Author Topic: Any mortgage experts on the forums?  (Read 36754 times)

Offline stmark

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Re: Any mortgage experts on the forums?
« Reply #20 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.

Offline mushkovits

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Re: Any mortgage experts on the forums?
« Reply #21 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?

Offline mushkovits

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Re: Any mortgage experts on the forums?
« Reply #22 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?

Offline Jellybelly

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Re: Any mortgage experts on the forums?
« Reply #23 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

Offline momo

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Re: Any mortgage experts on the forums?
« Reply #24 on: August 28, 2019, 08:02:10 PM »
Anyone?
depends which bank. Some yes, some no.

Offline daybyday

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Re: Any mortgage experts on the forums?
« Reply #25 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.

Offline efflpetzel

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Re: Any mortgage experts on the forums?
« Reply #26 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

Offline tzifanya54

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Re: Any mortgage experts on the forums?
« Reply #27 on: September 05, 2019, 05:06:54 PM »
-1.
I also got 3.25% yesterday
Which bank?

Offline efflpetzel

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Re: Any mortgage experts on the forums?
« Reply #28 on: September 05, 2019, 05:55:31 PM »
Not one of the big ones

Offline tzifanya54

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Re: Any mortgage experts on the forums?
« Reply #29 on: September 06, 2019, 08:04:03 AM »
Not one of the big ones
Through a broker? Or direct by the bank?

Offline efflpetzel

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Re: Any mortgage experts on the forums?
« Reply #30 on: September 06, 2019, 08:43:33 AM »
Through a broker? Or direct by the bank?
Broker

Offline tzifanya54

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Re: Any mortgage experts on the forums?
« Reply #31 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.

Offline Pad18

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Re: Any mortgage experts on the forums?
« Reply #32 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 ?

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #33 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.

Offline sillypainter

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Re: Any mortgage experts on the forums?
« Reply #34 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.

Offline Pad18

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Re: Any mortgage experts on the forums?
« Reply #35 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.

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #36 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.

Offline Pad18

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Re: Any mortgage experts on the forums?
« Reply #37 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.

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #38 on: December 04, 2019, 06:43:30 PM »
Thanks! Excellent info.
Mazel Tov and much success!

Offline Mikeoracle

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Re: Any mortgage experts on the forums?
« Reply #39 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