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Thread: Shopping for a mortgage
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02-28-2020, 10:49 PM #76Registered User
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02-29-2020, 06:40 AM #77
Locked in 3% on 15 year fixed (maybe lower by close?). Been at 4.875% on a 30 year for 9 years so will be cutting 6 years off for an extra $70/month. Couldn't be happier.
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02-29-2020, 10:45 AM #78Registered User
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Anyone ever converted a primary residence to a rental? How'd that go from the mortgage side of things - did you clear it with your mortgage holder and were there hoops to jump through?
Also, the rates I'm seeing on Zillow for refinancing in Portland OR are not amazing - 3.625% is the best I'm seeing with excellent credit. Doesn't seem to align with what other folks are reporting.
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02-29-2020, 11:49 AM #79Registered User
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It happens to the best of us you always need to keep the six credit cards you have hidden when you bring a new girl to your house you lete them in and it's like there digging for gold going through your drawers looking for money
2 houses no mortgage should I get a reverse mortgage until my daddy dumps some medical device start up he's funding and I get my dividends check in june?
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02-29-2020, 12:13 PM #80Registered User
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02-29-2020, 02:53 PM #81
If I understand your question, as long as the loan was owner occupied originally, you can move out and convert it to a rental with no questions asked. Per a FNMA Note, the loan is suppose to be owner occupied at least the initial 12 months, but even that can be got around for a good legit reason. (say a job transfer).
From talking to mags in a few other states, it seems like rates are not as good as what I can do in CA. Obviously, they have a much higher mark up on their cost of funds than me. Wish I could help, but I am to lazy to get licensed in other states.
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02-29-2020, 03:08 PM #82Registered User
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03-02-2020, 11:01 AM #83Registered User
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I was just quoted 2.75 for a 15 year fixed and 2.62 for 10 year here in MN from Wings Financial (credit union.)
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03-02-2020, 04:00 PM #84
In terms of rates, a refi makes sense for me right now. But I'm about to wade into an addition on the house that I'll need a loan for. Thoughts on the best way to go about that? Cost of the addition will exceed the current equity in the house, to the extent that matters.
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03-02-2020, 04:19 PM #85
Some banks will do that as a construction loan, but there can be hoops to jump through.
In other news, this morning's rates were easily at all-time lows. 3.125% 30yr fixed for top tier qualifications.
Bonds tanked a bit in the afternoon and most lenders pulled back. If they continue to tank tomorrow (and especially the next day), the no-brainer portion of this refi window may be closing. FAR too soon to speculate as to the probability of such things but it makes sense to be ready to lock.
Not subbing to thread due to work insanity, fyi, so I may not see follow up questions.
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03-02-2020, 04:31 PM #86
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03-02-2020, 04:34 PM #87Registered User
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03-02-2020, 04:40 PM #88
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03-03-2020, 11:03 AM #89
In case anyone is wondering about today's "surprise" Fed rate cut and the impact on mortgage rates, please don't call your mortgage person and ask if you can get 0.50% lower. Most lenders are offering much higher rates today due to yesterday's major tankage in bonds.
http://www.mortgagenewsdaily.com/mor...og/937527.aspx
mortgage docs usually not needed. They'll pull payoff figures directly. In addition to taxes and income docs, any asset documentation is a good idea (401k statements, verification of deposit for your bank if you keep much money there, any cash that is reasonably liquid, even if there's a penalty to access it).
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03-03-2020, 11:56 AM #90Registered User
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Still trying to get below 3.25% but I have a feeling banks are trying to hold the line.
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03-03-2020, 12:34 PM #91
3.125% widely available today, but this is a "top-tier" rate and would assume things like 20-25% equity, 740+ credit, and no funky occupancy or property features (i.e. owner occupied, single-fam residence, not a condo or investment property).
Will be interesting to see what mortgage rates do tomorrow with Treasuries having gone certifiably crazy today. Some lenders will keep better pace than others. If today's Treasury move remains remotely intact tomorrow, 3.0% will be doable for some lenders. Paradoxically, many other lenders will offer higher rates because this fallout (both from clients pulling deals in process and from refinancing previously originated loans sooner than expected) is killing their margins.
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03-03-2020, 12:52 PM #92
I have a 30 fixed at 3.5% on the primary and 30 fixed at 4.25% on the rental. Thought these were decent rates but suppose I should look into options
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03-03-2020, 01:35 PM #93
For the experts here, what's the standard rate difference between primary residence and investment property fora a refi? That's assuming best case scenario for the loans, ie super high credit score and home value > 3 x remaining loan amount. I'm not getting much luck getting rate estimates to refi my now rented house but based on the numbers I'm seeing here I doubt I could do much better than what I have now (20-year fixed at 3.125%, got it when the house was still my primary residence).
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03-03-2020, 02:18 PM #94Registered User
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03-03-2020, 02:19 PM #95
Just looked into it, our current rate is 3.35. How low would it have to go to not get eaten up in fees and other costs?
Forum Cross Pollinator, gratuitously strident
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03-03-2020, 02:22 PM #96
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03-03-2020, 02:37 PM #97
There's not an easy answer to that, as huckbucket indicated. Things like how long do you plan on staying in the house also come into play, and whether you're ok with resetting the term to a new loan. I'm at the same rate, 3.375, and haven't even investigated. My quick look at rates has been that it's probably not worth it for me until they hit 3%. Maybe 3.125, which I know they have briefly hit, but the savings is small enough there that it's no big deal to miss out.
"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
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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03-03-2020, 02:50 PM #98
Yeah, I agree. If the bottom falls out and they go below 3%, I’ll make some calls.
Probably $250 left on the loan, 20 years left, don’t/can’t know closing costs, really. Plan on living there ten, and then maybe moving back to Teton Valley, and renting it for mad money.Forum Cross Pollinator, gratuitously strident
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03-03-2020, 09:01 PM #99
Yes, 3.0 today by the close. Tomorrow should be similar. If you need a connection, I got buds (clients) there that I'd trust for my own loan.
Tomorrow could be 2.875, best case borrower and market movement. It was actually doable today at a few lenders. Sheer insanity and easily all-time low.
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03-03-2020, 09:25 PM #100Hucked to flat once
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Zillow is telling 4.0% on a 15 fixed for my zip-ID. Is it really supposed to be accurate or anywhere close? I’m at 60%+ equity, $160k balance, 800+ credit, 4 years into a 15 at 3.125%. Worth making calls to local lenders?
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