EDU Mortgage EDU

Sirius

Well-Known Member
Jul 11, 2007
5,284
Chicago
Refinanced last year to go 4.375 to 3.5 on a 30 year. Thinking I would be stupid not to do it again to drop the rate and increase LTV hoping my house appraises at least 10% over current value
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
Refinanced last year to go 4.375 to 3.5 on a 30 year. Thinking I would be stupid not to do it again to drop the rate and increase LTV hoping my house appraises at least 10% over current value
You should definitely look at it. With house values going up, you can probably get below 3% and drop pmi at the same time. How long ago did you close?
 
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Sirius

Well-Known Member
Jul 11, 2007
5,284
Chicago
You should definitely look at it. With house values going up, you can probably get below 3% and drop pmi at the same time. How long ago did you close?
5/8/2020 is the loan origination date. Haven’t seen many homes for sale in my neighborhood but now that I look at sold houses, I see some all selling before being listed for some pretty big increases over what I think it would have sold for normally
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
5/8/2020 is the loan origination date. Haven’t seen many homes for sale in my neighborhood but now that I look at sold houses, I see some all selling before being listed for some pretty big increases over what I think it would have sold for normally
3.5% from last May?? :yikes:

yes, in the last 15 months I would bet you’ve got enough equity to drop pmi.
 
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mooses

Well-Known Member
Jan 31, 2005
9,651
Bankrate shows better.com with a 2.5% 30 year refi with 0 points - is it even worth the hassle or am I going to somehow see $10k in fees somewhere
 

CraneCamsOU

Well-Known Member
Sep 1, 2003
1,787
Bankrate shows better.com with a 2.5% 30 year refi with 0 points - is it even worth the hassle or am I going to somehow see $10k in fees somewhere
I had a great experience with better. Fees were less than guaranteed rate, BOA and Chase (those last two shouldn’t even be in the comparison)
 

mooses

Well-Known Member
Jan 31, 2005
9,651
I had a great experience with better. Fees were less than guaranteed rate, BOA and Chase (those last two shouldn’t even be in the comparison)
:bigthumb: I'm working through it now and the numbers seem ok. I just have to wait until tomorrow to do the hard pull because equifax is shit and wouldn't unfreeze immediately.
 

NiggaPHX420

OT Supporter
Jan 17, 2002
50,529
Phoenix, AZ
Does this look right

120d78adf97cae920b6eb929e75b273a.jpg
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
:bigthumb: I'm working through it now and the numbers seem ok. I just have to wait until tomorrow to do the hard pull because equifax is shit and wouldn't unfreeze immediately.
Just watch the numbers closely. Anyone can say anything up front, until it’s time to lock the rate. Right now their site says 2.5% is $3500 in points.

8FAF82C3-B780-4724-8FA0-E0FE0F3EDE9A.png
 
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Sal Paradise

Well-Known Member
Jan 16, 2002
17,320
Heathwood
You do any investment loans?

My property manager is selling one of her VRBO properties, but the buyer is attempting to finance it as a second home instead of as an investment. It’s appraised around 950k, and generating around $130k/year in gross rental income.

Would you be able to use the historic income if its being financed as an investment?
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
You do any investment loans?

My property manager is selling one of her VRBO properties, but the buyer is attempting to finance it as a second home instead of as an investment. It’s appraised around 950k, and generating around $130k/year in gross rental income.

Would you be able to use the historic income if its being financed as an investment?
I do lots of investor/rentals.

if using rental income to qualify, we ask appraiser to come up with projected rental income, and you can use 75% of that number as income. It’s still kind of up in the air with short term rentals. Usually appraisers go off what a possible long term lease would be. So it’s unlikely an appraiser would come up with $11k/mo for projected rental income.
 
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CraneCamsOU

Well-Known Member
Sep 1, 2003
1,787
Just watch the numbers closely. Anyone can say anything up front, until it’s time to lock the rate. Right now their site says 2.5% is $3500 in points.

View attachment 146825
Good advice, the estimated fees will change. I have a post earlier in the thread outlining the final details from a better refi and a guaranteed rate second home loan. I forget the numbers off hand but I was satisfied with the deal

edit: found my post:


Closing next week on the second home mortgage: $234k purchase, $100k loan at 2.625% 15yr with about $3k in fees. Fees are high but no other lender was within .75%.

A month back we refi’d primary residence 30 to 15 year, 2.375% without points, loan costs $2,578. Similar to the second home loan, no other lender was close.

One was Better the other was Guaranteed Rate. Both went smoothly, and was easy to talk to an actual person whenever I wanted. I preferred Better’s website, but they seemed to shuffle you around to more people. GR was less polished, but still good customer service. Overall experience with both was great, will recommend for anyone shopping around.
 
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mooses

Well-Known Member
Jan 31, 2005
9,651
Just watch the numbers closely. Anyone can say anything up front, until it’s time to lock the rate. Right now their site says 2.5% is $3500 in points.

View attachment 146825
I'm too stupid to figure out how to link an image, but the closing disclosure (prior to rate lock) is showing:
A. Origination: $0
B. Services Can't Shop for: $614
C. Services Can Shop for: $726
D. Total A, B, C: $1340

E. Taxes and other shit: $862
F. Prepaids: $328
G. Escrow: $1948
H. Other: $0

J. Total Closing Costs: $3590
 

forgetdis

Well-Known Member
May 5, 2011
1,611
Whats the best way to go for a first-time buyer loan in Ca ~800k house %5 Down. Been told to go to loandepot
 
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deadbeef

OT Supporter
Sep 5, 2020
1,778
I haven't been paying attention, have rates gone down again in the last few months? I checked earlier in the year and thought I missed the boat.
 

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