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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 92377 times)

Offline gozalim

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Re: Any mortgage experts on the forums?
« Reply #160 on: July 31, 2020, 01:05:49 PM »
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).
Someone like that works be able to tell you how to word the letter and the check.

Offline cgr

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Re: Any mortgage experts on the forums?
« Reply #161 on: July 31, 2020, 01:19:46 PM »
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).
Someone like that works be able to tell you how to word the letter and the check.
Check out this guy: http://shluchimfunding.com/
If you don't meet the criteria to work with him, he should be able to direct you to someone who can help.

Offline zh cohen

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Re: Any mortgage experts on the forums?
« Reply #162 on: August 02, 2020, 09:20:40 PM »
I have heard of heimish brokers who are able to count parsonage checks towards mortgage
(and even at a higher rate, because it's %100 housing instead of %30-50).

Pretty sure that's only if the check is made out to you (not the landlord).

Offline gozalim

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Re: Any mortgage experts on the forums?
« Reply #163 on: August 03, 2020, 05:43:15 PM »
asking for a friend:
mortgage company accidentaly reported a forbearance payment late.
they admit the error.
initiated a dispute  with experian. EX is now waiting for response from mortgage company
MC says they responded EX says they're still wiaiting. over a month with no movement.
would meanwhile like to begin proccess for a new mortgage, so can't just wait it out indefinitely.

is there a way to 'bring them together'?
is there someone who deals with this for a reasonable price?

Offline CountValentine

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Re: Any mortgage experts on the forums?
« Reply #164 on: August 04, 2020, 08:12:08 PM »
Most likely it is the MC.
Only on DDF does 24/6 mean 24/5/half/half
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Offline gozalim

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Re: Any mortgage experts on the forums?
« Reply #165 on: August 04, 2020, 08:24:05 PM »
Most likely it is the MC.
meaning they likely haven't responded yet to the dispute though they claim they have?
how would i fix that?

Offline CountValentine

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Re: Any mortgage experts on the forums?
« Reply #166 on: August 04, 2020, 08:40:27 PM »
meaning they likely haven't responded yet to the dispute though they claim they have?
how would i fix that?
Yes, call them again. Is it showing late on all three reports (EX, EX, TU)?
Only on DDF does 24/6 mean 24/5/half/half
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Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #167 on: September 13, 2020, 04:03:05 AM »
Whats considered typical regarding closing costs for a Refi in NJ?

I believe the are costs for: Title and Settlement, Appraisal, and Loan Origination/Application etc. The first months mortgage DAS is not really a closing expense. Additionally no money down also doesn't mean your not paying those costs, it just gets deducted from cash-out amount. But are there ways to avoid some of the actual costs? 

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #168 on: September 13, 2020, 07:47:28 AM »
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.

Offline nucheiner

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Re: Any mortgage experts on the forums?
« Reply #169 on: September 13, 2020, 02:49:36 PM »
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.
How old can the old appraisal be?

Offline Yef

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Re: Any mortgage experts on the forums?
« Reply #170 on: September 13, 2020, 05:17:00 PM »
Loan origination fee can sometimes be waived or reduced. A significant amount of refinance mortgages don't require new appraisals.
Do you know which banks would not require a new appraisal?

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #171 on: September 14, 2020, 02:18:03 PM »
Do you know which banks would not require a new appraisal?
How old can the old appraisal be?
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.

Offline isrealsuits

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Re: Any mortgage experts on the forums?
« Reply #172 on: September 14, 2020, 06:28:45 PM »
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
2.625% no points?

Offline Yef

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Re: Any mortgage experts on the forums?
« Reply #173 on: September 14, 2020, 08:17:15 PM »
I don't think it depends on how old the previous appraisal is or which bank it is. The banks all (mostly?) seem to be using the same system that will either require or not require an appraisal. According to the mortgage brokers I spoke to, it's 50/50 of the system will require an appraisal or not, but highly doubt that's a scientific number. I would try to find out more from the mortgage broker if I were you. I was just pointing out that it's not a given.

As an aside, the mortgage broker I went with in the end, gave me a rate for 2.5/2.625% (I missed locking in at 2.5%), a couple of weeks ago. 30 year, conforming loan, refinance in NJ.
Never heard of a bank not requiring a appraisal

Offline JACKBLUE

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Re: Any mortgage experts on the forums?
« Reply #174 on: September 14, 2020, 08:34:17 PM »
2.625% no points?
thatís the rate now for non jumbo loans. Jumbo is about 3%, super jumbo is 3.5% about.

Offline Mikeoracle

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Re: Any mortgage experts on the forums?
« Reply #175 on: September 14, 2020, 11:16:32 PM »
Never heard of a bank not requiring a appraisal
I did not need one for my recent refinance. I assume its because the loan amount was very small compared to the value of the house. (I.e. Even a rough guess would put the loan well below the 80% LTV)

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #176 on: September 15, 2020, 07:27:47 AM »
2.625% no points?
No points.
Never heard of a bank not requiring a appraisal
Many of my friends and family members who refinanced now, did not need one.

Offline isrealsuits

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Re: Any mortgage experts on the forums?
« Reply #177 on: September 15, 2020, 02:17:09 PM »
No points.Many of my friends and family members who refinanced now, did not need one.
if you are taking out a mortgage that is much lower than the value it may not need a appraisal

Offline yelped

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Re: Any mortgage experts on the forums?
« Reply #178 on: September 15, 2020, 03:07:26 PM »
if you are taking out a mortgage that is much lower than the value it may not need a appraisal
The incidents I am familiar with were standard right below 75% LTV.

Offline isrealsuits

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Re: Any mortgage experts on the forums?
« Reply #179 on: September 15, 2020, 03:45:43 PM »
No points.Many of my friends and family members who refinanced now, did not need one.
which bank is 2.65?