All Encompassing Mortgage and Real Estate Thread

[Texaus 377]

I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?

[Modessit 5599]

I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?

swbc?

[Gil Bang 25944]

5 hours ago, Texaus said:

I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?

Call your title insurance company.  If you don't have your records from your title insurance, ask the mortgage company that you are using for the refi if they have opened a title order, and if not, insist that they do so.   Let the new title company know that the loan isn't yours, and they should have it fixed in a day or two.

[Gil Bang 25944]

Upon further reflection, you should make sure to use the CURRENT title insurance company for the refi.  You'll save a few bucks that way.

[Texaus 377]

swbc?

Oops, gmac

[Texaus 377]

Upon further reflection, you should make sure to use the CURRENT title insurance company for the refi.  You'll save a few bucks that way.

Muchos gracias.

[UTPhil2006 3807]

11 hours ago, Gil Bang said:

Call your title insurance company.  If you don't have your records from your title insurance, ask the mortgage company that you are using for the refi if they have opened a title order, and if not, insist that they do so.   Let the new title company know that the loan isn't yours, and they should have it fixed in a day or two.

One of the first things they should have done was to open a title order 

[UTPhil2006 3807]

On 9/20/2019 at 10:26 AM, UTPhil2006 said:

1.76.  Been hovering here since about Tuesday being that the Fed rate cut, since it was relatively expected, was already priced in.  So we've got a little reprieve from the 45 basis point jump back.

1.61.. down .05 so far today

[UTPhil2006 3807]

On 10/1/2019 at 11:08 AM, UTPhil2006 said:

1.61.. down .05 so far today

Down to 1.51 this morning.  We were down to 1.45 before the massive week long jump about a month ago.  

[JOSEYWALES66 1801]

Does anyone know what the current 15 year fixed rate is with near perfect credit? 

[UTPhil2006 3807]

7 minutes ago, JOSEYWALES66 said:

Does anyone know what the current 15 year fixed rate is with near perfect credit? 

Assuming 740+ credit, <80% LTV, normal DTI, you're looking around 3.5, maybe 3.375 if we can capture more of today's losses.

[Longhornfan1024 1707]

1 hour ago, UTPhil2006 said:

Assuming 740+ credit, <80% LTV, normal DTI, you're looking around 3.5, maybe 3.375 if we can capture more of today's losses.

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

[Chewbacca 7773]

46 minutes ago, Longhornfan1024 said:

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

Holy shit, how much student debt do you have that you need the IBR to pay off student loans with $250k in income?

[UTPhil2006 3807]

51 minutes ago, Longhornfan1024 said:

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

It populates your liabilities from your credit report, so I'm guessing it would be your current IBR payment, but I will double check

[UTPhil2006 3807]

On 10/3/2019 at 10:47 AM, UTPhil2006 said:

Down to 1.51 this morning.  We were down to 1.45 before the massive week long jump about a month ago.  

Ended the week at 1.52.  Hell of a comeback from the 1.90 we were at about 10 days ago.  Getting back close to the 3 year low of 1.43 we were at around a month ago

[UTPhil2006 3807]

On 10/5/2019 at 11:59 AM, UTPhil2006 said:

Ended the week at 1.52.  Hell of a comeback from the 1.90 we were at about 10 days ago.  Getting back close to the 3 year low of 1.43 we were at around a month ago

Back to 1.74 after the last few rough days.  Key will be to take advantage of the valleys when (if?) they come.

[Nonbryan 173]

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

[UTPhil2006 3807]

1 hour ago, Nonbryan said:

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

Email sent.  In my experience with Redfin and OpenDoor on the other side of things, they were a pain in the butt.

[HRSchenker 2268]

I own some land in Navarro county and I got a letter this morning from a company wanting to buy it from me. Offering $1350 per acre lol

[Gil Bang 25944]

On 10/15/2019 at 7:13 AM, Nonbryan said:

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

You get what you pay for bro. 

Yes, Redfin can buy and sell.  They do both poorly, but whatever. 

[Dbeasy 15047]

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

I evaluated Redfin when selling a house I owned. The agent seemed inexperienced. And their buying service offers prices are below market substantially.

Disclaimer: I have a real estate license and do deals for myself and friends and family. I usually charge friends slightly more than Redfin, giving them a more competent representative for just a little more than Redfin.

[South Austin 52463]

So how tough is the Austin market for buyers right now?  I'll be looking to buy in the near future, probably late 2019 or early 2020, and need to be in the Lamar/McCallum district for my kids (see the Divorce Stuff thread if you want more entertaining background).  So something in the broader Allendale, North Loop, southeastern Northwest Hills areas.  I don't need anything too big, as it's just me and then my kids 50% of the time.   

[UTPhil2006 3807]

4 minutes ago, South Austin said:

So how tough is the Austin market for buyers right now?  I'll be looking to buy in the near future, probably late 2019 or early 2020, and need to be in the Lamar/McCallum district for my kids (see the Divorce Stuff thread if you want more entertaining background).  So something in the broader Allendale, North Loop, southeastern Northwest Hills areas.  I don't need anything too big, as it's just me and then my kids 50% of the time.   

Not bad.  Plus in the timeframe you mentioned it's more of a buyers market (slower around the holidays, end of year, etc) vs during the summer months when everyone is moving and it's a seller's market.  

[South Austin 52463]

Just now, UTPhil2006 said:

Not bad.  Plus in the timeframe you mentioned it's more of a buyers market (slower around the holidays, end of year, etc) vs during the summer months when everyone is moving and it's a seller's market.  

I figured as much on timing of the year, though I don't have the luxury of waiting, so I'll be on the more motivated/desperate end of the buyer's market.

[Sbbruin 21842]

11 hours ago, Gil Bang said:

You get what you pay for bro. 

Yes, Redfin can buy and sell.  They do both poorly, but whatever. 

Yeah, the difference in commission savings vs quality of marketing and negotiation, it is typically a wash at best, or you leave a lot of money on the table at worst.  All these redfin types do is process paperwork.  They could care less what the sales price is.

[UTPhil2006 3807]

6 minutes ago, Sbbruin said:

Yeah, the difference in commission savings vs quality of marketing and negotiation, it is typically a wash at best, or you leave a lot of money on the table at worst.  All these redfin types do is process paperwork.  They could care less what the sales price is.

And from my experience there is a "listing coordinator" and a "transaction coordinator" who seem to barely speak to each other which is highly infuriating.  It's just not a good process.

[UTPhil2006 3807]

On 10/15/2019 at 12:57 PM, HRSchenker said:

I own some land in Navarro county and I got a letter this morning from a company wanting to buy it from me. Offering $1350 per acre lol

What company?  Any particular reason?

[HRSchenker 2268]

1 hour ago, UTPhil2006 said:

What company?  Any particular reason?

Don't remember, I put it in the shredder. All it said was that they were offering me money to buy the land outright. I had looked them up online and I guess lots of people received this letter. Company kept responding to reviews saying "we've never done business with this person, please delete your review". Super shady stuff.

[UTPhil2006 3807]

2 hours ago, HRSchenker said:

Don't remember, I put it in the shredder. All it said was that they were offering me money to buy the land outright. I had looked them up online and I guess lots of people received this letter. Company kept responding to reviews saying "we've never done business with this person, please delete your review". Super shady stuff.

Gotcha.  Pretty much what I figured.

[UTPhil2006 3807]

On 10/11/2019 at 10:32 AM, UTPhil2006 said:

Back to 1.74 after the last few rough days.  Key will be to take advantage of the valleys when (if?) they come.

Hovering right around (1.74 exactly right now) this number the past couple weeks

[Pato del Muerto 52489]

Got a funny little solicitation mailer this week from a Prime Choice Funding. 

In the envelope, there was a clear window where the words “Mortgage Insurance Removal” were visible. This was the letterhead of the page inside. 

The page then tells me that rates are near a 3 year low and I can lower my payment and also possibly remove my MI. 

It quotes me a rate of 3.00%, 3.95 apr.  there’s also some cash out language. 

So for fun I flip it over and read the disclosures. 

The rate quoted is for a fha loan, with 3(!) discount points, as of 9/19. It goes on to specify that rate and price are only for 60% ltv or less and 780 fico or higher.

This letter is dated 10/16, so it’s 4 weeks out of date on pricing, and obviously you don’t lose your MI with a fha product. Which is why there’s this: ‘in order to get rid of your mortgage insurance, you must qualify and choose to secure a new conventional loan. The loan being offered is not a conventional loan.’

it also says they are calculating the quoted payments based on original loan amount plus $5500 in closing costs, when 3 discount points on my original loan amount is already more than that. 

Also:  “Additional benefit - loans funded in October may not have a payment due until December.”  Guess I better hurry to take advantage of this unique offer.

I just felt like bitching about the bait and switch tactics that get used when advertising rates and payments, that I’m assuming are within the bounds of the law based on the fine print explanation.

NMLS 117375 out of Tustin, CA if anyone cares. 

Edited October 27, 2019 by Pato del Muerto

[UTPhil2006 3807]

Ha yeah that’s basically the print version of those Rocket Mortgage etc commercials on TV. A 5 min email or call to your local mortgage guy could answer everything you need to know and with accurate non bait and switch numbers. 

[fluff 87]

What are rates doing this week? Fed lowered this week?  I might want to look at a refi right now.

[UTPhil2006 3807]

3 hours ago, fluff said:

What are rates doing this week? Fed lowered this week?  I might want to look at a refi right now.

The 10 year actually came down about .05 yesterday and .10 today.  Was around 1.85 earlier this week, now at 1.69 at close today.  Might  be around a .125 bump down, but they prob wont pass that along til tomorrow.

[T’Boo Ted Marshall 2732]

We’ll be buying in the next 12 months and potentially turning our current house into a rental. We have ~$180k in equity here. Note is 3% with 7 years left.

What options do we have to pull some equity out of this house?

[UT_OB1 2218]

3 hours ago, T’Boo Ted Marshall said:

We’ll be buying in the next 12 months and potentially turning our current house into a rental. We have ~$180k in equity here. Note is 3% with 7 years left.

What options do we have to pull some equity out of this house?

Heloc all the way. You can get some good rates and you won’t pay interest on the portion you aren’t using. 

[zork 629]

3 hours ago, T’Boo Ted Marshall said:

We’ll be buying in the next 12 months and potentially turning our current house into a rental. We have ~$180k in equity here. Note is 3% with 7 years left.

What options do we have to pull some equity out of this house?

if you refi you want to do it while owner occupied(can take more out percentage wise and a better rate since OwnerOcc).  But only if you really need the money with just 7 years left as you have paid most of your interest on your last loan already and that is a terrific rate.

 

[MrBig 5396]

Can you back out of a contract for a new build with a company like Lennar without losing anything more than your deposit?

[South Austin 52463]

6 hours ago, MrBig said:

Can you back out of a contract for a new build with a company like Lennar without losing anything more than your deposit?

You might also lose any upgrade fees you paid on the front end, but typically yes, that's what you stand to lose.  But it should be spelled out in the purchase contract. 

[T’Boo Ted Marshall 2732]

if you refi you want to do it while owner occupied(can take more out percentage wise and a better rate since OwnerOcc).  But only if you really need the money with just 7 years left as you have paid most of your interest on your last loan already and that is a terrific rate.
 

The rate is what’s giving my brain pause. Knowing if I do anything it will be with a higher rate.

[zork 629]

1 hour ago, T’Boo Ted Marshall said:

The rate is what’s giving my brain pause. Knowing if I do anything it will be with a higher rate.

Not just a higher rate, you will have to pay more interest sooner on the new loan.

Look at the amount of principal you are paying per payment now.  Then go look at the amortization table for a new loan.  The interest is front loaded.  

People who refi after spending, lets say, 5 years paying mostly interest generally don't calculate that part in their break even analysis.  IMHO you should only refi if you can shrink your term as well as your rate.  Go from a 30 year to a 15 year is a really good deal.  Look at the amortization table to see it as you are paying so much more principal each payment.

Or, if you really need the cash for emergency or to make an investment that would recover your new interest expenses(relative to being further along on the principal repayment schedule) then of course you do what you have to do.   7 years left on a 30 year loan is mostly principal remaining.

plug in your original loan amount, term, and interest rate into this and see how much interest is left with only 7 years to go:

https://www.creditkarma.com/calculators/amortization/

[T’Boo Ted Marshall 2732]

Thank you sir. Good stuff.

We refinanced 8 years ago and took it from a 30 to a 15.

[Pato del Muerto 52489]

That’s where a heloc helps. That original note stays, and you only pay higher on what you borrow out of the heloc at it’s rate. 

[Armybrat 40832]

On 10/15/2019 at 12:57 PM, HRSchenker said:

I own some land in Navarro county and I got a letter this morning from a company wanting to buy it from me. Offering $1350 per acre lol

We own a couple of lots by Navarro Mills Lake. Wanna buy ‘em?

[UT_OB1 2218]

3 hours ago, Pato del Muerto said:

That’s where a heloc helps. That original note stays, and you only pay higher on what you borrow out of the heloc at it’s rate. 

Exactly.  Not to mention the upfront fees you will pay with a Refi.  Also, if you Refi and initially think you're only going to need 30k to get your RE empire rolling, and then realize you want another 90k, well you're going to have to flush another 6-8k in fees down the toilet to refi again.   Refi upfront fee is usually pretty low.  

Don't Refi unless you're rate is going way down (not just a little).  Heloc to max LTV is what you want.  Use that like a credit card to build your empire.  

[Dbeasy 15047]

We own a couple of lots by Navarro Mills Lake. Wanna buy ‘em?

I have a Richland Chambers lakefront lot I’d be willing to let go of as well. I don’t get up there anymore.

[atomheartbevo 89648]

I’ve heard this rumor from multiple people, both from a neighborhood email list, and from some people from the neighborhood I was talking to after voting this morning.

The rumor is that the Randall’s at 38th and Shoal Creek is going to be torn down and replaced by a large apartment complex.    I don’t like their prices, but i usually stopped by a few times of week to get stuff for my kid or us, and I always thought an H-E-B would just kill it there.  Even so, they always seemed busy enough.   

That would be such an Austin thing to do - replace a neighborhood grocery with apartments.  Because, you know, we need more traffic on 38th, Exposition, North Lamar, Shoal Creek, Mopac, etc. as people have to drive a few more miles to get to a grocery store.  

[UTPhil2006 3807]

55 minutes ago, atomheartbevo said:

I’ve heard this rumor from multiple people, both from a neighborhood email list, and from some people from the neighborhood I was talking to after voting this morning.

The rumor is that the Randall’s at 38th and Shoal Creek is going to be torn down and replaced by a large apartment complex.    I don’t like their prices, but i usually stopped by a few times of week to get stuff for my kid or us, and I always thought an H-E-B would just kill it there.  Even so, they always seemed busy enough.   

That would be such an Austin thing to do - replace a neighborhood grocery with apartments.  Because, you know, we need more traffic on 38th, Exposition, North Lamar, Shoal Creek, Mopac, etc. as people have to drive a few more miles to get to a grocery store.  

Is that lot even big enough for an apt complex?  But you are right about the traffic

[UTPhil2006 3807]

On 11/4/2019 at 12:50 AM, MrBig said:

Can you back out of a contract for a new build with a company like Lennar without losing anything more than your deposit?

If you need someone to look over your contract and spell out your options you can send it over and I'll look at it for you - pdubord@prodigymbo.com

[UTPhil2006 3807]

On 11/4/2019 at 10:20 AM, zork said:

Not just a higher rate, you will have to pay more interest sooner on the new loan.

Look at the amount of principal you are paying per payment now.  Then go look at the amortization table for a new loan.  The interest is front loaded.  

People who refi after spending, lets say, 5 years paying mostly interest generally don't calculate that part in their break even analysis.  IMHO you should only refi if you can shrink your term as well as your rate.  Go from a 30 year to a 15 year is a really good deal.  Look at the amortization table to see it as you are paying so much more principal each payment.

Or, if you really need the cash for emergency or to make an investment that would recover your new interest expenses(relative to being further along on the principal repayment schedule) then of course you do what you have to do.   7 years left on a 30 year loan is mostly principal remaining.

plug in your original loan amount, term, and interest rate into this and see how much interest is left with only 7 years to go:

https://www.creditkarma.com/calculators/amortization/

Bolded for truth.  Been really popular the last year or two with rates being low.