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Thread: Real Estate Crash thread
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05-16-2019, 11:08 AM #7376Registered User
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05-16-2019, 11:18 AM #7377
Hoping that there will never be "another house" for me.
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05-16-2019, 11:19 AM #7378
If the area is considered “distressed” and the mortgage is non-conforming, banks are requiring 25% down.
It’s one of the drivers for the huge sell-off in suburban NYC housing. The era of the finance bro is coming to a close, and the jobs that provide buyers the ability to save for mid-six figure down payments are becoming scarce.Charlie, here comes the deuce. And when you speak of me, speak well.
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05-16-2019, 11:20 AM #7379
So, you're saying that you found a bank that was willing to loan you 95% of the purchase price in a single loan, not charge PMI, and not extract money from you in some other fashion to make up for that? Sounds like bullshit or you didn't understand the financing.
Because it's not like you can just shop around for a bank that's nice and doesn't charge PMI when all the others do."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
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-16-2019, 11:31 AM #7380
One of our local banks will do 7% down no PMI but you need stellar credit, good income + they won't loan on anything risky or non-conforming at that % down. They hold their own mortgages and don't resell to fannymae, etc. Also, your interest rate is higher.
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05-16-2019, 11:51 AM #7381"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
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-16-2019, 11:55 AM #7382Registered User
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05-16-2019, 11:56 AM #7383
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05-16-2019, 11:59 AM #7384
Paid 0% down in 2010 and was able to roll PMI as a lump sum into the loan. In hindsight, i wouldn't have done that again.
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05-16-2019, 12:01 PM #7385
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05-16-2019, 12:55 PM #7386
There is a loan type for high LTV without a PMI monthly payment. It’s called LPMI - Lender Paid Mtg Ins. It’s baked into the rate. I bet that’s what the above mag received
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05-16-2019, 12:59 PM #7387
Exactly my point. If you are not paying PMI, only have a single mortgage, but only put 5% down, there's a reason for that. It's not just that you did a better job of searching for a mortgage then everyone else, you're paying for it somehow. Because mortgages are a fungible product.
"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
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-16-2019, 01:24 PM #7388
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05-16-2019, 01:28 PM #7389Registered User
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You mean they don't do these for lawyers? https://www.bbvacompass.com/mortgage...nal-loans.html
We also have a portfolio loan. 7/1 ARM w/ 20% down on a second home. Rate is low, we don't plan on keeping it past 5 yrs.
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05-16-2019, 01:42 PM #7390
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05-16-2019, 02:11 PM #7391
So, you're either intentionally playing dumb or simply don't know. But nothing you have pointed to changes what I said. Those loans are available, but they are at a higher rate than a conventional loan. Which is fine if that is what worked for you, and maybe the math for you was preferable to a more conventional approach. But your original post made it sound like you just found a great lender who didn't charge PMI. What you actually found was a different product than a standard loan, that gave some benefit (no PMI) in exchange for certain things that offset that (limiting the pool of borrowers to limit risk, and charging a higher than market rate interest).
"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
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-16-2019, 02:19 PM #7392
Lol, that professional loan thing is such a dentist trap. "We know you're saddled with a huge amount of student debt but we know you REALLY need that waterfront custom 6 bed 5.5 7000 sqft McMansion... let us saddle you down with even more debt!"
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05-16-2019, 02:34 PM #7393
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05-16-2019, 02:35 PM #7394Registered User
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05-16-2019, 02:44 PM #7395
My understanding professional loans usually carry like .5 to 1% increase in APR, which is basically the equivalent of permanent PMI.
Not that I expect them to be any more financially savvy than the average Joe, but at that income just rent for a year or two and you should have 20% no problem.Live Free or Die
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05-16-2019, 02:58 PM #7396
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05-16-2019, 03:03 PM #7397Registered User
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05-16-2019, 03:09 PM #7398Registered User
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05-16-2019, 04:06 PM #7399
That isn't the point. The point is a professional loan is more expensive than a conventional no matter how you slice it.
You could have gone conventional and paid PMI and been done with it by now with that level of appreciation (assuming you didn't take the max available of 1750k). Instead you are paying it for 30.
Maybe refi now since loan rates are exactly the same as they were 2 years ago, so all is not lost.Live Free or Die
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05-17-2019, 10:02 AM #7400Registered User
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Like I said earlier, we refinanced shortly after getting the house. Who keeps the same mortgage for 30 years? So we ended up paying .25% above prime for two years, whoop-tee-doo! Rate isn't everything, especially when rates are as low as they were. There's a ton of other factors involved too, like liquidity, and other higher interest debt. We basically kept $60K from being locked up in our house, and put it in other places where it worked better for us. What if that $60K was in the S&P 500 for the last 7 years?
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