Shopping for a mortgage

[liv2ski]

Inspector Gadget used to be the official maggot mortgage broker, it could be you if you got licensed in CO, UT, etc!

I will look into it. I should be able to pass the brokers tests pretty easy. Thing is, I am certain I have to take the test in state. Road trip!

[muted]

Thanks man, let me get some thoughts in order before I bother you. Gotta see the atmosphere at the house tonight before deciding if it's worth pursuing any further...
I'd PM you about my house but I refi'ed 2 years ago for 20 years at 3.1% and it's now a rental so I don't think it makes sense.


Ms Boissal is only occasionally mad at me. Right now more than usual because of being cooped up (and wanting a new mountain bike but not finding exactly what she wants).
On the other hand, I can guarantee there is always at least one cat who is pissed at me. Even if I'm not around. Moody creatures.

I would recommend not approaching this subject tonight. Cool-off time can be long, she might be simmering until 2021.

[VTeton]

I was offered 2.95% for a 30 yr jumbo last night. I immediately applied. Its a small bank in Boston that wants to pickup some deposit business.

We going to see 2.5 soon?

[jm2e]

Better.com
- Sounds great, doesn’t do Virginia

Owning.com
- Sounds great, doesn’t do Virginia


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[liv2ski]

Surely some hack on Zillow Mortgages is priced better than what you posted yesterday?

[Danno]

Exactly, just running your circumstance through zillow will give you numbers. And FWIW, I refied once through Zillow and it was super smooth, and in the process of another one that has gone smooth so far. They are real lenders and the quotes (for me) have been real. Read the reviews, they're not fake (at least not all of them!).

As for the one that liv2ski posted above, I did try to get a quote through Sebonic once and they were really slow, so slow that by the time they did get back to me the rate was gone.

[jm2e]

For whatever reason, Rocket Mortgage was a dead end for me. Spent way too much time entering my financials last night only to get the message that they need to get more info on the phone. Phone line says too buys to talk, try chat. Wait 45 min for chat, guy asks for all the info I entered last night. I told him to eat a dick.
Tried again later today. Still no phone option. Now, no chat option.

Meanwhile, I’m up to 4 brokers who don’t do Virginia.

This is so fun!


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[skaredshtles]

Virginia.

Definitely see your problem.

[liv2ski]

For whatever reason, Rocket Mortgage was a dead end for me. Spent way too much time entering my financials last night only to get the message that they need to get more info on the phone. Phone line says too buys to talk, try chat. Wait 45 min for chat, guy asks for all the info I entered last night. I told him to eat a dick.
Tried again later today. Still no phone option. Now, no chat option.

Meanwhile, I’m up to 4 brokers who don’t do Virginia.

This is so fun!


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jm2e, the above screen shot lends in VA

[mattig]

(Bloomberg) -- U.S. mortgage rates fell to a record low for the third time since the coronavirus started roiling global markets.

The average for a 30-year fixed-rate loan was 3.15%, down from 3.24% last week and the lowest in Freddie Mac data going back to 1971. The previous record, 3.23%, was reached last month, shattering March’s low of 3.29%.

This is typically outdated by the time it comes out FYI.

Really only tracks Monday and Tuesday vs Monday and Tuesday.

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[mattig]

Oh and FYI, I can always tell ya what rates are (definitively) and can always connect people with LOs in any state (if no LO mags are available). If I'm not checking this thread, PM me.

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[Danno]

Oh and FYI, I can always tell ya what rates are (definitively) and can always connect people with LOs in any state (if no LO mags are available). If I'm not checking this thread, PM me.

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Jm2e needs some help.

[mattig]

Verginny?

And how local do you care about? Lots of clients in DC area. Super solid bro in c-ville, and another in Norfolk or some such place.

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[Danno]

just closed today on a 30 year @2.875. Seems like rates today have dipped back to those levels.

[Cruiser]

With Bob? Or did you have to take the biz elsewhere? That's a hot rate either way!

[Danno]

With Bob? Or did you have to take the biz elsewhere? That's a hot rate either way!

not with Bob unfortunately. by the time he figured out that he could have matched the rate I got, I was already locked and on my way.

[liv2ski]

That is because that quote wasn't initially available when you posted it. It took about 2 weeks for a narrow window to open where it was available before it closed again. Your broker got lucky as did a few of my clients.

[Name Redacted]

Ok I’ve mentioned this a few times in this thread but I’m trying to refi a condo that is in a building that is 36.8% commercial. The cut off for Fannie Mae is 35% to get a govt backed loan. Mortgage guy says I can apply for an exemption, but have to take the gamble on a $700 appraisal. He says chances are good that the exemption would be approved. This would get us out of a 7/1 Portfolio loan at 4.25% and into a 30yr fixed at a much lower payment and rate.

Anyone deal with this exemption thing before and have any opinion on how likely it would be that good ol Fannie throws me a bone?

[liv2ski]

I have never heard of a possible exemption for commercial space that exceeds 35% of the projects square footage, which does not mean it is not possible. Per this link https://selling-guide.fanniemae.com/...06-05-2018.htm and others I Googled I didn't see any mention of it. He needs the appraisal to apply for the exemption? Did you try any of the big banks like Chase or US Bank? Maybe their underwriter can run the project through CPM (condo project mgr) and get it approved? No clue as I avoid condo loans like the plague. Good luck.

[jm2e]

What’s the deal with refi on a rental property? Are the rates good enough to make it worthwhile?
Buying a new house, but keeping the old one for a few years as a rental.


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[Name Redacted]

I have never heard of a possible exemption for commercial space that exceeds 35% of the projects square footage, which does not mean it is not possible. Per this link https://selling-guide.fanniemae.com/...06-05-2018.htm and others I Googled I didn't see any mention of it. He needs the appraisal to apply for the exemption? Did you try any of the big banks like Chase or US Bank? Maybe their underwriter can run the project through CPM (condo project mgr) and get it approved? No clue as I avoid condo loans like the plague. Good luck.

Cool, thanks. I'll look into it some more. I'll try out some other banks, I was just trying to make it easy for us and them since we already have a mortgage through them.

[Danno]

What’s the deal with refi on a rental property? Are the rates good enough to make it worthwhile?
Buying a new house, but keeping the old one for a few years as a rental.


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determining whether it is worthwhile starts with details on your current mortgage.

Most people I know get their financing set on the house while it is their primary residence, before buying a new house. I do think the rates are slightly worse for a rental, but the pros in here are better suited to answer that.

[myles long]

Locked in 2.91 on a place in Truckee. The line at the title company to sign is a mile deep. They are insanely busy.

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[Mustonen]

Ok I’ve mentioned this a few times in this thread but I’m trying to refi a condo that is in a building that is 36.8% commercial. The cut off for Fannie Mae is 35% to get a govt backed loan. Mortgage guy says I can apply for an exemption, but have to take the gamble on a $700 appraisal. He says chances are good that the exemption would be approved. This would get us out of a 7/1 Portfolio loan at 4.25% and into a 30yr fixed at a much lower payment and rate.

Anyone deal with this exemption thing before and have any opinion on how likely it would be that good ol Fannie throws me a bone?

36.8% sounds like a failure of planning.

[liv2ski]

Ok I’ve mentioned this a few times in this thread but I’m trying to refi a condo that is in a building that is 36.8% commercial. The cut off for Fannie Mae is 35% to get a govt backed loan. Mortgage guy says I can apply for an exemption, but have to take the gamble on a $700 appraisal. He says chances are good that the exemption would be approved. This would get us out of a 7/1 Portfolio loan at 4.25% and into a 30yr fixed at a much lower payment and rate.

Anyone deal with this exemption thing before and have any opinion on how likely it would be that good ol Fannie throws me a bone?

Funny thing is, having never heard of the exemption and FNMA's rules being really black & whit, I think the lender is hoping the appraisal come in at 35% or less, that is why he needs the appraisal. But you know, I often suspect the worst in peoples BS suggestions.