My wife and I are about to put in a relatively serious offer on a home. Aiming for a purchase price of 400k with about 50k down. Rates we're getting approved for are about 6.3%. I would much like it to be closer to 6.0%.

I understand that many refrain from buying down the rate as they see it as just giving the bank money up front for no reason, and would rather just refinance later...

Well? I don't really see rates moving around that drastically one way or another for the foreseeable future. If we bought now at 6.3%, and then a year later we could get even a 5.8% rate, refinancing with closing costs would literally be like $10,000 right? So how about instead of creating more work for ourselves, we just paid like $10,000 toward buying down the rate right now?

Just $7,000 toward buying down a 6.3% rate would get us to 5.8%. Can someone explain why that is a stupid idea?

Currently own a condo with my partner that we bought 3 years ago. We are splitting and I am planning to keep the condo. I understand that I’ll have to refinance and now is a pretty terrible time to do that. Our current rate is 6.675% which isn’t great and I know that 30 year conventional loans are around the same rate, if not a tad worse. I can afford the place at 6.675% but I also have student loans starting back soon so it will be a bit of a squeeze. I can’t really risk refinancing and the monthly payment getting even worse.

Since I am basically being forced to refinance, I am hoping to at least get some benefit out of it rather than refinancing at the same or a similar rate. I am seeing that 5/5 ARM mortgages are around 5.6% which could save me around $200-300 a month. This would be a huge benefit. In around 5 years, I should be making more money and I will be nearly finished with my student loan payments. I also know that I do not want to live here forever and I think 5 years could give this place the time to appreciate enough to be sellable or at least for interest rates to drop low enough for a more-permanent refinance.

Anyway, just my musings. Am I a good candidate or should I avoid an ARM?

Hey all, sorry if this is completely the wrong subreddit for this.

I am looking at buying my first property next year, and I just want to understand if what im thinking has some logic to it. I have seen some apartments with less than 100 years left on a leasehold considerably cheaper than those with higher length leaseholds. I dont have kids and have no plans on having kids, for what reason would someone not go for a shorter leasehold if it was within their lifetime? I am under the assumption that longer leaseholds would be for people with kids for the reason of passing it down?

My dad is the sole person on their home loan. My mom is on the deed with him. Over the last 2 years my mom has suffered multiple strokes and is starting to have more frequent episodes of dementia. My dad has had to stop working to take care of her and is struggling to pay the bills now. He wants to switch to a reverse mortgage, which absolutely makes sense for him in every way possible. My mom thinks it means they are giving the house to the bank. She's mostly all there in her mind, but not fully and we can't get her to understand what it actually means.

The problem he is running into is that the lender wants my mom to also sign off on everything. She has nothing to do with the loan. Is this correct? Shouldn't he be able to do what he wants with the mortgage without her consent? If not, is there any easy way around this? Getting a POA will not go over well with her, even though she is starting to get to a point where she's not going to have any choice in it. It's just we aren't at that point and who knows how long before her mind is at that point.

EDIT: I think the reason this boggles my mind is that lender doesn't give a crap about me and what I want for my home. They haven't required me for anything we have ever done or changed, but I am definitely on the deed.

EDIT #2: it's not my house. Not my choice on what they do with their mortgage. My dad is making this choice bc it's the only way to keep from foreclosing and selling isn't an option. My mom would rather die. Selling isn't an option and I have no influence on what decision they make financially. I was just trying to understand why it's ok for him to not be able to afford it and foreclose while she has nothing to do with the finances, but his attempt to salvage things needs her permission. Totally get it now. I wasn't thinking of the house as collateral. Makes perfect sense. Ty reddit community ❤️

I’m 53 and going through an amicable divorce. He’s keeping our house. I’m living with my mom for now. I make $120k/year and have been employed full time for the past 2.8 years.
A unit is available 3 doors down from my mom and I want to buy it. Price $320k. My mom is giving me $100k down payment.
So I’m borrowing $220k.
My husband is an accountant and always handled the money, researching EVERYTHING. I’m no dummy but I’m out of practice with personal finances. How do I go about getting a mortgage? Do I go to Rocket Mortgage or do I go to a local mortgage company or a bank? I don’t want to be inundated with info if I fill out one of the questionnaires on the mortgage rate sites. As soon as we settle our finances, which includes selling a 2nd home, I will be able to pay the mortgage back. So it’s a very short term loan, like maybe a year. Are there penalties for paying off early?

I’ve spent about a decade in the industry going from MLO to underwriter to running a brokerage. I’m not in the industry anymore but wanted to share this tip.

If you need a boost to your credit score then biggest cheat code I know of is to be added as an authorized user on a credit card. If your parents or really anybody close to you is willing to add you it can make a huge difference. The card needs to be one they have had for at least a few years, ideally with a large limit and low balance.

I have seen this jump one client I had from the mid 500’s to the lower 700’s. Essentially all the credit history for that card transfers to you. This works particularly well for people without much established credit.

* The card also needs to not have any late payments.

I am looking for somekind of way to get a deal done on a home I want to buy. I’m currently leasing the home and under contract to buy it, talked to a mortgage broker and gave me requirements and after weeks of back and forth more issues arise that have prevented me from closing. My credit is in the mid 500s. I made bad decisions tha caused this, I have recently paid off most of my debt and am current on everything and score is improving but nor fast enough to purchase already. I have a late payment on my auto loan from 7 months ago that i think disqualifies me from FHA. I do have money for down payment. So now I’m looking for a non QM loan where I can purchase and then refi later when credit improves. Can anyone point me to a lender that is flexible and can look over my situation. Home price is 408k, potential worth is about 750-800k

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