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Thread: Shopping for a mortgage
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11-25-2020, 11:33 AM #776
OK, I'm dumb as a stump when it comes to mortgages. We refinanced at the end of June into a 2.99% 30 year. If I can get a ~2.375 or similar rate with closing costs covered am I dumb not to do so? Our loan amount is currently at 150K so it would save us 50-60 bucks a month.
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11-25-2020, 11:48 AM #777Registered User
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- May 2012
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- PNW
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John, not dumb either way, why not put that $ in your pocket each month?
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11-25-2020, 12:58 PM #778
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11-25-2020, 03:28 PM #779
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11-26-2020, 08:30 PM #780
On a 30 year fixed? If so please PM me the name of your mortgage guy/gal
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11-26-2020, 08:42 PM #781
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11-27-2020, 02:33 PM #782"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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11-28-2020, 07:38 AM #783Registered User
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Where do you live Jay?
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11-28-2020, 08:20 AM #784
Thx Danno.
Shred, I'm in a free market condo in SMV
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11-28-2020, 09:38 AM #785Registered User
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- Dec 2006
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I am starting to look at refi now. I have an investment property at 4.75% - refi'd in fall of 2019 - and it looks like I could get something around 3.6%...so probably need to start considering it. I went Better.com last time but open to suggestions. I'll also be sending you a PM, Danno.
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11-28-2020, 10:51 AM #786
Damn, I feel like a mortgage broker pimp! Now if I could only get my bitch to pay me.
"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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11-28-2020, 10:59 AM #787
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11-28-2020, 05:17 PM #788
Anyone spec out 15 or 10 yr fixed rates while you were at it? I see ZZZ's 2.25, who was that through??
Last time I checked rates weren't 'better enough' to make it worth refinancing. 3 1/8 on 30 now.north bound horse.
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11-28-2020, 05:23 PM #789Registered User
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11-29-2020, 07:50 AM #790
Close... I'm in Meadow Ranch. Our place is actually free standing with no shared walls but it is still technically a condo which is pretty atypical everywhere else but there are several like mine in MR. I also get the privilege of paying the extra 12-25bps on mortgage rates because of it.
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11-29-2020, 08:41 AM #791
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11-29-2020, 10:29 AM #792
Is that an extra closing fee or is it an interest rate bump? I was at 65% LTV on my recent refi. Assumed my rate was higher because it’s a condo but maybe not. The guy I used smoked everyone else’s rate so I didn’t ask any questions.
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11-29-2020, 07:04 PM #793
Refi fee of 50 basis points takes affect on Dec. 1st.
https://www.businessinsider.com/pers...ing-fee-2020-9"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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11-29-2020, 07:07 PM #794Registered User
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11-29-2020, 07:09 PM #795Registered User
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- Dec 2006
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Property Type Question: If I'm buying a place that is listed as "Multiple Occupancy" - it's a 4-unit house - how does that affect the mortgage?
When selecting "Multi-family home" on Zillow or NerdWallet with the purpose of "Secondary Home" or "Investment Property," the websites do not return results. Then I see the following from BankRate (https://www.bankrate.com/finance/mor...unit-home.aspx) - bolding mine - and it seems that maybe a mortgage for a four-unit house might still be a single-family home mortgage because it's four units or less? Thoughts?
I'm going to ask some brokers but thought I would ask the Mortgage Maggots too.
Multifamily homes with up to four units are considered residential for the purpose of financing, so you can buy them with mortgages like those used to buy single-family homes.
On the other hand, properties with five or more units are considered commercial real estate, so financing those is a different process. Loans for commercial real estate are generally more difficult to get, require bigger down payments and often require shorter repayment schedules.
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11-29-2020, 08:12 PM #796
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11-29-2020, 08:33 PM #797Registered User
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Ah, should have stated that more clearly...I'm not currently planning to move into any of the units. Would it change if I considered it as a second/vacation home? That might be possible...I need to do some more research on how that works. (Assume n/o/o is non-owner occupied, right?) How bad is the pricing on a n/o/o mortgage? Like a few percent higher or smaller (.5%)?
That being said 25% down is doable.
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11-29-2020, 09:10 PM #798
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12-01-2020, 03:15 PM #799Registered User
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- Aug 2020
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Anyone have recommendations for a good mortgage guy in Utah?
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12-03-2020, 11:17 AM #800yelgatgab
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Got a question about negotiating. I'm not a huge fan of our lender, but we're too far along to change. He's sticking to 2.875 with points, which seems high based on some quotes I've gotten and every online quick quote I'm seeing, which are 2.875 without points a the most. Do I have any leverage at this point to get it down to 2.875 without points, or even lower? I know if I tell him I have better quotes, he'll ask to see them. Unfortunately, everything I have is an unofficial email or text, no formal estimates.
Remind me. We'll send him a red cap and a Speedo.
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