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  1. #7426
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    Quote Originally Posted by CascadeLuke View Post
    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
    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

  2. #7427
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    Quote Originally Posted by Danno View Post
    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.
    It sounds like you're conflating risk premium & loan type. Non-agency loan products exist (portfolio loans). Many mortgages are fungible - agency-insured types. Non-agency are a different breed though. Certainly not as many as there used to be but they exist.

    Self-employed, high-asset/low-income, etc types of borrowers are more likely to get an advantage from portfolio loans than a vanilla home purchaser might.

  3. #7428
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    Quote Originally Posted by Bromontane View Post
    Self-employed, high-asset/low-income, etc types of borrowers are more likely to get an advantage from portfolio loans than a vanilla home purchaser might.
    All at much higher rates than a vanilla agency type loan. Not a fan of LPMI. It is better IMO to have the lower interest rate with PMI that will drop off between 78%-80%. Why have a higher rate until you refi?
    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.

  4. #7429
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    Quote Originally Posted by Danno View Post
    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.
    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.

  5. #7430
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    Quote Originally Posted by CascadeLuke View Post
    There is a loan type for high LTV without a PMI monthly payment. Itís called LPMI - Lender Paid Mtg Ins. Itís baked into the rate. I bet thatís what the above mag received
    I don't think it was LPMI, my rate didn't change when i was looking at whether to make a monthly payment or pay the lump sum up front.

  6. #7431
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    Quote Originally Posted by Danno View Post
    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.
    Quote Originally Posted by shredgnar View Post
    Professional Loan.

    I thought we were all dentists here?
    Quote Originally Posted by Danno View Post
    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.
    Quote Originally Posted by shredgnar View Post
    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.
    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

  7. #7432
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    Lawyers are so fun to be around.

  8. #7433
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    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!"

  9. #7434
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    Quote Originally Posted by Leavenworth Skier View Post
    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!"
    drs/dentists I know got out of school at >30, started in a practice and are looking to buy a home and start a family - several are female, they don't have that much time. they are tied into an area at that point and want a place to stay for years.

  10. #7435
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    Quote Originally Posted by Danno View Post
    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).

    I think you are just trying to argue today. I'll let ya know if it snows this weekend.

  11. #7436
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    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

  12. #7437
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    Quote Originally Posted by AdironRider View Post
    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.
    My point exactly. But my observation is most are too busy spending to do that.

  13. #7438
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    Quote Originally Posted by AdironRider View Post
    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.
    If we had waited 2 more years to save 20%, our rate would have been higher, and the same home would have cost $150K more, and we'd be living in a condo instead of a SFH.

  14. #7439
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    Quote Originally Posted by Dantheman View Post
    Who puts 20% down these days? Or any time in the last 20+ years?
    I've never put less than 25% down and with the lower interest deductions, I see people putting more down. In SF, its seems like a lot of people put shit down and do I/O. While your at it, get a variable rate loan too.

    Sent from my SM-N950U using Tapatalk

  15. #7440
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    Quote Originally Posted by shredgnar View Post
    If we had waited 2 more years to save 20%, our rate would have been higher, and the same home would have cost $150K more, and we'd be living in a condo instead of a SFH.
    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

  16. #7441
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    Quote Originally Posted by AdironRider View Post
    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.
    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?

  17. #7442
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    Quote Originally Posted by shredgnar View Post
    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!
    But can we still judge you for making a choice as a consumer and later sharing that choice on an internet forum? There's a lot of appetite out here to affirm prior, normative views on mortgage finance.

  18. #7443
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    Quote Originally Posted by Bromontane View Post
    But can we still judge you for making a choice as a consumer and later sharing that choice on an internet forum? There's a lot of appetite out here to affirm prior, normative views on mortgage finance.
    20/20 hindsight is the norm.

  19. #7444
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    I thought the point of TGR was to post slightly anonymous details about your life to allow others to berate and question you for them, all from the comfort of the dentists office?

  20. #7445
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    Quote Originally Posted by Leavenworth Skier View Post
    I thought the point of TGR was to post slightly anonymous details about your life to allow others to berate and question you for them, all from the comfort of the dentists office?
    Are you saying I should start my own thread?

  21. #7446
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    Quote Originally Posted by Leavenworth Skier View Post
    I thought the point of TGR was to post slightly anonymous details about your life to allow others to berate and question you for them, all from the comfort of the dentists office?
    True, plus I respect the consistency of a govt worker from the People's Republic of Boulder shouting down someone that opted to not use a heavily subsidized government mortgage product.

  22. #7447
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    Quote Originally Posted by shredgnar View Post
    Are you saying I should start my own thread?
    that's generally worked well for me in the past

  23. #7448
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    When you own in one of the hottest RE markets in America, of course that makes you an expert. There were millions of people like that in Florida and Nevada in 2006.

    Let's do some livin'
    After, we die

  24. #7449
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    Quote Originally Posted by shredgnar View Post
    Are you saying I should start my own thread?
    Quote Originally Posted by Leavenworth Skier View Post
    that's generally worked well for me in the past
    Allow me to present a counterpoint to that...

    Be good, or be good at it.

  25. #7450
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    Quote Originally Posted by Benny Profane View Post
    When you own in one of the hottest RE markets in America, of course that makes you an expert. There were millions of people like that in Florida and Nevada in 2006.
    Real estate's never going down, Benny. I read it here. Bidding wars are the norm: bear markets merely anachronisms.

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