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Author Topic: Mortgage and points  (Read 2334 times)

Offline avrumy

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Re: Mortgage and points
« Reply #15 on: May 27, 2018, 04:01:23 PM »
Quote from: mgarfin on May 27, 2018, 01:26:09 PM
yes

All that the underwriter cared was that it's not a loan!
i just went through this process and you are 100% correct. i had two big transactions and i wrote a statement of what they were.
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Offline cozmohoot

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Re: Mortgage and points
« Reply #16 on: May 27, 2018, 04:09:00 PM »
Quote from: mord1 on May 27, 2018, 01:30:39 AM
+1
I think it was 2- 3 months and they want to know where all the money deposited came from.  They only care about the accounts where the down payment is coming from. other accounts you dont have to mention they exist. IIRC they want to make sure the money coming from account for the down payment is YOUR money and not a temporary loan from someone else.
Make sure not to use quicken loans as your lender!
A statement will be released this week by the agudah that quicken just worked out and agreed on a proper heter iska.
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Offline yelped

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Re: Mortgage and points
« Reply #17 on: May 27, 2018, 05:39:48 PM »
Quote from: cozmohoot on May 27, 2018, 04:09:00 PM
A statement will be released this week by the agudah that quicken just worked out and agreed on a proper heter iska.
Source? That is nice to hear.
« Last Edit: May 27, 2018, 07:53:28 PM by yelped »
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Offline cozmohoot

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Re: Mortgage and points
« Reply #18 on: May 27, 2018, 07:35:02 PM »
Quote from: yelped on May 27, 2018, 05:39:48 PM
Source. That is nice to hear.
1 of the rabbis who drew it up and has been dealing with it for years. He got the call Friday afternoon that the owner finally agreed.
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Offline theyankel

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Re: Mortgage and points
« Reply #19 on: May 28, 2018, 02:29:52 PM »
Quote from: mgarfin on May 27, 2018, 01:26:09 PM
yes

All that the underwriter cared was that it's not a loan!
not a loan and not money laundering. they just need a paper in the file. a good clean honest explanation usually works.
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Offline Eliyohu

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Re: Mortgage and points
« Reply #20 on: May 28, 2018, 11:45:25 PM »


Quote from: cozmohoot on May 27, 2018, 07:35:02 PM
1 of the rabbis who drew it up and has been dealing with it for years. He got the call Friday afternoon that the owner finally agreed.



Quote from: cozmohoot on May 27, 2018, 04:09:00 PM
A statement will be released this week by the agudah that quicken just worked out and agreed on a proper heter iska.

There's supposedly a back story to this.. he did it as a zechus for the Cavs.. seems to be working .  R Yisrael Reisman is said to have gotten the call...
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Offline Yehuda25

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Re: Mortgage and points
« Reply #21 on: May 30, 2018, 01:30:43 AM »
Quote from: mgarfin on May 27, 2018, 01:26:09 PM
yes

All that the underwriter cared was that it's not a loan!
wow!
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Offline noturbizniss

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Re: Mortgage and points
« Reply #22 on: May 30, 2018, 01:35:29 PM »
I had about 20k of store returns to my bank account that the bank balked at. I wrote a letter but they didn't like it. Broker moved to different bank and said just use a different account.
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Offline cozmohoot

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Re: Mortgage and points
« Reply #23 on: June 10, 2018, 04:59:19 PM »
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Offline Tuna Baygel

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Re: Mortgage and points
« Reply #24 on: June 04, 2019, 08:12:19 PM »
How can I check the current interest rate to get a rough feel?
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Offline yelped

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Re: Mortgage and points
« Reply #25 on: June 04, 2019, 08:48:32 PM »
Quote from: Tuna Baygel on June 04, 2019, 08:12:19 PM
How can I check the current interest rate to get a rough feel?
These quotes are a little optimistic. Customize it here.

https://www.zillow.com/mortgage-rates/quotes/
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