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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 89923 times)

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #400 on: November 16, 2021, 07:23:21 PM »
it should be with Hatzlacha!
Thank you

Offline Kobe Bryant

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Re: Any mortgage experts on the forums?
« Reply #401 on: November 16, 2021, 08:10:08 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.
Definitely still a lot lower on primary residence.

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #402 on: November 16, 2021, 08:18:28 PM »
Definitely still a lot lower on primary residence.
Yup. Totally different products though

Offline zagguru

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Re: Any mortgage experts on the forums?
« Reply #403 on: November 16, 2021, 09:58:20 PM »
anyone know how to get banks to waive escrow? (after closing)

Online cgr

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Re: Any mortgage experts on the forums?
« Reply #404 on: December 11, 2021, 07:18:37 PM »
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?

Offline beeweegee

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Re: Any mortgage experts on the forums?
« Reply #405 on: December 11, 2021, 07:59:14 PM »
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...?

Online Euclid

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Re: Any mortgage experts on the forums?
« Reply #406 on: December 11, 2021, 08:11:21 PM »
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 :)

Offline happyyyr

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Re: Any mortgage experts on the forums?
« Reply #407 on: December 12, 2021, 01:43:10 PM »
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.

Offline ckmk47

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Re: Any mortgage experts on the forums?
« Reply #408 on: December 12, 2021, 04:44:17 PM »
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.
My favorite cause: cssy.org

Online whacked1

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Re: Any mortgage experts on the forums?
« Reply #409 on: December 12, 2021, 05:46:30 PM »
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

Offline shapsam

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Re: Any mortgage experts on the forums?
« Reply #410 on: December 12, 2021, 05:48:34 PM »
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.

Offline am7734

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Re: Any mortgage experts on the forums?
« Reply #411 on: December 12, 2021, 06:06:41 PM »
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"?

Offline JACKBLUE

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Re: Any mortgage experts on the forums?
« Reply #412 on: December 12, 2021, 08:12:06 PM »
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.

Offline my08701

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Re: Any mortgage experts on the forums?
« Reply #413 on: December 14, 2021, 12:33:56 PM »
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).

Offline Fish Tank

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Re: Any mortgage experts on the forums?
« Reply #414 on: December 15, 2021, 11:26:47 PM »
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) 

Offline JACKBLUE

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Re: Any mortgage experts on the forums?
« Reply #415 on: December 15, 2021, 11:28:56 PM »
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.

Offline Fish Tank

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Re: Any mortgage experts on the forums?
« Reply #416 on: December 15, 2021, 11:32:44 PM »
Commercial mortgages brokers typically make 1%, residential mortgages between 1% & 2%.
Obviously depends on each deal.
Thank you.

This is for a residential mortgage.

Offline mushkovits

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Re: Any mortgage experts on the forums?
« Reply #417 on: December 16, 2021, 03:05:34 AM »
Commercial mortgages brokers typically make 1%, residential mortgages between 1% & 2%.
Obviously depends on each deal.
I believe residential is generally 2 -2.5%

Offline Fish Tank

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Re: Any mortgage experts on the forums?
« Reply #418 on: December 22, 2021, 08:22:42 PM »
Is the $15,000 targeted SBA grant considered income regarding a mortgage? (It's not taxable. . . .)


Offline schneury

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Re: Any mortgage experts on the forums?
« Reply #419 on: December 23, 2021, 12:59:22 PM »
Which banks besides first republic offers the CRA - community reinvestment act?