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    Thread: Mortgage Q&A

    1. 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.

    2. 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
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    3. 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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    4. 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..

    5. 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.

    6. 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?

    8. 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?

    9. Member 00boraslow's Avatar
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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.




    10. 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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      10-10-2011 07:01 PM #151
      Refinancing moving forward. Had a nice surprise today when I learned an appraisal would not be needed.
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    12. Member ruetzal's Avatar
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      10-11-2011 09:20 AM #152
      yeh they can be waved depending on the program and LTV its quite nice to save $400

    13. Member YEAHTOM's Avatar
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      10-11-2011 11:14 AM #153
      Just a quick question, is there a time limit for PMI? I purchased my house in December of 2008 and it has lost value every year since. Paid 283K now valued at $254k.

    14. Member ruetzal's Avatar
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      10-11-2011 11:50 AM #154
      yeh there is. On your initial mortgage if you pull out your amortization schedule it will show when the pmi drops off. Since during your mortgage, the terms were put in place so lets say your loan to value was 95% regardless of where your value is today your mortgage still looks at the value that was at the time of your refi/purchase so whenever your amortization scheduled showed you falling under the 80% ltv your pmi would be removed

      You should have rec'd a amortization schedule with a copy of your mortgage docs. Its a bulky thing probably 20 pages or so just a big schedule of your mortgage payments. there should be a pmi column on that showing when the pmi is removed.

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      10-11-2011 01:18 PM #155
      Quote Originally Posted by ruetzal View Post
      yeh they can be waved depending on the program and LTV its quite nice to save $400
      Sure is. I think this leaves my fees to be around $500 to cover attorney, title insurance, recording and doc fee.
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    16. Member ruetzal's Avatar
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      10-11-2011 03:25 PM #156
      thats a pretty good deal because generally there is a appraisal waiver fee of $75 and a lender fee on top of that generally around 500 + title fees/atty

      so if you are just getting charged for title fees thats a great deal! without appraisal a deal generally costs around 1000-1500 everything included. Just remember to watch your hud-1 settlement statement page 1 and 2 (page 1 is a summary of charges, page 2 breaks them out) ensure you know what your being charged for. If it doesn't make sense ask questions. If you think you are getting robbed tell them you are not paying for a specific fee. Remember everything is negotiable! purchase or refi it does not matter. Title fees are somewhat set in stone but I have saw broker credits to lighten the burden often.

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      10-11-2011 07:23 PM #157
      Quote Originally Posted by ruetzal View Post
      thats a pretty good deal because generally there is a appraisal waiver fee of $75 and a lender fee on top of that generally around 500 + title fees/atty

      so if you are just getting charged for title fees thats a great deal! without appraisal a deal generally costs around 1000-1500 everything included. Just remember to watch your hud-1 settlement statement page 1 and 2 (page 1 is a summary of charges, page 2 breaks them out) ensure you know what your being charged for. If it doesn't make sense ask questions. If you think you are getting robbed tell them you are not paying for a specific fee. Remember everything is negotiable! purchase or refi it does not matter. Title fees are somewhat set in stone but I have saw broker credits to lighten the burden often.
      Will do. This is with a local credit union with whom I did my original mortgage and first refi. They hang on to their mortgages, so that is why I think their only fee for the mortgage is $150. Everything else is legit. Approval letter and package should be here in a day or two. The only thing that has sucked about this process so far is learning that my wives low, mid and high credit scores were each a few points higher then my comparable scores, but both all of our scores were over 780.
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    18. Member ruetzal's Avatar
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      10-11-2011 08:59 PM #158
      Quote Originally Posted by VT1.8T View Post
      but both all of our scores were over 780.
      Ha don't think you guys have much to complain/worry about

      the local banks always have the best deals but sometimes they don't offer the best rates but if you found one that does hang on to them!

    19. Member ruetzal's Avatar
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      10-12-2011 01:46 PM #159
      Here are ten factors credit agencies consider when calculating your credit score, listed in order of importance:
      1. Major derogatory items on your report – Bankruptcy, collections, foreclosure, and slow payments will put a huge dent in your credit score.
      2. Time at your present job – The longer you are at your job, the better.
      3. Occupation – Professionals get 50 points, but a typical blue collar employee will only get 25
      4. Time at present address – Living in your parent’s basement until you’re 35 isn’t necessarily a good thing, but it will help your credit.
      5. Ratio of balances to available credit lines – The lower the better. Don’t be afraid to increase your credit limit to lower the ratio.
      6. Homeownership – If you own a home, you get an additional 10 points over those who rent.
      7. Number of recent inquiries – Don’t apply for 20 credit cards just to get a free t-shirt.
      8. Age – Credit agencies consider being over 50 to be the best age.
      9. Number of credit lines – If you have too much credit, it can actually hurt you.
      10. Years of credit in the credit bureau database – Time is your friend. The longer you have good credit, the better.

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      10-12-2011 02:23 PM #160
      I asked a local broker about rates last week. I would need to refi w/HARP as our LTV is ~94%. Broker quoted 4.5%. He said it's because of HARP rates... he just helped my friend refi w/FHA for 3.75%. Happy for my friend, bummed for me.

    21. Member ruetzal's Avatar
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      10-12-2011 02:57 PM #161
      not sure why harp but you can go with a regular program at 94% ltv you would have pmi but you could refi

      Also have you ever check out DU Refi plus loans? there was a cutoff in Jan 09 I believe but if your original mortgage was prior to that you would qualify up to 125% CLTV or 105% LTV with the current terms of your existing 1st mortgage. Which means if your original mortgage did not have pmi this one would also not have PMI. The only kicker here is that your previous loan had to be sold to the agencies...Fannie/Freddie/Ginnie

      With the DU Refi plus you should be getting rates at the same% as a 30 year fixed which today is about 4.125%

      actually here they are today

      4.125% on a 30 year fixed, 3.375% on a 15 year fixed, and 3.0% on a 5/1 ARM

    22. Senior Member dunhamjr's Avatar
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      10-12-2011 04:25 PM #162
      confirm something for me please...

      can my wife buy a house without needing any of my financial information on the loan docs?
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      10-12-2011 04:29 PM #163
      ^^ thanks for the insight & links ruetzal. To shed a little more light on my situation I do not currently pay PMI, so a refi ideally would not have it either.

      If I understand the links correctly DU Refi Plus = HARP program.

      I *think* the reason my quoted rate is so much higher than market is the .75% LLPA (Loan Level Price Adjustment) that applies to condos over 75% LTV. That's what it says in the docs I just found anyway. That's consistent w/the rate jack I had last time around (also w/HARP)... it's actually .25% worse than the .5% kicker I had before.

      Open to other ideas/angles... not sure that 4.5% is worth it for me.

    24. Member ruetzal's Avatar
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      10-12-2011 04:52 PM #164
      Quote Originally Posted by dunhamjr View Post
      confirm something for me please...

      can my wife buy a house without needing any of my financial information on the loan docs?
      yeh depending on which state you are in you have to sign non borrowering spouse docs. There is like 5 docs (mtg, til, itemization, right to cancel) that you would need to sign but definately possible.

      I know WI/IL have this rule it differs in every state if the non borrowering spouse has to sign or not. Although in every state you should be able to obtain a mortgage with only 1 spouses info. Granted he/she qualifies for the program

    25. Member ruetzal's Avatar
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      10-12-2011 05:03 PM #165
      Quote Originally Posted by Mister MK4 View Post
      ^^ thanks for the insight & links ruetzal. To shed a little more light on my situation I do not currently pay PMI, so a refi ideally would not have it either.

      If I understand the links correctly DU Refi Plus = HARP program.

      I *think* the reason my quoted rate is so much higher than market is the .75% LLPA (Loan Level Price Adjustment) that applies to condos over 75% LTV. That's what it says in the docs I just found anyway. That's consistent w/the rate jack I had last time around (also w/HARP)... it's actually .25% worse than the .5% kicker I had before.

      Open to other ideas/angles... not sure that 4.5% is worth it for me.
      yeh think it may be the same although I never looked into it. there is a condo hit, I just priced out a scenario on my end but in WI you would be looking at a 1% hit for a condo on DU Plus, sounds like its a little less in your area. We were right around 4.5-4.625 for a similar scenario on your loan.

      My only other option would be to take out a 2nd to get your LTV below 80% then refi, you would have to do the math since 2nd's have a higher rate. Although if your rate is in the low 5's high 4's its probably not worth your time. Also 2nds are somewhat hard to get these days although a line of credit is easier but even a higher rate.

      FYI PMI is going up across the board still these days. Rural Housing and FHA has increased there premiums in recent months. Catching up for lost time I guess

    26. Member ruetzal's Avatar
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      10-12-2011 05:12 PM #166
      Kind of a obvious statement here but everyone should keep in mind there are a ton of ways to lower monthly debt/pmts

      I just recently had my car/hoi priced out by a buddy to see where my insurance should be at. Its a soft hit to credit so no big deal. Just by him pricing me out I inturn went to my insurance company and they dropped my monthly bill $40 per month.

      Today just called my cable/internet company and they lowered my payments by $37.

      Keep up on these companies especially when you see your payments rise. There is to much at risks for these guys today to lose customers. Its kind of funny how much people are willing to negotiate these days.

      stupid crap like this makes a difference.

      we all have to critique our monthly payments. My old man always tells me that the easiest way to become a millionaire is have customers pay you monthly. Its really true! Now to find a way to do that

    27. 10-13-2011 12:07 PM #167
      Newb here.

      If you have a credit score that is not top notch, and get a mortgage with a ****ty interest rate..., does that mean after 2 years you can have them run your credit score again (hoping it improves) and get a better rate?

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      10-13-2011 12:31 PM #168
      Received updated HUD statement.

      Lender orig fee = $150
      Dual rep atty = $350
      Title Ins = $250+/-
      Recording = $180
      Title update = $20
      Ovr night = $8

      So right around $1,000 in fees
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    29. Member ruetzal's Avatar
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      10-13-2011 02:09 PM #169
      Quote Originally Posted by Mk3_gurl View Post
      Newb here.

      If you have a credit score that is not top notch, and get a mortgage with a ****ty interest rate..., does that mean after 2 years you can have them run your credit score again (hoping it improves) and get a better rate?
      sure but in reality any vendor that reports to the credit bureau will increase your score. Actually a few posts above gives you some examples that better your credit score. As long as you pay on time and the full amount it will increase. You can take a mortgage out and your credit score will get better if you pay on time/full amount. Once your score raises you would have to refinance your mortgage to reduce the interest rate granted rates are lower than your current one. Rates today are 4.25 ish and for poor credit you take rate hits .25-.50. But in the future when your credit score rises rates maybe at 5 with no credit hit since you would have good credit but you would still be getting a worse rate. So it all depends on how rates move in the time period of you raising your credit score.

      So in short rates aren't dependant on your credit they are a factor of the market and with a poor score you would take Rate Hits to the Mortgage Rate. With good credit there are no rate hits so you essentially can obtain the market interest rate.

      Quote Originally Posted by VT1.8T View Post
      Received updated HUD statement.

      Lender orig fee = $150
      Dual rep atty = $350
      Title Ins = $250+/-
      Recording = $180
      Title update = $20
      Ovr night = $8

      So right around $1,000 in fees
      yep thats about right! it sounded a tad bit to cheap initially. but still pretty solid deal!
      Last edited by ruetzal; 10-13-2011 at 02:13 PM.

    30. 10-13-2011 04:14 PM #170
      Quote Originally Posted by ruetzal View Post
      Rates today are 4.25 ish and for poor credit you take rate hits .25-.50.
      What?! ONLY that much? I thought that bad credit would give an interest rate at least 2% higher...are there any stats on this? Like a chart that shows score and what the rates would be?

      Edit, just did a quick search...looks like rates would go up MUCH more than what you listed:

      http://www.bankrate.com/finance/fina...e-rates-1.aspx
      Last edited by Mk3_gurl; 10-13-2011 at 04:16 PM.

    31. Senior Member dunhamjr's Avatar
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      10-13-2011 04:18 PM #171
      Quote Originally Posted by Mk3_gurl View Post
      What?! ONLY that much? I thought that bad credit would give an interest rate at least 2% higher...are there any stats on this? Like a chart that shows score and what the rates would be?

      Edit, just did a quick search...looks like rates would go up MUCH more than what you listed:

      http://www.bankrate.com/finance/fina...e-rates-1.aspx
      it really depends how bad your credit is.

      if you can get a 4.25% with a 740 score... don't expect 4.75% with a 550 score.

      the only real way to know what your rate will be is to apply. ruetzal might be able to guess if you know your score. but your personal situation, where you apply...etc.etc.etc. can all have an affect on the rate you get.
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    32. Member ruetzal's Avatar
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      10-14-2011 09:14 AM #172
      Quote Originally Posted by dunhamjr View Post
      it really depends how bad your credit is.

      if you can get a 4.25% with a 740 score... don't expect 4.75% with a 550 score.

      the only real way to know what your rate will be is to apply. ruetzal might be able to guess if you know your score. but your personal situation, where you apply...etc.etc.etc. can all have an affect on the rate you get.
      yep pretty much nailed it. All depends on your situation...how bad your credit is, if you own a condo/multi unit/investment property, where you live etc. A lot of variables to consider. the easiest way to figure out which rate you could get is give a bank/broker your situation and see what he says. You can get quotes without signing anything or having them pull credit. they can give you a rough estimate if you have a good idea what your score is.

    33. Member
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      10-14-2011 03:19 PM #173
      ok, I'll post up because I'm actually looking to do something. I called Quicken Loans, gave them my info, then some sleaze bag tried to hard close me on a loan. no dice, that's not how I roll.

      I want to refi my 30yr 5.75 fixed (24yrs remaining) down to either a lower payment or a shorter payoff time.

      Credit score of 740, plenty of cash in the bank. I owe about $6Gs on my Amex. I just started a job, money is so-so, but will increase in the next couple months.

      Guy at Quicken said my DTI ratio wasn't good since I owe on my Amex (literally my only debt) and he could only get me an FHA with PMI. Dealbreaker. I had to fight to get the PMI off the first time, not gonna deal with that again.

      I'd like to drop to shorter term like a 15yr if my payment can stay the same, or I want to stay at a 20-25yr if I can significantly drop my monthly.


      Whatchu think?

    34. Senior Member dunhamjr's Avatar
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      10-14-2011 03:24 PM #174
      Quote Originally Posted by synthsis View Post
      ok, I'll post up because I'm actually looking to do something. I called Quicken Loans, gave them my info, then some sleaze bag tried to hard close me on a loan. no dice, that's not how I roll.

      I want to refi my 30yr 5.75 fixed (24yrs remaining) down to either a lower payment or a shorter payoff time.

      Credit score of 740, plenty of cash in the bank. I owe about $6Gs on my Amex. I just started a job, money is so-so, but will increase in the next couple months.

      Guy at Quicken said my DTI ratio wasn't good since I owe on my Amex (literally my only debt) and he could only get me an FHA with PMI. Dealbreaker. I had to fight to get the PMI off the first time, not gonna deal with that again.

      I'd like to drop to shorter term like a 15yr if my payment can stay the same, or I want to stay at a 20-25yr if I can significantly drop my monthly.

      Whatchu think?
      i personally think you should get a 30yr fixed and just pay at a 15yr rate.
      epitome
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    35. Member
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      10-14-2011 05:49 PM #175
      Quote Originally Posted by dunhamjr View Post
      i personally think you should get a 30yr fixed and just pay at a 15yr rate.
      I have a weird mental block of resetting back to 30 years. even though I'd be paying more, it is a step backwards in my head.

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