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    Thread: Mortgage Q&A

    1. Member
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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.
      2011 4-DR TDI

    2. 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

    3. 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.

    4. 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.
      2011 4-DR TDI

    6. 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.
      2011 4-DR TDI

    8. 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!

    9. 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.

    11. 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

    12. 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.

    14. 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

    15. 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

    16. 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

    17. 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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    19. 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.

    20. 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.

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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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    22. 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.

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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?

    24. 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.
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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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