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  1. #76
    Join Date
    Apr 2010
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    702
    Quote Originally Posted by liv2ski View Post
    Locked in a SFR with a $650k value, $400k loan amount, 780 credit scores at 2.50% (15 years) with a $2k credit towards his $2,300 in nonrecurring costs. Boy, some of these lenders are making bank off the public.
    Can you loan in Ma? Big loan, perfect credit & income?

  2. #77
    Join Date
    Jan 2007
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    Upstate
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    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.

  3. #78
    Join Date
    Feb 2008
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    1,584
    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.

  4. #79
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    Jan 2010
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    your vacation
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    Quote Originally Posted by Timberridge View Post
    I'm just a tick over 550 because I missed a couple payments on the Bentley and a chick I met on Ashley Madison rang some stuff up at Nieman Marcus. Any idea what my rate would be on a 30yr?
    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?

  5. #80
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    Feb 2008
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    Quote Originally Posted by fastfred View Post
    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?
    Wouldn't a HELOC be the way to go in that case?

  6. #81
    Join Date
    Aug 2007
    Location
    At the beach
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    15,980
    Quote Originally Posted by dan_pdx View Post
    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?
    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.
    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.

  7. #82
    Join Date
    Feb 2008
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    1,584
    Quote Originally Posted by liv2ski View Post
    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).
    That is what I was wondering about, thanks!

  8. #83
    Join Date
    Sep 2008
    Posts
    593
    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.)


    Sent from my iPhone using TGR Forums

  9. #84
    Join Date
    Dec 2007
    Location
    Hell Track
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    10,905
    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.

  10. #85
    Join Date
    Nov 2014
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    1,718
    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.

  11. #86
    Join Date
    Jan 2009
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    SLC burbs
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    2,968
    Quote Originally Posted by skaredshtles View Post
    Somehow managed to forget that the house is not my primary residence any longer and refi on an investment property isn't going to be as casual. Fook.

  12. #87
    Join Date
    Oct 2018
    Posts
    269
    Quote Originally Posted by mattig View Post
    be ready to lock.
    I remember they asked for tax returns and pay stubs... what else should I get together to speed things up on our end? Probably our mortgage documents would help...

  13. #88
    Join Date
    Dec 2016
    Location
    In a van... down by the river
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    8,181
    Quote Originally Posted by Boissal View Post
    Somehow managed to forget that the house is not my primary residence any longer and refi on an investment property isn't going to be as casual. Fook.

  14. #89
    Join Date
    Nov 2014
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    1,718
    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


    Quote Originally Posted by Garbowski View Post
    I remember they asked for tax returns and pay stubs... what else should I get together to speed things up on our end? Probably our mortgage documents would help...
    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).

  15. #90
    Join Date
    Apr 2010
    Posts
    702
    Still trying to get below 3.25% but I have a feeling banks are trying to hold the line.

  16. #91
    Join Date
    Nov 2014
    Posts
    1,718
    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.

  17. #92
    Join Date
    Mar 2009
    Location
    OR
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    1,795
    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

  18. #93
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    Jan 2009
    Location
    SLC burbs
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    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).

  19. #94
    Join Date
    Apr 2010
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    702
    Quote Originally Posted by mattig View Post
    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.
    Anywhere in MA offering 3.125 for top qualifiers?

  20. #95
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    Nov 2005
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    Down In A Hole, Up in the Sky
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    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

  21. #96
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    Jan 2007
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    Upstate
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    Quote Originally Posted by rideit View Post
    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?
    Directly depends on the size of the loan, number of years and the closing costs?

  22. #97
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    Sep 2005
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    PRB
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    26,346
    Quote Originally Posted by rideit View Post
    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?
    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
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  23. #98
    Join Date
    Nov 2005
    Location
    Down In A Hole, Up in the Sky
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    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

  24. #99
    Join Date
    Nov 2014
    Posts
    1,718
    Quote Originally Posted by VTeton View Post
    Anywhere in MA offering 3.125 for top qualifiers?
    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.

  25. #100
    Join Date
    Oct 2005
    Location
    Idaho
    Posts
    9,794
    Zillow is telling 4.0% on a 15 fixed for my zip-ID. Is it really supposed to be accurate or anywhere close? Iím 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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