Any mortgage experts on the forums?

[Euclid]

Most Title companies will come to your house to close.

Yup Riverside sent someone to my house. 

[yesitsme]

Yup Riverside sent someone to my house. 

Not virtually?

[yesitsme]

Madison and riverside roll it in to the initial fee, universal title give you an option for a fee

closed BH smooth transaction with universal title and mint capital 2.75 % refi

I used Chaim Tarkieltaub From themintcapital.com

[whacked1]

closed BH smooth transaction with universal title and mint capital 2.75 % refi

Primary residence?

[yesitsme]

Primary residence?

yes

was 4.75 till now

Chaim@themintcapital.com

@whacked1 what makes you ask?>

[yesitsme]

where is the l'chaim Board?

[whacked1]

yes

was 4.75 till now

Chaim@themintcapital.com

@whacked1 what makes you ask?>

I'm curious what people are getting now for investment properties

[yesitsme]

Madison and riverside roll it in to the initial fee, universal title give you an option for a fee

closed BH smooth transaction with universal title and mint capital 2.75 % refi

I used Chaim Tarkieltaub From themintcapital.com

I didnt know this is part of a refi

[zagguru]

Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.

[yesitsme]

Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.

I cant answer your question, I don't know if anyone could as you don't know your plans and we don't know what the rates will be at that time, (18%? ouch)

https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart

[zagguru]

I cant answer your question, I don't know if anyone could as you don't know your plans and we don't know what the rates will be at that time, (18%? ouch)

Well it’s capped at 5% on top of the rate.
Yes it’s hard to know the plans, was really asking what you would do? Lock in at a low rate for 30, or go even lower taking a chance you don’t move, or refi, and rates go up in 10 years

[yesitsme]

Well it’s capped at 5% on top of the rate.
Yes it’s hard to know the plans, was really asking what you would do? Lock in at a low rate for 30, or go even lower taking a chance you don’t move, or refi, and rates go up in 10 years

I'm not a risk taker so I locked in 30 year refi %2.75

But the truth is if you take the lower arm and invest the diff in mutual funds which averages gain %10 year over year it might be worth it as your loss is capped at %5

[ckmk47]

Offered 2.75 for 30 year fixed or 2.25 10 year arm or 1.875 for for 7 year arm. Which would you take? Really hard to know if I would still be in the property for more than 10 years or not.

It's unlikely the rates in 10, 7 or even 3 years will be this tiny weeny.
30 years @ 2.75  is $408/month/$100,000 loan
              @ 1.875 it's $363


So if you keep the more expensive loan for 30 years, you'll have paid a total of $16,200 more.


If you take the 7 year arm, You'll save $45/ month for the 1st 7 years. Then refinance at % and pay $??? more each month.
Even interest of 5% is almost double your current offer.


Take the 30 year fixed at the historically low rate of 2.75%

[yesitsme]

now you got what you wanted two opposing views

@ckmk47 please explain where I'm off, I'm no expert

[zagguru]

It's unlikely the rates in 10, 7 or even 3 years will be this tiny weeny.
30 years @ 2.75  is $408/month/$100,000 loan
              @ 1.875 it's $363


So if you keep the more expensive loan for 30 years, you'll have paid a total of $16,200 more.


If you take the 7 year arm, You'll save $45/ month for the 1st 7 years. Then refinance at % and pay $??? more each month.
Even interest of 5% is almost double your current offer.


Take the 30 year fixed at the historically low rate of 2.75%

What about buying points to lower the rate?

[ckmk47]

What about buying points to lower the rate?

Make a (excel) spreadsheet comparing how much you'll pay in 10, 15, 30 years with each rate  and add in the amount  you'll pay up front for each rate.
Then you can see  how long you need to keep the mortgage to make a buy down worthwhile.

(you can find mortgage calculators on line- just the Principal and interest - don't have them include other expenses because they'll be the same regardless of which mortgage you choose.)

[zagguru]

Make a (excel) spreadsheet comparing how much you'll pay in 10, 15, 30 years with each rate  and add in the amount  you'll pay up front for each rate.
Then you can see  how long you need to keep the mortgage to make a buy down worthwhile.

(you can find mortgage calculators on line- just the Principal and interest - don't have them include other expenses because they'll be the same regardless of which mortgage you choose.)

Based on the math it would take around 5 years to break even considering my current tax bracket and otherwise being able to invest the money in an index at 7% a year

[ckmk47]

Based on the math it would take around 5 years to break even considering my current tax bracket and otherwise being able to invest the money in an index at 7% a year

Then if you think you'll still be in the house in 5 years, buy yourself a better rate.

[LNS]

when buying an investment property are closing costs more then when buying primary residence ?

[ckmk47]

when buying an investment property are closing costs more then when buying primary residence ?

IDK.  But the rate might be higher, and you  might be expected to put down more than the standard 20%.