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    Thread: Mortgage Q&A

    1. Senior Member dunhamjr's Avatar
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      04-19-2012 04:26 PM #376
      i have a few numbers i want to see what you think.

      chase called me about refi'ing my investment property. apparently they can do harp2 on it, so good for me.

      existing loan:
      7yr interest only arm currently at 6.375%
      about 4.5 years in with 180k balance

      new loan:
      30yr conventional fixed, 4.625%
      getting a discount from wifes dad being retired from qualifying national union.
      estimated loan costs $1550
      prepaids $300
      reserves $1254

      Out of pocket to do the refi $11.96... yes Eleven Dollars, Ninety-Sis cents.

      apparently my current reserves will get rolled in to lower the loan, then the new reserves are added on... this makes sense and i am fine with that.

      prepaids... they are what they are.

      loan costs... $1550 not too bad.

      BUT do they really have to have Lenders Title Insurance on a refi? its $700 of the $1550 costs.

      also. the loan officer talked about being able to buy down the rate, but when it came time to put the buydown in the computer, it wouldnt let him do it. does that make sense?

      some other info
      refi'd LTV will be right around 105%
      the LO said that DTI ratio didnt matter for this program.
      and i have excellent credit (777,811,818)
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    2. Member ruetzal's Avatar
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      04-19-2012 04:51 PM #377
      Quote Originally Posted by dunhamjr View Post
      i have a few numbers i want to see what you think.

      chase called me about refi'ing my investment property. apparently they can do harp2 on it, so good for me.

      existing loan:
      7yr interest only arm currently at 6.375%
      about 4.5 years in with 180k balance

      new loan:
      30yr conventional fixed, 4.625%
      getting a discount from wifes dad being retired from qualifying national union.
      estimated loan costs $1550
      prepaids $300
      reserves $1254

      Out of pocket to do the refi $11.96... yes Eleven Dollars, Ninety-Sis cents.

      apparently my current reserves will get rolled in to lower the loan, then the new reserves are added on... this makes sense and i am fine with that.

      prepaids... they are what they are.

      loan costs... $1550 not too bad.

      BUT do they really have to have Lenders Title Insurance on a refi? its $700 of the $1550 costs.

      also. the loan officer talked about being able to buy down the rate, but when it came time to put the buydown in the computer, it wouldnt let him do it. does that make sense?

      some other info
      refi'd LTV will be right around 105%
      the LO said that DTI ratio didnt matter for this program.
      and i have excellent credit (777,811,818)
      wow sounds like a good deal to me, Your pmt will probably be right around where the payment is today and your adding principal and reducing interest cost the APR spread is probably around 2-3% lower which is fantastic.

      Yes they do need title insurance. They still need to re-issue a title even on a refi unfortunately and thats the premium you have to pay to obtain the title/insurance on the title.

      Not sure whats involved with the prepaids, generally those are appraisals and you may have to get one or you may not it depends on the DU findings for the program, if it states you need an appraisal no way around it. I am guessing thats what the prepaids are.

      In reality your losing 4 years however since you did not reduce principal you can throw this aspect out the window. (I get you may have bought it down over these 4 years)

      IMO its a slam dunk for you. Your payment will be roughly the same and you can lock in a hell of a rate with very little out of pocket. The rate is fantastic for an investment property!! Also think about the other side after 3 more years it will start adjusting and rates are going up no doubt about that. Although I don't think they will be going thru the cieling they are definately going to rise to roughly 5-8% during the next 5-10 years. This will save you headaches in the future when you don't have Harp around and you can't refi it.

    3. Member ruetzal's Avatar
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      04-19-2012 04:59 PM #378
      BTW those fees are on the low side of my estimates on this thread I usually say you should be paying 1200-2000 and generally they are right where you are at 1500 (title 500-700, lender costs about 700, appraisal 300-450) so IMO the fees are normal

      and the rate is great as well.. GL to you! hope its cash flowing for you.

      The general consensus out there today is that housing is starting to turn around. Although home building was bleak in the 1st quarter thats generally expected. Permits were up in march though fairly well, so I expect we are right at the rising point in this industry again. A long road to the top but its definately starting. Usually homebuilders have good reports for the end of Q3 and into Q4. If this is the case this year I would say its a solid bet to get out there and start buying if your in the market.

      Rates
      3.875% APR on a 30 year, 3.0% APR on a 15 year and 2.875% APR on a 10 year

    4. Senior Member dunhamjr's Avatar
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      04-19-2012 05:58 PM #379
      thanks for the input.
      all pretty much what i was thinking.
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    5. Member 90 GT-G60's Avatar
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      04-20-2012 09:14 AM #380
      Hey Ruetzal,

      What can you tell me about 203k hud loans, down payment, rate term wise?

      A single family home development that I am interested in, has a foreclosure that is now down to 250K, last year, when it was in the 300's the listing had some pictures of the inside and it looked like it needed the typical carpet, paint etc. Some windows were left open back then so not sure about water damage. Other than that I have no idea on the condition.

      I currently live in a town home, with a balance of approx $100k rate in the mid 5's, value between 175k-200K range, with I think 20 years left, doubt we could sell it quickly unless we "fire sale" it. So would like to keep it, and rent it out. Last time credit was pulled, both of our scores were over 800.

      Don't have 20% down, unless I cash in an old IRA and take the 10% penalty and the tax hit.
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    6. Member ruetzal's Avatar
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      04-20-2012 09:22 AM #381
      you would want to go with a FHA loan which I think you meant by Hud loan. You will need 3-5% down but you get some seller credits that will help with that a bit. We have a guy out by you and if you need some more indepth details about financing he would be willing to help you. I am good friends with him so you would be in good hands.

      Unfortunately when purchasing a home you will always be at 100% ltv to the appraisal since they generally come right in at asking price.

      I don't suggest ever cashing out retirement funds. I look at it this way in your current situation can you afford it or not.

      pm me if you want my guys name out there.

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      04-20-2012 01:43 PM #382
      Wow, just found this thread and also see you're in WI.
      I'm in a bit of a quandary.
      On Friday we got our offer accepted on a new home, contingent on selling current home. Have pre-approval already, no problem there. However, on Wednesday, we got notice of a bump. We have 72 hours to remove the house contingency and provide a letter from a lender saying we can more forward without the sale of our current home.
      The pre-approval is based just on my income. I found out yesterday that, with my income alone, the income to debt ratio would be too high. However, we are fine if we include my wife's income.
      But, she is currently part-time at the Post Office. For the past 6 years she was a full time teacher but decided on a career change. Our current lender says that they require two years history at a part time job for them to include her income and therefor we don't qualify. Is that a standard requirement across the board?
      Our closing date isn't until 7/20 so we still have three months to sell the current home. I have been there for 10 years and have sufficient equity to adjust the price very aggressively at this point in order to get us out there.
      Any thoughts, or are we just screwed at this point?
      I'm in Madison, btw.
      Thanks!

    8. Member ruetzal's Avatar
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      04-20-2012 02:22 PM #383
      mzd
      just spoke to our lead UW as long as her part time job is her only job then we would not need a 2 year employment history. Weird thing is if she has a full time job and a part time job we would need 2 years of both. It sounds like the postal service is her only job so we would not need this.

      If you want one of our LO's to take a look at your purchase loan let me know.

      I am sure you could sell your other property, especially being from the madison area, but not sure how bad your teeth will get kicked in on it.

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      04-20-2012 05:08 PM #384
      thanks for your advice and info!

    10. Member auburnjosh's Avatar
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      04-20-2012 10:36 PM #385
      Waiting to refi my underwater BoA mortgage under the new program. Is there anyone else that will refi it? I'm really trying to move all of my accounts away from BoA.
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    11. Member ruetzal's Avatar
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      04-23-2012 08:44 AM #386
      yeh granted you qualify for Harp 2.0 you can go to anyone offering it. BOA got out of the correspondent world so you shouldn't have to worry about your loan being sold to them after you close.

    12. Member auburnjosh's Avatar
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      04-23-2012 11:17 PM #387
      Quote Originally Posted by ruetzal View Post
      yeh granted you qualify for Harp 2.0 you can go to anyone offering it. BOA got out of the correspondent world so you shouldn't have to worry about your loan being sold to them after you close.
      I have a covential mortgage so I think I have to wait on the new program that is being rolled out.
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    13. Member ruetzal's Avatar
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      04-24-2012 08:54 AM #388
      the new program is out. Your mortgage had to be sold to fannie mae/freddie/ginnie. And had to be taken prior to think June of '09. It won't last forever so take advantage if you can. Rates are not going any lower.

    14. Member ruetzal's Avatar
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      04-24-2012 02:25 PM #389
      3.750% APR on a 30 year, 3.0% APR on a 15 year and 2.875% APR on a 10 year

      haven't saw these rates dip to this level for awhile, I'm sure it won't last long. So if you have the option to lock today at or near here i would

      Also here is a good tip when shopping around for a refi

      Will you match or beat any deal I find elsewhere?
      That's it! If they say, "No," keep shopping. If they say, "Yes," then add them to your list as a potential person to work with. When you ask this question, it lets the lender know you are going to shop them, and they will be more likely to give you a better deal up front. The simple fact is some lenders won't work with a rate shopper. That's fine! You don't want to work with them either. This simple question will put you on the right path.

    15. Geriatric Member ValveCoverGasket's Avatar
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      04-24-2012 04:51 PM #390
      Quote Originally Posted by ruetzal View Post
      It won't last forever so take advantage if you can. Rates are not going any lower.
      people were saying this 2 years ago
      i think we have several more years of low rates and slow recovery....

    16. Member ruetzal's Avatar
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      04-24-2012 05:13 PM #391
      3.75 on a 30 year offering to the public is the lowest level I have saw for quite some time. Rates are unpredictable but they have been ranging from 3.875-4.15 over the course of a year and a half.

      the market has a long way to go but by looking at the financial sector most well known names are up 30% this year so far. Recovery in the market happens a lot faster than your home values do unfortunately. So whereas many think it will take some time it will most likely happen faster than they realize.

      The Q1 Earnings have been quite good although they have been overshadowed by European messes. IMO the road to recovery is speeding up daily. Once the European markets get on board this thing will take off. Trust me. A lot of our rallies upward have been knocked down by outside countries problems.

      if you don't believe me read Apples Q1 earnings report. A lot of cash sitting on the sidelines that takes about a blink of an eye to get into the market.

      Out of my years of experience if I had a loan to lock it would have been done today

    17. Member auburnjosh's Avatar
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      04-24-2012 10:03 PM #392
      Quote Originally Posted by ruetzal View Post
      the new program is out. Your mortgage had to be sold to fannie mae/freddie/ginnie. And had to be taken prior to think June of '09. It won't last forever so take advantage if you can. Rates are not going any lower.
      No this is the program that just passed. It doesn't include Fannie or Freddie.

      http://homeloanhelp.bankofamerica.co...e%20settlement
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    18. Member ruetzal's Avatar
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      04-25-2012 05:04 PM #393
      gotcha, yeh we only really hear about the ones that were able to do. That program is an internal slapping by the Gov't for these big banks. you will have to go thru your current servicer for a program like that.

    19. Senior Member dunhamjr's Avatar
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      04-26-2012 01:23 PM #394
      i think part of my question about an upcoming rental/investment prop refi got missed.

      can an investment prop refi rate be bought down from 4.625 ?
      or is buying the rate down on this type of property/program limited/restricted/not allowed?

      new loan:
      30yr conventional fixed, 4.625%

      the loan officer talked about being able to buy down the rate, but when it came time to put the buydown in the computer, it wouldnt let him do it. does that make sense?

      some other info
      refi'd LTV will be right around 105%
      the LO said that DTI ratio didnt matter for this program.
      and i have excellent credit (777,811,818)
      epitome
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    20. Member ruetzal's Avatar
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      04-26-2012 05:39 PM #395
      well it depends on that rate I wouldn't think there is room to go down, its a pretty good rate. There is a floor for investors on rates even on owner occupied. Regardless it never hurts to ask. You just have to compare both rates and see when the buydown pays off on interest savings. since monthly interest will be lower when buying down a rate you just have to see how many months it will take to re-coup that buydown payment. Then weigh it in with your goals on your property. If you are going to keep it for 30 years then its usually in your best interest. If its only a short term deal I wouldn't buy it down.

    21. Member ruetzal's Avatar
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      05-03-2012 01:01 PM #396
      3.750% APR on a 30 year, 3.0% APR on a 15 year and 2.875% APR on a 10 year

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      05-04-2012 12:58 AM #397
      Thanks for all your help, we are closing the refi on Tuesday!

      Now the next up for us is renting it out and finding a rental property of our own for the next year or more (need documented rental income to qualify for another house).

    23. Member ruetzal's Avatar
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      05-04-2012 08:54 AM #398
      thats great to hear Shawn, I am glad to help you out. If you have any questions let me know

    24. Member ruetzal's Avatar
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      05-08-2012 04:52 PM #399
      3.750% APR on a 30 year, 2.875% APR on a 15 year and 2.750% APR on a 10 year

      Just noticed that in 2 days will be the 1 year anniversary of this thread. Can't believe you guys have been listening to my BS that long

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      05-11-2012 03:20 PM #400
      Question for you...

      I have inherited a mortgage from my wife on a townhouse that we currently rent out. This thing has two loans on it right now. Apparently when my wife bought the place, before we were together, she did an 80-10-10. The main loan is a 30yr conventional at 6.125% with about $130k left and the second or "10% loan" is a balloon loan at 7.75% with about $16k left that matures in 2017. So, needless to say, I have the next five years to figure out what to do with this thing before the balloon loan matures. What are my options? We're not stressed about the payment, the rent covers the mortgage and then some.

      I know I can refinance the whole thing, but the house isn't worth the $146k she owes on it and the loans aren't owned by Freddie or Fanny. I'm not real worried about it right now because I have five years and maybe it won't be under water in five years, but I would like to figure out a plan now. Can I just refinance the balloon loan? Can I take out a home equity loan on my primary residence to pay off the balloon loan? What's the best plan for this thing? As I mentioned before, it's a rental now so I guess any refinancing at this point would be investor rates.
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