EDU Mortgage EDU

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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
I have a rental property with a heloc. Was my primary when I took the heloc out. Will be nearing the end of the draw period in a few years. Will payoff and close the heloc after the draw period ends. Am I going to have issues trying to open a new heloc now that it’s a rental and not primary?
Likely yes.
 

pookrat

OT Supporter
Dec 6, 2002
4,610
The Woodlands
Lol can you be more specific about “Chinese nonsense”?
One of the causes of the horrible day for the Markets yesterday. One of Chinas largest Real Estate investor Evergrande defaulting on Hundreds of Billions.



guess it wouldn't exactly affect loan rates. Just jack up the stock market and cause instability.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
One of the causes of the horrible day for the Markets yesterday. One of Chinas largest Real Estate investor Evergrande defaulting on Hundreds of Billions.



guess it wouldn't exactly affect loan rates. Just jack up the stock market and cause instability.
Lol I’ve been out of the office since last Wednesday and not paying attention to anything like that :rofl:

Usually instability in markets like that drives money to safe havens like bonds, which can be good for rates.
 
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MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,743
heaven's fence.
god, why is this process such a pain in the ass

i pay off every credit card in full every month. but for some reason they needed me to show a zero balance, so i had to pay not just the current statements but all charges since.

had to have a call with the credit agency and my credit card companies so they could verify the zero balance

then they ask for a printout of the bank transactions website showing those payments.

THEN they look at other things (check deposits) from in those transactions and want explanations and copies of the checks.


jesus christ.
 

mooses

Well-Known Member
Jan 31, 2005
9,651
ended up going for it. Locked in with a 30 year at 2.5%. The numbers all look roughly the same so far, except for the escrow that went up a couple hundred now that they have my insurance and tax info.

I was slightly worried about hitting the 80% mark with our appraisal, but it came in high so we'll be 69% LTV and no more PMI :bowdown:
Just to follow up on my refi with Better.com last month:

Locked my rate on 8/6, got through all the underwriting and they wanted to schedule closing on 8/24 but I had to push to 8/30 due to me being out of town on vacation. Otherwise it would've been 18 days from start to finish :bowdown:

Great experience overall imo - I'd highly recommend it to anyone who is just doing a simple refi with no weird stuff involved. Now I sit back and see who they sell it to :noes:
 

kwhitelaw

OT Supporter
Sep 1, 2004
38,896
virginia
god, why is this process such a pain in the ass

i pay off every credit card in full every month. but for some reason they needed me to show a zero balance, so i had to pay not just the current statements but all charges since.

had to have a call with the credit agency and my credit card companies so they could verify the zero balance

then they ask for a printout of the bank transactions website showing those payments.

THEN they look at other things (check deposits) from in those transactions and want explanations and copies of the checks.


jesus christ.
Shoulda went with @saabguy
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
Nope. Just figure when they ask for last 30 days paystubs whatever, my wife got nothing to show. For the past 6 months actually, she was on medical leave
You don’t have to wait. FMLA dictates that you can’t be denied due to family leave. You just verify what income was prior to leave, and get a statement from the employer stating when the borrower is scheduled to return, and confirm they will be at the same income/hours as prior to the leave. And you can use that as qualifying income, even if you’re on leave.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
Shoulda went with @saabguy
I don’t fuck around with NY, lol

There are easier ways to handle that situation. Just get a statement showing how much is owed on the account, and collect the payment at closing along with all the other funds due. Then you don’t have to chase your dick around trying to prove when it was paid, where it was paid from, supplements showing it was paid, etc. It’s much cleaner to do it like that.
 

kwhitelaw

OT Supporter
Sep 1, 2004
38,896
virginia
I don’t fuck around with NY, lol

There are easier ways to handle that situation. Just get a statement showing how much is owed on the account, and collect the payment at closing along with all the other funds due. Then you don’t have to chase your dick around trying to prove when it was paid, where it was paid from, supplements showing it was paid, etc. It’s much cleaner to do it like that.
True on ny lol, I had a buyer down here that my local guy couldn't do the loan cause of some judgments still on her credit.. her ny guy goes "kevin I don't even need to open those parts of the file, I never saw it 😳"

Got the loan done tho lol, but of course a week before closing I'm asking for commitment letter and referencing our upcoming settlement date.. his response.. we don't work off any hard dates 😂. That shit don't fly down here
 

shreddedchicken

OT Supporter
Mar 31, 2016
3,628
You don’t have to wait. FMLA dictates that you can’t be denied due to family leave. You just verify what income was prior to leave, and get a statement from the employer stating when the borrower is scheduled to return, and confirm they will be at the same income/hours as prior to the leave. And you can use that as qualifying income, even if you’re on leave.

Make sense. But I didn’t think my wife would want to request that from work while she was on leave due to postpartum depression. It’s like yo I am out on leave because I am suffering depression but hey I want to do a refinance can you write me a letter
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
True on ny lol, I had a buyer down here that my local guy couldn't do the loan cause of some judgments still on her credit.. her ny guy goes "kevin I don't even need to open those parts of the file, I never saw it 😳"

Got the loan done tho lol, but of course a week before closing I'm asking for commitment letter and referencing our upcoming settlement date.. his response.. we don't work off any hard dates 😂. That shit don't fly down here
NY is just a tough state with all the co-ops and other state regulations that make compliance a nightmare. You can lose money doing loans in NY based on all the potential regulatory fines for not following all their specific rules to a “T” for disclosure and compliance reasons. F that.
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,743
heaven's fence.
I don’t fuck around with NY, lol

There are easier ways to handle that situation. Just get a statement showing how much is owed on the account, and collect the payment at closing along with all the other funds due. Then you don’t have to chase your dick around trying to prove when it was paid, where it was paid from, supplements showing it was paid, etc. It’s much cleaner to do it like that.


i just don't get why they're being so extra

my fico is an 826. 4% credit utilization. 0 missed payments.

why in fuck do i need to show a zero balance on credit cards if i always pay in full? there's always new charges or recurring bill payments. especially since i get 6% back on groceries & 3% back on gas. i'd be dumb not to use the cards lol.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
i just don't get why they're being so extra

my fico is an 826. 4% credit utilization. 0 missed payments.

why in fuck do i need to show a zero balance on credit cards if i always pay in full? there's always new charges or recurring bill payments. especially since i get 6% back on groceries & 3% back on gas. i'd be dumb not to use the cards lol.
I understand, it’s frustrating. Keep in mind though that they’re not just trying to fuck with you, lol. There’s lots of things I’d rather do than chase people down for the missing page 5 from a bank statement, etc. But these are all rules we have to follow. There is little gray area. There is no loan program that says “if you have an 800 score and haven’t missed a payment, then fuckin just give them whatever they want and call it a day”.

I wish though…
 
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MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,743
heaven's fence.
I understand, it’s frustrating. Keep in mind though that they’re not just trying to fuck with you, lol. There’s lots of things I’d rather do than chase people down for the missing page 5 from a bank statement, etc. But these are all rules we have to follow. There is little gray area. There is no loan program that says “if you have an 800 score and haven’t missed a payment, then fuckin just give them whatever they want and call it a day”.

I wish though…
i get it, im just very confused by the requiring a zero balance on credit cards part when i don't carry a balance in the first place.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
i get it, im just very confused by the requiring a zero balance on credit cards part when i don't carry a balance in the first place.
I know…but the credit card companies report it to the credit bureaus when the statement closes, not after the payment is sent. So I pull a credit report and see someone’s credit card has a balance of $4000 and a min monthly payment of $125, even though they pay it in full monthly. In order to omit that payment, you have to show it’s paid in full.

Which I prefer doing just by getting the statement with balance due and collecting those funds at closing, it’s much less paperwork that way.
 
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MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,743
heaven's fence.
I know…but the credit card companies report it to the credit bureaus when the statement closes, not after the payment is sent. So I pull a credit report and see someone’s credit card has a balance of $4000 and a min monthly payment of $125, even though they pay it in full monthly. In order to omit that payment, you have to show it’s paid in full.

Which I prefer doing just by getting the statement with balance due and collecting those funds at closing, it’s much less paperwork that way.

there's got to be a better way. so many people pay bills on credit cards to earn points. i had to cancel recurring payments and buy a few weeks worth of train tickets in advance. but then also not use it for groceries even though i'd earn 6% cash back :o
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,468
Loserville. Population: 1
there's got to be a better way. so many people pay bills on credit cards to earn points. i had to cancel recurring payments and buy a few weeks worth of train tickets in advance. but then also not use it for groceries even though i'd earn 6% cash back :o
…you can still use it as normal…
 

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