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    Thread: Mortgage Q&A

    1. Member ruetzal's Avatar
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      09-27-2011 02:32 PM #126
      LOL it actually is a pretty good deal. As long as you find a broker experienced in doing them.

      Pretty easy really you can do a 203k purchase streamline which allows you to fix up things like roof/siding and simple maintenance items. As in your situation the other 203k full purchase is a bit trickier.

      Since all you would need is a new roof and maybe a furnace or a few other items you should really consider this route granted the rate/terms make sense to you. Its a FHA product really which is good since refi'ing a fha is often easier than a conventional loan. You will be able to disburse 50% of the "repair" funds at the closing table to the contractor so they can start the work. After the work is completed there is a little admin work. You need to get a hold of the appraiser to come back out to your house and inspect the work (talk to your broker about this part so you understand what needs to happen). As long as it passes he/she will have to do a little paperwork on the completion of the project and then you will submit to your lender for final payout on the repairs (payable to you and the contractor) if you are happy you sign over and go on with life.


      For a first time buyer like you I always suggest to keep as much cash in your pocket as possible. Your young and will need it for just in case emergencies unlike older people that have the better ability to afford cash out of pocket. Plus your on air and will probably need to replace those bags after awhile

      Also I am pm'ing you now considering air myself just not 100% sold.

    2. Member 1inhiding's Avatar
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      09-27-2011 02:52 PM #127
      Have been watching interest rates - my wife and I bought our house in May of last year - we got 4.875% on a 30 year fixed. Home value is ~430,000 and we owe ~337,000. Based on the simple calculators out there, it looked like we could lower our monthly payment AND reduce the amount of interest we're paying by a SIGNIFICANT margin while only extending the loan out an additional year and a half. Our credit scores are both excellent. Am I nuts? Did I miss something? Is this a good idea to look into?

    3. Member ruetzal's Avatar
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      09-27-2011 03:19 PM #128
      generally but its all situational. If you plan on staying in your home for the 30 years most likely it is. A refi will cost an add'l 1k-2k depending on who you will go thru. You have to take the monthly savings and do the math on when you will recoup the upfront money for the refi. So essentially if you spend 2k to refi and you save an add'l 100 per month it will take you 20 months to recoup your money. IMO thats pretty good. Now if you were only staying in that home for 2-4 years I probably would leave it alone.

      The rule of thumb to refi is 1 point lower so this would fit your category depending on your situation. Also the mortgage is somewhat a higher dollar amount so it benefits your more. If you only borrowered 150k the lower rate wouldn't effect you as much as it does with a amount borrowered of 350k. IE with the lower amount borrowered it would take you longer to recoup the fees from the Refinance. thus making it more or less beneficial depending on the situation.

      Financial advisor will tell you to refi for a 1 point lower interest rate if you are in it for the long haul though.
      Last edited by ruetzal; 09-27-2011 at 03:22 PM.

    4. Member 1inhiding's Avatar
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      09-27-2011 03:40 PM #129
      Thanks! We are still planning on being in the house long term (10-15 years) so I think I'll start looking into it.

    5. Member ruetzal's Avatar
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      09-28-2011 12:20 PM #130
      Rates went up slightly, we are going to see a bit of up/down for awhile here

      4.0% on a 30 year, 3.375% on a 15 year and 3.0% on a 5/1 ARM

      seemed this paragraph fit for this thread. From our company blog/web video this morning

      If any of you want I can add you to our web video that gives a little advice on Mtg's daily. Just pm me your email

      You and your lender should focus on your long-term goals when planning for your mortgage needs.
      For example, if you put 20% down on your home and anticipate pulling out some equity for repairs, you will be disappointed. A conventional loan only allows for 80% loan to value on a cash out refinance. You are better off putting 10% down at the start. Since purchase transactions allow you to go to 95% loan to value based on your credit, you may want to put down as little as 5%.
      These are conversations you should have with your lender to make sure you are making the right decision. Your lender should be a trusted advisor. If you have any doubts about their advice, you should find another lender.

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      09-29-2011 04:26 PM #131
      Hey guys, looking to lock in a rate today but just wanted to make sure i covered all my bases....

      4%, 30yr fixed, no points

      Here's the fees...
      Our closing costs, assuming credit above 740 and no LTV issues are:

      $250 application fee
      - Covers appraisal, credit report, and flood certification
      - Non-refundable but credited back to you at closing as a lender paid principal reduction
      County recording fee of $72
      Courier fee of $35

      So basically I will be out of pocket $357 but will get a principal reduction at closing of $250, so my total cost will be $107.

      No escrow required or fees to not have it.

      Can close in 15 days...

      ---

      Anything I'm missing or should ask before locking in the rate? I'd love to get in the 3's % wise but I'm currently at 5% so I'm still dropping a full % for next to nothing.

      Thanks, I've got til 6pm to lock it in....

    7. Member ruetzal's Avatar
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      09-29-2011 04:44 PM #132
      Quote Originally Posted by BAM6I4 View Post
      Hey guys, looking to lock in a rate today but just wanted to make sure i covered all my bases....

      4%, 30yr fixed, no points

      Here's the fees...
      Our closing costs, assuming credit above 740 and no LTV issues are:

      $250 application fee
      - Covers appraisal, credit report, and flood certification
      - Non-refundable but credited back to you at closing as a lender paid principal reduction
      County recording fee of $72
      Courier fee of $35

      So basically I will be out of pocket $357 but will get a principal reduction at closing of $250, so my total cost will be $107.

      No escrow required or fees to not have it.

      Can close in 15 days...

      ---

      Anything I'm missing or should ask before locking in the rate? I'd love to get in the 3's % wise but I'm currently at 5% so I'm still dropping a full % for next to nothing.

      Thanks, I've got til 6pm to lock it in....
      thats a pretty good deal. Can you find a lower rate probably but at most will only be .125 lower and you will probably have to pay more in fees. Don't let them fool you though with a 4% rate you are paying for all your fees they make some $ on the back end and thats why they can cover your fees, however it is beneficial to you not to have to bring money to the table.

      As far as a lower rate well thats going to be your risk. No one can predict mortgage rates its pretty much impossible although people have tried some successful some not. if you are happy with the payment/rate today take it. If rates go down you could probably get the same deal anyway.

      Just an FYI appraisals alone are 400 a piece so for you to only bring in 100 or so is a great deal although you are paying for it in rate. If you wanted they probably would give you a lower rate but you would have to bring money in then you would have to do the math of when the money brought to closing would pay off. See above from my posts on this page.

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      09-29-2011 05:28 PM #133
      Quote Originally Posted by ruetzal View Post
      thats a pretty good deal. Can you find a lower rate probably but at most will only be .125 lower and you will probably have to pay more in fees. Don't let them fool you though with a 4% rate you are paying for all your fees they make some $ on the back end and thats why they can cover your fees, however it is beneficial to you not to have to bring money to the table.

      As far as a lower rate well thats going to be your risk. No one can predict mortgage rates its pretty much impossible although people have tried some successful some not. if you are happy with the payment/rate today take it. If rates go down you could probably get the same deal anyway.

      Just an FYI appraisals alone are 400 a piece so for you to only bring in 100 or so is a great deal although you are paying for it in rate. If you wanted they probably would give you a lower rate but you would have to bring money in then you would have to do the math of when the money brought to closing would pay off. See above from my posts on this page.
      Appreciate the info, but I'm misunderstanding how I am paying for it in the rate? Isn't the rate 4%?

    9. Senior Member dunhamjr's Avatar
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      09-29-2011 05:43 PM #134
      Quote Originally Posted by BAM6I4 View Post
      Appreciate the info, but I'm misunderstanding how I am paying for it in the rate? Isn't the rate 4%?
      what he means is...
      technically you might be able to push them and get a lower rate... 3.85% for example.
      but then you would be paying the fees up front.

      so by 'paying for it in the rate'.
      ruetzal is saying that you are paying the fees a little at a time over the life of the loan by getting 4% with very little out of pocket to close... versus 3.85% with $$$ out of pocket right at the front to close.
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    10. Member ruetzal's Avatar
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      09-29-2011 05:47 PM #135
      all rates pay to the originator....Rates today are paying $0 at roughly 3.875 but at 4 the rate pays the loan officer lets say .12% so .0012 x your loan amount. This is their income on the loan now they can take a portion of that and credit it back to you which is what they are doing. Loan officer makes money in terms of the rate they sell to you. this is why if you go below the 4% you would have to bring in money since the paying rate under 4% is less. Most of these guys have a standard amount they need to make and credit everything else back to you.

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      09-29-2011 06:00 PM #136
      Right on, well I locked it in. I couldn't find any better and I always told myself if I could drop my rate by 1% or e more I'd jump on it as long as my break-even was a year or less. This is a single month. No brainer to me.

      Will update at closing.

    12. Member ruetzal's Avatar
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      09-29-2011 07:58 PM #137
      congrats man definately a good decision. I mean I don't really for see it but if rates do come down to a 3.25 level you could always refi again. I think the odds are against us for those low of rates but you never know. Saving money with low money down never a bad decision

    13. Senior Member jnm2.0t's Avatar
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      10-01-2011 06:45 PM #138
      Had our offer accepted but then the mortgage guy showed us the real figures. **** that. What should have been easily affordable given our income suddenly became just an awful idea all around. Honestly having seen this I have no idea why anyone would want to do an FHA loan. I can now understand how the economy got to where it is today. Luckily we hadn't even written the down payment check yet.
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

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    14. Member patrickgti's Avatar
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      10-02-2011 05:51 PM #139
      I have complete crap credit what steps do I need to take in order to get a loan. I know it's broad but I don't even know where to start. I have come cc debt but that is all.. Cs=524 very poor I know. Help please. I was 18 and ignorant and am 23 now and just realizing my mistakes!!

    15. 10-03-2011 12:26 PM #140
      Quote Originally Posted by patrickgti View Post
      I have complete crap credit what steps do I need to take in order to get a loan. I know it's broad but I don't even know where to start. I have come cc debt but that is all.. Cs=524 very poor I know. Help please. I was 18 and ignorant and am 23 now and just realizing my mistakes!!
      Uh good luck.

      I'd wait until the negatives disappear off your credit score and you get it back into the 700s at least. Otherwise you're going to be paying out the ass for a loan if someone would even give you one.

    16. Member ruetzal's Avatar
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      10-03-2011 12:38 PM #141
      Quote Originally Posted by jnm2.0t View Post
      Had our offer accepted but then the mortgage guy showed us the real figures. **** that. What should have been easily affordable given our income suddenly became just an awful idea all around. Honestly having seen this I have no idea why anyone would want to do an FHA loan. I can now understand how the economy got to where it is today. Luckily we hadn't even written the down payment check yet.
      pm me the details you may be getting some bad info. FHA on a loan standpoint if your over 80% LTV is the best way to go. The insurance premium (lender) is cheaper than the conventional mortgage insurance. Give me credit score, how much the loan amount is for/LTV, and what dude told you

      Quote Originally Posted by patrickgti View Post
      I have complete crap credit what steps do I need to take in order to get a loan. I know it's broad but I don't even know where to start. I have come cc debt but that is all.. Cs=524 very poor I know. Help please. I was 18 and ignorant and am 23 now and just realizing my mistakes!!
      You need to seek credit counseling. If you need some names of counseling let me know. They can offer much better advice than I can. At 524 you could probably get your credit up in 2 years. Hell even foreclosure victims can buy a new house between 3-5 years after having that mark on their credit. Depending on what you have on there you could bring it up fairly quickly granted you stick to your counsellers plan. Search google on credit counselors in your area. Note also don't pay them any cash until you know they are legit.

      Call around and see what people suggest. A local bank may know best. There are a ton out there just search around.

    17. Senior Member jnm2.0t's Avatar
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      10-03-2011 12:45 PM #142
      Quote Originally Posted by ruetzal View Post
      pm me the details you may be getting some bad info. FHA on a loan standpoint if your over 80% LTV is the best way to go. The insurance premium (lender) is cheaper than the conventional mortgage insurance. Give me credit score, how much the loan amount is for/LTV, and what dude told you
      We looked it up after he explained it and confirmed what he said. Just a disaster of a loan if you ask me.

      http://www.fha.com/fha_requirements_..._insurance.cfm
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

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    18. Senior Member dunhamjr's Avatar
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      10-03-2011 12:59 PM #143
      Quote Originally Posted by patrickgti View Post
      I have complete crap credit what steps do I need to take in order to get a loan. I know it's broad but I don't even know where to start. I have come cc debt but that is all.. Cs=524 very poor I know. Help please. I was 18 and ignorant and am 23 now and just realizing my mistakes!!
      1st. stop making mistakes. beating up your credit has long lasting effect.

      next. start cleaning your isht up.
      meaning. pay everything on time, everytime. i don't care if you have to eat top ramen and lawn clippings. at your age there are very few reasons why your score should be destroyed.

      other things that you MIGHT be able to do to help clean things up.
      start with getting your credit report. https://www.annualcreditreport.com/cra/index.jsp

      anything that is in collections, contest that with the collector. offer the lowest amount in bulk they will accept to close out the debt. write check or money order, and get a PAID receipt. once the collection is paid contest it with the 3 credit agencies and it might get removed from your report.

      anything that the CC vendor has marked as late, unpaid, closed by credit grantor, etc... contest that with all 3 of the credit agencies... each one has a way to contest information on your report... some are online, some in writing. doing this is not a guaranteed fix... but its possible that the credit vendor will just not care enough to reply, and if they don't then that information will get wiped from your report. the more BAD isht you can get cleared completely from your report the better.

      get a CC. use it wisely. buy groceries on it. and if you absolutely have to immediately go home and make a payment on the CC so that you 100% prevent yourself from carrying a balance. you absolutely never have to carry a balance to build credit. you only have to use it and pay it on time.

      the biggest thing that is going to fix your credit is time. but time itself will not fix your issues.

      cliffs
      1. stop being dumb. start paying everything you currently have on time, every time.
      2. get a credit report so you know what's broken.
      3. pay collection items in bulk, once paid try to get collections removed and try to get all other bad stuff removed.
      4. get a CC, use it a LITTLE each month and pay it 100% OFF each month.
      5. be patient.
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    19. Member patrickgti's Avatar
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      10-03-2011 01:44 PM #144
      yeah i know for sure i needed to not ufck up. i havent had cc or anything for like a 2 years. i jsut go approved for a "safe" one with a deposit with it. so that works. i currently dont have a bank account or a savings. all debt is cc and in collection. i will pay all of that off in the next month or two because i actually have a real job now. that pays very very well so that wont be too hard. thinkg i have planned to do by new years..

      -open savings
      -open checking
      -pay off ALL debt
      -get negatives removed


      also, i dont have a huge credit history i was told by a banker that it wont take long at all to get everything back on track. especially if i take those steps..

    20. Member ruetzal's Avatar
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      10-03-2011 02:40 PM #145
      Quote Originally Posted by jnm2.0t View Post
      We looked it up after he explained it and confirmed what he said. Just a disaster of a loan if you ask me.

      http://www.fha.com/fha_requirements_..._insurance.cfm
      yeh it has gotten a bit worse over the years from past mistakes. Sounds like you know what you are doing. Your in Palo Alto so rural housing won't be available to you either. Yeh the Mortgage Insurance is a pain back in the day you could get a second for less than the MI but its harder to get a 2nd these days as well.

      Quote Originally Posted by patrickgti View Post
      yeah i know for sure i needed to not ufck up. i havent had cc or anything for like a 2 years. i jsut go approved for a "safe" one with a deposit with it. so that works. i currently dont have a bank account or a savings. all debt is cc and in collection. i will pay all of that off in the next month or two because i actually have a real job now. that pays very very well so that wont be too hard. thinkg i have planned to do by new years..

      -open savings
      -open checking
      -pay off ALL debt
      -get negatives removed


      also, i dont have a huge credit history i was told by a banker that it wont take long at all to get everything back on track. especially if i take those steps..
      You still should use a credit card and have a savings/checking account. Getting credit and paying for it every month is how you build credit. Most 18-20 year olds never had a credit card so they have little to no credit history which is bad! To gain a higher score the trick is to take credit and pay it off accordingly, so you develop a history and that the business reports to the credit bureau every month of positive scores. Utility/Credit Cards/Loans is how you should be building your credit along with paying timely of your old debt.

    21. Member ruetzal's Avatar
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      10-03-2011 04:15 PM #146
      3.875% on a 30 year fixed, 3.25% on a 15 year fixed, and 2.75% on a 5/1 ARM

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      10-03-2011 05:07 PM #147
      My buddy lives in the Atlanta area and bought a house about 2 yrs ago. He got a 30yr mortgage at 5% and he wants to refinance.

      Anyone know if any places in the ATL area where he could refinance for a lower rate?

    23. Member ruetzal's Avatar
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      10-03-2011 05:26 PM #148
      tell him to hit up a bigger bank name chase/wells fargo

      otherwise do a search for mortgages in his area should bring back a few results.

      Also you can always apply online thru somewhere. IE Quicken

      edit what you driving these days. IE Pic! if I remember correctly you had a pretty sick MK4 back in the day?

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      10-03-2011 06:02 PM #149
      Thanks for the help.

      I now drive a 2008 MKV GTI. It is my company car, so I have just done basic stuff for it. At one point I was going to do a full air-ride setup and wheels, but decided not to. I put too many miles on it and it just isn't worth it, so I stopped putting money into it.

      They are damn money pits.



      The old ride



      The new whip.

      Already cracked 60k on her and she is only 2.5-3 yrs old.




    25. Member ruetzal's Avatar
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      10-07-2011 02:48 PM #150
      4.125% on a 30 year, 3.375% on a 15 year and 3.0% on a 5/1 ARM

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