Have you refinanced during the 'VID?

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Detroit
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SAWCE wrote: Thu Nov 05, 2020 1:59 pm
Detroit wrote: Thu Nov 05, 2020 1:41 pm
Dang...seems sketchy...but I guess no risk no reward?
Yeah he went opposite of most people with his new monthly outlay being an extra $600/month or something, but that doesn’t seem too bad especially if he only buys one more property and pays straight cash for it. Will be interesting to see what he actually does with the money.
It's risky to assume that the value is going to stay high. By taking that much cash out of the house, if there's a drop like 08, he could be underwater fast. Then better hope the other investment was a good one...recipe to lose your ass IMO. BUT I'm super risk averse.

Considering investing in a rental property myself if the right deal came up, we'll see.
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Detroit wrote: Thu Nov 05, 2020 2:02 pm
SAWCE wrote: Thu Nov 05, 2020 1:59 pm

Yeah he went opposite of most people with his new monthly outlay being an extra $600/month or something, but that doesn’t seem too bad especially if he only buys one more property and pays straight cash for it. Will be interesting to see what he actually does with the money.
It's risky to assume that the value is going to stay high. By taking that much cash out of the house, if there's a drop like 08, he could be underwater fast. Then better hope the other investment was a good one...recipe to lose your ass IMO. BUT I'm super risk averse.

Considering investing in a rental property myself if the right deal came up, we'll see.
Yeah for sure. I don’t think he pulled the full value out from both that he could have, so he left a little buffer.. but definitely risky like you said. He works for .gov though so at least his job should stay relatively secure.
:sawce:
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Detroit wrote: Thu Nov 05, 2020 10:13 am
fledonfoot wrote: Wed Nov 04, 2020 9:56 pm Locked in yesterday and approved today at 2.949 for 25 years. Appraisal waived, drops to ~$6k in closing costs including escrow, and I get a ~$3k check back from current escrow account. Closing costs are rolled into the loan, and there’s no money out of pocket at closing.

Loan processor sent me a message today with one question about our previous address and how long we were renting there... (10 years)... and with that answer says “thanks for the cleanest and most complete file I’ve worked on this year... this should be EASY”.

Hopefully.

This has been super quick and easy with these guys. I’m impressed.
Wow, they waived appraisal? We got appraisal waived on our new house too. I'm amazed that this is becoming more common practice despite requirements for mortgages getting tighter. Guess they're not worried about house values as much as people's ability to pay the loan back? The people buying our old house had to get an appraisal, which is happening this week.

When we refi'd the old house in February, we had to get an appraisal. That was an extra $500 flushed down the toilet, but we were just under $3k in closing costs without escrow including the appraisal, so seems like that $3k closing cost number is right. With rates where they are, could be very advantageous to refi. Nice work!
Yeah, our original appraisal in 2014 was 205 and we purchased at 193. My neighbors just purchased the same floor plan, end unit townhouse we are in for 225 two years ago. Comps in the neighborhood are in the 230-245 range right now. We definitely bought it right.
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We just signed papers today. Went from a 30 to a 15 year mortgage and knocked 2% off.
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We’re heading to closing now.

We submitted all the docs on Monday afternoon last week. Locked in the rate on Tuesday. Was out of underwriting and fully approved at 2PM on Friday.

Four days. Crazy fast.
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fledonfoot wrote: Thu Nov 12, 2020 1:46 pm We’re heading to closing now.

We submitted all the docs on Monday afternoon last week. Locked in the rate on Tuesday. Was out of underwriting and fully approved at 2PM on Friday.

Four days. Crazy fast.
:impressive:

I think there was a slow down in the mortgage industry. After months of quiet with my mortgage dealings, things started moving really fast last week for what seems like no reason. I'm OK with it, rates are still great.
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Total closing costs were ~$3100, and ~$3200 to escrow. I had to bring $151 to close.

I skip the December payment and get a check for $2400 from the old escrow account putting $4100 in the bank to pay off the rest of the medical bills, before they start over again after surgery #2 in January.
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fledonfoot wrote: Thu Nov 12, 2020 8:04 pm Total closing costs were ~$3100, and ~$3200 to escrow. I had to bring $151 to close.

I skip the December payment and get a check for $2400 from the old escrow account putting $4100 in the bank to pay off the rest of the medical bills, before they start over again after surgery #2 in January.
:fuckyeah: man...that's awesome.
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Didn’t refinance during the 'vid but we bought so I guess it's a pandemic house. Ended up getting 2.87% on a 30 year fixed.

Mortgage for a 3 bed / 3 bath townhouse is the same as the rent for the 1 bedroom apartment. :fullretard:
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Gberg2119 wrote: Sun Nov 15, 2020 11:25 am Didn’t refinance during the 'vid but we bought so I guess it's a pandemic house. Ended up getting 2.87% on a 30 year fixed.

Mortgage for a 3 bed / 3 bath townhouse is the same as the rent for the 1 bedroom apartment. :fullretard:
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Our new house is cheaper per month than new studio apartments in the city we're moving from.

It's hard to qualify for mortgages right now, but if you can...the :dill: s are pretty epic.
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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My refinance is currently on hold because these people are so fucking slow. They're really fucking me over right now.
We had a lull in work for a good few weeks, well they made me resubmit my last 2 bank statements and my last paystub. Of course that last paystub was less than prior. So now they're telling me I can't qualify unless my debt/income ratio is lower than 50%. It was at 54%. Even tho I had income for that month by selling a shit ton of bass gear, since it wasn't under a paystub it don't matter.
So I've now gotta wait for a couple of pay periods where my income is higher to resubmit and balance it out. YAY. Thanks fucktards. All of this was kosher before, but you guys had to delay it so damn much that now it's fucking me over.

I'm going on nearly month 3 with this shit, and their slow ass responses. I'm half tempted to just start getting more quotes out with another company and then when they hit me up asking if I'm ready to submit more paystubs and shit I'll just ignore them for a few days, followed by a "Oh I'm sorry, I've been backed up and responding to you guys wasn't really a priority. I've gone with another company y0. Peace!"

But I'm so close to closing once it's all said and done, I prolly won't even deal with the hassle of a new company.
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Acid666 wrote: Thu Nov 19, 2020 4:05 pm My refinance is currently on hold because these people are so fucking slow. They're really fucking me over right now.
We had a lull in work for a good few weeks, well they made me resubmit my last 2 bank statements and my last paystub. Of course that last paystub was less than prior. So now they're telling me I can't qualify unless my debt/income ratio is lower than 50%. It was at 54%. Even tho I had income for that month by selling a shit ton of bass gear, since it wasn't under a paystub it don't matter.
So I've now gotta wait for a couple of pay periods where my income is higher to resubmit and balance it out. YAY. Thanks fucktards. All of this was kosher before, but you guys had to delay it so damn much that now it's fucking me over.

I'm going on nearly month 3 with this shit, and their slow ass responses. I'm half tempted to just start getting more quotes out with another company and then when they hit me up asking if I'm ready to submit more paystubs and shit I'll just ignore them for a few days, followed by a "Oh I'm sorry, I've been backed up and responding to you guys wasn't really a priority. I've gone with another company y0. Peace!"

But I'm so close to closing once it's all said and done, I prolly won't even deal with the hassle of a new company.
:wtf: why is it taking so long? Makes no sense. Tough that you're this far down the path to switch, but hard to say if they'll ever get crap done. Sucks that according to my mortgage broker, rates are starting to tick up a bit so you'll want to act fast if you're going to :doit:
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Detroit wrote: Thu Nov 19, 2020 4:10 pm
Acid666 wrote: Thu Nov 19, 2020 4:05 pm My refinance is currently on hold because these people are so fucking slow. They're really fucking me over right now.
We had a lull in work for a good few weeks, well they made me resubmit my last 2 bank statements and my last paystub. Of course that last paystub was less than prior. So now they're telling me I can't qualify unless my debt/income ratio is lower than 50%. It was at 54%. Even tho I had income for that month by selling a shit ton of bass gear, since it wasn't under a paystub it don't matter.
So I've now gotta wait for a couple of pay periods where my income is higher to resubmit and balance it out. YAY. Thanks fucktards. All of this was kosher before, but you guys had to delay it so damn much that now it's fucking me over.

I'm going on nearly month 3 with this shit, and their slow ass responses. I'm half tempted to just start getting more quotes out with another company and then when they hit me up asking if I'm ready to submit more paystubs and shit I'll just ignore them for a few days, followed by a "Oh I'm sorry, I've been backed up and responding to you guys wasn't really a priority. I've gone with another company y0. Peace!"

But I'm so close to closing once it's all said and done, I prolly won't even deal with the hassle of a new company.
:wtf: why is it taking so long? Makes no sense. Tough that you're this far down the path to switch, but hard to say if they'll ever get crap done. Sucks that according to my mortgage broker, rates are starting to tick up a bit so you'll want to act fast if you're going to :doit:

We'll I'm still locked in at my rate. I'm on step 4 of 7. But sometimes I'll submit something and won't hear back from them for a whole week. Just getting started was a 2 week ordeal.

Step 1: Apply and Lock. COMPLETED
Step 2: Loan File Setup. COMPLETED
Step 3: Conditional Approval. COMPLETED
Step 4: Final Approval (Loan Processor)
Step 5: Closing Disclosure (Loan Processor)
Step 6: Doc Drawing (Doc Drawer)
Step 7: Loan Funding (Loan Funder)
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My mortgage guy rocks. I just got the $151 check mailed back to me and a $50 gift card from Lowe’s in the envelope with it. The note said they were able to save a couple extra bucks in closing fees and the GC was to buy some new smoke detectors.

:notbad:
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fledonfoot wrote: Thu Nov 19, 2020 7:49 pm My mortgage guy rocks. I just got the $151 check mailed back to me and a $50 gift card from Lowe’s in the envelope with it. The note said they were able to save a couple extra bucks in closing fees and the GC was to buy some new smoke detectors.

:notbad:
:impressive: :fuckyeah:
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Acid666 wrote: Thu Nov 19, 2020 4:24 pm
Detroit wrote: Thu Nov 19, 2020 4:10 pm
:wtf: why is it taking so long? Makes no sense. Tough that you're this far down the path to switch, but hard to say if they'll ever get crap done. Sucks that according to my mortgage broker, rates are starting to tick up a bit so you'll want to act fast if you're going to :doit:

We'll I'm still locked in at my rate. I'm on step 4 of 7. But sometimes I'll submit something and won't hear back from them for a whole week. Just getting started was a 2 week ordeal.

Step 1: Apply and Lock. COMPLETED
Step 2: Loan File Setup. COMPLETED
Step 3: Conditional Approval. COMPLETED
Step 4: Final Approval (Loan Processor)
Step 5: Closing Disclosure (Loan Processor)
Step 6: Doc Drawing (Doc Drawer)
Step 7: Loan Funding (Loan Funder)
Well, I know the industry was jammed up with demand for a while there, but the lack of activity is :impressive: Also not to be the bearer of bad news, but rate locks don't usually last longer than 30 days tops.

We had a 15 day rate lock to close on our new house, our broker claimed the shorter time resulted in a slightly lower rate.
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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