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  1. #726
    Join Date
    Mar 2007
    Location
    dddenver
    Posts
    502
    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.

  2. #727
    Join Date
    Apr 2008
    Location
    Treading Water
    Posts
    6,686
    Quote Originally Posted by zion zig zag View Post
    I was just quoted 2.69 with $2000 in lender credits for a 30 year 2nd home. Good enough to quit shopping? Wait?


    Sent from my iPhone using TGR Forums
    Shite! Is that a purchase or a refi? What’s your LTV?


    Sent from my iPhone using TGR Forums
    However many are in a shit ton.

  3. #728
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    8,404
    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.

    Quote Originally Posted by bluespark View Post
    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.
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

  4. #729
    Join Date
    Oct 2003
    Location
    Ogden
    Posts
    9,110
    Quote Originally Posted by jm2e View Post
    Shite! Is that a purchase or a refi? What’s your LTV?


    Sent from my iPhone using TGR Forums
    Refi. Purchase was last Feb. Is it that good or that bad, can't tell from your excitement...

  5. #730
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,785
    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

  6. #731
    Join Date
    Mar 2007
    Location
    dddenver
    Posts
    502
    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.

  7. #732
    Join Date
    Oct 2007
    Posts
    12,610
    Quote Originally Posted by bluespark View Post
    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.
    I was able to add on STR insurance on a rental property. You usually make the long term renters get their own insurance.

  8. #733
    Join Date
    Apr 2008
    Location
    Treading Water
    Posts
    6,686
    Quote Originally Posted by zion zig zag View Post
    Refi. Purchase was last Feb. Is it that good or that bad, can't tell from your excitement...
    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 Forums
    However many are in a shit ton.

  9. #734
    Join Date
    Nov 2005
    Location
    Making the Bowl Great Again
    Posts
    13,779
    Quote Originally Posted by bluespark View Post
    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.
    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.

  10. #735
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    19,069
    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.
    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.

  11. #736
    Join Date
    Jan 2010
    Location
    2 hours from anything
    Posts
    10,734
    Quote Originally Posted by bluespark View Post
    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.
    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.

  12. #737
    Join Date
    Mar 2007
    Location
    dddenver
    Posts
    502
    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.

  13. #738
    Join Date
    Mar 2007
    Location
    dddenver
    Posts
    502
    Quote Originally Posted by neufox47 View Post
    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.
    👍

  14. #739
    Join Date
    May 2012
    Location
    PNW
    Posts
    764
    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?

  15. #740
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    19,069
    Pffft, 12 weeks? I would definitely go elsewhere.
    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.

  16. #741
    Join Date
    Oct 2007
    Posts
    12,610
    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.

  17. #742
    Join Date
    Oct 2018
    Posts
    527
    Quote Originally Posted by Danno View Post
    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?
    I'm also wondering about this- I don't want to screw anyone that helped me out over, but if I can save money I have no problem going through the process again. I figured everyone got paid when the deal closed but I really don't know.

  18. #743
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,785
    Quote Originally Posted by Garbowski View Post
    I'm also wondering about this- I don't want to screw anyone that helped me out over, but if I can save money I have no problem going through the process again. I figured everyone got paid when the deal closed but I really don't know.
    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

  19. #744
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    19,069
    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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    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.

  20. #745
    Join Date
    Mar 2017
    Location
    SLC, Utah
    Posts
    4,283
    ^^ 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.

  21. #746
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,785
    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

  22. #747
    Join Date
    Dec 2016
    Location
    In a van... down by the river
    Posts
    13,654
    Quote Originally Posted by Danno View Post
    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.
    Somebody is getting a new bike!!

  23. #748
    Join Date
    Sep 2011
    Location
    Front Range, CO
    Posts
    482
    Hey Danno, Who is your lender? I'm in Colorado as well.

  24. #749
    Join Date
    Aug 2006
    Posts
    7,919
    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

  25. #750
    Join Date
    May 2007
    Location
    Sandy, Utah
    Posts
    14,410
    Quote Originally Posted by Danno View Post
    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.
    my rates werent this low, but much better than what I had, and did the same thing. About $100/month in savings, wont make a payment until Feb (close dec 3), and get about $2K at close. All in all i'm happy. If its this low or lower this time 2021 i'll do it all again.

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