Shopping for a mortgage

**ghosthop** · 11-16-2021, 09:55 PM

Originally Posted by liv2ski

I hate doing condo loans, so I am not real up on them anymore

timely bump

we are resigned to the fact that a condo is most likely in our future due to cost/location considerations that are mostly non-negotiable. What are the differences between getting a loan on a single family, duplex/multi, and a condo?

I will need to read this thread.

**liv2ski** · 11-16-2021, 11:34 PM

Condo loans are just more work for the originator and a slightly higher rate to the buyer with less than 25% down.

**Ørion** · 11-17-2021, 06:40 AM

Originally Posted by Summit

OK I gotta refi my primary (only) with cashout. Who has the best rates for a 30 fixed?

Last two refinances I did I found them through bankrate.com

You'll get smaller brokerages with less overhead that are a bit more cutthroat that way. They can be slower, but since you're not trying to close on a house that is okay.

**Name Redacted** · 11-17-2021, 06:56 AM

Originally Posted by Summit

OK I gotta refi my primary (only) with cashout. Who has the best rates for a 30 fixed?

Check Bankrate, Quickenloans, and a local broker. "Best" can be subjective and can also depend on your property, location, credit, how much cash you want to take out, etc. But you'll probably be hovering around the 3% APR range these days.

**alembical** · 11-17-2021, 02:55 PM

We have an investment property with no current mortgage. Property is owned by LLC which is my wife and I as members (technically us as Trustees of a revocable trust). We are wanting to do a mortgage to get some cash to fix it up and rent it. We also will want some expenses to offset the income. We were just quoted a 3% rate for a fixed 15 year. Does that seem fair?

**nickbokhoven** · 11-17-2021, 04:08 PM

Originally Posted by Name Redacted

Check Bankrate, Quickenloans, and a local broker. "Best" can be subjective and can also depend on your property, location, credit, how much cash you want to take out, etc. But you'll probably be hovering around the 3% APR range these days.

I refinanced in August with [mention]liv2ski [/mention] . He was by far the lowest, super helpful and fair.

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**Name Redacted** · 11-17-2021, 04:56 PM

Originally Posted by nickbokhoven

I refinanced in August with [mention]liv2ski [/mention] . He was by far the lowest, super helpful and fair.

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He is only licensed in certain states. Not in CO afaik.

**liv2ski** · 11-17-2021, 05:21 PM

Yup, only CA. Thanks for the kind words Nick.

**Danno** · 11-17-2021, 05:29 PM

Summit, I got a guy (well it's Cruiser's guy) that is awesome. His rates are usually competitive with the lowest internet rates and he's local. And I totally trust him to handle anything. I have another guy that I found through the internet that I've done a couple of refis with who had crazy good rates, and my (simple) loans went off without a hitch. Happy to share names if you want.

**wolfelot** · 11-19-2021, 11:03 AM

Summit checkout Lenderfi. I have used them three times.

https://app.lenderfi.com/partner/C8A...mpaign=organic

**liv2ski** · 11-19-2021, 05:13 PM

^^^Cool, I beat them, but only if your in CA.

**tgapp** · 11-19-2021, 06:40 PM

Originally Posted by liv2ski

^^^Cool, I beat them, but only if your in CA.

We need to put together a pool to pay for liv2ski's licensing in other states - it'll pay dividends for all of us

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**wolfelot** · 11-19-2021, 07:57 PM

Originally Posted by tgapp

We need to put together a pool to pay for liv2ski's licensing in other states - it'll pay dividends for all of us

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Interested. How much does that run?

**VTeton** · 11-19-2021, 08:36 PM

I just grabbed a HELOC @ 4.5%. Didn't draw anything down at closing but its nice to have access to additional capital if the right opportunity comes up.

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**skaredshtles** · 11-19-2021, 08:42 PM

Originally Posted by VTeton

I just grabbed a HELOC @ 4.5%. Didn't draw anything down at closing but its nice to have access to additional capital if the right opportunity comes up.

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Was that an intro rate?

**liv2ski** · 11-19-2021, 11:01 PM

I thought they could be had at something like Prime + .50%. Fifth Third Bank has some good Heloc deals for prime borrowers.

**liv2ski** · 11-20-2021, 10:39 AM

Originally Posted by wolfelot

Interested. How much does that run?

The PITA is taking a Broker License test in every state. I am just to lazy to bone up to take the test again. Sorry guys.

**Supermoon** · 02-02-2022, 06:29 PM

Bumping this up with a mortgage question. We closed on our house last January and used a friend to get our mortgage. Her company then immediately sold our mortgage. No big deal, but we just saw our next month’s charge and it went up $600. Apparently they didn’t get the right escrow withholding from the first company, and claim we under payed them $4k last year towards escrow. Our online account shows our balance as -$1300 FWIW.

I feel like this is a major fuck up by one or both companies, and don’t think it’s reasonable to just expect us to be ok paying $600 a month more than we signed for.

Any mortgage pros have any thoughts? Do they have some sort of obligation to notify us of this at some point? Do we have recourse?

Right now our plan is to just refi with someone else, but we are probably still on the hook for that $4k, right?

**Danno** · 02-02-2022, 06:45 PM

Originally Posted by Supermoon

Bumping this up with a mortgage question. We closed on our house last January and used a friend to get our mortgage. Her company then immediately sold our mortgage. No big deal, but we just saw our next month’s charge and it went up $600. Apparently they didn’t get the right escrow withholding from the first company, and claim we under payed them $4k last year towards escrow. Our online account shows our balance as -$1300 FWIW.

I feel like this is a major fuck up by one or both companies, and don’t think it’s reasonable to just expect us to be ok paying $600 a month more than we signed for.

Any mortgage pros have any thoughts? Do they have some sort of obligation to notify us of this at some point? Do we have recourse?

Right now our plan is to just refi with someone else, but we are probably still on the hook for that $4k, right?

You know the insurance amount, you know the tax amount, you get the monthly statements and have the closing docs. Plus, they are required to send (annually I think) an escrow evaluation. But even if they never sent that eval, look at the docs that should be in your possession. Did you underpay? I feel like nobody can answer what you will or won't have to do until you can answer whether you have given them enough money to pay the taxes and insurance.

FWIW, the very definition of escrow means that even if you "must" pay them whatever, if it's more than what they need to pay the existing liabilities, you will get it all back when you refinance.

**RootSkier** · 02-02-2022, 06:52 PM

How much did your property taxes go up this year?

**Supermoon** · 02-02-2022, 06:55 PM

Originally Posted by Danno

You know the insurance amount, you know the tax amount, you get the monthly statements and have the closing docs. Plus, they are required to send (annually I think) an escrow evaluation..

Yeah, getting all that together now to go through. They definitely never sent us an escrow accounting, but we can probably piece it together.

Originally Posted by RootSkier

How much did your property taxes go up this year?

$200 for the year, so that’s definitely not that

**krp8128** · 02-02-2022, 06:56 PM

You should have received an escrow statement shortly after the loan sold.

What has paid out since then?

How much per month have to paid in?

Simple calculations to prove if they fucked up. Mine sold 2x, the first time was just after my 1st payment. They set my escrow too low but I paid the correct amount, about 3 months later I got an escrow statement and they tried to hit me with the catch up charges. Took a few rounds with customer service to get them to realize my "overpayments" corresponded exactly to the escrow short. That company had wildly fluctuating escrow amounts for about 4 years, someone was obviously bad at math in their end.

Loan sold again last summer, IIRC escrow calc was initially OK, but they kept tagging the disbursement to the wrong people. I paid my homeowners out of pocket and started the refi process. By the time they figured out who was supposed to be paid what I had closed my refi, Soni got a pretty fat check back.

No escrow now. Pretty easy to transfer the funds to a savings account each month so that taxes are covered in spring/fall and homeowners gets paid.

**Supermoon** · 02-02-2022, 06:58 PM

Your mortgage company lets you self pay that stuff?

Clearly we needed to be more diligent about this, but it’s our third house and never had any issues with this in the past

**krp8128** · 02-02-2022, 07:26 PM

Originally Posted by Supermoon

Your mortgage company lets you self pay that stuff?

Yep. Flat out told the credit union I would not be paying escrow so if that would be a condition of the loan I'd go somewhere else, they seemed fine with it.

Pretty sure there is some criteria (credit rating) and a clause in the mortgage that allows them to pay taxes/fees, to protect their interest in the property, and tack them onto the mortgage.