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  1. #1101
    Join Date
    Oct 2011
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    Aspen
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    1,632
    Quote Originally Posted by Shredhead View Post
    Congrats!
    Still in Burlingame?
    Yep, just moving 100yds down the hill into phase 1

  2. #1102
    Join Date
    Jan 2009
    Location
    Aspen
    Posts
    1,255
    Quote Originally Posted by alpinevibes View Post
    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.

    Weíve 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 donít tend to be offered the lowest lending rates, but i refiíd our current place in April so maybe theyíre 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.

  3. #1103
    Join Date
    Apr 2006
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    Movin' On
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    2,895
    Quote Originally Posted by liv2ski View Post
    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?

  4. #1104
    Join Date
    Aug 2006
    Posts
    7,115
    Who do you use locally Kevo?

  5. #1105
    Join Date
    Apr 2006
    Location
    Movin' On
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    2,895
    Quote Originally Posted by AdironRider View Post
    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.

  6. #1106
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    15,960
    Quote Originally Posted by Kevo View Post
    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
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  7. #1107
    Join Date
    Nov 2014
    Posts
    1,716
    Quote Originally Posted by Kevo View Post
    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.

  8. #1108
    Join Date
    Apr 2006
    Location
    Movin' On
    Posts
    2,895
    Good to know. Thanks, mags.

  9. #1109
    Join Date
    Dec 2007
    Location
    Denver
    Posts
    2,402

    Shopping for a mortgage

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

    Check these guys out. Iíve refied with them three times since October 2019 with a total of about $550 combined in loan costs across the three refinances. Right now Iím 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 wonít 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.

  10. #1110
    Join Date
    Mar 2017
    Location
    SLC, Utah
    Posts
    2,255
    @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.

    Sent from my Pixel 4a (5G) using Tapatalk

  11. #1111
    Join Date
    Aug 2007
    Location
    At the beach
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    15,960
    Good to hear. Sounds like a win win all the way around.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  12. #1112
    Join Date
    Oct 2007
    Posts
    10,190
    How long do you need to wait after a refinance or cash-out refinance to refi again at a lower rate?

  13. #1113
    Join Date
    Sep 2006
    Location
    Fraggle Rock, CO
    Posts
    6,512
    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
    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!
    Cletus: Duly noted.

  14. #1114
    Join Date
    Sep 2005
    Location
    PRB
    Posts
    26,285
    Quote Originally Posted by Name Redacted View Post
    How long do you need to wait after a refinance or cash-out refinance to refi again at a lower rate?
    Quote Originally Posted by Cruiser View Post
    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.
    "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
    "I'd eat a bag of Dicks and wash it down with a Coke any day." - iceman

  15. #1115
    Join Date
    Aug 2006
    Posts
    7,115
    Any luck selling your house Danno?
    Live Free or Die

  16. #1116
    Join Date
    Mar 2006
    Location
    Beaverton, OR
    Posts
    883
    Quote Originally Posted by Danno View Post
    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.

  17. #1117
    Join Date
    Oct 2007
    Posts
    10,190
    Yeah, I thought it might be six months, which isnít actually a deal breaker. Just trying to finagle some stuff around. Thx.

  18. #1118
    Join Date
    Mar 2006
    Location
    Beaverton, OR
    Posts
    883
    Quote Originally Posted by Name Redacted View Post
    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.

  19. #1119
    Join Date
    Oct 2007
    Posts
    10,190
    Quote Originally Posted by sirbumpsalot View Post
    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 Iíve known my mortgage guy for about ten years and doubt heíd care anyway. Heís semi retired. Thereís other reasons that it could t happen for a few more months anyway.

  20. #1120
    Join Date
    Aug 2007
    Location
    At the beach
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    15,960
    Quote Originally Posted by Name Redacted View Post
    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.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  21. #1121
    Join Date
    Oct 2011
    Location
    Aspen
    Posts
    1,632
    Quote Originally Posted by liv2ski View Post
    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!

  22. #1122
    Join Date
    Oct 2007
    Posts
    10,190
    Quote Originally Posted by liv2ski View Post
    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.

  23. #1123
    Join Date
    Apr 2008
    Location
    Treading Water
    Posts
    5,511
    Quote Originally Posted by tgapp View Post
    @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.

    Sent from my Pixel 4a (5G) using Tapatalk
    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.
    Lots of Cream, Lots of Sugar

  24. #1124
    Join Date
    Aug 2007
    Location
    At the beach
    Posts
    15,960
    Quote Originally Posted by jm2e View Post
    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.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  25. #1125
    Join Date
    Feb 2008
    Posts
    1,558
    Does anyone want to 'splain to me HELOC vs. bridge loan? Seems like a HELOC is cheaper and generally better, what am I missing?

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