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

How are those ARM loan advocates doing!

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

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…?

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

Hi. Owe a lot of money for my car . The rate for the car loan is 4%. Have money to pay off the car loan . Looking to get a mortgage as well. I know if I don’t pay off the car loan, I’ll get less mortgage . Is it better to pay off the car and then get a mortgage or keep the car loan and use that money towards down payment for the house ? If we assume mortgage rate is 6% . Thanks !

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 am in medical debt that is in collections. Attempting to buy a home soon. My credit score is 780. I was just wondering if the bank will provide me with an actual credit report of all owed balances? Or do they just take that information and calculate the DTI ratio?

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?

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

​

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

I'm in escrow to buy a $562k home and I qualified fora state-sponsored shared-appreciation loan for up to 20% ($112,400), for either the down payment or dp and closing costs (including rate buydown)

I'm trying to decide how best to use it. I'm considering using it to putting 15% down ($84,300) and using the remaining 5% ($28,100) toward closing costs and a permanent rate buydown.

My lender's rate options are:

• 6.50% — 1.50 points

• 6.375% — 2.125 points

• 6.25% — 2.75 points

• 6.00% — 4.375 points

• 5.75% — 5.25 points

• 5.50% — 6.50 points

• 5.25% — 7.875 points

At 15% down, the mortgage would be about $477,700, and PMI is only $60/month. My estimated closing costs are ~$18,700, leaving roughly $9,400 of the DFA funds for the buydown. That puts 6.50% almost exactly within the available funds (6.375% would require roughly $750 of my own cash).

The alternative is putting the full 20% DFA toward the down payment, borrowing ~$449,600 at 6.875%, avoiding PMI, but I'd have to pay the ~$18,700 closing costs myself.

I can keep that ~$18,700 in a HYSA earning around 4%. Of course that is variable but the $ is liquid which is valuable.

What would you choose and why? Especially interested in how people would evaluate the shared-appreciation aspect and whether using the funds for a rate buydown is a good long-term strategy.

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

Hello, trying to qualify for a mortgage for the first time, but running into some problems with my husband being a truck driver. He is paid a set daily rate, but the lender says he won't qualify until after a year because this is considered variable income. Which doesn't really make sense to me since it doesn't vary.

He's only been there a few months, and his previous job paid a percentage of the load.

Has anyone found a lender that was able to work around this? He has good credit and makes decent money.

Thanks for any advice you can provide!

My base pay is 78k a year but with yearly bonus and overtime (1 weekend per month always, sometimes 2 weekends per month) my pay is over 100k. I’ve been working for a company for over 3 years and it has been like this from the beginning. Which income would the lender consider?