EDU Mortgage EDU

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
tell your sister in law's husband to stop being a dummy about their name being on the deed
This would be the correct answer. But he keeps seeing the equity in the place and thinks about how he could use it to buy a nicer house for themselves. Even though they have put Zero into it. He is always bitching saying it affects his Taxes since it is in her name. Or affects their credit. Uhh. Wut? I mean I get it. When they go to buy their next house they will have to explain it but oh well. The end result will be more than worth it. I do NOT complain about the beach house in Mexico that is in my Wifes name. LOL
 

pookrat

OT Supporter
Dec 6, 2002
4,623
The Woodlands
Subtle “I’m a wealthy Mexican” post :rofl:

I’m checking on what’s an allowable visa…

Sir I couldn't be any whiter. And I am far from wealthy. LOL

QihTNBl.jpg
 
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Phil NJ

OT Supporter
Jun 15, 2003
17,127
Jersey Shore
I’m in the middle of a refinance to a 1.875% for 15 with $300 closing cost. They wanted $3000 for closing and I was able to negotiate it much lower.

Originally had 3.5% for 30 so I’m happy.
 
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ZACKMORRIS

Well-Known Member
Jun 26, 2007
6,140
Orlando, FL
I've refi'd through a Costco partner lender twice now. Origination capped at $250. Appraisal Waved. Grant total? ~$2k rolled back into the loan.
 

WS6Formula350

2018 updated user text
Jul 5, 2001
45,169
Birmingham, AL
my existing lender reached out to me to refi with them paying all closing and appraisal costs in cash, keeping my existing term.

i'd get to drop PMI and i'm at 4.375% right now.

he said they are going to "preferred customers" (i.e. not delinquent) to get them into a better product to keep their (my) business.

so what's the catch?
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,563
Loserville. Population: 1
my existing lender reached out to me to refi with them paying all closing and appraisal costs in cash, keeping my existing term.

i'd get to drop PMI and i'm at 4.375% right now.

he said they are going to "preferred customers" (i.e. not delinquent) to get them into a better product to keep their (my) business.

so what's the catch?
:rofl: they are going to “preferred customers” because delinquent customers can’t get approved to refinance (because they are delinquent). They are just going through their database to find customers they can do a new loan for, and get paid on it again. At 4.375% with PMI you should definitely do it. I’m interested to hear what their terms are they offer…
 

conflayz

Banned
May 31, 2018
8,157
dirtydirtysouth
My ex finally refinanced, and took me off our old house a few months ago. So, I think I can and want to refi now/ soon on the house I bought after we split (2018). Im currently renting out this house. Is it simple to refinance, is it worth it for me? My interest is 4.5, so I think so. I also have a conventional loan currently, wih PMI. Will my tenants have to let people in the house? Or is it straight paperwork and credit checks etc from me?
 

Phil NJ

OT Supporter
Jun 15, 2003
17,127
Jersey Shore
My ex finally refinanced, and took me off our old house a few months ago. So, I think I can and want to refi now/ soon on the house I bought after we split (2018). Im currently renting out this house. Is it simple to refinance, is it worth it for me? My interest is 4.5, so I think so. I also have a conventional loan currently, wih PMI. Will my tenants have to let people in the house? Or is it straight paperwork and credit checks etc from me?
I’d say it’s def worth it. You’ll need an appraisal if the house wasn’t purchased or refinanced recently, so someone will have to gain access inside the house.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,563
Loserville. Population: 1
My ex finally refinanced, and took me off our old house a few months ago. So, I think I can and want to refi now/ soon on the house I bought after we split (2018). Im currently renting out this house. Is it simple to refinance, is it worth it for me? My interest is 4.5, so I think so. I also have a conventional loan currently, wih PMI. Will my tenants have to let people in the house? Or is it straight paperwork and credit checks etc from me?
Likely worth it. You get a double whammy by lowering the interest rate and dropping/reducing pmi with the rise in home values. However FL is an expensive state for any kind of financing, because they charge a state tax for any mortgage transaction. If it’s a long term property though, likely still worth it.

you may get an appraisal waiver, the automated system dictates that. It’s not just that someone feels like giving you a pass or not. If an appraisal is required, it may be possible to do a drive-by exterior only appraisal. Due to covid, guidelines were temporarily out in place where an occupant (or the appraiser) could request an exterior only because they had covid concerns. I’m not sure if that is still in place though…I’d have to check
 

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