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  1. #651
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    We're at 4.9% right now, but have been holding off because we're hoping to buy something else. Would it be dumb to refi now and then buy something in 6 months? I know the answer is normally yes, but how much do low rates change that equation?

    Is it possible to do a cash-out refi, and use the some of the cash-out money for a down payment on a new house? I'm assuming no, but just curious.
    Remind me. We'll send him a red cap and a Speedo.

  2. #652
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    Dec 2016
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    Quote Originally Posted by bagtagley View Post
    We're at 4.9% right now, but have been holding off because we're hoping to buy something else. Would it be dumb to refi now and then buy something in 6 months? I know the answer is normally yes, but how much do low rates change that equation?

    Is it possible to do a cash-out refi, and use the some of the cash-out money for a down payment on a new house? I'm assuming no, but just curious.
    Without seeing your precise scenario but from your post thereís definitely a possibility and strong argument to refi and get the existing loan rate lower. That will help your DTI in future purchase and overall monthly mtg cost. If you have access to equity through a C/O refi - itís a great way to bring a larger down payment into a 2nd property purchase. In turn lowering your new home mortgage rate with a lower LTV.

  3. #653
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    Apr 2008
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    Quote Originally Posted by bagtagley View Post
    We're at 4.9% right now, but have been holding off because we're hoping to buy something else. Would it be dumb to refi now and then buy something in 6 months? I know the answer is normally yes, but how much do low rates change that equation?

    Is it possible to do a cash-out refi, and use the some of the cash-out money for a down payment on a new house? I'm assuming no, but just curious.
    To be clear, I donít know shit.
    That said, your scenario is begging for a refi now (while the house is still your primary residence), then get it under contract as a rental, then borrow against it for the new house.


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  4. #654
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    Oct 2002
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    Quote Originally Posted by Mustonen View Post
    Local market is bananas. My gf listed her house this morning at 7am. 4 showings and an offer above asking in 2 hours.

    Asking was more than 50% over her purchase price 3 years ago. She didnít really do much more than paint and cosmetic updates.

    Feels pretty damn bubbly.
    Not the home buying thread, but interesting since mortgages and mortgage rates play into this whole thing..... she just accepted an offer that was 12% over asking, 72% over purchase price 3 years ago.

    I think that thereís a bit of a panic out there as buyers try to cash in on low rates, inflating the market. Not sure how long this lasts, though.... I know our mortgage departments are stretched beyond capacity and everybody is hiring processing and underwriting staff, which has led to some turnover. I donít know anything, really, but I predict the market goes pretty dark in the next 6 months or so.
    focus.

  5. #655
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    Nov 2014
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    Rates are part of it, but I wonder if they're the biggest part? All my past research suggests they're usually not the biggest part of the purchase market, but can come close at times.

    Current rates may be the exception, but I think people want to get the fuck out of dodge too.

    As for prices and short time on market, a big factor there is the lack of inventory.

  6. #656
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    Iím probably conflating the purchase market weirdness with the refi boom. Inventory is definitely a problem and probably biggest contributing factor. Things are weird, though.
    focus.

  7. #657
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    May 2012
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    Talking to a few people I was getting the impression continued work from home is motivating buyers to offer more than asking to make sure they get the place they really want rather than having to settle for something else, since they know they'll be spending a lot more time at home.

    My neighbor is a realtor and said exactly that to me yesterday. Some of his clients have insisted on offering more than asking because they really wanted that particular place. I'm sure lack of inventory and wanting to lock in at low rates contribute to a sense of urgency as well. He said a unit with same floorplan as mine sold in 3-4 days for $640k last week. Highest he'd ever seen one sell for previously was $580k.

    Shouldn't there be a wave of foreclosures coming at some point when mortgage and renter protections end?

  8. #658
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    Quote Originally Posted by evdog View Post
    Talking to a few people I was getting the impression continued work from home is motivating buyers to offer more than asking to make sure they get the place they really want rather than having to settle for something else, since they know they'll be spending a lot more time at home.

    My neighbor is a realtor and said exactly that to me yesterday. Some of his clients have insisted on offering more than asking because they really wanted that particular place. I'm sure lack of inventory and wanting to lock in at low rates contribute to a sense of urgency as well. He said a unit with same floorplan as mine sold in 3-4 days for $640k last week. Highest he'd ever seen one sell for previously was $580k.

    Shouldn't there be a wave of foreclosures coming at some point when mortgage and renter protections end?
    A house on my block sold 3 months ago for an insane price, at least $200k more than any other in the neighborhood (I may have posted about it before). It was completely dialed, remodeled inside and landscaped outside. I think buyers were willing to pay through the nose for it because of what you say and because not having a to-do list for the house you just bought has tremendous value right now. Some weird dynamics in the housing market.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
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  9. #659
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    Sep 2006
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    Building supply costs are through the roof with the covid and the low rates allowing folks to do cash out refis for remodels. So buying a fixer is becoming less viable and people are paying premium prices for stuff that's done already.
    Brandine: Now Cletus, if I catch you with pig lipstick on your collar one more time you ain't gonna be allowed to sleep in the barn no more!
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  10. #660
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    Jan 2014
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    Quote Originally Posted by evdog View Post
    Talking to a few people I was getting the impression continued work from home is motivating buyers to offer more than asking to make sure they get the place they really want rather than having to settle for something else, since they know they'll be spending a lot more time at home.

    My neighbor is a realtor and said exactly that to me yesterday. Some of his clients have insisted on offering more than asking because they really wanted that particular place. I'm sure lack of inventory and wanting to lock in at low rates contribute to a sense of urgency as well. He said a unit with same floorplan as mine sold in 3-4 days for $640k last week. Highest he'd ever seen one sell for previously was $580k.

    Shouldn't there be a wave of foreclosures coming at some point when mortgage and renter protections end?
    Weíve been outbid on last three offers. All above list. Last battle had 10 offers and the house was up for five days. Go big or go home-less out there

  11. #661
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    Nov 2014
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    Quote Originally Posted by evdog View Post
    Talking to a few people I was getting the impression continued work from home is motivating buyers to offer more than asking to make sure they get the place they really want rather than having to settle for something else, since they know they'll be spending a lot more time at home.

    My neighbor is a realtor and said exactly that to me yesterday. Some of his clients have insisted on offering more than asking because they really wanted that particular place. I'm sure lack of inventory and wanting to lock in at low rates contribute to a sense of urgency as well. He said a unit with same floorplan as mine sold in 3-4 days for $640k last week. Highest he'd ever seen one sell for previously was $580k.

    Shouldn't there be a wave of foreclosures coming at some point when mortgage and renter protections end?
    Yeah, I'm also wondering what the end of the cares act protections will bring (and whether they'll be extended in some way). This is definitely nothing like 2008-2010 in that regard. Lenders might not be nearly as eager to sit on homes for years with the amount of equity in play.

  12. #662
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    Nov 2004
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    Quote Originally Posted by Mustonen View Post
    I’m probably conflating the purchase market weirdness with the refi boom. Inventory is definitely a problem and probably biggest contributing factor. Things are weird, though.
    I think there’s just enough city assholes moving here to push and pull the market all over the place. Landlords aren’t getting rent, some businesses are swamped while others go out of business...lots of moves all at once. People are getting rich selling weed, others losing everything as restaurants and stores close.

    My mom is the closest full time resident to the fucking stupid rocket launch site...which, if you didn’t know, they’d have to forcibly evacuate on short notice all the god damn time so they could launch their rockets in the right conditions. Like: hey neighbor, the next four days are a window so get the fuck out of your house in the next 2 hours and don’t come back until next week, cross your fingers we don’t crash into it. And they’ve lost about half of the land between their house and the cliff down to the lake in the last two years of high water and 30 foot seas multiple times each fall, so the cliff is like 12 feet away now, they lost a big concrete wall that nobody imagined would give way. They’re like, needing to move the house back or rebuild, but now with this fucking rocket bullshit they’re wanting to move back into town but there’s like no way they can safely be elderly and vulnerable and also just randomly racing into town to meet with realtors and random people to try and buy a house in this boiling freakout market.
    And that house that’s trying to fall off the cliff is also the only place my sister had to go when she got exiled from her job and apartment in China. It’s just bananas, man. I don’t even know. One more huge east swell storm and the shit hits the fan.
    It’s just, I’m not smart enough to know how to solve any of this...to figure out what to do. I want to crawl in a cave and go to sleep like a bear and come out after this is all over.
    Last edited by ill-advised strategy; 10-21-2020 at 08:57 AM.

  13. #663
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    Dec 2008
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    Salida, CO
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    I knew my secret little mtn haven was fucked about 3 yrs ago when somebody bought a lovely house on a desirable street for about $300K and scraped it to build a $million + McMansion. Not too happy about Lears showing up at the rinky dink airport as well.

  14. #664
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    Oct 2002
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    This market is weird. A couple pricing tiers up and nothing is moving, at least where Iím looking. Iím trying to figure out whether it actually makes sense to hold off on a purchase. I think Iíll start throwing out some lowball offers and see if one lands.

    IAS: vibes. I appreciate your perspective and Iím sorry about your momís place. Sounds like an awesome place to live, until it falls into the sea....

    The world is upside down, and I have no idea if itís more upside down than it ever is or if Iím just being affected by it more. When was the last time things were this crazy?
    focus.

  15. #665
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    Oct 2003
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    Dang... life got in the way and missed the lock... $1223 for a lock extension...
    Quote Originally Posted by blurred
    skiing is hiking all day so that you can ski on shitty gear for 5 minutes.

  16. #666
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    Oct 2007
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    Quote Originally Posted by Summit View Post
    Dang... life got in the way and missed the lock... $1223 for a lock extension...
    Rates have been going down. Do you really need a lock extension?

  17. #667
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    Quote Originally Posted by Name Redacted View Post
    Rates have been going down. Do you really need a lock extension?
    Maybe I don't if they have been going down...

    But I did get in before than mandatory half point?
    Quote Originally Posted by blurred
    skiing is hiking all day so that you can ski on shitty gear for 5 minutes.

  18. #668
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    Aug 2006
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    5,658
    Iím pretty ignorant to the content of this thread and refi-type stuff and insurance stuff. An initial question(s), if I refi, will I need to refresh my home insurance? how about if I refi and install an addition (permitted)? Basically, what triggers the need to re-do ones insurance coverage.

    My insurance has not been dropped or increased due to wildfire hazard, while this has occurred to many in my area. Iíd like to keep my rate low. My neighbors that have lost their home insurance and have had to get insured via the stateís fair plan, usually their rates increase by 3-5x their previous rate.

  19. #669
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    Aug 2007
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    If you had enough coverage there is no reason why refinancing will trigger you needing more coverage unless you do a cash out loan and now need increased insurance coverage. Does your policy cover the new loan amount?
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  20. #670
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    Oct 2007
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    Quote Originally Posted by Summit View Post
    Maybe I don't if they have been going down...

    But I did get in before than mandatory half point?
    That half point has been pushed back. We just did our 2nd refi this year. Cash out this time. 3% APR but you can probably do better w/o a cash out.
    We are just rolling some higher interest debt into the home, but it sure is tempting to just go blow it all on a new Sprinter van and a snowmobile instead!

  21. #671
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    Dec 2008
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    Salida, CO
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    knocked $200+ off my mortgage, have a low balance/payment but not ready to liquidate other assets for the payoff got 2.385%, slid in just barely with an extension. Big boys wouldn't touch me but the hometown High Country bank styled me.

  22. #672
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    Oct 2005
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    You’ll need to notify your insurance of the new lender so the can send proof of coverage. With cost of construction right now, you may want to review your policy for limits and coinsurance clauses. But, you also may not want to do anything but the change of the lien holder. If you’re in a fire prone area, have underwriters review your policy for higher limits might get you flagged.

  23. #673
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    Quote Originally Posted by Conundrum View Post
    You’ll need to notify your insurance of the new lender so the can send proof of coverage. With cost of construction right now, you may want to review your policy for limits and coinsurance clauses. But, you also may not want to do anything but the change of the lien holder. If you’re in a fire prone area, have underwriters review your policy for higher limits might get you flagged.
    I've never once notified my insurer of the new lender, and I have refied 6 or 7 times. Each time, the future lender asks for proof of insurance as part of the underwriting process, then they update the insurance with the new lienholder.
    "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
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  24. #674
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    Jan 2005
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    Quote Originally Posted by bodywhomper View Post
    how about if I refi and install an addition (permitted)?
    You would have to notify insurance of your new addition. Otherwise, why would they cover that in the event of a loss? And the new addition will likely trigger a premium increase. Also, I do not think you can purposely withhold information about your residence from insurance. So for instance, just not tell them about the addition with the assumption that that would not be covered in the event of a loss. I believe that would be a breach of your insurance contract. If there is a loss, the first thing the insurer will do is try to find something you have done in breach of your insurance contract so they can deny the claim. When I speak to insurance, I always talk open and honestly about the situation with them because they have a duty to make sure you are adequately insured and the phone calls are often recorded.

  25. #675
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    Nov 2005
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    Quote Originally Posted by Cruiser View Post
    Building supply costs are through the roof with the covid and the low rates allowing folks to do cash out refis for remodels. So buying a fixer is becoming less viable and people are paying premium prices for stuff that's done already.
    Yep. Reputable contractors around here are like 1.5 - 2 years out on starting remodels.

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