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  1. #1126
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    Did not Google, but in the old days a Bridge loan was given to you against the equity in a current property to buy another. If the Heloc is cheaper to do the same thing, there you go.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  2. #1127
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    I just got a letter saying my home insurance was expiring because the bill wasn't paid. Called the mortgage company that ended up with our note after a refinance and was told it was my responsibility to send them the policy. I don't recall being told to do that- is that really standard practice? I certainly did not do any insurance policy logistics the first time I refinanced...

  3. #1128
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    Quote Originally Posted by Garbowski View Post
    I just got a letter saying my home insurance was expiring because the bill wasn't paid. Called the mortgage company that ended up with our note after a refinance and was told it was my responsibility to send them the policy. I don't recall being told to do that- is that really standard practice? I certainly did not do any insurance policy logistics the first time I refinanced...
    I have received notice before asking me to provide documentation of insurance to a new servicer, but most of the times it has happened automagically. And it seems pretty odd for them to just expect you to do that without demanding it in written form. Because a house without insurance represents a huge risk to them. Did you possibly toss a notice from them?

    In any event, provide them the info and I assume it will be paid tout suite!
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  4. #1129
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    Agree with Danno, fuck that servicing dept. I would tell them to just refund the escrow/impound acct balance and not collect it going forward and pay your own taxes and insurance when due.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  5. #1130
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    Thanks guys.

    I don't think I tossed anything as I was keeping a close eye on the escrow transfer and bragging about the savings to the wife, but maybe it was in the fine print. I figured it would/should happen automagically also- of course I provided a copy with the rest of our documents and I'm sure it would have been a dealbreaker if I did not.

    The servicer website (separate one for insurance that I had never seen before) showed the date of the policy in red as expired so somebody on their side had seen it and not cared which makes me suspicious they were going to sign me up for a shitty deal from their partner insurance or something.

    I still have a week before actual termination per the insurance company. I figure I can only lose here so worse case I'll have to take care of it myself.

    Quote Originally Posted by liv2ski View Post
    Agree with Danno, fuck that servicing dept. I would tell them to just refund the escrow/impound acct balance and not collect it going forward and pay your own taxes and insurance when due.
    Can I really do that? I would love to. I don't have PMI or anything, just a 'standard' 30 year as far as I know, but I thought the escrow part is always in the contracts.

    edit: I just quickly searched my closing docs for 'escrow' and saw nothing requiring it actually- the servicer's site says I can send a request in writing to be considered... definitely will do that, thanks. Google says sometimes you may have to wait a year, etc. any harm in trying early since it seems it is their decision? I'd love to just stop paying and make it my decision but I bet that will not go over well.
    Last edited by Garbowski; 08-05-2021 at 04:10 PM.

  6. #1131
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    My broker buddy just came to me at 2% for our 15yr we did a year ago at 2.65%. If I bring cash to close it saves me $250 a month. Our missed payment + escrow refund more than pays for the costs of doing the refi (I don't want to roll any costs into the loan after the last refi).

    Saving $45K for the cost of floating the closing costs for 1 month (until we get our escrow refund) is a no brainer, right?

  7. #1132
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    Quote Originally Posted by phatty View Post
    Saving $45K for the cost of floating the closing costs for 1 month (until we get our escrow refund) is a no brainer, right?
    No brainer is how I feel about it and have put my money where my mouth is. Though it's already been sold and my latest servicer is crappy but not a huge deal vs the savings. We have been paying the old amount too.

    You can calculate your breakeven date based on the fees you will have to pay, and it will probably only be a few months. Even if you had to sell quick after you refinance you can't lose much.

  8. #1133
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    Quote Originally Posted by Garbowski View Post
    I just got a letter saying my home insurance was expiring because the bill wasn't paid. Called the mortgage company that ended up with our note after a refinance and was told it was my responsibility to send them the policy. I don't recall being told to do that- is that really standard practice? I certainly did not do any insurance policy logistics the first time I refinanced...
    Who is your new servicer?

  9. #1134
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    Quote Originally Posted by krp8128 View Post
    Who is your new servicer?
    AmeriHome

  10. #1135
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    Heh, I have AmeriHome too. I can't recall if it was them or the servicer before them that pulled the insurance thing, and yes, maybe it is a "scam" because they will sign you up for their own insurance.

    And yes, you can definitely skip escrow, at least sometimes/with some servicers. IME, escrow was generally required as part of the refi, but after (maybe after a certain period) you could write a letter. I did that once, back when interest rates were higher and I could actually make a decent amount in interest by paying it myself. Hasn't been worth it to me in recent years.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  11. #1136
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    Quote Originally Posted by Garbowski View Post
    No brainer is how I feel about it and have put my money where my mouth is. Though it's already been sold and my latest servicer is crappy but not a huge deal vs the savings. We have been paying the old amount too.

    You can calculate your breakeven date based on the fees you will have to pay, and it will probably only be a few months. Even if you had to sell quick after you refinance you can't lose much.
    That's what I was thinking. We've been in the home for 15yrs and will likely be here until we pay it off. I usually keep paying the old amount, too. In the past 18mos I've gone from 24yrs left to 15 years and my payment is less now than it was. Crazy.

  12. #1137
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    Quote Originally Posted by Danno View Post
    IME, escrow was generally required as part of the refi, but after (maybe after a certain period) you could write a letter. I did that once, back when interest rates were higher and I could actually make a decent amount in interest by paying it myself. Hasn't been worth it to me in recent years.
    I'm in the middle of a refi, escrow waived from day 1. I would not have moved forward if they required it.
    Quote Originally Posted by DoWork View Post
    We can tell you think you're awesome- it's pretty obvious. I love it when you try to convince us all too, It's like a tripped out Willy Wonka boat trip across the galaxy of fail you call an existence and it is indeed awesome to watch. I mean, your fail is so dense it has become a "black hole of fail" that has a gravitational pull strong enough to attract the fail of others, hence the "dating sucks" thread scenario.

  13. #1138
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    Danno, escrow/impound account is never required on Conventional Financing with 20% or more equity, BUT some lenders may have given you a few hundred bucks better price to have one. If that was the case, getting it waived will be a PITA. Call the guy that did the refi when in doubt.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  14. #1139
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    Here's a weird one, kind of a long story.

    I recently tried to refi this condo that I've mentioned before that requires a non-conforming portfolio loan because Fannie and Freddie don't like how much commercial RE is in the building. I told the mortgage guy that it wasn't going to work, but he insisted he could do it, then called me yesterday after 2 months to tell me that he couldn't do it with a conventional, and I'd be paying 4.5% APR on a 5/1. Barf.

    So now, we are going to sell that condo and roll the money into other investments. We would be out $800 for the stupid appraisal that was complete BS too but I digress.

    I told the mortgage guy that we were considering selling it instead, and he suggested that I take the cash out refinance now, then sell the condo later. With the two months of no mortgage and our ability to rent the property, it would easily cover a majority of the the costs.
    There is no prepayment penalty, and it will apparently not screw him over (which I don't really care about because he is a schmuck). Bottom line, is we would be down $3K (which we could make up with STR rents) and it will sell for way more than we have invested anyway and it'll be rolled 1031 style. So kind of a wash financially.

    Benefit of taking the money now would be that I could have a solid down payment on a business that I've been considering, or a DP on another investment property to jump on if the opportunity came up. Otherwise I'd have to wait a few months for a sale to go through and possibly lose the business opportunity.

    So obviously this mortgage guy is just trying to salvage some kind of return on this deal by talking me into taking some cash out, but is there really that big of a downside to me that makes it a dumb idea? I mean, the housing market could crash and leave us hanging I guess, but that seems unlikely.

  15. #1140
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    I just woke up so not totally here yet, but the rate sounds really high and what about the closing costs? Are you paying thousands to get the cash out? Just put it on the market. Just remember, the buyer is going to get shitty loan options like you did, which will hurt the marketing of the unit I am sure.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  16. #1141
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    Quote Originally Posted by liv2ski View Post
    I just woke up so not totally here yet, but the rate sounds really high and what about the closing costs? Are you paying thousands to get the cash out? Just put it on the market. Just remember, the buyer is going to get shitty loan options like you did, which will hurt the marketing of the unit I am sure.
    Yeah, rate is high, it is non-conforming BS and one of the reasons we want to get rid of it.

    You are probably right, not really worth it to get the money a few months earlier and pay $3500 in closing. Even if it breaks even it isnít worth the headache.

    And the RE agent I talked to just sold one in the building for way over asking and has multiple cash buyers lined up to buy as fallout from that bidding war. So hopefully the mortgage thing isnít an issue.

  17. #1142
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    dude.......sell it.

  18. #1143
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    Quote Originally Posted by Name Redacted View Post
    Here's a weird one, kind of a long story.

    I recently tried to refi this condo that I've mentioned before that requires a non-conforming portfolio loan because Fannie and Freddie don't like how much commercial RE is in the building. I told the mortgage guy that it wasn't going to work, but he insisted he could do it, then called me yesterday after 2 months to tell me that he couldn't do it with a conventional, and I'd be paying 4.5% APR on a 5/1. Barf.

    So now, we are going to sell that condo and roll the money into other investments. We would be out $800 for the stupid appraisal that was complete BS too but I digress.

    I told the mortgage guy that we were considering selling it instead, and he suggested that I take the cash out refinance now, then sell the condo later. With the two months of no mortgage and our ability to rent the property, it would easily cover a majority of the the costs.
    There is no prepayment penalty, and it will apparently not screw him over (which I don't really care about because he is a schmuck). Bottom line, is we would be down $3K (which we could make up with STR rents) and it will sell for way more than we have invested anyway and it'll be rolled 1031 style. So kind of a wash financially.

    Benefit of taking the money now would be that I could have a solid down payment on a business that I've been considering, or a DP on another investment property to jump on if the opportunity came up. Otherwise I'd have to wait a few months for a sale to go through and possibly lose the business opportunity.

    So obviously this mortgage guy is just trying to salvage some kind of return on this deal by talking me into taking some cash out, but is there really that big of a downside to me that makes it a dumb idea? I mean, the housing market could crash and leave us hanging I guess, but that seems unlikely.
    That rate is way too high even for a portfolio loan. Get quotes from a local community bank or two, you should be able to get something in the 3ís. Are you in Colorado? Try Alpine or Firstbank.


    Sent from my iPhone using TGR Forums

  19. #1144
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    Quote Originally Posted by JaytaeMoney View Post
    That rate is way too high even for a portfolio loan. Get quotes from a local community bank or two, you should be able to get something in the 3ís. Are you in Colorado? Try Alpine or Firstbank.


    Sent from my iPhone using TGR Forums
    I dunnoÖ. For a commercial loan Iíd say thatís in the ballpark. Depends on region and a lot else, obviously, but around here 3.5% would be rock bottom and 4.5% wouldnít be atypical at all.
    focus.

  20. #1145
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    Quote Originally Posted by JaytaeMoney View Post
    That rate is way too high even for a portfolio loan. Get quotes from a local community bank or two, you should be able to get something in the 3’s. Are you in Colorado? Try Alpine or Firstbank.
    Not only is it a portfolio loan, it was also going to be a cash out, so maybe that's why it is high. I've checked with multiple other lenders over the years that we have owned it to see if I could get a better rate and it never worked out in my favor enough to pull the trigger. 37% retail by square footage is just something they can't overcome.

    It is a shame too, nice building, nice condo, great location etc etc. Rental has broken even or made money ever since we got it. But right now just seems like a good time to cash in and move on, maybe to something with better financing. Kind of exiting to see what it'll sell for. We didn't put a ton of money into the place but the upgrades that we did make will pay off huge I think.

  21. #1146
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    I hate doing condo loans, so I am not real up on them anymore, but I do occasionally get emails regarding non-warrantable programs and that is what you need. I googled that term and came up with the below. Call Penny Mac for sure:

    Non warrantable condo lenders are really Non-QM Lenders or some instances Portfolio Lenders. These lenders are typically not found in your neighborhood. Instead, they are lenders who specialize in niche mortgage programs. Below is a short list of just a few lenders who offer non warrantable condo loans.

    First National Bank of America
    Mortgage Depot
    Sprout Mortgage
    PennyMac Loan Services
    The Federal Savings Bank

    Keep in mind these are just a few of the lenders who offer non warrantable condo loans. Each of them have different guidelines and requirements. We also work with other lenders who may be better suited for your needs. Complete our loan scenario form to get a quote without pulling a credit report.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  22. #1147
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    Quote Originally Posted by liv2ski View Post
    I hate doing condo loans, so I am not real up on them anymore, but I do occasionally get emails regarding non-warrantable programs and that is what you need. I googled that term and came up with the below. Call Penny Mac for sure:

    Non warrantable condo lenders are really Non-QM Lenders or some instances Portfolio Lenders. These lenders are typically not found in your neighborhood. Instead, they are lenders who specialize in niche mortgage programs. Below is a short list of just a few lenders who offer non warrantable condo loans.

    First National Bank of America
    Mortgage Depot
    Sprout Mortgage
    PennyMac Loan Services
    The Federal Savings Bank

    Keep in mind these are just a few of the lenders who offer non warrantable condo loans. Each of them have different guidelines and requirements. We also work with other lenders who may be better suited for your needs. Complete our loan scenario form to get a quote without pulling a credit report.
    Thanks a lot man. Appreciate the info.
    I think that Iím past the point of doing a refi at this point. Recent developments have made it more beneficial to sell this property and roll it into something else.

  23. #1148
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    Well then be sure to look into a 1031 exchange.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  24. #1149
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    Quote Originally Posted by liv2ski View Post
    Well then be sure to look into a 1031 exchange.
    yeah, that's the plan. commercial property.

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