Any mortgage experts on the forums?

[whacked1]

it should be with Hatzlacha!

Thank you

[Kobe Bryant]

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.

Definitely still a lot lower on primary residence.

[whacked1]

Definitely still a lot lower on primary residence.

Yup. Totally different products though

[zagguru]

anyone know how to get banks to waive escrow? (after closing)

[cgr]

Any recommendations for a broker that can get good rates for someone who is self-employed, no W2, and doesn't have 2 years of business tax returns yet?

[beeweegee]

Bought a house 6 months ago, got a rate of 3.0. I haven't followed the rates since; any point in looking into refinancing for lower, or does that not exist...?

[Euclid]

Bought a house 6 months ago, got a rate of 3.0. I haven't followed the rates since; any point in looking into refinancing for lower, or does that not exist...?

You'll need to find a rate of at least 2.5 for it to be worth your while. I don't think you'll find that now - but shop around and report back

[happyyyr]

I bought an investment house in Jackson NJ 6 months ago with cash through my llc . This is the first time buying an investment house. What’s the best way to get my cash out? What % will I have to leave in and about what kind of a rate can I expect?   (I get a w2 and have good credit if that maters)
Thank you.

[ckmk47]

I bought an investment house in Jackson NJ 6 months ago with cash through my llc . This is the first time buying an investment house. What’s the best way to get my cash out? What % will I have to leave in and about what kind of a rate can I expect?   (I get a w2 and have good credit if that maters)
Thank you.

Investment properties often need 25% down.

[whacked1]

I bought an investment house in Jackson NJ 6 months ago with cash through my llc . This is the first time buying an investment house. What’s the best way to get my cash out? What % will I have to leave in and about what kind of a rate can I expect?   (I get a w2 and have good credit if that maters)
Thank you.

If you are leaving in LLC, rates will be high. Figure over 4 and points. Are you willing to take put mortgage on personal name and swithc back to llc after? You would get much better rate

[shapsam]

Investment properties often need 25% down.

For a refi, you should be able to get 75% (80% with a higher rate) of what it currently gets appraised for.

[am7734]

For a refi, you should be able to get 75% (80% with a higher rate) of what it currently gets appraised for.

OP said they bought cash. Does that count as a "refi"?

[JACKBLUE]

OP said they bought cash. Does that count as a "refi"?

Yes. But some lenders won’t let you cash out till 6 months from closing.

[my08701]

If you transfer the deed to your personal name at closing you can do a residential refi (all previous comments still apply; they will give you 75% of the current value & if you keep in an LLC, you will pay a higher rate).

[Fish Tank]

Not sure if this is the right thread. . .

Does anyone know what a mortgage broker earns on a closing?

(I'm not asking to be nosy. I'm asking because I was using a broker who was very helpful and he spent a lot of time on my case, but now I may be switching banks/brokers. I want to compensate him for his time. If I know the amount he would've potentially earned, I can properly compensate him) 

[JACKBLUE]

Not sure if this is the right thread. . .

Does anyone know what a mortgage broker earns on a closing?

(I'm not asking to be nosy. I'm asking because I was using a broker who was very helpful and he spent a lot of time on my case, but now I may be switching banks/brokers. I want to compensate him for his time. If I know the amount he would've potentially earned, I can properly compensate him)

Commercial mortgages brokers typically make 1%, residential mortgages between 1% & 2%.
Obviously depends on each deal.

[Fish Tank]

Commercial mortgages brokers typically make 1%, residential mortgages between 1% & 2%.
Obviously depends on each deal.

Thank you.

This is for a residential mortgage.

[mushkovits]

Commercial mortgages brokers typically make 1%, residential mortgages between 1% & 2%.
Obviously depends on each deal.

I believe residential is generally 2 -2.5%

[Fish Tank]

Is the $15,000 targeted SBA grant considered income regarding a mortgage? (It's not taxable. . . .)

[schneury]

Which banks besides first republic offers the CRA - community reinvestment act?