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    Thread: Mortgage Q&A

    1. Member ruetzal's Avatar
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      06-07-2011 05:07 PM #36
      http://durefiplus.net/

      here is some reading on this program. If you search google "du refi plus" you will find much more. Most local banks won't participate in this program since they don't sell their loans they retain them. But any lender that sells their mortgages most likely has access to this program.

    2. Member pappas64's Avatar
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      06-08-2011 10:33 AM #37
      Do you know how (or what website) I can find if a property is elligible for USDA RHS financing?

      psn - pappas64

    3. Member ruetzal's Avatar
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      06-08-2011 10:56 AM #38
      here you go

      http://eligibility.sc.egov.usda.gov/...?NavKey=home@1

      click on "property elgibility" single housing..click accept and then punch in your address and it should give you the area on the map and it may be hidden but if you look around it should say elgible or not

      benefit with these programs is that you can go to 100% ltv

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      06-08-2011 11:36 AM #39
      Quote Originally Posted by ruetzal View Post
      since you live in VA I am guessing your FL properties are investments/2nd homes and in those situations those programs won't be available to you.
      Yep, got tired of traveling back and forth from DC to FL so I ended up renting them out. I figured that was the case but every now and then I call up the lenders to see if they have any options for refinancing to something closer to current rates. Seems like everything is for primary residence, 125% LTV, and distressed owners though, none of which matches my situation. Thanks for the info though... great idea for a thread.

    5. Member ruetzal's Avatar
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      06-08-2011 12:05 PM #40
      I know big gov'ts plan for sticking it to investors right?

      well keep in mind, renting has been doing extremely well these days, I think going forward you could probably keep raising monthly rent for the next few years. Hopefully getting you a decent or acceptable spread between your mortgage and the rent coming in. Which will hopefully keep you afloat until the housing markets come back. FL got hit pretty hard since its a 2nd home state but generally areas like FL come back faster than other areas once the market starts its northerly accent.

      Thanks just let me know if I can help in the future.

    6. Member ruetzal's Avatar
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      06-09-2011 02:46 PM #41
      4.375% on a 30 year fixed, 3.5 % on a 15 year fixed and 2.625% on a 5/1 ARM

      I see this question a lot, here is an example

      “I am currently in the loan process and getting ready to close. Rates have went down and my lender can’t get me a better rate because I am already locked in.” Do I switch lenders? What do I do?

      You have a few options. Before you jump ship you should consider what you are actually losing by doing so. Let’s say your refinancing a $200k mortgage at 4.5% on a 30 year loan. This would be a $1013 P & I payment. Lets assume rates dipped 1/8th or .125% and you wanted a rate of 4.375%. That rate sounds better BUT is it? At that rate your P & I would be $998. That is a $15 a month difference in payment. That is $180 a year or $900 in 5 years. I know every bit you can save is great, but what you need to know is that your appraisal most likely will not go from lender to lender. So you would need to get a new appraisal done which could result in a different value and cause a different set of issues. Your new lender may have more strict guidelines as well. An appraisal could be $400 on the first one which you would lose and $400 on the new one. That is a cost of $800 to save $900 over 5 years. Is it worth it? What is your time worth? That up to you.
      My point is that .125% of a point in rate is nice but may not be worth it in the long run. Let’s assume you have a larger loan amount and rates dip a half a point. Then obviously there needs to be a discussion with your lender. Most lenders will renegotiate your lock with their investor to get you a better rate in order to keep you as a client. They may negotiate some costs as well. Talk to your lender and find out what there re-lock policy is. Everyone is different.
      On a side note, if the rate you locked in 3 weeks ago was a quarter higher than what you could have got with a different lender. That’s a different issue!

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      06-09-2011 02:59 PM #42
      Quote Originally Posted by ruetzal View Post
      4.375% on a 30 year fixed, 3.5 % on a 15 year fixed and 2.625% on a 5/1 ARM

      I see this question a lot, here is an example

      “I am currently in the loan process and getting ready to close. Rates have went down and my lender can’t get me a better rate because I am already locked in.” Do I switch lenders? What do I do?
      A lot of lenders will have a one time "re-lock" fee if you want to break your locked rate. I did this when rates were at 5% and dropped to 4.5% a year ago. Cost me $400 as a "re-lock"/"re-doc" fee. It ended up saving me a decent amount monthly and repaid itself in less than 12 months. I know it doesn't sound like much, but it was worth it to me (and stayed with the same lender)

      psn - pappas64

    8. Member ruetzal's Avatar
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      06-09-2011 04:13 PM #43
      ^ thanks for the response. Yeh most lenders will try their hardest to retain customers these days so its important to ask. I will say as well re-locking loans do cost lenders money so the fee is justifiable plus if you wanted to go somewhere else you probably would have to get a new appraisal done anyway

    9. Member ruetzal's Avatar
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      06-13-2011 03:14 PM #44
      rates lifted back up for now

      4.5% on a 30 year fixed, 3.625 % on a 15 year fixed and 2.956% on a 5/1 ARM

    10. Member ruetzal's Avatar
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      06-16-2011 03:44 PM #45
      well we picked up a little today

      4.375% on a 30 year fixed, 3.625 % on a 15 year fixed and 2.75% on a 5/1 ARM

      let me know if any one has any questions

    11. Member ruetzal's Avatar
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      06-20-2011 03:42 PM #46
      4.5% on a 30 year, 3.625 % on a 15 year and 2.956% on a 5/1 ARM

      think this will be the story for sometime maybe a little bouncing back and forth for a bit. I rec'd an interesting email from some top consultants in our business. The were quoting a so called "very smart economists"

      "At the end of this month, June 30th, the Federal Reserve will stop buying Treasury bonds. What will happen? Will Bernanke be forced to start a QE3? Actually, a very smart economist we know thinks that the worst that will happen is rates going up 50 bps."

      I can agree to this. I mean do we really think the Gov't will allow Interest Rates to jump above 7% in a economy that has barely started to scrape up the ground under our feet? We have a long way to go to impove our conditions and high interest rates will almost take any wind out of any sail out there. At 5% there would still be an attractive spread between risk free and a risk based asset. Well hopefully it would be enough to attract private capital. I guess we will C.

    12. Member ruetzal's Avatar
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      06-23-2011 10:02 AM #47
      first I hear of this, pretty interesting

      http://money.msn.com/home-loans/arti...b682&GT1=33032

    13. 06-23-2011 12:44 PM #48
      Word of Warning;

      The OP is a great guy, his company is nuts.

    14. Member ruetzal's Avatar
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      06-23-2011 12:49 PM #49
      Thanks for the kind words Tom

      I wish you luck buddy!! if you have any questions going forward just let me know.

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      06-23-2011 11:06 PM #50
      Do you know anything about mortgage insurance?

      Here are the specifics:
      Home Price = $200,000
      Down Payment = $7000 (iirc, fha requires 3.5% down)
      State = AZ
      My wife and I both have very good credit, just not a lot of money to put down.


      I have another thread going about this specifically....http://forums.vwvortex.com/showthrea...gage-Insurance
      i have nerd tendencies

      i work in a world of shoulds (>ლ)

    16. Member ruetzal's Avatar
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      06-24-2011 09:15 AM #51
      yep I sure do. Since you don't have a lot to put down you would have PMI (private mortgage ins) or UFMIP & MMIP (upfront mtg ins prem & monthly mtg ins prem) Anything over 79.99% loan to value requires mortgage ins. I have found if you don't have the 20% down payment its best to seek an FHA product or rural housing depending on the area. These 2 products are guaranteed for the lender in case of default by the borrower. The gov't insures these programs. Although these monthly premiums have increased in recent years its still cheaper to seek the insurance through these programs. The monthly premiums on FHA are considerably cheaper than the conventional program route due to the fact that your gaining insurance thru the gov't vs. a private entity for conventional. FHA requires an upfront premium generally 2-3% of the loan amount that can be financed in the loan and then the monthly premiums, becuase of this upfront premium, are greatly reduced.

      FHA programs can be found thru companies like BOA, Chase, GMAC or an independent broker. Most local banks do not do FHA products. These products are bought by bigger investors like BOA/Chase and then they sell the investor rights to Freddie Mac and retain the servicing rights. So you will be serviced by the BOA's/Chase's but really the gov't will own your loan.

      So ensure you finance thru someone who can run #'s for you on both conventional and FHA to determine what program works best for you. I posted a link to find out if your property is located in a rural housing zone, if so you can finance up to 100% of your loan with the Rural housing program. However since you are in AZ I am betting that you would not be in this area.

    17. Member ladykiller's Avatar
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      06-24-2011 08:23 PM #52
      Do you have any guestimate as to what I could expect to pay for mortgage insurance with this loan ammount?
      i have nerd tendencies

      i work in a world of shoulds (>ლ)

    18. Member ruetzal's Avatar
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      06-25-2011 12:02 PM #53
      I will get you a good rough estimate on monday, as for now I think they are both 2-3% of loan amount for upfront mip (what you pay at closing) and 2-3% of monthly payment amount. I will confirm monday.

      also I should probably correct my previous statement. In the past these agencies were funded by private dollars. Ins companies and bigger entities that soaked up America's debt and were backed by the Gov't in terms of insurance, not Gov't owned as I stated. Ofcourse these days they really are
      Last edited by ruetzal; 06-25-2011 at 12:11 PM.

    19. Member ruetzal's Avatar
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      06-27-2011 12:17 PM #54
      The FHA premiums can vary. Most likely on a purchase you will be paying 1% upfront and 1.15% in the monthly premium. Its best to have your loan officer run your situation. It can really range from 1-2.25 from upfront/monthly

    20. Member ruetzal's Avatar
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      06-28-2011 03:24 PM #55
      4.5% APR on a 30 year, 3.75% APR on a 15 year and 2.985% APR on a 5/1 ARM

    21. Member ruetzal's Avatar
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      06-29-2011 04:16 PM #56
      Rates rised today

      4.625% on a 30 year, 3.75 % on a 15 year and 3.125% on a 5/1 ARM

    22. Member ruetzal's Avatar
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      07-06-2011 02:23 PM #57
      rates are holding steady.

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      07-07-2011 08:59 AM #58
      about to go into the closing period on a house. got some really noob questions:

      - the rates you post up, are they applicable nationwide or are they specific to your particular lender/region?

      - what's your take on the market conditions right now and forecast for the next year or so? it varies region to region definitely, so any insight to the DC metro area (northern VA specifically) would be of great interest.

      - i think i have an idea of when a 15yr would be better than a 30yr, and vice versa, but in your professional opinion, when does one option trump the other?
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    24. Member ruetzal's Avatar
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      07-07-2011 12:17 PM #59
      Quote Originally Posted by evosky View Post
      about to go into the closing period on a house. got some really noob questions:

      - the rates you post up, are they applicable nationwide or are they specific to your particular lender/region?

      - what's your take on the market conditions right now and forecast for the next year or so? it varies region to region definitely, so any insight to the DC metro area (northern VA specifically) would be of great interest.

      - i think i have an idea of when a 15yr would be better than a 30yr, and vice versa, but in your professional opinion, when does one option trump the other?
      yeh those are not specific to area, depending on ones situation you can take rate hits for type of loan (cash out refi, rate/term refi, investment/non investment. etc) for a straight up primary residence purchase with good credit you should be at/near or under my rates posted. Location has nothing to do with it at least in the lower 48.

      The Northern VA/DC area is the lone duck in the US right now. Properties in that area have actually appreciated. Generally speaking a area with high Gov't employment generally will always beat most areas because of Job Certainty. Madison is the same way in Wisconsin right now they literally have not depreciated over the last 4 years when almost everyone has. DC is in this boat in the last few years and at latest reports I have saw are still appreciating decently. Although my analysis over almost all other areas is bad and most areas will continue to modestly depreciate over the next few years and then flatening out relatively soon. As for my area I think we found pretty much the bottom (Milwaukee WI, well just outside). As long as the foreclosure continue to wash thru most areas won't find any appreciation in the near term but most decent areas will be flat. City areas probably will continue to depreciate due to foreclosures.

      Well the main thing between a 15 and a 30 year is rates. You will get a decently lower rate on a 15 year but your monthly payments will be higher. You will pay significantly lower interest over the course of time then a 30 year. I am not sure your age or your cash situation but my suggestion would be if you are younger and don't have a wopping amount of cash to take the 30 year and save your cash for awhile longer. You can always refi to a 15 in the future and a 30 year will allow your savings to grow a bit stronger. Once you gain a strong financial foothold you should consider a 15 year. YOu should have 1 year worth of unemployment in your savings account these days for a worst case situation. try your best to figure your monthly bills. A tracking excel sheet works best here and then get a good feel of your expense monthly and save accordingly.

    25. Member ruetzal's Avatar
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      07-11-2011 02:51 PM #60
      4.5% on a 30 year, 3.625% on a 15 year and 3% on a 5/1 ARM

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      07-18-2011 10:25 AM #61
      locked in a 4.5% @ 30 yr just now. seems to have plateaued this past month and probably will go up rather than down.
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      Quote Originally Posted by MrSavvy View Post
      I'll break it down for you simple minded people. VWvortex. The VW stands for Volkswagen. And when you create a forum, admins can create sections within the forum. This forum has a section for general car chit-chat. The car lounge. So you see, even though it's a VW forum, you can still discuss other topics.

    27. Member ruetzal's Avatar
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      07-20-2011 12:55 PM #62
      sweet yeh there is some upward pressure lately but seems to be holding steady

    28. Member ruetzal's Avatar
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      08-04-2011 03:56 PM #63
      well its been awhile. Recent market turmoil benefits us like usual

      4.25% on a 30 year, 3.375 % on a 15 year and 2.75% on a 5/1 ARM

      these are some low f'n rates

    29. Member ruetzal's Avatar
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      08-08-2011 01:34 PM #64
      well market keeps crashing and we keep getting better rates.

      I get this question a lot. Hey are the rates you posted the ones I can get, then they tell me where their from and how good their credit is.

      The answer is you should be able to get at or below what I post here. There are a few things that can effect rates. Investment properties you will get a higher rate, these are obviously more risky than a primary residence. Lines of credit also a slightly higher rate, constructions same thing. Bottom Line for a good credit borrower on a primary residence you should be getting the rates I post. Also rates do not fluctuate on a particular location.
      Last edited by ruetzal; 08-09-2011 at 02:01 PM.

    30. Member ruetzal's Avatar
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      08-08-2011 01:41 PM #65
      just to be more clear on how rates fluctuate
      Property Type-Primary, Investment, 2nd home etc. primary here is the lowest rates
      Product Type-FHA, VA, Conv, Rural Housing etc. these are all roughly the same but rates can differ in these areas (albiet slightly)
      Credit-Over 740 you will get these rates, below you start taking some small hits and under 660 it gets somewhat nasty.
      Loan Officer Selling-face it this is what they do. With the new regulation its been tamed down since there is no reason for them to oversell it, ofcourse if they offer you a credit at the closing table ensure you understand this. They are selling you a higher rate and giving you back the overage of what they can only make. New Regulation enforces them to take a exact % of your loan amount that is negotiated with your lender up front, they can't take more and can't take less so if they are crediting you at the table you are getting a higher rate although the overage credits your closing costs so for some its a viable option.

      Also this is some good questions to ask when applying for a mortgage.

      1) How long have you been in the mortgage business?
      Be wary of newbies. Anybody with less than three years of experience could cause you extra anxiety and possibly a declined loan.
      2) Why is this loan the best one for me?
      This question is a great way to gauge how knowledgeable the loan officer is on all types of loans. If they are not able to provide you with a detailed answer, it could mean that they are not considering the best possible loan option for you.
      3) Should I pay closing costs or take a higher rate with less costs?
      If you have an idea of how long you plan on being in your new mortgage, your loan officer should be able to run a break even analysis to find out if you should take a low interest rate and pay closing costs or a higher interest rate with little or no closing cost.
      4) What hours are you available?
      You should want someone who will work as many hours as it takes to get your loan done, not someone who is content with only working nine to five. The more time your loan officer is available, the quicker you will be able to sign.
      5) How much money are you making on my loan?
      Don’t be ashamed to ask this. Their payment should be as transparent as the mortgage rates they are providing you.
      Last edited by ruetzal; 08-09-2011 at 02:00 PM.

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      08-09-2011 01:05 PM #66
      What do you need to qualify for a refi/mortgage these days?

      I've been intentionally unemployed for the past two years, but will be starting a new career later this month with a fair salary.

      I originally purchased my house in 2007, but refi'd in 2009 to take advantage of the rates.

      I have no debt besides the house, and have a 785 beacon.

      How long should I wait before applying for a refi? I'm at 5% 30yr fixed currently, no escrow and about 60% LTV, but if I can take advantage of 3.5-4.25% I'd like to jump on it when possible.

    32. Member ruetzal's Avatar
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      08-09-2011 02:05 PM #67
      well think your major problem is that you would need to show a steady stream of income. My Fathers friend contacted me today with a deal he was working on. He is a millionaire but is retired and does not have a steady stream of income to qualify him on a mortgage. With no stream of income you will have a very hard time getting a mortgage. There is a few ways to get around this but I would suggest you bring your 2010 1040's with you to the bank/broker.

      You don't necessarily need to be employed but every bank in the country requires an income stream of some sort. Some types of income streams qualify and some do not.

      Sounds like other than that you would be in pretty good shape.

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      08-10-2011 01:39 PM #68
      I understand that now....back in 07 I bought my house on stated income, LOL. No verification needed and they approved it.

      How long should I wait after starting employment to pursue a refi? I'll go after my first paycheck if rates are good and that'll work.

    34. 08-10-2011 02:07 PM #69
      Quote Originally Posted by ruetzal View Post
      My Fathers friend contacted me today with a deal he was working on. He is a millionaire but is retired and does not have a steady stream of income to qualify him on a mortgage.
      Buy house with cash

      Cash out refi

      Done

    35. Member ruetzal's Avatar
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      08-10-2011 02:28 PM #70
      LOL yeh stated got out of hand for awhile. Once this program was heavily abused by brokers actually continuing running DU (Fannie Maes approval system) with different house appraised values until they rec'd an appraisal waiver, after the waiver was rec'd it was a 10 day turn time to closing. Crazy DU still to the day is believed to never do no harm, when the mortgage industry allowed a computer software system that can be riddled with false information print an approval without anyone verifying was beyond me. Today this is the case although it is now verified by a human, LOL. Stated programs will come back eventually but I am hoping for some better guidance on these

      To better answer your question they like to see a year of employment although if you have a good enough reason for the gap of unemployment you can still get approved. I don't think 2-3 months would work but you could easily call a bank/broker and ask them what they like to see.

      As for the last comment. That was exactly his plan to pay with cash and then do a cash out later, however on a cash out refi you don't get the low rates, you take a cash out hit in rate. Generally about .50% also you still need to verify income streams with these programs which at that time he would be receiving Social Security which can be used. He would still take a risk of not getting a cash out refi to go thru.
      Last edited by ruetzal; 08-10-2011 at 02:32 PM.

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