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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 43328 times)

Online Euclid

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Re: Any mortgage experts on the forums?
« Reply #360 on: October 08, 2021, 10:13:51 AM »
Most Title companies will come to your house to close.
Yup Riverside sent someone to my house. 

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #361 on: October 08, 2021, 10:26:23 AM »
Yup Riverside sent someone to my house. 
Not virtually?
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Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #362 on: October 08, 2021, 01:37:22 PM »
Madison and riverside roll it in to the initial fee, universal title give you an option for a fee

closed BH smooth transaction with universal title and mint capital 2.75 % refi

I used Chaim Tarkieltaub From themintcapital.com
« Last Edit: October 08, 2021, 02:21:55 PM by yesitsme »
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Offline whacked1

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Re: Any mortgage experts on the forums?
« Reply #363 on: October 08, 2021, 01:41:17 PM »

closed BH smooth transaction with universal title and mint capital 2.75 % refi
Primary residence?

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #364 on: October 08, 2021, 01:43:01 PM »
Primary residence?
yes

was 4.75 till now

Chaim@themintcapital.com

@whacked1 what makes you ask?>
« Last Edit: October 08, 2021, 02:19:49 PM by yesitsme »
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Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #365 on: October 08, 2021, 02:32:33 PM »
where is the l'chaim Board?
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Offline whacked1

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Re: Any mortgage experts on the forums?
« Reply #366 on: October 08, 2021, 04:32:13 PM »
yes

was 4.75 till now

Chaim@themintcapital.com

@whacked1 what makes you ask?>
I'm curious what people are getting now for investment properties

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #367 on: October 17, 2021, 02:59:43 PM »
Madison and riverside roll it in to the initial fee, universal title give you an option for a fee

closed BH smooth transaction with universal title and mint capital 2.75 % refi

I used Chaim Tarkieltaub From themintcapital.com

I didnt know this is part of a refi



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Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #368 on: October 21, 2021, 11:33:46 PM »
Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #369 on: October 21, 2021, 11:50:35 PM »
Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.

I cant answer your question, I don't know if anyone could as you don't know your plans and we don't know what the rates will be at that time, (18%? ouch)

https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart
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Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #370 on: October 21, 2021, 11:53:52 PM »
I cant answer your question, I don't know if anyone could as you don't know your plans and we don't know what the rates will be at that time, (18%? ouch)

Well itís capped at 5% on top of the rate.
Yes itís hard to know the plans, was really asking what you would do? Lock in at a low rate for 30, or go even lower taking a chance you donít move, or refi, and rates go up in 10 years

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #371 on: October 21, 2021, 11:59:03 PM »
Well itís capped at 5% on top of the rate.
Yes itís hard to know the plans, was really asking what you would do? Lock in at a low rate for 30, or go even lower taking a chance you donít move, or refi, and rates go up in 10 years

I'm not a risk taker so I locked in 30 year refi %2.75

But the truth is if you take the lower arm and invest the diff in mutual funds which averages gain %10 year over year it might be worth it as your loss is capped at %5
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Online ckmk47

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Re: Any mortgage experts on the forums?
« Reply #372 on: October 22, 2021, 12:01:02 AM »
Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.
It's unlikely the rates in 10, 7 or even 3 years will be this tiny weeny.
30 years @ 2.75  is $408/month/$100,000 loan
              @ 1.875 it's $363


So if you keep the more expensive loan for 30 years, you'll have paid a total of $16,200 more.


If you take the 7 year arm, You'll save $45/ month for the 1st 7 years. Then refinance at ??? % and pay $??? more each month.
Even interest of 5% is almost double your current offer.


Take the 30 year fixed at the historically low rate of 2.75%

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #373 on: October 22, 2021, 12:02:07 AM »
now you got what you wanted two opposing views

@ckmk47 please explain where I'm off, I'm no expert
« Last Edit: October 22, 2021, 12:10:14 AM by yesitsme »
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Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #374 on: October 24, 2021, 06:12:38 PM »
It's unlikely the rates in 10, 7 or even 3 years will be this tiny weeny.
30 years @ 2.75  is $408/month/$100,000 loan
              @ 1.875 it's $363


So if you keep the more expensive loan for 30 years, you'll have paid a total of $16,200 more.


If you take the 7 year arm, You'll save $45/ month for the 1st 7 years. Then refinance at ??? % and pay $??? more each month.
Even interest of 5% is almost double your current offer.


Take the 30 year fixed at the historically low rate of 2.75%
What about buying points to lower the rate?

Online ckmk47

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Re: Any mortgage experts on the forums?
« Reply #375 on: October 24, 2021, 06:40:43 PM »
What about buying points to lower the rate?
Make a (excel) spreadsheet comparing how much you'll pay in 10, 15, 30 years with each rate  and add in the amount  you'll pay up front for each rate.
Then you can see  how long you need to keep the mortgage to make a buy down worthwhile.


(you can find mortgage calculators on line- just the Principal and interest - don't have them include other expenses because they'll be the same regardless of which mortgage you choose.)

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #376 on: October 24, 2021, 07:09:58 PM »
Make a (excel) spreadsheet comparing how much you'll pay in 10, 15, 30 years with each rate  and add in the amount  you'll pay up front for each rate.
Then you can see  how long you need to keep the mortgage to make a buy down worthwhile.


(you can find mortgage calculators on line- just the Principal and interest - don't have them include other expenses because they'll be the same regardless of which mortgage you choose.)

Based on the math it would take around 5 years to break even considering my current tax bracket and otherwise being able to invest the money in an index at 7% a year

Online ckmk47

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Re: Any mortgage experts on the forums?
« Reply #377 on: October 24, 2021, 07:26:06 PM »
Based on the math it would take around 5 years to break even considering my current tax bracket and otherwise being able to invest the money in an index at 7% a year
Then if you think you'll still be in the house in 5 years, buy yourself a better rate.

Offline LNS

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Re: Any mortgage experts on the forums?
« Reply #378 on: October 24, 2021, 08:18:46 PM »
when buying an investment property are closing costs more then when buying primary residence ?

Online ckmk47

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Re: Any mortgage experts on the forums?
« Reply #379 on: October 24, 2021, 08:42:23 PM »
when buying an investment property are closing costs more then when buying primary residence ?
IDK.  But the rate might be higher, and you  might be expected to put down more than the standard 20%.