Results 726 to 750 of 1276
Thread: Shopping for a mortgage
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11-19-2020, 01:53 PM #726
Yeah I can just have the mail forwarded for now. I'm not sure if I can keep my homeowners insurance active while the renter has their renters insurance on it.
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11-19-2020, 02:10 PM #727
Shite! Is that a purchase or a refi? What’s your LTV?
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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11-19-2020, 02:14 PM #728
Two different insurance products. Just don't change your own coverage so the lender doesn't get a note from the insurance co. showing a change, at least for the 60 days. If worse comes to worse just say you still live there 60% of the time with the renter as a housemate.
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11-19-2020, 02:17 PM #729User
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11-19-2020, 02:36 PM #730
I refinanced in June at 2.875, the way rates are going I may do so again soon. How long do I have to wait to avoid screwing the broker who did the June refi?
"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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11-19-2020, 02:40 PM #731
I'm looking into it and it looks like I'd need Landlord Insurance to cover the liability of a full time renter. Homeowners policy only covers relatives and myself.
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11-19-2020, 02:42 PM #732Registered User
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11-19-2020, 02:45 PM #733
Duck if I know. I assumed refi on a second home was the same as refi on a rental property. But it looks like rates are better on second homes.
Sent from my iPhone using TGR ForumsHowever many are in a shit ton.
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11-19-2020, 03:22 PM #734
WUT. Keep your fucking HO insurance, something that your mortgage no doubt requires, anyways. But get in touch with them and tell them you aren't there and neither is any of your shit.
Fun fact: if you have HO insurance for non-owner occupied and are renting somewhere else with renter insurance, your overall premium will be substantially less than your occupied HO insurance. This is because owner-occupied HO insurance figures if you have a total loss, like from a fire, they are on the hook for the structure and all of your personal property, to the limit of liability. But if you have two separate places, it is impossible that the same loss would create a policy limits payout situation.
Also: don't post about mortgage fraud.
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11-19-2020, 04:59 PM #735
Bluespark, don't change anything until enough time has passed to be in compliance with the lender occupancy rule. Don't fuck with the insurance and tell any tenant not to return mail to sender marked "Doesn't live here".
Jm2e, 2nd home rates are the same as owner occuppied.
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11-19-2020, 08:38 PM #736
Yea and if you don’t update it and you have renters in it who light it on fire or overflow the toilet they may deny coverage and drop you for renting on a homeowners policy. I’d leave it empty until your 60 days are up then switch. Also look for Rental Value / Rental Income insurance included in the policy and make sure you have enough between that and reserves to cover your mortgage and taxes for at least 12 months.
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11-19-2020, 08:52 PM #737
Thanks L2S, definite rookie refi mistake on my part. I wasn't previously aware of the 60 day thing. I thought all my ducks were lining up until I re-read that section= instant anxiety mode.
I've been trying to land this job for 2 years a I'm pretty sure this time it's mine. With how slow the HR works there it very well could be 2 months before I start. Otherwise, if the worst case scenario is I have to eat 2 mos. mortgage, so be it.
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11-19-2020, 08:57 PM #738
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11-23-2020, 12:16 PM #739Registered User
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I applied for a mortgage at 2.93% APR 12 weeks ago. They "approved" it but this morning received another email asking for updated documents that I previously submitted back in October and authorization of another credit report.
Rates look to have dropped another .5%. I'm thinking that if I have to re-submit docs anyway, I may as well look elsewhere. Has anyone walked out on an application getting this far along? Any consequences?
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11-23-2020, 03:13 PM #740
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11-23-2020, 03:19 PM #741Registered User
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Walked away from a refi and starting from scratch because their underwriter is a fucking moron. Getting 1/8 point less and saving $3k in discount so actually a better deal.
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11-23-2020, 03:42 PM #742Registered User
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- 532
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11-23-2020, 05:35 PM #743
I just checked with the guy I refied with in July, and he said mid-January is the date I need to get to in order for the bank not to claw the money back from him. He did offer 2.375 with a lender credit of $2500, said I could lock now and close on the magic date. May have to do this...
"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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11-24-2020, 10:25 AM #744
There is always a 6 month claw back period from all servicing lenders to the funding source if the loan pays off before at least 6 payments have been made. I find it amusing that none of my competition tells their borrowers about that upfront and ask them not to refi until 6 payments have been made.
To be clear, regardless of the ads you see on the internet, rates are not at an all time low. Just look at the YTD chart for TNX and you can see rates today are .25% to .375% higher than they were on July 29th (the low).
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11-24-2020, 10:36 AM #745
^^ thanks L2S, this is exactly the beta i needed. i like my LO and i don't want to fuck him over.
plus i don't think we've seen the bottom on TNX quite yet. between now and jan is gonna be a bumpy ride.
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11-24-2020, 10:37 AM #746
So, I locked with a closing date in January. Historic lows or not, I am at 2.875 and will get 2.375 on the new loan, with all fees/costs covered (not the prepaids). I have started to think about the whole thing as like a small cash out refi, because I will get back the existing escrow account and skip 1-2 payments, but that money in my pocket will just roll that few thousand dollars into the new loan balance. Still, a cash out refi that puts a few thousand in your pocket AND reduces your monthly payment by $100 isn't a bad thing.
"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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11-24-2020, 11:14 AM #747
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11-24-2020, 11:24 AM #748
Hey Danno, Who is your lender? I'm in Colorado as well.
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11-24-2020, 11:26 AM #749
My wife and I are planning to build an ADU and break ground in the spring.
Debating between the construction to perm or doing a HELOC then refi. Any thoughts about going one way or another? I thought this might have been asked already but the search function sucks and Rontele was busy.Live Free or Die
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11-24-2020, 11:27 AM #750Banned
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