Any mortgage experts on the forums?

[yelped]

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.

[ae123]

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?

[ae123]

Someone contacted me via PM regarding this thread.
Please be aware that your inbox is full so we can't reply.

[cgr]

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?

[ckmk47]

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.

[cgr]

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!

[chinagel]

Anyone know a good broker/bank for upstate? Only non-jewish lender.

[yelped]

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.

[yesitsme]

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

[Joel]

Lock in a mortgage rate now or I shouldn't be worried after elections it will go up?

[nucheiner]

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.

[upside down]

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

[Let3]

What’s the rates now?
And for how many points savings is it advisable to refinance?

[yomo]

Locked in 30 yr fixed - 6 months ago at 2.75%. Anyone know where rates are now?

[ae123]

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%.

[Euclid]

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?

[yomo]

Which mortgage company/bank?

Try FM theyre usually lowest and easier to qualify. Any brokers here who can comment on current rates?

[ae123]

Which mortgage company/bank?

Meyer Weiss from Ark Mortgage.

[nucheiner]

Meyer Weiss from Ark Mortgage.

Cash out?

[ae123]

Cash out?

Just refi fees.
Added $1000 to lower the rate from 2.625% to 2.5%.
30 year fixed.