Shopping for a mortgage

[Name Redacted]

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.

Yeah, it is weird that the building would have been built to be out of spec with federal loan guidelines making it harder for residents to finance. However, besides that, we are pretty happy with the property and got a decent rate (considering) to begin with. Would be nice to get lucky and be able to lower our monthly nut though.

[Nobody Famous]

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/Selling-Guide/Origination-thru-Closing/Subpart-B4-Underwriting-Property/Chapter-B4-2-Project-Standards/Section-B4-2-1-General-Project-Standards/1736879361/B4-2-1-03-Ineligible-Projects-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.

Why is that? Assuming you are talking about loans for individual-residential purchases and not construction/developer borrowing.

[liv2ski]

Correct, this is regarding an individual unit in a building that has just a little to much commercial square footage to fit in the FNMA hole. Really fuckin dumb.

[Conundrum]

I need some mortgage advice. I'm on a 15 yr fixed at 3.125 with 11 years left. Just got an offer for 10 yr fixed at 2.375 buying a point. 2.625 without. Point costs about $1,600. If I go the whole 10 years, I save about $22k and a year off the loan. Buying a point saves me about $500 over the course of the loan. Not planning on ever selling the house. May turn it into a rental someday.

Was planning on paying the house off in 3-4 years. Maybe a little sooner if I run tight.

Seems like a no brainer to refi if I let it run out. $100 less a month payment and one less year. Is it worth moving the mortgage if I stick to the plan of paying off early? Seems like it still makes sense to move. If I'm shooting for early pay off, don't buy the point?

I'm an idiot when it comes to real estate. This is the first and only property I've purchased. Am I missing anything?

[Mustonen]

It’s just math. Run the numbers with a 4 year payment and see if it still makes sense. Though.... not sure it makes sense to pay a loan off early if the interest rate is that low.

[DJSapp]

I need some mortgage advice. I'm on a 15 yr fixed at 3.125 with 11 years left. Just got an offer for 10 yr fixed at 2.375 buying a point. 2.625 without. Point costs about $1,600. If I go the whole 10 years, I save about $22k and a year off the loan. Buying a point saves me about $500 over the course of the loan. Not planning on ever selling the house. May turn it into a rental someday.

Was planning on paying the house off in 3-4 years. Maybe a little sooner if I run tight.

Seems like a no brainer to refi if I let it run out. $100 less a month payment and one less year. Is it worth moving the mortgage if I stick to the plan of paying off early? Seems like it still makes sense to move. If I'm shooting for early pay off, don't buy the point?

I'm an idiot when it comes to real estate. This is the first and only property I've purchased. Am I missing anything?

There will be costs associated with the refi. Appraisal, recording fees, etc. Account for those costs as it chews into the savings quickly. My perspective has been it's not usually worth chasing down a refi for less than 1% of a cut, but you're cutting time as well.

Given the way they're printing money right now, I'd look at the refi, I'd say don't buy the point and run it out. I have a feeling we're on course for some significant inflation in the near future, which is good for fixed loans at low, low rates. If you can't get a 3% return in the stock market, you're not even trying these days.

[Conundrum]

The $22k savings included all the refi costs.

Financially, it seems to make sense to extend my term on a refi and put money elsewhere. I've had a personal goal to own my house outright since the day I bought it even though that's maybe not a good ROI.

I think Mustonen answered it with "it's just math". Want to make sure I'm not missing anything. The math seemed straight forward but I can see me also missing something.

[sirbumpsalot]

The $22k savings included all the refi costs.

Financially, it seems to make sense to extend my term on a refi and put money elsewhere. I've had a personal goal to own my house outright since the day I bought it even though that's maybe not a good ROI.

I think Mustonen answered it with "it's just math". Want to make sure I'm not missing anything. The math seemed straight forward but I can see me also missing something.

Check to see the rate they offer with a credit to cover all fees and costs. Given the plan to pay off early and the fact that you only have 10yrs left may not be worth the effort anyways. I wouldn't pay for pts or fees. But thats just me.

[Conundrum]

Check to see the rate they offer with a credit to cover all fees and costs. Given the plan to pay off early and the fact that you only have 10yrs left may not be worth the effort anyways. I wouldn't pay for pts or fees. But thats just me.

$1,450ish total closing cost if I don’t buy the point. No appraisal required. $700 for title insurance and $700 for title fee Give or take . $50-60 for random stuff. Seem fair? A bunch of other stuff credited. A mortgage broker got in with my employer so group deal. Seems like I show up with $1,450 and my payment goes down $100/ month for 10 years instead of paying for 11.

Sorry for the questions. I handle a shitload of insurance premium money but that’s a different game and it makes me look at the downsides.

[schuss]

Anyone got a good New England broker? Looking to refi.

[sirbumpsalot]

$1,450ish total closing cost if I don’t buy the point. No appraisal required. $700 for title insurance and $700 for title fee Give or take . $50-60 for random stuff. Seem fair? A bunch of other stuff credited. A mortgage broker got in with my employer so group deal. Seems like I show up with $1,450 and my payment goes down $100/ month for 10 years instead of paying for 11.

Sorry for the questions. I handle a shitload of insurance premium money but that’s a different game and it makes me look at the downsides.

Run the math on that to see if its worth it to you off those numbers. I personally did not want to pay any fees...just a straight accross transfer of the loan and took a rate that got me $4100 in credits to fully cover the $4000 fees and $100 fee to close old mortgage. If I went 1/8th lower the cost would have been 7-8 yrs to break even. 30yr loan for me and same deal...plan to pay off before then or move before the break even pt. Future is hard to predict....especially 7-8yr out...and on your 10yr loan the savings are probably nil?

[Conundrum]

Thanks bumps. They did offer some credit. Submitted my info and waiting on final loan docs. $1,500ish due at closing, 2.37% on a 10 yr. Might pay off early or give my better half the kitchen, paint, and floors we've been arguing over for a couple years and let it run the 10. Looks like total savings over current is $22.5k and one less year if I let it sit to 10.

[liv2ski]

I was shocked to give a few clients 30 year 2.75% and 15 year 2.375% quotes today at no costs. Low ltv, SFR, owner occ, slam dunk loans.
If your in CA PM me your details.

[DJSapp]

I was shocked to give a few clients 30 year 2.75% and 15 year 2.375% quotes today at no costs. Low ltv, SFR, owner occ, slam dunk loans.
If your in CA PM me your details.

PM sent. 2.375% is stupid cheap.

[Conundrum]

PM sent. 2.375% is stupid cheap.

The enticing part of looking when already at a 3.125%. I was shocked.

[jm2e]

Bummed I didn’t refi the old place before moving forward with the new one. But we were all over the place on whether we were going to sell or rent, so it didn’t make sense until I got locked in with a renter this week.

Meanwhile, the lender is dragging this thing along for all it’s worth. Locked in at 45 days and we’re not going to get our Closing Disclosure until exactly 3 days out. Buying a house is a pain. It doesn’t seem to get easier after the sixth one.


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[liv2ski]

Bummed I didn’t refi the old place before moving forward with the new one. But we were all over the place on whether we were going to sell or rent, so it didn’t make sense until I got locked in with a renter this week.

Meanwhile, the lender is dragging this thing along for all it’s worth. Locked in at 45 days and we’re not going to get our Closing Disclosure until exactly 3 days out. Buying a house is a pain. It doesn’t seem to get easier after the sixth one.
Sent from my iPhone using TGR Forums

I am approved with about 25 different lenders and the difference in quality and timeliness of service is unbelievable amongst them. The fucked up ones are often price leaders and I still won't refer loans to them unless the clients are shopping hard for Teh Best Deal Evar! Then I warn the client the ride might be a little bumpy. Of the 25 lenders, there are maybe 5 I like to use. The rest can be a PITA one way or another and I get paid the big bucks to try and smooth out all their fuck ups. It is exhausting at times. Especially with all the new rules due to Covid 19. I need a vacation.

[schuss]

So spill on the good ones.

[liv2ski]

Few of the companies I deal with have retail. Quicken does, but I am priced better than if you go direct, so I have never lost a loan to retail. That is about it on a company that you could go direct with that I think does a great job.

[Lvovsky]

I was shocked to give a few clients 30 year 2.75% and 15 year 2.375% quotes today at no costs. Low ltv, SFR, owner occ, slam dunk loans.
If your in CA PM me your details.

wow... i closed at 2.999 30yr refi three weeks ago. If I waited, the rates would have gone up per my luck... but since I didn't they went down.. anyway

I'm in NM, my guy is in NJ (friend from high school from the old country), the bank is in KY (licensed in all 50 states). anybody needs something like that - pm me.

[tgapp]

I was shocked to give a few clients 30 year 2.75% and 15 year 2.375% quotes today at no costs. Low ltv, SFR, owner occ, slam dunk loans.
If your in CA PM me your details.

liv2ski - if you ever get licensed in utah, i will buy you all the shitty 3.2 beer you can drink. you are the man.

[liv2ski]

Thanks tgapp and all the TGR minions. The CA group has been good to me this year. Chasing the best rates has been a mofo this year. Best priced lenders are typically just a PITA for me and you to close with, but hey, that is why we do this right, to get a great deal. Thing is, 2 months later it is better so far. Whenever clients don't lock, the damn rates go up. That said, I ask everyone to lock in so there is one less think to get frustrated by. You guys all rock. Thanks for the business.

[VTeton]

I just closed a 2.95% 30 year jumbo with First Republic. They are running that rate until at least July 30th.

They are located in all of Benny's favorite locals.
Greenwich, CT
Jackson, WY
NYC
Boston
San Fran
Portland
Palm Beach

[SeatownSlackey]

Just locked today in Seattle @2.875% with small lender credit 2.75% would have been close to half point. I pulled cash out 4 months ago so this is just rate n term but can’t close till we hit 180days seasoning on existing note. 50% ltv fwiw

[Garbowski]

Just locked today in Seattle @2.875% with small lender credit 2.75% would have been close to half point. I pulled cash out 4 months ago so this is just rate n term but can’t close till we hit 180days seasoning on existing note. 50% ltv fwiw

For 30yr? Got a contact?