender fee of only $995, very minimal closing costs.

    Hopefully this helps someone, let me know if you have any questions on them or the process.
     
    Voss[QUOTED][OP] likes this.
  15. Sep 2, 2021 at 7:42 AM
    #15
    Sundog

    Sundog Zoom Zoom

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    Really....I was looking at houses in a specific area only to learn median price of a single family home has increase >40% in that last year. It happens....
     
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  16. Sep 2, 2021 at 7:53 AM
    #16
    Tundra14Platinum

    Tundra14Platinum I love reading the CoC in my spare time

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    Watch Thread. Thank you.
     
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  17. Sep 2, 2021 at 7:55 AM
    #17
    GODZILLA

    GODZILLA Hail to the King, Baby.

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    Watching this one. I hope to build on the land I am on at some point in the future, so this is very interesting.
     
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  18. Sep 2, 2021 at 8:44 AM
    #18
    Funnyguy713

    Funnyguy713 I can't get Jiggy with this Sh!t

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    Just closed on my 1st house with a conventional loan through MCC and was wondering if 3.75% was good.
     
  19. Sep 2, 2021 at 8:53 AM
    #19
    dittothat

    dittothat New Member

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    I 100% agree with the statement. All depends where you live. I’m in San Diego and one home I almost pulled the trigger on in 2019 at 950k is now 1.8M

    Edit: I'm trying to find the old photos of this house from the listing back in 2019. I (believe) it was an older lady living in the place as there was a desk with huge mirror at the bottom of the stairs and makeup all over the desk. Like alot of elderly people, there was stuff everywhere..boardline hoarder. Some company came in and flipped it in 3 months. Here's a photo from the old listing.. they unfortunately took down all the rest. That towncar is pretty much resting on the frame.. probably hadnt been driven in 15 years.
    [​IMG]

    Here it is now.
    https://www.realtor.com/realestatea...armel-Park-Dr_San-Diego_CA_92130_M28453-97220
     
    Last edited: Sep 2, 2021
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  20. Sep 2, 2021 at 11:09 AM
    #20
    Voss

    Voss [OP] Dust in the wind

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    There are factors that could possibly justify a 3.75% rate on a 30yr fixed but in general, that is a terrible rate in today’s market. For a borrower with at least decent credit that’s purchasing a single family residence, rate should be 3% and below.
     
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  21. Sep 2, 2021 at 11:12 AM
    #21
    Voss

    Voss [OP] Dust in the wind

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    2.8% on a jumbo loan is Great! Closing costs most likely contribute a little to the rate so I would say $4,600 is justified.
     
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  22. Sep 2, 2021 at 11:16 AM
    #22
    Voss

    Voss [OP] Dust in the wind

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    There are banks who offer construction to permanent loans so yes, you can lock in at today’s rates while building your home. They’ll fund a portion of the construction and once it’s completed, it’ll automatically convert to a 30yr fixed mortgage and they’ll even include the loan(if any) that exists on the land. This actually saves you money because you don’t have to apply for 2 loans(construction & typical mortgage).
     
    Last edited: Sep 2, 2021
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  23. Sep 2, 2021 at 11:22 AM
    #23
    Kimosabe

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    Since payments are made in arrears, your first payment is usually combined into the closing costs. If you choose a closing date close to the end of the month it will lower that initial payment; thereby reducing your closing costs.
     
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  24. Sep 2, 2021 at 11:24 AM
    #24
    alb1k

    alb1k Always Coming From Take Me Down

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    Agreed, mine went up 31% in 18 months from PP to new appraisal. I was shocked and that's not normal or to be expected - but we did refi.
     
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  25. Sep 2, 2021 at 11:24 AM
    #25
    FirstGenVol

    FirstGenVol Brake Czar

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    This is good info. We closed April 30th. 3% for 30 years. We put around 10% down and we've since made a lot of renovations. I do have a question on the part in bold. Are you saying the lender will offer me a lower rate if I eliminate PMI or would I need to refinance? We were hoping to get in below 3% but it didn't happen at that time.

    One thing of interest is that since closing, both our credit scores have dropped quite a bit. I googled this and it's apparently common after purchasing a home.
     
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  26. Sep 2, 2021 at 11:31 AM
    #26
    Voss

    Voss [OP] Dust in the wind

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    Mortgage payments(days of interest on the mortgage) is not considered a closing cost. It’s your mortgage payment.
     
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  27. Sep 2, 2021 at 11:36 AM
    #27
    Voss

    Voss [OP] Dust in the wind

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    Having your credit scores drop after getting a mortgage is typical. Anytime a person opens a new credit line, fico scores will typically drop anywhere from 30-60 points. The good news is they’ll rebound and in most cases rise above where they were before after about 6 months.

    Banks won’t give you a lower rate because you are removing PMI but because you have more equity. Yes you do need to refinance for banks to use your current equity vs your purchase price. At the end of the day, the savings outweighs the costs of a refi in most cases. You may even save the entire refi cost within 1 year and be saving for the remaining 29 or something very close to it.
     
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  28. Sep 2, 2021 at 11:49 AM
    #28
    Kimosabe

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    Yes, but it has to be paid at the time of closing. Not a closing cost, but it reduces the money you pay at closing.
     
  29. Sep 2, 2021 at 11:53 AM
    #29
    Voss

    Voss [OP] Dust in the wind

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    Top of the market is the best time to refi as long as rates are low because your mortgage will be priced with your home having the most equity.
     
  30. Sep 2, 2021 at 12:04 PM
    #30
    Voss

    Voss [OP] Dust in the wind

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    It does have to be paid but it increases the amount you have to pay at closing because it’s in addition to closing costs. Over all, a borrower would spend a little less paying days of interest(mortgage payment) through the refi vs making their mortgage payment because only interest needs to be paid on the mortgage during the refi process where a typical mortgage covers both interest & principal.
    End of the day, the person getting a 2.8% rate on a Jumbo loan with $4,600 in closing costs is a great deal! Payment on $950k at 3.8% is just over $4,400 a month vs $3,900 at 2.8%. The savings would cover the refi costs in less than a year. Jumbo loan typically have higher rates than conventional loans and 2.8% is right around the average on conventional loans so this person is getting a great deal.
     
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