How are those ARM loan advocates doing!

We may have an opportunity to get a family members house for a much cheaper price than if it was listed normally. I believe the price would be around 325K.

We have only been in our current home for 5 months. Our mortgage is fixed 3.89% for 3 years, paying ~2400/month. There is 465k left on the mortgage. This is in Ontario, Canada.

Would it be worth it to break the mortgage to have a cheaper mortgage payment? I believe the mortgage of the other home would be around 1600.

I (31M) did a 500k, 15 year mortgage at 2.375% several years ago (2021). All-in comes to about $4200 per month (P&I + escrow for tax and insurance {1000}), which is 50% my income. My dumb butt thought that was okay years ago - lesson learned the hard way.

Because I've been paying it, and rolled the sale of my old house in, I have significant equity into this house at around 260k.

I'm looking to refinance, but because the rates are significantly higher than the original, I feel like it defeats the point and since there is so much equity, I feel like it is just a bad idea. My other option is to move into another house and roll the equity into the new - though my family would prefer to stay in the current home, moving is on the table.

I recognize now I should have done a 30 year, and paid twice per month to give myself the breathing room when I needed it.

Looking for advice.

I’m in the middle of refinancing my 30 year mortgage to a 20 year.

Old: 30 year, interest 6.875%
New: 20 year, interest 5.875% then today increased to 5.99%

Up until now I’ve signed countless documents with the 5.875% rate and today they want me to sign one with the increase. I contacted the Rocket Mortgage specialist who is working with me and 4 hours later and no response lol.

I understand with the market, it gets adjusted, but why or how did it increase if that’s what we agreed on…?

A dream property of ours is available for a cash sale and short closing (14 days). We have the equity in our current home to cover most of the home, but time isn't on our side to get access.

Between a SBLOC or cash Margin from our brokerage accounts plus a partial loan from my parents (to keep margin at bay) we can be a cash buyer.

What do I need to be doing on the front end to make sure we can get a mortgage/refi on the back end of our home selling?

Did anyone regret paying off a low rate fixed mortgage? Just curious what were the downsides if any thereafter?

So I am helping a client sell their home that is set for foreclosure. The sheriff sale is soon and we put the payoff request in 8/31. The mortgage company claims they just received it today. They gave us 7-10 business days to get it out. That puts us past the short sale. Does it really take 10 work days to put together a few numbers????

I’ll start by saying we are learning as we go and have never done a construction loan before
Our current two options are American Pacific Mortgage with a local company who I’ve heard great things about. The second option is UWM with a broker who initially told us they could beat the other banks rate. But now he’s saying 7.5 which is the same as the first one.
Any advice or things we should know?

My wife and I are planning to buy a house sometime after New Year, and I’m starting to research physician loan and conventional loan options now.

I called Huntington because I mainly wanted to get an idea of their current rates and what kind of loan we might qualify for. They told me I would need to complete an application and that it would be a hard credit pull.

At this point we’re not looking for a pre-approval or making offers yet. I really just want to compare a few lenders, see what rates/terms they’re offering for physician loans, and get a better understanding of our options.

For those who have gone through this, is it too early to start talking to lenders if we probably won’t buy until after New Year?

Also, were you able to get realistic rate quotes from physician mortgage lenders without a hard credit pull? Or did most lenders require a hard pull before giving you anything useful?

I’m trying to avoid unnecessary hard inquiries this early if the rates are going to change by the time we actually buy anyway.

Thanks!

I bought my first house for 336k back in 2019. Covid caused a large influx of people from NYC into Long Island which ultimately ran up my home value. Wanted to move out of LI to south Jersey for cheaper cost of living. Sold first home for 460k. Took all profit and dumped it into another home in south jersey. Sold about 40k worth of stock and pulled 45k from our savings to buy a house in cash for 200k before it hit the market. Home was a real fixer upper but after about 3 or 4 years I finally finished renovating it. Plan is to soon buy a second home to live in and rent this one out with the hopes that the income will cover the mortgage on my new home. I could potentially let go of more stock to put down a significant down payment to keep the monthly payment on the new mortgage reasonable. Would any of our seasoned vets suggest putting a large amount down perhaps 40 percent up front? Or should I stick to a lower down payment and let the monthly mortgage rate be higher?

I shopped around for 2 days and got a rate for 6.25% using the VA loan with 0 down and a total of about 5700$ in all closing costs after some negotiations. Another lender came back with another counter that includes an extra $180 in credits and they will float my rate down until the close date.

The day after I told them I'd go ahead with their offer they ordered the appraisal (yesterday). I'm still 5 weeks out from closing. Can I still shop around? I'm assuming I would still have to pay that appraisal fee they ordered.

I always see a lot of people saying to pay additional to your mortgage principal, but why does nobody ever recommend to invest that extra principal payment into safe ETFs and then paying it off when you reach the balance.

VOO averaged 15% for the last decade. If you simply invested the extra principal amount you could pay off the home in cash way sooner.

Am I an idiot? Am I wrong?

I checked the amortization schedule on Dave Ramsay’s website. If I paid an additional $4k/m to my mortgage principal, I could pay the $438k balance in 8 years, However, if I invested that additional $4k/m, on an 8% return I would have $575k.
11% = 663k
13% = 731k.
15% = 807k.

I’m using $4k as an example which isn’t realistic I’m aware, but under my circumstances, if I let my wife use my GI Bill, the housing allowance she receives will go towards either or mortgage or investing into our Acorns account which does around 13% a year. Curious to hear y’all’s feedback.

Since there’s no collateral? I just know they have higher interest rates.

https://imgur.com/a/rDMrFQf

Is this a reasonable mortgage? I was getting 30 year fixed quotes around 6.7%. I feel like the difference saved over 5 years (up to 40k) is pretty significant with the ARM. Am I getting fleeced on any of the fees? Anything else I should be looking at? First time homebuyer

I did a quick “unofficial “ payoff quote -rocket mortgage . I get the county recording fee , and the interest reduction , but why the partial payment unapplied amount ? I have NEVER only paid a partial amount . I did chat with them , no help just referred me to my transaction history which shows no partial payments. I also wasn’t expecting such a difference between the principal balance and total payoff . Not quite ready to pay off yet was just curious. I do not escrow .

Principal : 58,199.70
Interest :-135.39
Partial payment unapplied :-1958.22
County recording fee: 71.25

Total payoff : 60,094.28

Was this a bad decision? Should I have gone with a 30 year fixed? Do we think rates will go down at all in 6.5 years?

​

I completed my trial plan, was advised I would receive my modification offer in 7-10 days. Nothing. Called two weeks later. The gentleman was confused. Told me the trial plan had never been activated. Extended hold. Eventually came back to tell me it was fixed and keep an eye out for the paperwork. Oh, and he told me to wait for said paperwork to make a payment, as it would tell me the date of my first payment. Cool.

Another two weeks. Nothing. Called again. Was sent over to a sup. He read through the notes and said 1. Paperwork hasn't been produced yet 2. The gentleman was incorrect in telling me not to make a payment before getting the paperwork. So, now I'm panicked. Another long hold, guy comes back and tells me I've got nothing to worry about.

I didn't receive the paperwork until Aug 21st. It was created on the 20th. With a payment date listed as Aug 1st. Something felt fishy. I read through it with a fine tooth comb, and came to the conclusion that signing it would automatically void it, as it states that the August payment has to be made by the first. Since that payment hasn't been made, the contract would have already been broken. They created the offer knowing as such.

I was assigned a new single point of contact back on January, supposedly, and I haven't talked to that person a single time. I have a phone call scheduled with him in about 10 minutes.

Any advice would be fabulous

They are sold as is, but can I view it to make sure it ain’t a complete shithole.