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Thread: Shopping for a mortgage
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03-06-2020, 11:57 PM #176Hucked to flat once
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03-07-2020, 06:26 AM #177
Anything over FNMA guidelines for an area https://singlefamily.fanniemae.com/m...ook-table-2020
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03-07-2020, 07:39 AM #178
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03-07-2020, 07:47 AM #179
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03-07-2020, 08:23 AM #180Registered User
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03-07-2020, 08:31 AM #181
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03-07-2020, 08:35 AM #182
Shopping for a mortgage
Yup. With the difference in my monthly payment I'll divert the surplus money to paying off higher interest debt and eliminating at least one monthly payment in the next year or two. Once that is paid down, in theory I'll pay extra on the mortgage but who knows where my life will be by then, or if I'll even still be in this house.
I'm also eliminating PMI with my refi since my home has went up in value significantly since purchase 3 yrs ago.
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03-07-2020, 10:16 AM #183
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03-07-2020, 10:54 AM #184
Because the savings on payment might be such that if you continue making your current payment on the new loan, you can pay it off sooner than if you kept the current loan, while also giving you the flexibility to have a lower payment if you need it. At least that's my reason.
I already know that I'm not retiring in this home, I'll have to sell and move, so it's not a big deal to reset the term, even if I don't make overpayments to shorten the term."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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03-07-2020, 11:15 AM #185Registered User
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My strategey was to go for the longest amortisation/ lowest payment I could find
and waited for mom to dieLee Lau - xxx-er is the laziest Asian canuck I know
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03-07-2020, 12:09 PM #186
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03-07-2020, 12:13 PM #187
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03-07-2020, 04:20 PM #188
Same. Just locked in and went to 30 year. We had 21 left anyways.
Dropped payment by $850 a month. We will bombard the principal with some of the extra $ and if the shit hits the fan and one of us losses our job we won’t be in dire straights.
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03-08-2020, 10:59 AM #189Registered User
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03-08-2020, 01:31 PM #190
what are you talking about, the economy is great
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03-09-2020, 09:10 AM #191
WTF? Huge decline in the 10 Year t bond and early indicators for mortgages are higher rates. I have never seen anything like this in my 36 years in the business. Last Monday's Jumbo rates were 3%-3.125%. Now there 4%+. Lenders do not want new business at this time. Market volatility is scaring them all away and they are trying to protect their servicing from being completely refinanced. Un fucking real.
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03-09-2020, 09:18 AM #192Hucked to flat once
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It's almost like the system is rigged for people with money to make more money.
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03-09-2020, 09:18 AM #193
Shopping for a mortgage
I was wondering if that was a concern for lenders. Rates “bottom”, everyone refinances at low rates in a 2 week period, then what?
Decisions Decisions
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03-09-2020, 09:44 AM #194
just let the free markets figure it out guys, this is america
just like my gas prices
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03-09-2020, 09:55 AM #195Banned
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Email sent to my guy. We just closed less than a year ago but the drop may be significant enough to do it all again.
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03-09-2020, 09:58 AM #196
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03-09-2020, 10:32 AM #197Banned
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- Sandy, Utah
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I'm slightly higher at 4.1 so this might pencil out. Let's let the pro do the work. He figured out my current situation when some others couldn't. I trust him.
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03-09-2020, 10:36 AM #198
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03-09-2020, 10:40 AM #199
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03-09-2020, 07:47 PM #200Registered User
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- Apr 2010
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Thinking I'm gonna let my 3.625% 30 yr ride for a bit. Best 30yr fixed I could find was 3.25%
Wouldnt be shocked if rates drop after this wave of refis close. My buddy says his shop locked 3.5 billion in refis last week. Shattered old record.
Conf call today was all about negative interest rates coming our way. If my rate was a little higher, I'd refi now and them again in a few months. Fingers crossed.
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