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DansDeals Forum => General Discussion => Topic started by: yoohoo on November 03, 2016, 10:02:01 PM

Title: Any mortgage experts on the forums?
Post by: yoohoo on November 03, 2016, 10:02:01 PM
If I want to take out a mortgage, with the monthly payments being more than half of my monthly income, will a consigner help me get approved?
Title: Re: Any mortgage experts on the forums?
Post by: Mordyk on November 03, 2016, 10:52:36 PM
If I want to take out a mortgage, with the monthly payments being more than half of my monthly income, will a consigner help me get approved?
you are basically looking for a mortgage broker here.  in short, yes.  if a co signer is allowed (because you cant get approved), that means its in the co signers credit the whole approval.
Title: Re: Any mortgage experts on the forums?
Post by: yoohoo on November 03, 2016, 10:58:53 PM
I have very good credit, I'm just looking to take out a high mortgage (I will have help paying the monthly payments). Normally the payments cannot be more than a certain (38%?) of your monthly income...
Title: Re: Any mortgage experts on the forums?
Post by: oiseli48 on November 04, 2016, 12:14:11 AM
I have very good credit, I'm just looking to take out a high mortgage (I will have help paying the monthly payments). Normally the payments cannot be more than a certain (38%?) of your monthly income...

Correct. However with a co-signer, they take into account his debt to income ratio, and add it to yours. So if his mortgage/car payments/credit card debt is only 25% of his income, it will help you out with your numbers.
Title: Re: Any mortgage experts on the forums?
Post by: Aaaron on November 04, 2016, 01:39:31 AM
Correct. However with a co-signer, they take into account his debt to income ratio, and add it to yours. So if his mortgage/car payments/credit card debt is only 25% of his income, it will help you out with your numbers.

+1

Title: Re: Any mortgage experts on the forums?
Post by: MoMo22 on August 28, 2017, 05:44:29 AM
Dos any one have info about mortgage brokers in Miami area ? Thanks
Title: Re: Any mortgage experts on the forums?
Post by: ludmila on August 28, 2017, 11:16:30 AM
Correct. However with a co-signer, they take into account his debt to income ratio, and add it to yours. So if his mortgage/car payments/credit card debt is only 25% of his income, it will help you out with your numbers.
+1
Title: Re: Any mortgage experts on the forums?
Post by: oiseli48 on September 24, 2017, 02:29:58 PM
Dos any one have info about mortgage brokers in Miami area ? Thanks

I used Sholom Laine from SD Funding

sholomny@gmail.com
Title: Re: Any mortgage experts on the forums?
Post by: Yef on September 26, 2017, 10:12:31 PM
Question: if the mortgage that i am holding now was done with a electronic note, is there anyway to do a CEMA and avoid paying mortgage tax if i refinance with another bank?
thank you
Title: Re: Any mortgage experts on the forums?
Post by: hvaces42 on September 26, 2017, 10:15:04 PM
Question: if the mortgage that i am holding now was done with a electronic note, is there anyway to do a CEMA and avoid paying mortgage tax if i refinance with another bank?
thank you
What State? NY? I would suppose there is a mechanism to get the E-signed note assigned to the new bank.
Title: Re: Any mortgage experts on the forums?
Post by: Yef on September 27, 2017, 06:03:37 PM
Yes, NY.  Mortgage broker told me nothing I can do.  It is costing me a lot of money. Is there anything I can suggest?
Title: Re: Any mortgage experts on the forums?
Post by: hvaces42 on September 27, 2017, 06:08:17 PM
Yes, NY.  Mortgage broker told me nothing I can do.  It is costing me a lot of money. Is there anything I can suggest?
Where are your original documents? Who was the Bank attorney when you took out last mortgage? There has to be a way. Mortgage broker is probably pushing because he wants to expedite closing. Someone has an original.
Title: Re: Any mortgage experts on the forums?
Post by: Yef on September 28, 2017, 03:02:16 PM
I appreciate your help. I will look into everything you are suggesting.
Thank you
Title: Re: Any mortgage experts on the forums?
Post by: dovy2 on July 10, 2019, 10:25:36 PM
Hi there.. not sure where to post, so I'll post here.

I know of someone who's just had their 60 acre property (in the Poconos) sold via sherrif auction (very sad story)... they might have a chance to buy it back from the new buyer, and we're hoping they wont charge them too much more than they paid...

Here's the question - does anyone here know a good place from where can they get a short-term loan of around 100k - they'll need about 2-3 years to pay it off, and they are ready to pay about 20% interest... they are also ready to put the property (tax-assessed for about 600k) as collateral.

thanks
Title: Re: Any mortgage experts on the forums?
Post by: chinagel on July 10, 2019, 11:30:44 PM
Hi there.. not sure where to post, so I'll post here.

I know of someone who's just had their 60 acre property (in the Poconos) sold via sherrif auction (very sad story)... they might have a chance to buy it back from the new buyer, and we're hoping they wont charge them too much more than they paid...

Here's the question - does anyone here know a good place from where can they get a short-term loan of around 100k - they'll need about 2-3 years to pay it off, and they are ready to pay about 20% interest... they are also ready to put the property (tax-assessed for about 600k) as collateral.

thanks
Credit cards.
Title: Re: Any mortgage experts on the forums?
Post by: Zalc on July 11, 2019, 12:06:11 AM
Hi there.. not sure where to post, so I'll post here.

I know of someone who's just had their 60 acre property (in the Poconos) sold via sherrif auction (very sad story)... they might have a chance to buy it back from the new buyer, and we're hoping they wont charge them too much more than they paid...

Here's the question - does anyone here know a good place from where can they get a short-term loan of around 100k - they'll need about 2-3 years to pay it off, and they are ready to pay about 20% interest... they are also ready to put the property (tax-assessed for about 600k) as collateral.

thanks
Credit cards or I've heard good things about Share states.com
(Not affiliated, but have worked with them a bit)
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on August 26, 2019, 04:38:35 PM
Am considering a mortgage refi now that rates are back at historic lows.  Bank I am talking to is offering a 3.25% fixed rate 30-year mortgage with zero points.  About $3,500 in closing costs (bank fees, title insurance, appraisal, etc.)  Looks to me to be a good deal but was curious if there are any experts out there who might be able to weigh in...  thanks in advance!
Title: Re: Any mortgage experts on the forums?
Post by: ruru1000 on August 26, 2019, 05:40:35 PM
Which bank is this? If refinancing with the same bank as the current loan, you may be able to get them to cover the closing costs as well.
Title: Re: Any mortgage experts on the forums?
Post by: upside down on August 26, 2019, 09:23:47 PM
Am considering a mortgage refi now that rates are back at historic lows.  Bank I am talking to is offering a 3.25% fixed rate 30-year mortgage with zero points.  About $3,500 in closing costs (bank fees, title insurance, appraisal, etc.)  Looks to me to be a good deal but was curious if there are any experts out there who might be able to weigh in...  thanks in advance!
Which bank is quoting 3.25%?
Title: Re: Any mortgage experts on the forums?
Post by: tzifanya54 on August 26, 2019, 09:30:52 PM
Am considering a mortgage refi now that rates are back at historic lows.  Bank I am talking to is offering a 3.25% fixed rate 30-year mortgage with zero points.  About $3,500 in closing costs (bank fees, title insurance, appraisal, etc.)  Looks to me to be a good deal but was curious if there are any experts out there who might be able to weigh in...  thanks in advance!
Please share. Which bank? I am being quoted @ 3.60% with $4500 in closing costs....
Title: Re: Any mortgage experts on the forums?
Post by: stmark on August 27, 2019, 03:59:39 PM
I got an offer from approved funding in NJ for 3.5% 30 yr fixed with $3500 closing cost. 3.625% for a cash out 30 yr refi to pull 25k out.
Title: Re: Any mortgage experts on the forums?
Post by: mushkovits on August 27, 2019, 06:05:01 PM
Anyone with knowledge on a construction loan?
When a bank holds back a interest reserve, is it as if it was funded and Iím charged interest on it?
Title: Re: Any mortgage experts on the forums?
Post by: mushkovits on August 28, 2019, 05:36:44 PM
Anyone with knowledge on a construction loan?
When a bank holds back a interest reserve, is it as if it was funded and Iím charged interest on it?
Anyone?
Title: Re: Any mortgage experts on the forums?
Post by: Jellybelly on August 28, 2019, 07:59:45 PM
Just asked a friend who a commercial mortgage broker , and they answered me; yes but get a broker, thatís what theyíre there for
Title: Re: Any mortgage experts on the forums?
Post by: momo on August 28, 2019, 08:02:10 PM
Anyone?
depends which bank. Some yes, some no.
Title: Re: Any mortgage experts on the forums?
Post by: daybyday on September 03, 2019, 11:57:09 AM
Am considering a mortgage refi now that rates are back at historic lows.  Bank I am talking to is offering a 3.25% fixed rate 30-year mortgage with zero points.  About $3,500 in closing costs (bank fees, title insurance, appraisal, etc.)  Looks to me to be a good deal but was curious if there are any experts out there who might be able to weigh in...  thanks in advance!
3.25% seems significantly lower than todays rates, I wonder if there is a catch. Also $3500 is significantly below the average to refi. I did refi 2 years back and most people told me to expect 10k, i was glad to have paid 6k. In retro it was well worth it, bh already saved more than i spent.
Title: Re: Any mortgage experts on the forums?
Post by: efflpetzel on September 05, 2019, 12:45:42 AM
3.25% seems significantly lower than todays rates, I wonder if there is a catch. Also $3500 is significantly below the average to refi. I did refi 2 years back and most people told me to expect 10k, i was glad to have paid 6k. In retro it was well worth it, bh already saved more than i spent.
-1.
I also got 3.25% yesterday
Title: Re: Any mortgage experts on the forums?
Post by: tzifanya54 on September 05, 2019, 05:06:54 PM
-1.
I also got 3.25% yesterday
Which bank?
Title: Re: Any mortgage experts on the forums?
Post by: efflpetzel on September 05, 2019, 05:55:31 PM
Not one of the big ones
Title: Re: Any mortgage experts on the forums?
Post by: tzifanya54 on September 06, 2019, 08:04:03 AM
Not one of the big ones
Through a broker? Or direct by the bank?
Title: Re: Any mortgage experts on the forums?
Post by: efflpetzel on September 06, 2019, 08:43:33 AM
Through a broker? Or direct by the bank?
Broker
Title: Re: Any mortgage experts on the forums?
Post by: tzifanya54 on September 06, 2019, 09:38:26 AM
Broker
Please PM details. I went back to the same guy I used originally, and he was saying 3.5-3.6.
Title: Re: Any mortgage experts on the forums?
Post by: Pad18 on December 03, 2019, 11:59:09 PM
Hi, does some know if the bank take in consideration debt-to-income ratio balance of a business credit card ? Or only of personal credit card ?
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on December 04, 2019, 03:13:28 AM
Hi, does some know if the bank take in consideration debt-to-income ratio balance of a business credit card ? Or only of personal credit card ?
Dan always emphasizes that business cards are not.
Title: Re: Any mortgage experts on the forums?
Post by: sillypainter on December 04, 2019, 08:02:29 AM
Dan always emphasizes that business cards are not.

Key is not if it's business or personal. Most business cards don't get reported to the credit bureaus, so if you have a biz card that does like Cap1 it will iof course count.
Title: Re: Any mortgage experts on the forums?
Post by: Pad18 on December 04, 2019, 08:22:08 AM
Dan always emphasizes that business cards are not.
Correct, I know that they do not reported on your credit profile.
Question is if someone know how the bank calculate, if they do somehow calculate business card balance or not.

Key is not if it's business or personal. Most business cards don't get reported to the credit bureaus, so if you have a biz card that does like Cap1 it will iof course count.

So it's not.

Do you know for a fact ? Or you assume ? (As me, and this is my question ..)
And yes of course speaking about cards that don't report to your credit.
Title: Re: Any mortgage experts on the forums?
Post by: yelped on December 04, 2019, 11:06:18 AM
Cards that don't get reported on your credit report will not be counted. Personal experience. Had close to 100k that I was floating at the time on business cards, and all that mattered to the bank was the few hundred dollars I had on my personal cards.
Title: Re: Any mortgage experts on the forums?
Post by: Pad18 on December 04, 2019, 05:19:20 PM
Cards that don't get reported on your credit report will not be counted. Personal experience. Had close to 100k that I was floating at the time on business cards, and all that mattered to the bank was the few hundred dollars I had on my personal cards.

Thanks! Excellent info.
Title: Re: Any mortgage experts on the forums?
Post by: yelped on December 04, 2019, 06:43:30 PM
Thanks! Excellent info.
Mazel Tov and much success!
Title: Re: Any mortgage experts on the forums?
Post by: Mikeoracle on February 27, 2020, 09:32:50 PM
Since I see mortgage rates dropping, I got a quote today to refinance at 3% for 15 years (3.375% for 30 year). Fees around 1200 for closing and around 1500 for title insurance.
Am I missing any fees and is there anything better out there these days?
Lakewood NJ if that makes a difference
Title: Re: Any mortgage experts on the forums?
Post by: stmark on February 28, 2020, 10:21:53 AM
Since I see mortgage rates dropping, I got a quote today to refinance at 3% for 15 years (3.375% for 30 year). Fees around 1200 for closing and around 1500 for title insurance.
Am I missing any fees and is there anything better out there these days?
Lakewood NJ if that makes a difference

Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on February 28, 2020, 10:29:12 AM
Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
Do you have his phone #?
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on February 28, 2020, 11:13:15 AM
Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
Also, are these rates applicable on investment properties as well?
Title: Re: Any mortgage experts on the forums?
Post by: Mikeoracle on February 28, 2020, 11:41:54 AM
Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
can you send me contact info please ?
Title: Re: Any mortgage experts on the forums?
Post by: Jellybelly on February 28, 2020, 01:59:55 PM
Are rates expected to drop more now with the market tanking?
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on February 28, 2020, 03:27:38 PM
Are rates expected to drop more now with the market tanking?
No one knows the future but I believe rates dropped today once more as they are factoring in another 1/4% decrease which they believe the Feds will announce March 17-18
Title: Re: Any mortgage experts on the forums?
Post by: yr on March 03, 2020, 09:35:23 AM
Is it true that I can't refinance within six months? Or is it just with the same banker/broker? I closed in December and my guy says I need to wait six months.
Title: Re: Any mortgage experts on the forums?
Post by: hvaces42 on March 03, 2020, 01:11:10 PM
Is it true that I can't refinance within six months? Or is it just with the same banker/broker? I closed in December and my guy says I need to wait six months.
He will probably lose his commission if you do.
Title: Re: Any mortgage experts on the forums?
Post by: YankyDoodle on March 05, 2020, 04:22:49 PM
Can anyone send me a contact for someone who can offer a good refi rate? Best I can find with quick research is 3.6 and I know it should be lower currently. Thanks!
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on March 05, 2020, 07:50:41 PM
Anyone out there that can explain to me what CEMA is, especially in NY. I tried googling it, but none of that stuff made sense to me. Not sure if I want it, or dont want it.
Title: Re: Any mortgage experts on the forums?
Post by: Pinreb on March 05, 2020, 08:59:59 PM
Anyone out there that can explain to me what CEMA is, especially in NY. I tried googling it, but none of that stuff made sense to me. Not sure if I want it, or dont want it.
It saves you from paying mortgage tax when refinancing.
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on March 05, 2020, 09:47:49 PM
Can anyone send me a contact for someone who can offer a good refi rate? Best I can find with quick research is 3.6 and I know it should be lower currently. Thanks!
That's not too bad. Rates jumped up today.
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on March 05, 2020, 10:15:42 PM
It saves you from paying mortgage tax when refinancing.

Is there a downside to it? A broker told me it only makes sense if the loan is above 500k
Title: Re: Any mortgage experts on the forums?
Post by: Geshmak25 on March 05, 2020, 10:18:57 PM
That's not too bad. Rates jumped up today.
Whyd they go up when the 10 yr treasury continued to go down?
Title: Re: Any mortgage experts on the forums?
Post by: hvaces42 on March 08, 2020, 12:33:37 AM
Is there a downside to it? A broker told me it only makes sense if the loan is above 500k
Broker is just trying to close deal quicker. Almost never true. Cost of mortgage tax is almost always more than the cost of getting Assignment of mortgage. Unless rates will jump.
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on March 11, 2020, 05:57:00 PM
whats  good website to compare refinance mortgage ballpark rates without a hard pull?
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on March 11, 2020, 07:20:55 PM
Rates have gone up since Friday. Banks cant handle the demand
Title: Re: Any mortgage experts on the forums?
Post by: markram on March 11, 2020, 10:00:21 PM
whats  good website to compare refinance mortgage ballpark rates without a hard pull?

Aimloan.com is my personal favorite. They're super transparent.
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on March 12, 2020, 09:39:52 AM
Aimloan.com is my personal favorite. They're super transparent.
tried it but looking for site that that has multiple soft offers from lenders without hard inquiry
also they require a minimum of $50,000 loan which I am not interested in right now.
Title: Re: Any mortgage experts on the forums?
Post by: chff on March 12, 2020, 10:09:54 AM
Rates have gone up since Friday. Banks cant handle the demand
https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/
Title: Re: Any mortgage experts on the forums?
Post by: am32 on March 12, 2020, 11:41:43 AM
https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

I work for a mortgage company and can confirm that we are doing this.  If you are looking to refi (you should be) send me a PM and I can help.
Title: Re: Any mortgage experts on the forums?
Post by: Naftuli19 on March 12, 2020, 11:50:09 AM
Aimloan.com is my personal favorite. They're super transparent.

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/
i have gotten way better rates than this site offers like 3.65 vs 3.125
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on March 12, 2020, 12:05:04 PM
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.
Title: Re: Any mortgage experts on the forums?
Post by: Naftuli19 on March 12, 2020, 12:06:53 PM
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.
i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on March 12, 2020, 12:11:47 PM
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.
Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.
Title: Re: Any mortgage experts on the forums?
Post by: am32 on March 12, 2020, 12:12:40 PM
Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.
Agreed.  A good mortgage banker can help you with this and explain to you if you will save money in the long run.
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on March 12, 2020, 01:15:57 PM
i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y
So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.
Title: Re: Any mortgage experts on the forums?
Post by: Naftuli19 on March 12, 2020, 01:20:10 PM
So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.
i have 29 1/2 years left i would save about $72,000 over the next 30y
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on March 12, 2020, 01:33:04 PM
i have 29 1/2 years left i would save about $72,000 over the next 30y
Then go for it!
Title: Re: Any mortgage experts on the forums?
Post by: Naftuli19 on March 12, 2020, 01:35:20 PM
Then go for it!
trying to get lower
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on March 12, 2020, 07:00:31 PM
trying to get lower
Keep us posted if you do
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on March 12, 2020, 07:07:23 PM
Rates went up .75 from a local CU. That is just nuts.  >:(
Title: Re: Any mortgage experts on the forums?
Post by: yitzgar on March 12, 2020, 07:17:50 PM
Why are they going up?
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on March 12, 2020, 07:20:06 PM
Why are they going up?
I have no idea.
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on March 12, 2020, 07:54:50 PM
Why are they going up?
It's because banks are overwhelmed with refinance requests and are having a hard time keeping up with the demand.
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on March 12, 2020, 08:03:02 PM
It's because banks are overwhelmed with refinance requests and are having a hard time keeping up with the demand.
Then stop taking applications, don't rip people off.
Title: Re: Any mortgage experts on the forums?
Post by: ltttc on March 12, 2020, 08:08:40 PM
Then stop taking applications, don't rip people off.
I wish!! I'm in the process of getting a mortgage and this is hurting me. Apparently they don't care. I just didn't realize that banks have the power to decide how much above the prime rate they can charge. I thought it's a given
Title: Re: Any mortgage experts on the forums?
Post by: Geshmak25 on March 12, 2020, 09:43:06 PM
i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y
You sure you can still get 3.125%?
Title: Re: Any mortgage experts on the forums?
Post by: PlatinumGuy on March 13, 2020, 12:24:56 AM
Mortgages are likely to freeze soon because banks are afraid RE values will follow stock market values.
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on March 13, 2020, 12:34:33 AM
Mortgages are likely to freeze soon because banks are afraid RE values will follow stock market values.
When I heard the "R" word I thought they meant recession not Real-estate.  :)
Title: Re: Any mortgage experts on the forums?
Post by: Let3 on April 14, 2020, 12:38:11 AM
Whatís the opinion on the rates over the next 2 months?
Worth locking something in or wait it out?
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 14, 2020, 04:41:23 PM
Anyone use Approved Funding in NJ? Are they legit?
Title: Re: Any mortgage experts on the forums?
Post by: am32 on April 14, 2020, 04:43:19 PM
Whatís the opinion on the rates over the next 2 months?
Worth locking something in or wait it out?

It's pretty unlikely we'll see things drastically lower.  Rates are already basically at historic lows but are fluctuating a bit near that territory.
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on April 14, 2020, 04:55:25 PM
Anyone use Approved Funding in NJ? Are they legit?
Very much legit.  Owner is a friend and and ehrlicheh guy...
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 14, 2020, 04:57:54 PM
The finance the loan and then eventually contract it to a big bank?
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on April 14, 2020, 05:06:16 PM
The finance the loan and then eventually contract it to a big bank?
Don't know but I imagine that they will sell it off.
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 17, 2020, 03:52:37 PM
any recommendations for a title company? The lender offers the option to outsource that to save money on those fees.
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on April 17, 2020, 06:53:30 PM
any recommendations for a title company? The lender offers the option to outsource that to save money on those fees.
Madison Title in Lakewood.  Used them last go around.  Worked great. Very responsive.  Friend is a contact.  Happy to provide his contact info.
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 17, 2020, 06:55:20 PM
Madison Title in Lakewood.  Used them last go around.  Worked great. Very responsive.  Friend is a contact.  Happy to provide his contact info.

That would be great. Please PM info and also how much he charged you
Title: Re: Any mortgage experts on the forums?
Post by: username on April 26, 2020, 01:26:40 PM
I work for a mortgage company and can confirm that we are doing this.  If you are looking to refi (you should be) send me a PM and I can help.
  Thanks for the contact. Closed before Pesach and just got the 500 dollars!
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 26, 2020, 02:11:45 PM
  Thanks for the contact. Closed before Pesach and just got the 500 dollars!

$500 for what?
Title: Re: Any mortgage experts on the forums?
Post by: am32 on April 26, 2020, 03:28:50 PM
$500 for what?

I work for a major mortgage company and anyone who I refer can get $500 back after closing.  PM me if interested.
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 28, 2020, 10:22:34 PM
anyone here use better.com?
Title: Re: Any mortgage experts on the forums?
Post by: shmaltz on April 29, 2020, 12:59:14 AM
A relative of mine needs to close on an investment home (Doing this as a favor for someone that just got a hud voucher but owns their home - fully legal and all) within the next few weeks and needs to have 65k to put down but only has 45k in the bank/ retirement account. The banks are not allowing for money to be borrowed. Any ideas on how to make up for this 20k difference?
Title: Re: Any mortgage experts on the forums?
Post by: yelped on April 29, 2020, 01:01:39 AM
A relative of mine needs to close on an investment home (Doing this as a favor for someone that just got a hud voucher but owns their home - fully legal and all) within the next few weeks and needs to have 65k to put down but only has 45k in the bank/ retirement account. The banks are not allowing for money to be borrowed. Any ideas on how to make up for this 20k difference?
Will they allow gifts?
Title: Re: Any mortgage experts on the forums?
Post by: shmaltz on April 29, 2020, 01:16:06 AM
Will they allow gifts?
No. Since itís an investment property they donít think itís logical that someone would give money as a gift.
Title: Re: Any mortgage experts on the forums?
Post by: isrealsuits on April 29, 2020, 11:12:10 AM
Will rates go up or down? How low do you think it will go?
Title: Re: Any mortgage experts on the forums?
Post by: am32 on April 29, 2020, 11:23:12 AM
Will rates go up or down? How low do you think it will go?

I think it's unlikely we'll see rates go much lower.  They have been staying in the same range give or take for the last few weeks.
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on April 29, 2020, 11:28:15 AM
I think it's unlikely we'll see rates go much lower.  They have been staying in the same range give or take for the last few weeks.
Out of curiosity, where are rates these days (roughly)?
Title: Re: Any mortgage experts on the forums?
Post by: am32 on April 29, 2020, 12:53:18 PM
Out of curiosity, where are rates these days (roughly)?

Really depends on many factors but they are at or near 10 year lows.
Title: Re: Any mortgage experts on the forums?
Post by: Mikeoracle on April 29, 2020, 11:18:39 PM
Out of curiosity, where are rates these days (roughly)?

I'm about to close on a 30yr refinance at 3.25%  I had the option of doing 15yr at 2.875%
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 30, 2020, 07:30:25 AM
I'm about to close on a 30yr refinance at 3.25%  I had the option of doing 15yr at 2.875%

It creeped up higher over the last 2 weeks ago. But when I locked 2 weeks ago I got 2.75 and 3/8 points. Would have Been 2.75 if i did not have a HELOC
Title: Re: Any mortgage experts on the forums?
Post by: metsgiantsfan on April 30, 2020, 01:11:07 PM
It creeped up higher over the last 2 weeks ago. But when I locked 2 weeks ago I got 2.75 and 3/8 points. Would have Been 2.75 if i did not have a HELOC

Who you lock that in with? Im looking to refinance a little under 300k ,30 year..trying to get 2.75..830-850 credit score depending on agency  any leads who can talk to?
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on April 30, 2020, 02:26:13 PM
Who you lock that in with? Im looking to refinance a little under 300k ,30 year..trying to get 2.75..830-850 credit score depending on agency  any leads who can talk to?

Sorry, my quote was for 15 years
Title: Re: Any mortgage experts on the forums?
Post by: mlomni on April 30, 2020, 04:12:35 PM
I'm in the process of refinancing as well at 3.25% It better then my current rate of 4.3%  :)
Title: Re: Any mortgage experts on the forums?
Post by: Mikeoracle on April 30, 2020, 10:22:29 PM
Approved Funding in NJ - speak to Ari. He gave me a quote of 3.25% on a 30 with fees baked in. He said its 1.5% on a 10 year. and in the upper 2's for a 15 year in NJ.
I used Ari and am very happy, real professional and helpful
Title: Re: Any mortgage experts on the forums?
Post by: Sammyonetwo on May 01, 2020, 12:12:24 AM
any one have info on the 10k NJ Grant for first time home buyers?


on a 1099 does one time expenses that writing off for taxes get included in income I made?
Title: Re: Any mortgage experts on the forums?
Post by: mlomni on May 15, 2020, 05:26:48 PM
I'm in the process of refinancing as well at 3.25% It better then my current rate of 4.3%  :)

I just closed this week at a rate of 3.1%
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on May 15, 2020, 05:29:25 PM
I just closed this week at a rate of 3.1%

30 yr?
Title: Re: Any mortgage experts on the forums?
Post by: Geshmak25 on May 15, 2020, 05:33:02 PM
I just closed this week at a rate of 3.1%
So you paid money at closing?
Title: Re: Any mortgage experts on the forums?
Post by: Let3 on May 16, 2020, 10:44:05 PM
Whatís the best rate these days without paying down points?

And is that even worth it?
Title: Re: Any mortgage experts on the forums?
Post by: am32 on May 16, 2020, 11:09:14 PM
Whatís the best rate these days without paying down points?

And is that even worth it?

Best rate for how many years...15 or 30?  Being worth it will depend on what your rate is today.
Title: Re: Any mortgage experts on the forums?
Post by: Let3 on May 16, 2020, 11:10:30 PM
30 years

My question of worth it was regarding buying down points (from 3.5)
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on May 17, 2020, 01:42:44 AM

My question of worth it was regarding buying down points (from 3.5)
When I took out my mortgage, I made the assumption I would keep it for the whole 30 years.  (That may not be the case today, but with interest rates so low, it may be.)
I looked at what my total payments would be with the 0 pts rate vs the 3.5 pts rate.  The added the cost of the points to the cheaper, 3.5 points total.
If one is significantly better, you have a winner.
If the rates are similar, I'd probably take the no-buy-down deal.  With points, you're paying some of the expense up front, rather than over 30 years.  If rates drop - which is unlikely, because we're at historically low interest rates now *- you can refinance to a lower rate. With points  you've already paid up front for the better rate.


* Although you young people don't realize this, the interest rates now, (before the covid economic implosion,) are being kept low by the government.  Obama did this to help the 'recovery' and Trump and his Fed Chair were beginning to raise rates slowly.  At this point, they'll probably be kept low for a while longer, but some time in the future, they'll go back to free market rates.  And that will surely be higher.
Title: Re: Any mortgage experts on the forums?
Post by: YankyDoodle on May 17, 2020, 08:41:34 AM
I just got a refinance at 3.0 with no money down at closing - 30yr.
Title: Re: Any mortgage experts on the forums?
Post by: @Yehuda on May 17, 2020, 08:52:15 AM
Thoughts on breaking a lock when you find a lower rate?
Title: Re: Any mortgage experts on the forums?
Post by: Geshmak25 on May 17, 2020, 08:57:46 AM
I just got a refinance at 3.0 with no money down at closing - 30yr.
What state
Title: Re: Any mortgage experts on the forums?
Post by: Sport on May 17, 2020, 09:17:31 AM
I just got a refinance at 3.0 with no money down at closing - 30yr.
What size loan?
Title: Re: Any mortgage experts on the forums?
Post by: YankyDoodle on May 17, 2020, 09:38:36 PM
What state

FL - ~300k
Title: Re: Any mortgage experts on the forums?
Post by: zagguru on May 17, 2020, 09:50:56 PM
Closing on a Refi 2.75 3/8 points 15 year in a couple weeks.
Title: Re: Any mortgage experts on the forums?
Post by: shulem92 on June 01, 2020, 04:08:02 PM
Anyone familiar with the process, when a mortgage holder dies? Please PM me
Title: Re: Any mortgage experts on the forums?
Post by: Yef on June 02, 2020, 04:17:35 PM
Should someone sign a forebearance agreement or is better to wait and/or just have a verbal agreement
Title: Re: Any mortgage experts on the forums?
Post by: Ephraimh on June 02, 2020, 07:54:04 PM
Should someone sign a forebearance agreement or is better to wait and/or just have a verbal agreement
Update: Deferral/forbearance will hurt your mortgage approval odds with certain banks, see attached
Title: Re: Any mortgage experts on the forums?
Post by: michael on July 20, 2020, 02:55:42 PM
Anyone getting better than 2.75% on a 30-year $400k refi? Excellent credit, income and LTV ratio.
Title: Re: Any mortgage experts on the forums?
Post by: cholent on July 20, 2020, 03:49:53 PM
I got quoted 2.5% for a 15 year refi, if you know of better than this please let me know.
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on July 20, 2020, 04:47:36 PM
I got quoted 2.5% for a 15 year refi, if you know of better than this please let me know.

with points and closing fees?
Title: Re: Any mortgage experts on the forums?
Post by: cholent on July 20, 2020, 04:48:37 PM
with points and closing fees?
No points. About 3500 in hard closing costs
Title: Re: Any mortgage experts on the forums?
Post by: zh cohen on July 20, 2020, 10:23:24 PM

  If rates drop -


Or if you sell the house
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 22, 2020, 10:01:12 PM
Anyone getting better than 2.75% on a 30-year $400k refi? Excellent credit, income and LTV ratio.

2.6%, 30 year, 500k
Was offered 2.3% for the 15 year
No points
Title: Re: Any mortgage experts on the forums?
Post by: cholent on July 22, 2020, 10:02:40 PM
2.6%, 30 year, 500k
Was offered 2.3% for the 15 year
No points
Where?
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 22, 2020, 10:13:49 PM
Where?
Keybank. I can get you a contact if needed
Title: Re: Any mortgage experts on the forums?
Post by: cholent on July 22, 2020, 10:16:48 PM
Keybank. I can get you a contact if needed
That would be great, thanks. I was quoted 2.5% on a 15 year.
Title: Re: Any mortgage experts on the forums?
Post by: Yef on July 22, 2020, 10:26:58 PM
I would take that contact info also.
Ty
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 22, 2020, 10:41:28 PM
That would be great, thanks. I was quoted 2.5% on a 15 year.

I would take that contact info also.
Ty

Please PM me
Title: Re: Any mortgage experts on the forums?
Post by: yesitsme on July 22, 2020, 11:14:00 PM
i'm paying 4.75   >:( >:( >:( >:( >:(
Title: Re: Any mortgage experts on the forums?
Post by: yitzgar on July 22, 2020, 11:19:27 PM
i'm paying 4.75   >:( >:( >:( >:( >:(
So get on the refi train....
Title: Re: Any mortgage experts on the forums?
Post by: Jellybelly on July 22, 2020, 11:20:21 PM
itís most probably worth it, unless you plan on seeking soon
Title: Re: Any mortgage experts on the forums?
Post by: Geshmak25 on July 23, 2020, 12:38:28 PM
2.6%, 30 year, 500k
Was offered 2.3% for the 15 year
No points
Closing costs?
Title: Re: Any mortgage experts on the forums?
Post by: Pad18 on July 23, 2020, 01:03:23 PM
i'm paying 4.75   >:( >:( >:( >:( >:(

You will not qualify for a refinance ??
Title: Re: Any mortgage experts on the forums?
Post by: erlich on July 23, 2020, 01:20:28 PM
Anyone getting better than 2.75% on a 30-year $400k refi? Excellent credit, income and LTV ratio.
Email KesefLoans@gmail.com
He is very competitive
Title: Re: Any mortgage experts on the forums?
Post by: Ephraimh on July 24, 2020, 01:17:23 PM
i'm paying 4.75   >:( >:( >:( >:( >:(
Iím paying 5.625%(closed at peak October 2018!) refinancing now for 3.1%.
Title: Re: Any mortgage experts on the forums?
Post by: yesitsme on July 24, 2020, 03:04:35 PM
Iím paying 5.625%(closed at peak October 2018!) refinancing now for 3.1%.
I closed sept 18
Title: Re: Any mortgage experts on the forums?
Post by: Ephraimh on July 24, 2020, 03:19:04 PM
I closed sept 18
Difference between us is you probably closed on a primary while I closed on a 2 family, investment, cash out which is the trifecta worse case scenario for mortgage rates.
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 24, 2020, 03:27:09 PM
2.6%, 30 year, 500k
Was offered 2.3% for the 15 year
No points

I wanted to correct my previous post in case you didn't reach out because the bank doesn't offer mortgages in your state.
15 year 2.3%: KeyBank
30 year 2.6%: Kearny Bank
Title: Re: Any mortgage experts on the forums?
Post by: erlich on July 27, 2020, 11:14:17 PM
Iím paying 5.625%(closed at peak October 2018!) refinancing now for 3.1%.
Investment?
Title: Re: Any mortgage experts on the forums?
Post by: erlich on July 27, 2020, 11:15:24 PM
I wanted to correct my previous post in case you didn't reach out because the bank doesn't offer mortgages in your state.
15 year 2.3%: KeyBank
30 year 2.6%: Kearny Bank
Where is kearny bank?
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 27, 2020, 11:19:02 PM
Where is kearny bank?

They have branches in NY and NJ and definitely offer mortgages in these two states.
Title: Re: Any mortgage experts on the forums?
Post by: Ephraimh on July 28, 2020, 09:25:09 AM
Investment?
Yes
Difference between us is you probably closed on a primary while I closed on a 2 family, investment, cash out which is the trifecta worse case scenario for mortgage rates.

Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on July 28, 2020, 10:03:21 AM
Are rates higher for a condo (primary home)?
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on July 28, 2020, 01:37:59 PM
I wanted to correct my previous post in case you didn't reach out because the bank doesn't offer mortgages in your state.
15 year 2.3%: KeyBank
30 year 2.6%: Kearny Bank

2.3% is with points? and how much approx total closing costs in NJ?
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 28, 2020, 01:49:39 PM
2.3% is with points? and how much approx total closing costs in NJ?
No points but she's been very cranky about extending these rates to others.
I believe KeyBank doesn't offer mortgages in NJ.

The Kearny Bank rep (30 year rate listed) has been a lot more helpful and while he might not have that rate right now, he can get back to you when the rate is at that level and lock you in (these things fluctuate on a day to day basis- might be 2.7% today and 2.6% tomorrow.)

Title: Re: Any mortgage experts on the forums?
Post by: Berenstein Bear on July 28, 2020, 02:23:07 PM
Hi, I'd appreciate if any experts can weigh in.

Our Kollel stipend is paid directly to our landlord, check written out to his name. For SNAP purposes, we'd like a letter that states this info something to the effect of:

John Doe is full-time researcher at our ABC Institution. We are paying his monthly rent directly to his landlord in the amount of $x,xxx.

Once this letter is used, the school won't change it for us. Meaning, we can't have a letter written differently for mortgage etc. purposes.

Specifically for getting a mortgage, will such a letter work for us? Will the amount be counted as income? Or will we be writing off the kollel stipend from ever being a factor in being approved for a mortgage.

Thank you
Title: Re: Any mortgage experts on the forums?
Post by: davidd75 on July 28, 2020, 02:29:48 PM
No points but she's been very cranky about extending these rates to others.
I believe KeyBank doesn't offer mortgages in NJ.

The Kearny Bank rep (30 year rate listed) has been a lot more helpful and while he might not have that rate right now, he can get back to you when the rate is at that level and lock you in (these things fluctuate on a day to day basis- might be 2.7% today and 2.6% tomorrow.)
whats their email please Kearny bank?
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 28, 2020, 02:31:08 PM
whats their email please Kearny bank?
PM me
Title: Re: Any mortgage experts on the forums?
Post by: shapsam on July 28, 2020, 08:36:32 PM
Anywhere online that I can get a pre approval letter ASAP (without waiting for a callback)?
Title: Re: Any mortgage experts on the forums?
Post by: JACKBLUE on July 28, 2020, 09:01:38 PM
Are rates higher for a condo (primary home)?
No. at least not in NYC.
Title: Re: Any mortgage experts on the forums?
Post by: erlich on July 28, 2020, 09:40:22 PM
Anywhere online that I can get a pre approval letter ASAP (without waiting for a callback)?
Pm me ,I might be able to help
Thanks
Title: Re: Any mortgage experts on the forums?
Post by: shapsam on July 28, 2020, 10:09:41 PM
Pm me ,I might be able to help
Thanks
I just got it though credible.com with a soft credit pull. Thank you anyway.
Title: Re: Any mortgage experts on the forums?
Post by: dovy2 on July 29, 2020, 04:59:07 PM
Hi, I'd appreciate if any experts can weigh in.

Our Kollel stipend is paid directly to our landlord, check written out to his name. For SNAP purposes, we'd like a letter that states this info something to the effect of:

John Doe is full-time researcher at our ABC Institution. We are paying his monthly rent directly to his landlord in the amount of $x,xxx.

Once this letter is used, the school won't change it for us. Meaning, we can't have a letter written differently for mortgage etc. purposes.

Specifically for getting a mortgage, will such a letter work for us? Will the amount be counted as income? Or will we be writing off the kollel stipend from ever being a factor in being approved for a mortgage.

Thank you

No bank will take just a letter for a mortgage

For snap and Medicaid letters might be enough, when it comes to a mortgage, you need much more than just a letter.
Title: Re: Any mortgage experts on the forums?
Post by: Berenstein Bear on July 31, 2020, 10:28:46 AM
No bank will take just a letter for a mortgage

For snap and Medicaid letters might be enough, when it comes to a mortgage, you need much more than just a letter.

Thank you for your response. More than the letter, it seems we won't be able to count as income ever once we use such a letter. Will there be anyway for a bank to count this money in the future if it isn't called income?
Title: Re: Any mortgage experts on the forums?
Post by: gozalim on July 31, 2020, 01:05:49 PM
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).
Someone like that works be able to tell you how to word the letter and the check.
Title: Re: Any mortgage experts on the forums?
Post by: cgr on July 31, 2020, 01:19:46 PM
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).
Someone like that works be able to tell you how to word the letter and the check.
Check out this guy: http://shluchimfunding.com/
If you don't meet the criteria to work with him, he should be able to direct you to someone who can help.
Title: Re: Any mortgage experts on the forums?
Post by: zh cohen on August 02, 2020, 09:20:40 PM
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).

Pretty sure that's only if the check is made out to you (not the landlord).
Title: Re: Any mortgage experts on the forums?
Post by: gozalim on August 03, 2020, 05:43:15 PM
asking for a friend:
mortgage company accidentaly reported a forbearance payment late.
they admit the error.
initiated a dispute  with experian. EX is now waiting for response from mortgage company
MC says they responded EX says they're still wiaiting. over a month with no movement.
would meanwhile like to begin proccess for a new mortgage, so can't just wait it out indefinitely.

is there a way to 'bring them together'?
is there someone who deals with this for a reasonable price?
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on August 04, 2020, 08:12:08 PM
Most likely it is the MC.
Title: Re: Any mortgage experts on the forums?
Post by: gozalim on August 04, 2020, 08:24:05 PM
Most likely it is the MC.
meaning they likely haven't responded yet to the dispute though they claim they have?
how would i fix that?
Title: Re: Any mortgage experts on the forums?
Post by: CountValentine on August 04, 2020, 08:40:27 PM
meaning they likely haven't responded yet to the dispute though they claim they have?
how would i fix that?
Yes, call them again. Is it showing late on all three reports (EX, EX, TU)?
Title: Re: Any mortgage experts on the forums?
Post by: nucheiner on September 13, 2020, 04:03:05 AM
Whats considered typical regarding closing costs for a Refi in NJ?

I believe the are costs for: Title and Settlement, Appraisal, and Loan Origination/Application etc. The first months mortgage DAS is not really a closing expense. Additionally no money down also doesn't mean your not paying those costs, it just gets deducted from cash-out amount. But are there ways to avoid some of the actual costs? 
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 13, 2020, 07:47:28 AM
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.
Title: Re: Any mortgage experts on the forums?
Post by: nucheiner on September 13, 2020, 02:49:36 PM
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.
How old can the old appraisal be?
Title: Re: Any mortgage experts on the forums?
Post by: Yef on September 13, 2020, 05:17:00 PM
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.
Do you know which banks would not require a new appraisal?
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 14, 2020, 02:18:03 PM
Do you know which banks would not require a new appraisal?
How old can the old appraisal be?
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
Title: Re: Any mortgage experts on the forums?
Post by: isrealsuits on September 14, 2020, 06:28:45 PM
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
2.625% no points?
Title: Re: Any mortgage experts on the forums?
Post by: Yef on September 14, 2020, 08:17:15 PM
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
Never heard of a bank not requiring a appraisal
Title: Re: Any mortgage experts on the forums?
Post by: JACKBLUE on September 14, 2020, 08:34:17 PM
2.625% no points?
thatís the rate now for non jumbo loans. Jumbo is about 3%, super jumbo is 3.5% about.
Title: Re: Any mortgage experts on the forums?
Post by: Mikeoracle on September 14, 2020, 11:16:32 PM
Never heard of a bank not requiring a appraisal
I did not need one for my recent refinance. I assume its because the loan amount was very small compared to the value of the house. (I.e. Even a rough guess would put the loan well below the 80% LTV)
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 15, 2020, 07:27:47 AM
2.625% no points?
No points.
Never heard of a bank not requiring a appraisal
Many of my friends and family members who refinanced now, did not need one.
Title: Re: Any mortgage experts on the forums?
Post by: isrealsuits on September 15, 2020, 02:17:09 PM
No points.Many of my friends and family members who refinanced now, did not need one.
if you are taking out a mortgage that is much lower than the value it may not need a appraisal
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 15, 2020, 03:07:26 PM
if you are taking out a mortgage that is much lower than the value it may not need a appraisal
The incidents I am familiar with were standard right below 75% LTV.
Title: Re: Any mortgage experts on the forums?
Post by: isrealsuits on September 15, 2020, 03:45:43 PM
No points.Many of my friends and family members who refinanced now, did not need one.
which bank is 2.65?
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 15, 2020, 05:26:13 PM
which bank is 2.65?
Pm'ed.
Title: Re: Any mortgage experts on the forums?
Post by: Kobe bryent on September 15, 2020, 06:05:30 PM
which bank is 2.65?
+1
Title: Re: Any mortgage experts on the forums?
Post by: snagger on September 15, 2020, 06:18:10 PM
Pm'ed.
can i please get a pm with the bank that is giving 2.625?

Thank you!
Title: Re: Any mortgage experts on the forums?
Post by: BarryLincoln on September 15, 2020, 06:19:57 PM
can i please get a pm with the bank that is giving 2.625?

Thank you!
Same here, can i get a pm on the 2.65 rate?
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 15, 2020, 07:41:39 PM
can i please get a pm with the bank that is giving 2.625?

Thank you!
Same here, can i get a pm on the 2.65 rate?
+1
Sent.
Title: Re: Any mortgage experts on the forums?
Post by: peace123 on September 16, 2020, 01:47:32 AM
Anyone can comment and answer this?

I have a mortgage on a condo where we reside and it is only 20% of the loan amount paid.  I still have 80% of the loan amount to be paid and many years of monthly payments to make. If I want to move to another condo or townhouse, do I have to first have paid off my current mortgage? Or I can still first sell my current condo home, get the money and then use that money to pay off my current mortgage? I can then use the remaining or profit money to put down on a new mortgage?

Thanks
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on September 16, 2020, 04:19:57 AM
You are able to have several mortgages simultaneously.
But you'll need to qualify for each one as you apply.
Total monthly  payments on all mortgages can't be higher than about 35% of your  monthly income.  And your total debt payments ( car loan, cc payments, etc) each month can't exceed about 45%.
Total debt is much less significant than the  monthly bill.
My % numbers may be off, but you get the idea. 
Total debt .... is why you should be sure to pay almost all of your credit card bill before the statement closes (when you're preparing to apply for a mortgage).
Title: Re: Any mortgage experts on the forums?
Post by: am7734 on September 16, 2020, 08:36:54 AM
Anyone can comment and answer this?

I have a mortgage on a condo where we reside and it is only 20% of the loan amount paid.  I still have 80% of the loan amount to be paid and many years of monthly payments to make. If I want to move to another condo or townhouse, do I have to first have paid off my current mortgage? Or I can still first sell my current condo home, get the money and then use that money to pay off my current mortgage? I can then use the remaining or profit money to put down on a new mortgage?

Thanks
When you sell the condo that has the mortgage, the sale proceeds will be used to payoff the mortgage and closing costs with any remaining proceeds going to you as seller. It all happens simultaneously.
Practically speaking, at that point you don't own a home, and have to arrange for somewhere to live (of course you could try to rent back the current place you live from the purchaser/ allow for your move out to be x days from closing- all should be done in the contract of sale).
Assuming you have another place to purchase, you could in theory have all the proceeds from your sale wired to your purchase and that would be your down payment. Additionally/alternatively when you go into contract on your new place you would have put down a contract deposit which will also be credited at the new house closing.

I hope this is somewhat helpful/makes sense.
Title: Re: Any mortgage experts on the forums?
Post by: peace123 on September 16, 2020, 10:42:48 PM
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.
Title: Re: Any mortgage experts on the forums?
Post by: yelped on September 16, 2020, 11:21:19 PM
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.
Let's say you sell your current house for $300k, and you owe $100k, so you payoff the previous mortgage at the closing. You then use the money left over after fees and taxes for the down payment on the next house. You can get a mortgage while in the process of selling the old house with a contingency that the old one get sold and your down payment comes from the gain of that sale. If the timing works out, you can have both closings back to back. I did that in the past.
Title: Re: Any mortgage experts on the forums?
Post by: ckmk47 on September 16, 2020, 11:59:50 PM
Thanks for the responses. But I still havenít paid off the current mortgage and in fact I have only paid about 20% of my $125K loan amount. I put only 5% down when I bought the current condo few years ago. So if I  move and purchase a new townhouse or condo, I donít have  much to put down . How can I sell the current home that I havenít paid off? If I can I will use that money to pay towards new home.
So you bought your current condo for $132,000.
Put down $7000.  Mortgage of $125,000.
So far have paid up $25,000 of principle.
You have $100,000 left on the mortgage. 
What is the current market price? 


When you sell:
Market price - $100K = your take home amount (minus fees)


Your take home amount is what you can put down on the new condo.


Technically, how do you shop when your down payment is tied up in your current condo?
am7734 and yelped are saying you shop and sell simultaneously.  And the contract of the purchase is contingent on your selling your old condo.
Title: Re: Any mortgage experts on the forums?
Post by: peace123 on September 17, 2020, 12:38:55 AM
mortgage loan amount is 120K. We put down around 5% only and we pay pmi.  When I checked few days ago, I still have around $95k left. It is 30 years.
The current market price is is showing 150K.

I thought that unless I pay the mortgage in full or after 30 years is completed, I can't sell it. If I want to buy a new condo or townhouse,  I don't have much to put down and the loan amount for new mortgage will be from 140K to $250K.

Why would my current mortgage loan company would allow us to sell it to someone else  if I haven't fully paid off the loan?  My loan gets transferred to new buyer or what? How does this work? Thanks.
Title: Re: Any mortgage experts on the forums?
Post by: Kobe bryent on September 17, 2020, 12:47:22 AM
mortgage loan amount is 120K. We put down around 5% only and we pay pmi.  When I checked few days ago, I still have around $95k left. It is 30 years.
The current market price is is showing 150K.

I thought that unless I pay the mortgage in full or after 30 years is completed, I can't sell it. If I want to buy a new condo or townhouse,  I don't have much to put down and the loan amount for new mortgage will be from 140K to $250K.

Why would my current mortgage loan company would allow us to sell it to someone else  if I haven't fully paid off the loan?  My loan gets transferred to new buyer or what? Thanks.
You essentially are paying off the loan when you sell the house or in this case the condo.
So you have $55K of equity after you sell (minus fees etc.) that you can use to put down on another house
This is pretty simplified...

Title: Re: Any mortgage experts on the forums?
Post by: peace123 on September 18, 2020, 02:44:10 AM
Equity means the  payments I have made so far and profit I will make from the sell ? Like I bought for 120K loan and I sell for $150k?

Thanks for very valuable info. If in the future I decide to sell this condo room to buy a new condo or townhouse, I should first look for the new home and  price or I should first sell the current one ?

Realtor I hire will take care of everything right? That realtor will be paid by whatever profit I make?

I prefer townhouse type home cos it is not super expensive like a single house and it has privacy and no noise problem like a neighbor above you.

I like the current condo room we live at but this condo  is not tall, i mean it looks short from floor to ceiling and even a walking nose above me is heard loud. it has serious noise issue. I guess most buildings in US are built like that? You hear toilet flushing noise, walking noise , cleaning noise and sometimes the gay guys above us partying noise. if we move, how do I  check to find out that building doesn't have sound issue? Only new expensive buildings are built strong to not hear walking noise from floor above? From where I am originally from, except for huts or  makeshift homes of very poor people,  all buildings are built with cement and metal and we NEVER EVER hear neighbor above you  except unless they scream loud or open their window and scream. This is one thing I hate about buildings, apartments in this great country.  Many buildings in USA are made with wood and sponges right? I guess thats why a hurricane or tornado easily blows them off and you hear neighbor above you walking, toilet flushing, floor shaking noise from sex, etc.

Thanks
Title: Re: Any mortgage experts on the forums?
Post by: Help on September 22, 2020, 03:51:27 PM
Regarding receiving gifts towards a down payment, Can the gift be made out directly to the lawyer, or it needs to come from the buyers account?

Thank you.
Title: Re: Any mortgage experts on the forums?
Post by: Sammyonetwo on September 22, 2020, 09:53:09 PM
Regarding receiving gifts towards a down payment, Can the gift be made out directly to the lawyer, or it needs to come from the buyers account?

Thank you.

Best way is to lawyer less paper work.
Title: Re: Any mortgage experts on the forums?
Post by: Help on September 23, 2020, 05:41:58 PM
Best way is to lawyer less paper work.
Thank you.

Interesting, the lawyer told they're not sure, it might have to come from the buyers account...
Title: Re: Any mortgage experts on the forums?
Post by: nucheiner on September 25, 2020, 12:15:47 AM
Any way around 60 day limitation on U&O when borrowing using a Residential Mortgage as a Primary Residence? Seller may want to stay longer. I assume taking an investment loan would be much more costly.