Any mortgage experts on the forums?

[dm123]

correct, they will always refund you, the banks will not take double payments, neither the insurance company, or township, the question is when and how long that will take..

IME bank has an annual escrow analysis/review and they'll either send out the refund or, if there's an estimated shortfall, offer you to pay in a lump sum or they'll spread it out with a correspondingly higher monthly bill.

If you know when they do the analysis (assuming all banks do it) you should know approximately when to expect the escrow refund.

[my08701]

IME bank has an annual escrow analysis/review and they'll either send out the refund or, if there's an estimated shortfall, offer you to pay in a lump sum or they'll spread it out with a correspondingly higher monthly bill.

If you know when they do the analysis (assuming all banks do it) you should know approximately when to expect the escrow refund.

correct. Some banks do the analysis once a year. Not a smart move to intentionally pay twice..

[dm123]

Not a smart move to intentionally pay twice..

Not really paying twice so much as "loaning" (yes at 0%) the money somewhere. The questions are, who is holding the money, for how long, what's the value of using a credit card on this transaction and tallying up if it's worth being out that amount for that time for the reward (SUB?/Other?).

Unless you're dealing with a sketchy institution that'll make your money disappear.

[yelped]

Not really paying twice so much as "loaning" (yes at 0%) the money somewhere. The questions are, who is holding the money, for how long, what's the value of using a credit card on this transaction and tallying up if it's worth being out that amount for that time for the reward (SUB?/Other?).

Unless you're dealing with a sketchy institution that'll make your money disappear.

Unless you're ready to deal with your money being tied up for up to 2 years, I would not recommend this.

[Fish Tank]

you can set it up when applying for your mortgage. It is calling waiving escrows. You can request from your mortgage broker / banker that you’d like to pay your own taxes.  However, if it’s already set up after closing, the bank most probably will not change the ways your escrows are set up. However, it doesn’t hurt to ask. 

Thank you. I called my bank. They said it cannot be changed.

[whacked1]

What are current rates on a primary NJ (not jumbo)? @my08701

[my08701]

What are current rates on a primary NJ (not jumbo)? @my08701

would need state the property is in, purchase price, loan amount, credit score to give an accurate rate.

[jomaster28]

What are current rates on a primary NJ (not jumbo)? @my08701

Why not take an ARM that is locked in and fixed for 10 years. Going to refi at some point anyway. Rate for 30 Yr Fixed not jumbo is around 6.5%

[my08701]

Why not take an ARM that is locked in and fixed for 10 years. Going to refi at some point anyway. Rate for 30 Yr Fixed not jumbo is around 6.5%

most Fannie Mae or Freddie Max rates don’t offer better rates today on the Arm. Better rates on arms would probably have to be through a savings bank that has gotten aggressive in the last few months and still has the product…

[whacked1]

would need state the property is in, purchase price, loan amount, credit score to give an accurate rate.

NJ , 475k purchase, primary res,  451k loan amount. Credit 800s

[my08701]

NJ , 475k purchase, primary res,  451k loan amount. Credit 800s

6.25 paying 1%. Keep in mind you will be paying mortgage insurance (which the premiums has come down a lot in the last few years).

[whacked1]

6.25 paying 1%. Keep in mind you will be paying mortgage insurance (which the premiums has come down a lot in the last few years).

How much with no points?

[my08701]

How much with no points?

close to 7%, maybe 6.75%. Keep in mind market is closed today, these are rates for yesterday

[av83]

What would be the current rate for a jumbo loan on primary residence taking out 80% of  appraised value. Credit score is in the low 800s

[whacked1]

What would be the current rate for a jumbo loan on primary residence taking out 80% of  appraised value. Credit score is in the low 800s

I was told mid 5s friday. However, I'm sure @my08701 has a more accurate rate

[my08701]

I was told mid 5s friday. However, I'm sure @my08701 has a more accurate rate

only mid 5's I see is with a few points. Wonder if I have to price such a loan when the market is open in the am.. end of a weekend, pricing disappears as it is not accurate..

[Kobe Bryant]

What would be the current rate for a jumbo loan on primary residence taking out 80% of  appraised value. Credit score is in the low 800s

Conventional is >6% (no points.)

[Agoldsc1]

@Jojo42990

[bhoaem]

https://nypost.com/2023/04/16/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit/amp/

Should potential homebuyers work on ruining their credit score?
What do these rules actually mean?

[S209]

https://nypost.com/2023/04/16/how-the-us-is-subsidizing-high-risk-homebuyers-at-the-cost-of-those-with-good-credit/amp/

Should potential homebuyers work on ruining their credit score?
What do these rules actually mean?

It’s pretty nuts, but at this point a poor credit score would still be a net negative (but barely). I assume it will still be harder for those with poor credit to qualify for the actual loan though.

Overall, lower-credit buyers will still pay more in LLPA fees than high-credit buyers – but the latest changes will close the gap.

“The official said the LLPA changes will result in an average price hike of just three to four basis points, or 0.03% to 0.04%, across the spectrum of mortgage recipients – the equivalent of a few dollars per month.”