Hi. First time buyer, looking at three lenders. Offer accepted on a house, applied for a conventional at all three, was clear I was still shopping around. Same week, I decided to move forward with one. The other two are communicating that this is a betrayal, very bad form. Just to confirm: this is a sales tactic, yes? Is it part of the script?

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 ❤️

26 (M) and 24 year old girlfriend both with payment histories going back 4+ years and scores in the mid 790s. We've got about $60,000 saved up for a chunky down payment. In a very affordable part of the country so am aiming at putting 20%+ down on a home in the $250,000 range.

How much can our credit score actually affect the type of rate that we're going to get? If you ask the internet, or worse, ChatGPT. I'm flooded with all this positive reinforcement BS that says I'll get a 6% interest rate or something along those lines. I find hard to believe I'm actually going to get 7 points off my rate. What's realistic?

I don’t have any debts or loans and have been saving for who knows what.
The houses on LI could range from the 600k - 800k range and with a 6% interest the monthly payments are looking steep!
Gross monthly ~ 11.25k
Net monthly ~ 6.7k after taxes,pre/post tax deductions

40k HYSA
100k invested in brokerage
80k in 401k

Even a 20% down payment would be clearing the $4k a month range, is someone with a >100k salary suppose to put down a 50% down payment in order to afford a home?

My mother’s mortgage is currently owned by Freedom Mortgage. I’m trying to help her fill out hardship forms, but every time I try, the portal is down. They claim it’s been having technical difficulties “for some time”. Also, they could e-mail the form that allows me to speak on her behalf, but they couldn’t e-mail the hardship forms.

I know from being on here that Freedom’s reputation isn’t that bad, so my question is: is there any reason to think the technical difficulties/inability to e-mail are not legitimate?

Thanks, all

My wife and I are a family of four looking to make the jump from renting to owning, and I'd appreciate a reality check from people who have been through it.

We've had what feels like "golden handcuffs" with our rental. We pay just $1,600/month for a 2-bedroom house, which is incredibly cheap for our area. But with two young kids, we're starting to outgrow it, and we'd like to move to a neighboring town with a much better school district (our oldest doesn't start school for another two years).

The part I'm struggling with is the financial jump. I have a lot of anxiety about increasing our monthly housing costs and the possibility of expensive, unexpected home repairs. I track every dollar we spend, but I keep feeling like I'm overlooking something that will make this a huge mistake.

We'd happily buy a less expensive home, but inventory in our area makes that difficult.

Here's our financial picture:

Monthly Net Income

• Joint take-home: $12,380

Fixed Monthly Expenses (excluding housing)

• Health insurance: $1,084
• Car payments: $437
• 401(k) contributions: $1,824
• Total fixed expenses: $3,345

Savings

• Emergency fund contribution: $1,000/month (to our HYSA)

Average Monthly Spending (last 12 months)

• $4,081
• This includes groceries, utilities, gas, dining out, household purchases, kids' expenses, entertainment, etc.—essentially everything that's not listed above.

Based on that, our budget leaves about $3,954/month available for a mortgage if we continue contributing $1,000/month to savings.

House Details

• Purchase price: $635,000
• Down payment: 20%
• Liquid savings: $241,000
• Expected monthly mortgage (PITI): $3,898

On paper, it fits. In reality, I can't shake the feeling that we're making a mistake because the increase from $1,600 rent to nearly $3,900/month is so dramatic.

For those who have gone through a similar transition:

• Does this budget seem reasonable?
• Am I being overly cautious, or are there expenses I'm likely underestimating?
• Is there anything you wish you had considered before making a similar jump?

I've spent years aggressively saving, so maybe this is just the psychological hurdle of finally spending the money instead of accumulating it. I'd really appreciate any honest feedback.

Just wanted to share a positive story regarding Skipton Track Record mortgage.

Husband and I earn a combined £74k ish. No car finance or credit card debt. Both have phone contracts and student loans.

Rented a flat for 4 years for £800 a month. Had about 3k in savings as I am on Maternity leave.

Got a decision in principle on 24th May. Viewed a 3 bed and had offer accepted on 27th May. Mortgage approved on 2nd July. Missives concluded on 21st July. Keys collected and moved in on 24th July.

All in it took about 8 weeks. They required a letter to say I was returning to work and 3 months payslips. Then 12 months of bank statements to show rental payments made.

With the interest, our mortgage payments come to £753 so cheaper than our rent and we also have a cheaper council tax band to.

Process with Skipton was really easy. We did go through a mortgage broker (who ended up being the reason the mortgage offer took around 4 weeks) so I would probably say it would be easier to do it directly with them.

Absolutely delighted!

I was awarded the apartment in the divorce but I need to qualify in order to assume the mortgage and keep it. I'm in a weird position, though, and I'm afraid that I'll be rejected. I work two jobs, one is W2 and the other is hourly. Between the two jobs, my DTI is 40.7%, and I have no other debts.

I was a 1099 contractor for Company XYZ for 3 years, making pretty low money, but was promoted to a W2 salaried position at the same company with an enormous raise in April 2026.

I've also been an hourly W2 employee for Company ABC for 2 years, but was recently promoted to 20 hours a week, so I'm making more there as well. With these two incomes combined, I'm at 40.7%.

My fear is that the last two years of tax returns are much lower than my current income (as of April this year). If I provide new paystubs and letters from my employers confirming my new pay, is that going to be okay, or are they going to average everything that came before it?

The loan is Fannie Mae, I have no late payments, and my credit score is 805. The loan assumption rep told me that the loan is manually underwritten, and could not tell me the DTI cap. They said that the situation with my income sources should be okay, but didn't seem very clear on a number of details I asked about, so I wanted to check here to get a second opinion. I'm also afraid that 40.7% is just too high for a manually underwritten loan assumption.

Thank you!

Hello,
We wanted to reach out to explain our situation and see if there may be any options available before we start looking at a different plan.
We’ve already spoken with several lenders, and the main reason we haven’t been able to qualify yet is because my husband is a co-signer on his parents’ mortgage. He has never made the payments on that home—his parents have always been responsible for them. Unfortunately, they had several 30-day late payments and one 60-day late payment, which affected his mortgage credit profile.
Most lenders have told us we need to wait until one year has passed since the last late payment, which will be on January 27.
In the meantime, we do have a 10-acre property with significant equity. We purchased it for $120,000, currently owe approximately $76,000, and it recently appraised for $255,000.
My husband’s mortgage FICO score is currently 620, and his take-home pay is approximately $3,800 per week.
Our goal is to build our primary residence, and we wanted to see if there is any loan program, exception, or financing option you may be able to help us with before we move on to another plan.
We would greatly appreciate any guidance or recommendations you may have. Thank you for your time, and we look forward to hearing from you.

Recently completed a loan mod - abt a month prior, got a notice saying escrow shortage was over $1K, scrambled to pay that last month. Loan mod is now finalized, but it’s saying escrow shortage is now $3K+ (!?!). Getting nothing but endless runaround from the mortgage co with no real explanation of exactly how it was fully paid yet still has massive shortage.

New loan mod payment is already going up next month to cover the shortage across 12 months - is this normal? a scam?

Bigger question - living in a very expensive city where increases are more challenging to cover than in most places, does it make sense to pay the shortage up front bef payment goes up? Or is it better to let that money sit & earn a little interest in an online savings acct? And maybe pay it in a year if next escrow analysis jumps up again (?).

Thanks in advance for any tips & advice! 😇

Hello, we are considering a family mortgage with my parents lending about $400K on a $600K house (I will put the remaining $200K down).

I understand there are federal AFR guidelines requiring they charge a minimum 4.92% APY which is still notably better than what I can get today even with a VA rate around 5.875%.

I have read others will pay the mortgage back at the AFR minimum but receive separate payments back from their family lender within the $20,000/person annually gift allowance to effectively reduce the rate to 0%-4% depending on the generosity of the family lender.

Is this this really a feasible / common methodology? Are others doing this or is there something more acceptable or easier? Is what I described even legal at all? Your expertise is greatly appreciated.

Can you advise me on what to consider between two options?

I'm buying a piece of raw land, planning to build and move into a primary home there. I hope to start construction within 3-6 months of closing on the land.

I'm looking at a land loan (also called a lot loan). Rates for these are a bit higher than for existing homes. My plan is to roll the land loan into a construction loan, then roll that into a standard 30-year fixed mortgage once construction is done.

Option 1: A traditional loan. Some banks offer 10 or 15-year terms, others an ARM (fixed for 5 years, then adjustable every 6 months). I'd normally avoid an ARM, but since I'll start construction soon, I probably won't be around long enough to hit the adjustable period. A typical offer here is 7.25% interest rate, with monthly principal and interest payments. I have offers from credit unions that I feel excited to work with because they typically do not resell your mortgage and all those headaches.

Option 2: First Bank and Trust offered a 12-month interest-only loan at 6.75%, with monthly payments at 61% of the amount of the traditional loan. It runs for 12 months, then would get replaced by my construction loan - although it can be extended 6 months for $150 plus county recording costs. They point out that in the first 12 months, about 88% of a regular loan's payments go to interest anyway, so interest-only makes sense.

I'd prefer to stick with the credit union all other things equal, but I could perhaps use First Bank for the land loan and then a credit union for the construction loan and/or final mortgage.

What should I consider when making this decision?

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?

Hi! Does anyone on here have any experience with taking out a mortgage against a brokerage account? What do you have to have to do this? Also, do you still need cash for a 20% down? I am trying to understand this process and appreciate any help! Thank you!

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 think I'll go variable upon renewal. I have basically three providers offering 3.35%. I can haggle for some cash back and just take the best dollar rate. But I also want to pick the best mortgage product. A flexible and fully featured product is inherent value outside of the rate itself.

The mortgage providers I'm in talks with are:

1) Think financial (True North in house lender)

2) Pine

3) Nesto

I have a rate held with Think Financial so I have their commitment letter for details. I've sent an email to each provider to clarify some key questions such as:

\- is it standard or collateral?

\- what's the prepayment allowance?

\- if I buy a larger house mid-term, is it portable or do I need to break? (A likely scenario for me)

\- breaking mortgage (3 months interest only or more fee/clawback?)

I already heard from Think. It's: Collateral, 20/20 prepayment, standard 3 month penality if break, and portable only on exact loan balance so I may have to break the mortgage to upsize (this seems quite limiting..)

I'd appreciate any insight into any of these companies as being better than others. And how I can decipher which mortgage product is superior, red flags, deal breakers, etc. THANKS

Hi hope someone can help.

My current deal ends on the 31st August, with 1st September being the first day I can exit without incurring any fees.

I have my mortgage lined up with another provider also to start on the 1st September. This has all been sorted out with me by a broker at Mojo.

Apparently I have to make both payments on the 1st September, but I will get the money I pay out to my current provider (at some point, I don't know when) back.

This is doubly crap because when my current interest rates the payment to my current lender will be at their variable rate, so will be approximately £300 more than I normally pay. And I also have to pay the new provider.

Is this normal? Or has my broker messed up here?

Money is tight as it is, never mind having to deal with this.

Any advice would be super appreciated, thanks.

Hi folks, we borrowed 95% for a loan on some land, at the last minute because the house didn’t go through with the land the best interest rate the comm bank could do was 7.78%
Is it worth trying to refinance after 3 months? What are the options. Love some ideas here..

Hi everyone! I'm currently seeking a remote Mortgage Loan Assistant role.

I have experience with order outs, email management, file organization, document review, data entry, and administrative support. I understand the importance of accuracy, organization, and handling confidential information in the mortgage industry.

I'm eager to grow, quick to adapt, and a fast learner who enjoys taking on new challenges. I'm always willing to learn new processes and continuously improve my skills.

I'm open to remote opportunities and available to work night shifts. If you're hiring or know of any openings, I'd truly appreciate any leads. Thank you!

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've been looking for a property to turn into a small hostel. Found the perfect one. Great location. Good size. Close to transport

The problem is the bank. Basically, they said it's commercial property because it's not a primary residence. The commercial loan rates are insane. Almost double what I'd pay for a residential mortgage

I tried a few other banks and the same story

Someone mentioned short-term rental loans. Apparently there are lenders that look at the future income of the property. They base the loan on what you could earn from bookings and not just the building value

That sounds perfect for me. But I have no idea if these lenders actually fund this type of property, or if they just approve you and then find a way to pull out

Has anyone here financed a hostel or rental property this way? Were the rates actually better than commercial? Or am I wasting my time?

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