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Great mortgage brokers that you used
« Last edited by yesitsme on October 08, 2021, 02:06:12 AM »

Author Topic: Any mortgage experts on the forums?  (Read 89717 times)

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #240 on: October 27, 2020, 10:52:17 PM »
NJ.
11 year old home.
Value around 600k.
Usually the mortgage broker/bank will take around $1,000--$1,500 in fees. The appraisal (if needed) will be between $400-$600 depending on the bank. The title for that value in NJ should run in the low $2,000s range, iirc. You will also pay interest and property tax up to the next mortgage payment at the time of closing.

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #241 on: October 28, 2020, 08:02:00 AM »
Usually the mortgage broker/bank will take around $1,000--$1,500 in fees. The appraisal (if needed) will be between $400-$600 depending on the bank. The title for that value in NJ should run in the low $2,000s range, iirc. You will also pay interest and property tax up to the next mortgage payment at the time of closing.
Thanks.
Can anyone else can chime in on this?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #242 on: October 28, 2020, 08:05:56 AM »
Someone contacted me via PM regarding this thread.
Please be aware that your inbox is full so we can't reply.

Offline cgr

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Re: Any mortgage experts on the forums?
« Reply #243 on: October 28, 2020, 11:36:14 AM »
Trying to help a family member.
They recently co-signed a mortgage for someone in their family, and are now looking to get their own place. Broker said the only way for them to get a mortgage now is to find a co-signer of their own.
Any way to remove themselves as co-signers on the first mortgage? Any other way around this?

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #244 on: October 28, 2020, 12:34:58 PM »
Trying to help a family member.
They recently co-signed a mortgage for someone in their family, and are now looking to get their own place. Broker said the only way for them to get a mortgage now is to find a co-signer of their own.
Any way to remove themselves as co-signers on the first mortgage? Any other way around this?
The broker is probably the most knowledgeable on this.
One way to be removed as co-signer is to show 2 years of payments toward the mortgage has come out of the buyers account, not his.  But it sounds like 2 years haven't passed.
A mortgage looks at monthly income and expenses. For a mortgage to be approved,  the total monthly obligation must be less than 45% (not sure)  and mortgage less than 35% (I think) of monthly income.  If he's close, paying off cc balances before the statement closes will help.  If he's not close, he'll need a cosigner that can make up the gap.
My favorite cause: cssy.org

Offline cgr

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Re: Any mortgage experts on the forums?
« Reply #245 on: October 28, 2020, 01:20:02 PM »
The broker is probably the most knowledgeable on this.
One way to be removed as co-signer is to show 2 years of payments toward the mortgage has come out of the buyers account, not his.  But it sounds like 2 years haven't passed.
A mortgage looks at monthly income and expenses. For a mortgage to be approved,  the total monthly obligation must be less than 45% (not sure)  and mortgage less than 35% (I think) of monthly income.  If he's close, paying off cc balances before the statement closes will help.  If he's not close, he'll need a cosigner that can make up the gap.
Got it. Thanks!

Offline chinagel

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Re: Any mortgage experts on the forums?
« Reply #246 on: October 28, 2020, 01:50:18 PM »
Anyone know a good broker/bank for upstate? Only non-jewish lender.

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #247 on: October 28, 2020, 05:05:36 PM »
Got it. Thanks!
You don't need 2 years. 1 year is enough for a conventional loan. Once they do that, they ignore that loan for the purposes of debt to income ratio. If they don't have sufficient income on their own, they will need a co signer.

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #248 on: October 28, 2020, 09:43:51 PM »
You don't need 2 years. 1 year is enough for a conventional loan. Once they do that, they ignore that loan for the purposes of debt to income ratio. If they don't have sufficient income on their own, they will need a co signer.
This is correct, I've been there

Offline Joel

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Re: Any mortgage experts on the forums?
« Reply #249 on: October 30, 2020, 08:40:08 AM »
Lock in a mortgage rate now or I shouldn't be worried after elections it will go up?

Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #250 on: October 30, 2020, 05:23:00 PM »
Lock in a mortgage rate now or I shouldn't be worried after elections it will go up?
There are some experienced brokers who believe in locking prior. Obviously depends on the cost of locking.

Offline upside down

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Re: Any mortgage experts on the forums?
« Reply #251 on: October 30, 2020, 05:25:56 PM »
I rate locked yesterday. Rates are so historically low and treasuries can't really go that much lower.
I felt like there is a chance for treasury rates to go up post election.
I got an amazing rate on a 30 year fixed refi that I cant imagine it getting much lower, and I would feel like I missed an opportunity to lock in a great rate for 30 years if I didn't lock it.
If rates go down 1/4% or more, I can renegotiate my rate, but I really see that as extremely unlikely.
My 2 cents

Offline Let3

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Re: Any mortgage experts on the forums?
« Reply #252 on: November 01, 2020, 02:42:11 PM »
What’s the rates now?
And for how many points savings is it advisable to refinance?

Offline yomo

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Re: Any mortgage experts on the forums?
« Reply #253 on: November 12, 2020, 09:09:50 PM »
Locked in 30 yr fixed - 6 months ago at 2.75%. Anyone know where rates are now?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #254 on: November 13, 2020, 12:17:23 AM »
Locked in 30 yr fixed - 6 months ago at 2.75%. Anyone know where rates are now?
We locked in 30 year refinancing for 2.5% but had to add $1000.
Otherwise it would have been 2.625%.

Offline Euclid

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Re: Any mortgage experts on the forums?
« Reply #255 on: November 13, 2020, 01:31:43 AM »
We locked in 30 year refinancing for 2.5% but had to add $1000.
Otherwise it would have been 2.625%.
Which mortgage company/bank?

Offline yomo

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Re: Any mortgage experts on the forums?
« Reply #256 on: November 14, 2020, 10:32:28 PM »
Which mortgage company/bank?
Try FM theyre usually lowest and easier to qualify. Any brokers here who can comment on current rates?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #257 on: November 14, 2020, 11:55:20 PM »
Which mortgage company/bank?
Meyer Weiss from Ark Mortgage.

Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #258 on: November 15, 2020, 08:01:03 AM »
Meyer Weiss from Ark Mortgage.
Cash out?

Offline ae123

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Re: Any mortgage experts on the forums?
« Reply #259 on: November 15, 2020, 09:28:18 AM »
Cash out?
Just refi fees.
Added $1000 to lower the rate from 2.625% to 2.5%.
30 year fixed.