Shopping for a mortgage

**Conundrum** · 03-06-2020, 11:57 PM

Originally Posted by rideit

What do you consider Jumbo?

Your mom. Sorry, I have never met your mother but that was a softball.

**liv2ski** · 03-07-2020, 06:26 AM

Originally Posted by rideit

What do you consider Jumbo?

Anything over FNMA guidelines for an area https://singlefamily.fanniemae.com/m...ook-table-2020

**406** · 03-07-2020, 07:39 AM

Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?

**huckbucket** · 03-07-2020, 07:47 AM

Originally Posted by 406

Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?

This ... adding time doesn't make sense unless you're counting on the home to appreciate considerably?

**Name Redacted** · 03-07-2020, 08:23 AM

Originally Posted by 406

Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?

Because many people's financial picture includes a lot more considerations than just their mortgage. Managing credit, investments, and taxes.

**El Chupacabra** · 03-07-2020, 08:31 AM

Adding to that - most people won't keep a mortgage through payoff (full 30 or 15, or early payoff). A 30-yr fixed at those cheap rates is a nice way to hold debt cheap.

Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...

**snowaddict91** · 03-07-2020, 08:35 AM

Originally Posted by Name Redacted

Because many people's financial picture includes a lot more considerations than just their mortgage. Managing credit, investments, and taxes.

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.

**Brock Landers** · 03-07-2020, 10:16 AM

Originally Posted by El Chupacabra

Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...

Now yer talkin

**Danno** · 03-07-2020, 10:54 AM

Originally Posted by 406

Are people using calculators that include total amount paid or just seeing a lower monthly payment and think they are saving money? Why would anyone go from a 30 yr to a new 30 if already several years into the original?

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.

**XXX-er** · 03-07-2020, 11:15 AM

My strategey was to go for the longest amortisation/ lowest payment I could find

and waited for mom to die

**DeepHelmet** · 03-07-2020, 12:09 PM

Originally Posted by tgapp

Anyone got a recommendation for a broker in Utah? Listening to people here I feel like we were taken for a ride when we bought our first home. Would love to chat with someone recommended by a mag.

His name is Justin Hudson. Longtime friend of mine.

Justinhudsonlending.com

He’s the guy that does what he says he’s gonna do when he says he gonna do it. Very solid reliable dude. You can apply on the website or call him directly. 801-603-2007

**Flyoverland Captive** · 03-07-2020, 12:13 PM

Originally Posted by snowaddict91

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.

This is why I’m doing a refi too. We plan to pay an extra $800/month to principal, so we’ll be paid off well before 30 years.

**HD333** · 03-07-2020, 04:20 PM

Originally Posted by Flyoverland Captive

This is why I’m doing a refi too. We plan to pay an extra $800/month to principal, so we’ll be paid off well before 30 years.

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.

Sent from my iPhone using Tapatalk

**Falcon3** · 03-08-2020, 10:59 AM

Originally Posted by El Chupacabra

Almost makes you want to take out a mortgage on paid-off property and invest the loan amount...

Yeah 'cause that never caused anybody any trouble before........

**shroom** · 03-08-2020, 01:31 PM

what are you talking about, the economy is great

**liv2ski** · 03-09-2020, 09:10 AM

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.

**Conundrum** · 03-09-2020, 09:18 AM

It's almost like the system is rigged for people with money to make more money.

**Brock Landers** · 03-09-2020, 09:18 AM

I was wondering if that was a concern for lenders. Rates “bottom”, everyone refinances at low rates in a 2 week period, then what?

**shroom** · 03-09-2020, 09:44 AM

just let the free markets figure it out guys, this is america

just like my gas prices

**Skidog** · 03-09-2020, 09:55 AM

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.

Sent from my Pixel 2 using TGR Forums mobile app

**Brock Landers** · 03-09-2020, 09:58 AM

Originally Posted by Skidog

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.

Sent from my Pixel 2 using TGR Forums mobile app

Closed in July at 3.75. 15 year may not be that much more money monthly though I’d lose the flexibility

**Skidog** · 03-09-2020, 10:32 AM

Originally Posted by Brock Landers

Closed in July at 3.75. 15 year may not be that much more money monthly though I’d lose the flexibility

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.

Sent from my Pixel 2 using TGR Forums mobile app

**Dantheman** · 03-09-2020, 10:36 AM

Originally Posted by Conundrum

It's almost like the system is rigged for people with money to make more money.

What could possibly give you that idea?

**rideit** · 03-09-2020, 10:40 AM

Originally Posted by shroom

just let the free markets figure it out guys, this is america

just like my gas prices

And health insurance!

**VTeton** · 03-09-2020, 07:47 PM

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.