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
Glad you got in while the getting was good

Hopefully this has helped other people not get ripped off too :rofl:

I'm in a homebuilding FB group (since we're building) and am seeing some absurd numbers. Some lady this weekend said her 90-day lock was going to expire, and her loan officer said if it does, their current rate for VA would be 5.6% :barf:
Everyone :wtc: and :eek4: reacting to this…VA rate isn’t that high now. It’s just a trash in-house lender for a builder whois trying to fuck some people over. House is ready to close, but lock expired, people are backed into a corner, give them a shit sandwich rate and they don’t have much of a choice. Bend over and take it.

Actual competitive rates aren’t that high…








… yet :noes:
 
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kwhitelaw

OT Supporter
Sep 1, 2004
38,978
virginia
Everyone :wtc: and :eek4: reacting to this…VA rate isn’t that high now. It’s just a trash in-house lender for a builder whois trying to fuck some people over. House is ready to close, but lock expired, people are backed into a corner, give them a shit sandwich rate and they don’t have much of a choice. Bend over and take it.

Actual competitive rates aren’t that high…








… yet :noes:
Shit grab a new lender and get the appraisal reassigned, get a lower rate
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chickenfcker

OT Supporter
Apr 22, 2005
4,554
Is it true that you can’t get a HELOC on a second home/rental? Only where your homestead exemption is?

Also is a repayment period of 5 years super low? I feel like I see 10 years elsewhere than my current LO
 

victor77

Internet Crew
OT Supporter
Mar 13, 2011
48,742
Internets
rates go down yet?
70s-show-crying.gif
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
Is it true that you can’t get a HELOC on a second home/rental? Only where your homestead exemption is?

Also is a repayment period of 5 years super low? I feel like I see 10 years elsewhere than my current LO
HELOCS are more consumer loans, so there are no set rules or guidelines that everyone abides by. Each bank/credit union/etc. has their own credit policy for what they will or will not lend on. It is not common for places to offer HELOCs on a 2nd home or rental, but that's not to say some places won't do it. Keep looking, usually a local community bank or CU will be your best bet.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,561
Loserville. Population: 1
rates go down yet?
How "down" are you wanting them to go? I mean, there will be movement up and down every day/week/month. If you're waiting for them to go "back down" to the 3% range, then I've got some bad news for you...

FYI I have code for this chart I use on my website that I can post here, but whenever I try to post the code it just comes through as text. If anyone knows how to post widgets here, let me know

1652710875131.png
 

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