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    Thread: Mortgage Q&A

    1. Member ruetzal's Avatar
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      06-14-2012 05:57 PM #421
      30-Year Fixed



      3.625


      20-Year Fixed

      3.500


      15-Year Fixed

      2.875


      10-Year Fixed

      2.875


      3/1 ARM

      3.000


      5/1 ARM

      2.500



      7/1 ARM

      2.625


      FHA 30-Year Fixed

      3.250

      http://ratesinmotion.com//rates.html

    2. Member ruetzal's Avatar
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      06-14-2012 05:58 PM #422
      sorry rates come out a new way and they don't copy easy so I may just post the link going forward.

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      06-15-2012 05:19 PM #423
      I'm purchasing a home and am just waiting to hear back from the loan underwriter. My checking acount shows a $3500 check from my fiancee from about a month ago (she wanted to help out with the downpayment). Will the underwriter have an issue with this? If it makes a difference, I have have enough assets to come up with the downpayment and then some withough the $3500.

      Thanks in advance for any replies
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    4. Member ruetzal's Avatar
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      06-18-2012 12:58 PM #424
      you shouldn't as long as you can provide reason for the large deposit, which sounds like you can

      You need 2-3 monthly payment amounts in reserve in a account. IE if your mtg payment is suppose to be 1k per month you need to have 2-3k in cash to get approved

      As for the downpayment shouldn't be an issue, as long as you can afford the downpayment and have the 2-3 months reserves you should be fine.

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      06-19-2012 06:36 PM #425
      Quote Originally Posted by ruetzal View Post
      you shouldn't as long as you can provide reason for the large deposit, which sounds like you can

      You need 2-3 monthly payment amounts in reserve in a account. IE if your mtg payment is suppose to be 1k per month you need to have 2-3k in cash to get approved

      As for the downpayment shouldn't be an issue, as long as you can afford the downpayment and have the 2-3 months reserves you should be fine.
      Excellent, thanks!
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    6. Member ruetzal's Avatar
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      06-26-2012 05:41 PM #426
      3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year

    7. Member Sentinelist's Avatar
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      06-27-2012 07:17 PM #427
      Haven't read the whole thread, but I assume I'm in the right place...

      I'm ready to pull the trigger on a refi, but rates keep falling, and I feel like I'm leaving my loan officer hanging now. Many are perhaps... Million dollar question of the day is obviously not only how much farther will they fall, but for how long? I can't help but think I should tap the brakes on this until 'November' and lock in something like a flat 3% rate. My lender already has 3.5% ready for me (I'm at 4.80% since Feb. 2009, btw), but I can't commit. Still going back and forth between a 15-yr. and a 25-yr. option as the dynamics change daily (though macro, not by much). Stutter, stutter.

      :anxiousface:

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      06-27-2012 09:56 PM #428
      ^^ I empathize with you on this. I have been waiting to refi for a while. In my case, I would want to refi into a 10 or a 15 and stay here. Or into a 30 and possibly rent it out. As we want to move from a town house into a single family home. Selling our house isn't going to be easy or quick unless we fire sale it. In order to get the cash for the 20% down.

      If I refi back into a 30 our mortgage P&I will be under $500. I can rent it for a minimum of $1250 relatively quickly. (Already have a former neighbor interested in it, and that is what they were paying last year for the smaller unit next to us and they were good neighbors) Could get a few hundred more if I go through an agency but may take longer to lease.

      If I went this route, I was thinking of taking out a HELOC so I could get cash out for a down payment on another house. I guess I should get some help and run the #'s on everything to see exactly what I am have to work with.

      There have been a lot of potential homes that have come on the market, I think waiting and not doing anything isn't going to get me into one.
      So I need to make the decision as to whether I want to be a landlord, or just sell.

      Not making a decision, is still a decision.
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      06-28-2012 01:46 AM #429
      That's double the consideration I've got! Sounds like you could have a sweet deal lined up there, however. Especially if you think they would be long term leasers. It's certainly time to refi in either case, but finding the best time is indeed the challenge.

      If interest rates keep dropping to 3% (and hell, at this rate they could slip under by Christmas), the money starts to become cheap enough that the economics swing back in favor of a 30-yr. again. That's the tipping point I'm admittedly looking for. We can't quite swing a 15-yr. (child care reasons alone, no crazy car payments here) much as we'd like to, so the 25-year is next attractive at basically the same rate but it's only shaving 2 years off our loan (we're already 3 years in). Factor in closing costs... a cheap 30-yr. on the horizon that banks us an extra $250-300/mo. to invest or save is becoming more and more appealing at this time.

      In any case, skipping that first payment is significant to dump into savings (or pay off any debt) as well!

    10. Member ruetzal's Avatar
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      06-28-2012 01:46 PM #430
      well the only move the fed's have to push rates down further is QE3. Needless to say the market can push rates lower depending on how treasuries sell. Think high side here to a floor would be about a .25% so even with waiting you won't save that much $.

      Since the market conditions are inconsistent, I always suggest going to a slightly longer amortization since in reality if you have extra cash laying around you can always apply more to principal and yet if money gets tight you have a lower minimum payment.

      as for GT-60 I would rent out with that cash flow. Just becareful that you change your property type to investment. If you take a primary residential mortgage and your lender finds out its an investment they can fore close on you, whether they will no one knows. Since its fraudulent telling your lender its a primary when in reality its a secondary. Since it cash flows decently well I wouldn't risk it.

      also think you may run into problems taking a Heloc out for the down payment, it would be considered subordinate financing and not all programs allow that, specifically FHA

    11. Member ruetzal's Avatar
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      06-28-2012 01:49 PM #431
      also I want to add you are wasting add'l $ waiting to refi. so when you analyze the best options to wait or obtain it now take into consideration the money your spending monthly on paying your current mtg payment vs one with rates today. If you gain an extra .25% 8 months from now how much would you spend additionally on waiting? ofcourse on a long enough mortgage it may payoff but most of us around our 30's will most likely move out of our current house eventually

    12. Senior Member dunhamjr's Avatar
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      06-28-2012 02:12 PM #432
      Quote Originally Posted by ruetzal View Post
      also I want to add you are wasting add'l $ waiting to refi. so when you analyze the best options to wait or obtain it now take into consideration the money your spending monthly on paying your current mtg payment vs one with rates today. If you gain an extra .25% 8 months from now how much would you spend additionally on waiting? ofcourse on a long enough mortgage it may payoff but most of us around our 30's will most likely move out of our current house eventually
      that was something i thought of as well when the guy above was talking about being on the fence for a while and still planning to wait another 5 months to get a very small reduction in rate.

      it probably does make sense to wait a little while if you plan to live in the house for the term of the loan as the money spent waiting for a better rate will be returned over the long term. but you never can tell where life will take you so sometimes its just better to act now and move on with the rest of life.
      Last edited by dunhamjr; 07-19-2012 at 02:39 PM.
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      06-28-2012 07:26 PM #433
      Y'know, that's a very good point. Quit while you're ahead of sorts. I hadn't considered the cost of me waiting around on this. Since I started really considering a refi, I'm probably a grand out!

      As I alluded to, I'm probably not going to save a whole lot more even in 5 months than I would now. Rates are likely not going to drop to 1%, let alone 2.5, so I should get busy on this. Ok, next week.

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      06-28-2012 07:57 PM #434
      Quote Originally Posted by ruetzal View Post
      as for GT-60 I would rent out with that cash flow. Just becareful that you change your property type to investment. If you take a primary residential mortgage and your lender finds out its an investment they can fore close on you, whether they will no one knows. Since its fraudulent telling your lender its a primary when in reality its a secondary. Since it cash flows decently well I wouldn't risk it.

      also think you may run into problems taking a Heloc out for the down payment, it would be considered subordinate financing and not all programs allow that, specifically FHA
      I would probably have the refi at 30yr as primary. As it will be the only residence I will have. If a month later I find a house that I want to buy, then I would consider renting it out while having the lower monthly payment albeit at a longer term. Don't see how that would be fraudulent then. Unless there is vesting period of sorts.

      As far as the heloc, I believe I got that idea'r (/Paul Sr') from one of your companies videos. Unless I miss understood the information being provided.

      Also, at last check both our scores were in the 800's, so would go conventional unless the property was in a special low down payment program. Been looking for a Fannie Homepath property that I could take advantage of. I'll admit I have a lot of research to do, financing and tax implications not withstanding.
      Last edited by 90 GT-G60; 06-28-2012 at 08:13 PM.
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    15. Member ruetzal's Avatar
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      06-29-2012 01:08 PM #435
      Quote Originally Posted by 90 GT-G60 View Post
      I would probably have the refi at 30yr as primary. As it will be the only residence I will have. If a month later I find a house that I want to buy, then I would consider renting it out while having the lower monthly payment albeit at a longer term. Don't see how that would be fraudulent then. Unless there is vesting period of sorts.

      As far as the heloc, I believe I got that idea'r (/Paul Sr') from one of your companies videos. Unless I miss understood the information being provided.

      Also, at last check both our scores were in the 800's, so would go conventional unless the property was in a special low down payment program. Been looking for a Fannie Homepath property that I could take advantage of. I'll admit I have a lot of research to do, financing and tax implications not withstanding.
      yeh you can roll with a primary refi for now since it is your primary. When/if you refi just ask your loan guy on what he would do if in the future you rented it out. Technically you are required to let your lender know it is no longer your primary residence. If you don't it is considered fraudulent but not until the propety actually turns to an investment and even then if you look at the definitions of primary vs. investment it offers a decent grace period of up to 3 years. So you would have quite some time before your required to change property type thru your lender. Rule of thumb the primary address you are putting on your tax return should match your lenders records as well

      For the 2 guys above, personally these are the lowest rates I ever saw, it reminds of of 03/04 when I first came into this industry. I am more conservative but I would jump on these rates today. The market can pick your pocket if your standing around watching. If europe gets a foot hold the Fed will most likely not do QE3 and then rates can start to rise a bit. My suggestion take it now.

    16. Member ruetzal's Avatar
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      07-19-2012 01:17 PM #436
      3.5% APR on a 30 year, 2.75% APR on a 15 year and 2.75% APR on a 10 year

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      07-26-2012 05:32 PM #437
      Looking for an opinion. I just got a letter in the mail (actually UPS priority) from Citi, who holds my mortgage with some pretty tasty offers.

      I'm currently 8yrs into a 30yr fixed at 5.8%, so I have 22yrs left.

      Offer 1: 30yr fixed at 4.125APR
      Offer 2: 20yr fixed at 3.875APR

      Here's the sweet part: 0 closing, no appraisal, basically this costs me nothing. From reading it, I guess this is part of the HARP program.

      What say you mortgage gurus?

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      07-26-2012 05:51 PM #438
      Switch to the 20 year and your payment goes down.

      No out of pocket costs.

      Save 2 years on the term.

      ...




      I'm no guru, but it looks like a yes to me.

    19. Member ruetzal's Avatar
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      07-27-2012 09:58 AM #439
      those rates are pretty disgusting. Just because its a harp program doesn't mean the rate should be higher. We are offering harp 30 years at 3.5 no closing costs and 15 years at 2.75 no closing costs. I suggest if you want to refi (which I suggest you do) to look other places. there are way better deals out there than those.

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      07-27-2012 11:12 AM #440
      That's why you wait for the guru.

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      07-27-2012 11:43 AM #441
      ruetzal.
      i know you posted this thread to help not sell... but chase is seriously dragging their feet on this refi. we are a month past their original closing date with no end in site.

      so you mentioned there are 15-20 states your company lends in... is WA one of them?
      if so I wonder if there is anything your company can do to earn my business.

      >>>
      keep in mind that this is a rental/investment property

      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%
      estimated loan costs $1550
      prepaids $300
      reserves $1254

      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). my wifes credit is right with mine, but i was trying to keep this property in only my name to make paperwork/management easier.
      >>>
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    22. Member ruetzal's Avatar
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      07-27-2012 11:50 AM #442
      unfortunately we don't lend in WA, what is chase telling you the holdup is? turn times are slower these days but you should definately be able to close in 60 days at the very high side. Most turn times are about 30-45 days.

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      07-27-2012 11:56 AM #443
      Quote Originally Posted by ruetzal View Post
      unfortunately we don't lend in WA, what is chase telling you the holdup is? turn times are slower these days but you should definately be able to close in 60 days at the very high side. Most turn times are about 30-45 days.
      they really havent told me why there was a hold up.

      the process started april 27th (i have a uniform res loan app printed with that date), so we a at ~90 days right now.

      2 weeks ago, after not hearing them for a while i complained to my LO about the slow response and that their proposed closing date had come and gone, 2 weeks past.

      she seemed to be willing to step up and make something move.

      i havent heard back from anyone at chase yet. i did get a new GFE though, think that makes about 8-9 of those. which NOW has home owners ins on it... when the original GFE didnt.

      so i emailed her today to tell her i was displeased and was going to see if i could find a bank that actually wanted my business.
      Last edited by dunhamjr; 07-27-2012 at 12:01 PM.
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    24. Member ruetzal's Avatar
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      07-27-2012 01:31 PM #444
      wow thats unbelievable. I would say call her everyday for status. this far along they should be close. If your LO can't give you a firm date I would look elsewhere.

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      07-27-2012 03:53 PM #445
      OP, are you familiar with getting a FHA approved complex approved for VA? I was thinking of refinancing with a VA loan.

      I originally was going to get a VA loan but the complex I live in let their FHA status lapse for a couple of months so the approval process would have taken longer than the agreed upon closing date. From what I was told, if they didn't let the FHA status lapse, it would have been a quick and easy process. However, now I believe the process has to start from scratch.

      What do you know about this process? It would save me pmi and roughly a point in interest.
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    26. Member ruetzal's Avatar
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      07-27-2012 04:02 PM #446
      guess I am kind of confused since in my knowledge anyone buying/refi'ing anything (as long as the loan amount fits in FHA guidelines) can get a loan thru FHA the building doesn't need to apply or hold a status with FHA. Not sure what or who is telling you this info

      Now since your a vet (thanks by the way) I would go VA since it will be your best opportunity.

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      07-27-2012 04:05 PM #447
      Also anyone buying a home over 80% ltv and given good credit quality. I suggest taking out a conventional 30 year or whatever amortization you want and to pay the private mortgage insurance upfront.

      Generally you have two option on a conventional purchase/refi. To pay monthly pmi or to pay a bulk amount upfront. Generally the % is of loan amount and for the upfront premium is about 1.75% of loan amount. Take 100k loan so you are paying 1750 upfront vs about $100 per month pmi. Over time the savings are extremely great. Especially now where investment %'s are way down. You could recoup this in 3-4 years vs a bank acct at .0000000001%

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      07-27-2012 04:33 PM #448
      Quote Originally Posted by ruetzal View Post
      guess I am kind of confused since in my knowledge anyone buying/refi'ing anything (as long as the loan amount fits in FHA guidelines) can get a loan thru FHA the building doesn't need to apply or hold a status with FHA. Not sure what or who is telling you this info

      Now since your a vet (thanks by the way) I would go VA since it will be your best opportunity.
      FHA has loan requirements for condos. Rental caps and % of HOA fees that are in arrears(sp?) are two that come to mind.

      I just got in before the raised from 1% to 1.75% for the funding fee or whatever. The only downside to the VA is that they have a 2.15% funding fee IIRC.
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    29. Member ruetzal's Avatar
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      07-27-2012 06:10 PM #449
      yeh believe your right for condos. Well I am sure your LO can quote you fha vs va and then you can choose which is better. Not sure your ltv's and what not but your could probably go conventional as well.

      Just compare monthly MI amounts with paying an upfront premium amount. On VA/FHA there will be both. i would have your LO quote you on all 3 types of loans and it will be easier to see on paper which will be better. Now not sure what the status of the FHA approval on your condo but you would have to talk to your admin people over there if that turns out to be your best option.

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      07-27-2012 06:13 PM #450
      Quote Originally Posted by VW1.8Tsunami View Post

      What do you know about this process? It would save me pmi and roughly a point in interest.
      just re-read this, you may want to try a different lender, our FHA rates compared to conventional are only a .25% off so currently FHA is at 3.25 and conventional is at 3.5

      again your best bet maybe going conventional and paying the PMI premium upfront it will be very cost effective rather than paying monthly mip/pmi. Talk to your broker and get back to me if he doesn't know what you are talking about.

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      07-28-2012 09:58 PM #451
      Quote Originally Posted by ruetzal View Post
      those rates are pretty disgusting. Just because its a harp program doesn't mean the rate should be higher. We are offering harp 30 years at 3.5 no closing costs and 15 years at 2.75 no closing costs. I suggest if you want to refi (which I suggest you do) to look other places. there are way better deals out there than those.
      Do you do loans in NJ? I would definitely come through you.

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      07-28-2012 10:08 PM #452
      Quote Originally Posted by ruetzal View Post
      those rates are pretty disgusting. Just because its a harp program doesn't mean the rate should be higher. We are offering harp 30 years at 3.5 no closing costs and 15 years at 2.75 no closing costs. I suggest if you want to refi (which I suggest you do) to look other places. there are way better deals out there than those.
      Do you do loans in NJ? I would definitely come through you.

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      07-30-2012 08:54 PM #453
      Can you suggest a "How much can I afford?" calculator? I'm getting a wide range of answers in the ones I've tried. I'm really confused because we have effectively paid off all current debt and so all "monthly debts" would be future or compensated with the debt-to-income ratio.
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      07-30-2012 09:18 PM #454
      Quote Originally Posted by KrautFed View Post
      Can you suggest a "How much can I afford?" calculator? I'm getting a wide range of answers in the ones I've tried. I'm really confused because we have effectively paid off all current debt and so all "monthly debts" would be future or compensated with the debt-to-income ratio.

      This one is decent
      http://cgi.money.cnn.com/tools/house...useafford.html

      As a very general rule the maximum percentages should be 35% for mortgage and 43% of total recorded debt ( this includes the potential mortgage amount)

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      07-30-2012 09:41 PM #455
      Quote Originally Posted by bubbagti View Post
      This one is decent
      http://cgi.money.cnn.com/tools/house...useafford.html

      As a very general rule the maximum percentages should be 35% for mortgage and 43% of total recorded debt ( this includes the potential mortgage amount)
      Thats actually the one with the highest figures ...like $100,000 over some of the other calculators.
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