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« Last edited by yesitsme on October 08, 2021, 02:06:12 AM »

Author Topic: Any mortgage experts on the forums?  (Read 89913 times)

Offline LNS

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Re: Any mortgage experts on the forums?
« Reply #380 on: October 24, 2021, 08:53:51 PM »
IDK.  But the rate might be higher, and you  might be expected to put down more than the standard 20%.

yes that I'm aware that an investment property requires 25% although there are banks that will allow 20% at a slightly higher rate

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #381 on: October 24, 2021, 09:00:47 PM »
yes that I'm aware that an investment property requires 25% although there are banks that will allow 20% at a slightly higher rate
If you've already applied, they can give you a closing cost document with the info and costs.
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Re: Any mortgage experts on the forums?
« Reply #382 on: October 24, 2021, 09:24:37 PM »
yes that I'm aware that an investment property requires 25% although there are banks that will allow 20% at a slightly higher rate
If youre going through this now, please share what rates you are being quoted. I'm getting high 3s with 25% down and was wondering if anyone has better

Offline Kobe Bryant

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Re: Any mortgage experts on the forums?
« Reply #383 on: October 25, 2021, 12:02:27 AM »
If youre going through this now, please share what rates you are being quoted. I'm getting high 3s with 25% down and was wondering if anyone has better
On a primary residence?

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Re: Any mortgage experts on the forums?
« Reply #384 on: October 25, 2021, 11:41:25 AM »
On a primary residence?

No.

yes that I'm aware that an investment property requires 25% although there are banks that will allow 20% at a slightly higher rate
If youre going through this now, please share what rates you are being quoted. I'm getting high 3s with 25% down and was wondering if anyone has better
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Offline LNS

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Re: Any mortgage experts on the forums?
« Reply #385 on: October 25, 2021, 12:25:04 PM »
If youre going through this now, please share what rates you are being quoted. I'm getting high 3s with 25% down and was wondering if anyone has better

hope to start process very soon but was told interest rate on investment property to be at least 0.50% to 0.75% higher than the rate on your primary mortgage.
 
so if todays rate is at 3.1 then high 3s makes sense


Offline Shmulie

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Re: Any mortgage experts on the forums?
« Reply #386 on: November 07, 2021, 11:35:58 PM »
My mother's mortgage is almost over (less than 2 years left and her current interest rate is 5.75%)

Given that interest rates are incredibly low I was wondering if it makes sense to either refinance now, wait for it to finish and get a new mortgage, or if its smartest just let it run out and be done with a mortgage altogether.

Right now she does itemize and uses the mortgage interest deduction. She is over 65 and still working with no plans to retire and not yet collecting SS.


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Re: Any mortgage experts on the forums?
« Reply #387 on: November 07, 2021, 11:44:38 PM »
My mother's mortgage is almost over (less than 2 years left and her current interest rate is 5.75%)

Given that interest rates are incredibly low I was wondering if it makes sense to either refinance now, wait for it to finish and get a new mortgage, or if its smartest just let it run out and be done with a mortgage altogether.

Right now she does itemize and uses the mortgage interest deduction. She is over 65 and still working with no plans to retire and not yet collecting SS.

Refinancing involves some closing costs. You can figure out exactly how much interest she would be paying over the next two years, and then make an educated decision. I would never venture to answer such a question in a vacuum, without knowing/understanding what else is going on in the (financial) life. Maybe it makes sense to pay off with other funds that are earning close to nothing. Maybe it makes sense to get a HELOC and pay off the first loan.

Does she have any plans for a time when this home might not be a good living arrangement for her? Any will,  trusts and durable POA in place? Having a durable POA is of greater consequence than the decision about the mortgage IMHO.
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Offline Shmulie

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Re: Any mortgage experts on the forums?
« Reply #388 on: November 08, 2021, 12:26:59 AM »
Refinancing involves some closing costs. You can figure out exactly how much interest she would be paying over the next two years, and then make an educated decision. I would never venture to answer such a question in a vacuum, without knowing/understanding what else is going on in the (financial) life. Maybe it makes sense to pay off with other funds that are earning close to nothing. Maybe it makes sense to get a HELOC and pay off the first loan.

Does she have any plans for a time when this home might not be a good living arrangement for her? Any will,  trusts and durable POA in place? Having a durable POA is of greater consequence than the decision about the mortgage IMHO.

remaining interest is between 3-4k

B'h she is financially stable and it is not that she needs the money from the refinance, it's just that I'm wondering if it's financially smart to let so much equity sit doing nothing in the home value given the very low interest rates and being able to use the interest tax deduction.

I'm wondering if it might just be worth it to refinance/take out a new mortgage and put the money in some very safe investments like a triple tax free bond portfolio that would beat the current mortgage interest rates.

I do not think she will ever sell this home, she is very attached to it.

I agree on the Trusts/Wills/POA but unfortunately some people do not like to think about those things and avoid making those arrangements. Most accounts at least have a POD designation. Regardless that is a totally different discussion.

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #389 on: November 08, 2021, 05:40:43 PM »
Looks like rates dropped today to almost September lows. I was able to lock at 2.5% with .25 points on 30 year fixed JUMBO physician loans (10% down no PMI). PM if you are interested in the loan officers information. He specializes in physician loans but can certainly also help with conventional loans

Offline Yef

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Re: Any mortgage experts on the forums?
« Reply #390 on: November 08, 2021, 10:27:10 PM »
What’s a physicians loan?

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #391 on: November 08, 2021, 10:28:22 PM »
What’s a physicians loan?

Mortgage for a home if you are a doctor

Offline Mikeoracle

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Re: Any mortgage experts on the forums?
« Reply #392 on: November 13, 2021, 09:49:50 PM »
What rate should I expect these days on a new mortgage for an investment home?

Offline yesitsme

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Re: Any mortgage experts on the forums?
« Reply #393 on: November 13, 2021, 10:00:49 PM »
What's causes the rates to fluctuate?
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Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #394 on: November 13, 2021, 10:38:06 PM »
What rate should I expect these days on a new mortgage for an investment home?
3.26-3.66 no points 75% LTV is what i'm being quoted. Fluctuating daily though

Offline Mikeoracle

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Re: Any mortgage experts on the forums?
« Reply #395 on: November 13, 2021, 11:25:47 PM »
3.26-3.66 no points 75% LTV is what i'm being quoted. Fluctuating daily though
thanks

Offline my08701

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Re: Any mortgage experts on the forums?
« Reply #396 on: November 15, 2021, 10:41:23 PM »
3.26-3.66 no points 75% LTV is what i'm being quoted. Fluctuating daily though
$500k purchase putting down 25% is more like 3.5%. 3.25% is lower than what is out there. (I am doing mortgages for the last 20+ years)

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Re: Any mortgage experts on the forums?
« Reply #397 on: November 16, 2021, 10:19:14 AM »
$500k purchase putting down 25% is more like 3.5%. 3.25% is lower than what is out there. (I am doing mortgages for the last 20+ years)

On investment homes? If whacked1 says he was quoted that, then he might have access to something better than you offer.
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Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #398 on: November 16, 2021, 11:19:05 AM »
$500k purchase putting down 25% is more like 3.5%. 3.25% is lower than what is out there. (I am doing mortgages for the last 20+ years)
On investment homes? If whacked1 says he was quoted that, then he might have access to something better than you offer.
Nope. He is right. That is why I said fluctuating daily. I was getting different quotes every day (same guy, i wasnt calling around making a bunch of ppl nuts. Only making the one guy crazy :) ) for the last while. I locked at 3.5% yesterday, Exactly what @my08701 mentioned.

Offline my08701

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Re: Any mortgage experts on the forums?
« Reply #399 on: November 16, 2021, 02:52:43 PM »
Nope. He is right. That is why I said fluctuating daily. I was getting different quotes every day (same guy, i wasnt calling around making a bunch of ppl nuts. Only making the one guy crazy :) ) for the last while. I locked at 3.5% yesterday, Exactly what @my08701 mentioned.
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