EDU Mortgage EDU

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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
not if it has to show a zero balance for x amount of time, right?
No…

They’re not checking your credit card balance in real time. If you send them a statement showing a $3000 balance, they’re going to collect $3000 from you to pay it off. If, after that monthly statement posts, you rack up $20k in additional charges on top of the $3000 balance, they still only collect the $3000 because that’s the only amount they know and have verified the outstanding balance to be.
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,815
heaven's fence.
No…

They’re not checking your credit card balance in real time. If you send them a statement showing a $3000 balance, they’re going to collect $3000 from you to pay it off. If, after that monthly statement posts, you rack up $20k in additional charges on top of the $3000 balance, they still only collect the $3000 because that’s the only amount they know and have verified the outstanding balance to be.
who is going to collect $3000?

they are checking the credit balance in real time from what i understand. i had credit pulls 2 consecutive days, & some credit agency the bank uses called me to have a conference call with amex to verify the balance was zero.
 
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mooses

Well-Known Member
Jan 31, 2005
9,651
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
Yeah that seems really weird. Is your DTI borderline where they need to knock off the minimum credit card payments for you to qualify?
 

NiggaPHX420

OT Supporter
Jan 17, 2002
50,542
Phoenix, AZ
who is going to collect $3000?

they are checking the credit balance in real time from what i understand. i had credit pulls 2 consecutive days, & some credit agency the bank uses called me to have a conference call with amex to verify the balance was zero.
Damn bro they gonna check your scores daily until they ding you down to 0
 
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MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,815
heaven's fence.
Yeah that seems really weird. Is your DTI borderline where they need to knock off the minimum credit card payments for you to qualify?


it shouldn't be. i'm spending way less than i was preapproved for. i know real estate taxes & such factor in, but i paid the years home ins & flood ins up front so that won't factor in.
 

conflayz

Banned
May 31, 2018
8,157
dirtydirtysouth
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.
Lol it’s funny because this is what I have to do now :(
 

kilgore trout

OT Supporter
Nov 24, 2004
3,877
ATX
My wife and I just started looking in ATX, we’re doing a buyer ready program where they take about a week or two to fully underwrite us and then the underwriters only have to deal with inspection and appraisal (I guess title as well) so we can close faster. In Austin there are a lot of cash buyers coming from Cali who are waiving appraisal and offering 50-100k over asking. Would this help us (we’re hoping if we bid 30-50 over asking the appraisal would come in there so we can finance that amount instead of bringing the difference between sales
Price and appraisal to closing)?

Also can if the appraisal comes in light can we pay for a reappraisal or challenge to the original one?
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
My wife and I just started looking in ATX, we’re doing a buyer ready program where they take about a week or two to fully underwrite us and then the underwriters only have to deal with inspection and appraisal (I guess title as well) so we can close faster. In Austin there are a lot of cash buyers coming from Cali who are waiving appraisal and offering 50-100k over asking. Would this help us (we’re hoping if we bid 30-50 over asking the appraisal would come in there so we can finance that amount instead of bringing the difference between sales
Price and appraisal to closing)?

Also can if the appraisal comes in light can we pay for a reappraisal or challenge to the original one?
Sorry…missed this.

What are the specifics? What price range? How much were you wanting to put down? I don’t understand the last part…are you saying you will do like $500k offer with $400k loan, but what to do if appraisal is only $450k?

You can’t just get a new appraisal. If you really think the value is there and the first appraiser missed it, you can contest it. But you need data and comps of sold properties to back it up. You can’t just complain and say “I just think it should be higher”.
 

kilgore trout

OT Supporter
Nov 24, 2004
3,877
ATX
Sorry…missed this.

What are the specifics? What price range? How much were you wanting to put down? I don’t understand the last part…are you saying you will do like $500k offer with $400k loan, but what to do if appraisal is only $450k?

You can’t just get a new appraisal. If you really think the value is there and the first appraiser missed it, you can contest it. But you need data and comps of sold properties to back it up. You can’t just complain and say “I just think it should be higher”.
So we’re getting underwritten now for $700k 10 yr I/O loan that becomes fully amortizing for the next 20yrs but rate is locked for the full 30 yrs (no down payment- we’re pledging securities so we can finance 100% of the lesser of purchase price or appraisal amount). We’d prefer not to escrow so can use cash to bridge any potential gap in our offer and appraisal but property taxes are due 1/31 so that may not be an option. We figure we’re probably going to offer close to 10% over asking price which is why we’d need appraisal to come in high enough. So we’re looking at houses listed around $650k
 

intro_vert13

fuck them kids
OT Supporter
Feb 26, 2005
31,127
an offshore haven somewhere
Sorry…missed this.

What are the specifics? What price range? How much were you wanting to put down? I don’t understand the last part…are you saying you will do like $500k offer with $400k loan, but what to do if appraisal is only $450k?

You can’t just get a new appraisal. If you really think the value is there and the first appraiser missed it, you can contest it. But you need data and comps of sold properties to back it up. You can’t just complain and say “I just think it should be higher”.
HE KNOWS WHAT IT'S WORTH
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
So we’re getting underwritten now for $700k 10 yr I/O loan that becomes fully amortizing for the next 20yrs but rate is locked for the full 30 yrs (no down payment- we’re pledging securities so we can finance 100% of the lesser of purchase price or appraisal amount). We’d prefer not to escrow so can use cash to bridge any potential gap in our offer and appraisal but property taxes are due 1/31 so that may not be an option. We figure we’re probably going to offer close to 10% over asking price which is why we’d need appraisal to come in high enough. So we’re looking at houses listed around $650k
What you're describing sounds like a very niche in-house or "non-QM" type of program that is outside the bounds of a "normal" loan. (10yr interest only, jumbo, no down-payment and pledging securities as collateral). I can't really give much guidance on that as these are very specific and often investor-specific programs that kind of make up and go by their own rules. Are you a doctor? There are some doctor-loans kind of like this with low/no down-payment and low payments at the beginning that end up getting higher later on (when income is projected to be higher and student loan debts lower...)
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
164,815
heaven's fence.
i was able to get an appraisal wavier. so thay more than pays for the $380 i'd pay to lock 2.75 for 75 days.

but also i have to pay for a property survey thats probably what an appraisal would cost too lol.
Just float that shit. Don’t be a pussy.


well aren't i glad i didn't listen to you :rofl: :fawk:

still haven't closed, rates are like .5 higher now.
 

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