Shopping for a mortgage

[alpinevibes]

Congrats!
Still in Burlingame?

Yep, just moving 100yds down the hill into phase 1

[JaytaeMoney]

Aspens employee housing program (2600 units, mostly owned) sells units through a lottery system to qualified buyers. You generally have 20-70 households bidding on a given unit and there are probably 5-10 units being sold (resold) per month.

We’ve entered into 6-7 3bd unit lotteries in the last couple years. Got lucky this time and scored a 1800sqft unit down the street from us. Nice upgrade from 1000sq ft with twin two year olds!

Usually the deed restricted units don’t tend to be offered the lowest lending rates, but i refi’d our current place in April so maybe they’re cutting me a deal?

Some lenders are fine with deed restricted, some aren't. Just depends on who you used. In my experience the rate hit would be due to it being a condo, not because it's deed restricted but again... lender specific.

[Kevo]

I am not approved outside CA Kevo, but the last few no cost 30 year loan I took were at 2.625%

Thanks. My local lender told me yesterday that he's at 2.75 for no cost.

Sounds like the Fannie/Freddie additional fee for REFIs is going away next month and that could change things though?

[AdironRider]

Who do you use locally Kevo?

[Kevo]

Who do you use locally Kevo?

Guild in Jackson. Super easy to work with and very efficient. Everything leading up to closing on my house was a breeze- the entire approval process took me less than an hour to gather documents and upload to their system.

[liv2ski]

Thanks. My local lender told me yesterday that he's at 2.75 for no cost.

Sounds like the Fannie/Freddie additional fee .50 fee for REFIs is going away next month and that could change things though?

That change is already reflected in pricing

[mattig]

Thanks. My local lender told me yesterday that he's at 2.75 for no cost.

Sounds like the Fannie/Freddie additional fee for REFIs is going away next month and that could change things though?

The fee is already gone. It's for loans delivered on or after 8/1, which is essentially anything at this point.

[Kevo]

Good to know. Thanks, mags.

[wolfelot]

https://app.lenderfi.com/partner/C8A...?campaign=tree

Check these guys out. I’ve refied with them three times since October 2019 with a total of about $550 combined in loan costs across the three refinances. Right now I’m at 2.5% on a 30 year that I did in October 2020 for $114 + escrow. They are a high volume sweat shop who gets the job done and won’t blow you way with customer service. If you need your prostate massaged and be told you are special go to Wells Fargo, Chase or whatever major bank you need and pay .50% or more + closing extra closing bullshit costs.

I called my guy yesterday to see where things were at. He said he was again at 2.5% and virtually no cost with my profile. Rates have bounced off those ultra lows.

[tgapp]

@liv2ski we ended up closing at 2.875 with a decent lender rebate. Our guy got the lender to come down from 3.125. not as good as some of the guys here but for a cash out rental property I think we did okay. Thanks (as always) for your advice and support.

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[liv2ski]

Good to hear. Sounds like a win win all the way around.

[Name Redacted]

How long do you need to wait after a refinance or cash-out refinance to refi again at a lower rate?

[Cruiser]

I vaguely remember my broker telling me that the lender might claw back some of their costs if we didn't hold the loan for at least 6 months but I'm sure someone else here is more knowledgeable

[Danno]

How long do you need to wait after a refinance or cash-out refinance to refi again at a lower rate?

I vaguely remember my broker telling me that the lender might claw back some of their costs if we didn't hold the loan for at least 6 months but I'm sure someone else here is more knowledgeable

Yeah, it is 6 months. That said, unless your agreement had a clause in it like L2S uses (I don't think I have seen one like his in all the refis I have done), the broker can't claw back from you (I think this is the case), it's just the bank claws it back from him/her. But if you want to be a good guy and not screw the broker, or want to be able to use the broker again, it's 6 months.

Last year, I refi'd in June or July, and rates dipped towards the end of the year, and I was honest with the broker, said I want to refi but don't want to screw you. He locked the rate and set a closing date for a couple of days after the 6 month period. Easy peasy.

[AdironRider]

Any luck selling your house Danno?

[sirbumpsalot]

Last year, I refi'd in June or July, and rates dipped towards the end of the year, and I was honest with the broker, said I want to refi but don't want to screw you. He locked the rate and set a closing date for a couple of days after the 6 month period. Easy peasy.

Same exact thing I did! Mine was like a week short of 6 months and with same bank so my broker was able to cover himself with the excuse that they weren't losing a customer to some other bank and avoid trouble himself.

[Name Redacted]

Yeah, I thought it might be six months, which isn’t actually a deal breaker. Just trying to finagle some stuff around. Thx.

[sirbumpsalot]

Yeah, I thought it might be six months, which isn’t actually a deal breaker. Just trying to finagle some stuff around. Thx.

Its worth thousands of dollars to you....so I wouldn't worry about burning a bridge or anything with the broker if it comes down to that. Its all business and you won't be the first one who did this to him/her.

[Name Redacted]

Its worth thousands of dollars to you....so I wouldn't worry about burning a bridge or anything with the broker if it comes down to that. Its all business and you won't be the first one who did this to him/her.

Yeah I’ve known my mortgage guy for about ten years and doubt he’d care anyway. He’s semi retired. There’s other reasons that it could t happen for a few more months anyway.

[liv2ski]

Yeah I’ve known my mortgage guy for about ten years and doubt he’d care anyway. He’s semi retired. There’s other reasons that it could t happen for a few more months anyway.

Pffft, you think any mtg broker is going to be happy eating thousands of dollars for you? Just wait the 6 months before funding. If you guys care, I have been doing 1.875% 15 year loans for past client with a credit to cover all the non recurring costs. If you can afford the P&I payment, it is a smart thing to do.

[alpinevibes]

If you guys care, I have been doing 1.875% 15 year loans for past client with a credit to cover all the non recurring costs. If you can afford the P&I payment, it is a smart thing to do.

Hot damn!

[Name Redacted]

Pffft, you think any mtg broker is going to be happy eating thousands of dollars for you? Just wait the 6 months before funding. If you guys care, I have been doing 1.875% 15 year loans for past client with a credit to cover all the non recurring costs. If you can afford the P&I payment, it is a smart thing to do.

Maybe I misphrased that but to be clear, the end result will not be the mortgage guy losing any money.

[jm2e]

@liv2ski we ended up closing at 2.875 with a decent lender rebate. Our guy got the lender to come down from 3.125. not as good as some of the guys here but for a cash out rental property I think we did okay. Thanks (as always) for your advice and support.

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Man, that's sick. I've been passively stalking for refi info on rentals. Was that for a 15year? I'm at 4% on a 30 year and every time I've run the numbers it just doesn't work out. Been waiting for our LTV to eek down below 75% and to confirm renters for another year before going through the hassle of talking to an actual broker. Any input would be mucho appreciado.

[liv2ski]

Any input would be mucho appreciado.

PM property type, value, new loan amount, whether cash out or not and mid credit score. I will give you some quotes to use when you're shopping.

[dan_pdx]

Does anyone want to 'splain to me HELOC vs. bridge loan? Seems like a HELOC is cheaper and generally better, what am I missing?