All Encompassing Mortgage and Real Estate Thread

[Gil Bang 25949]

17 hours ago, APMP said:

Anybody have recommendations on checklists/resources for home inspection?

Have one happening this weekend on a house (Austin) we should be under contract on tomorrow morning, and wanted to read up ahead of time and be at the house while the inspector worked.

Not exactly.  Do you have a report that the inspector has done previously?  

If you want to shoot me a PM with your email, I can send you over an inspection report or two, so you can see what they look like and cover.  

[Modessit 5600]

Anybody have recommendations on checklists/resources for home inspection?

Have one happening this weekend on a house (Austin) we should be under contract on tomorrow morning, and wanted to read up ahead of time and be at the house while the inspector worked.

I have a friend who is a licensed home inspector in Austin, but can't tell you anything specific other than a recommendation if anyone needs one.

[APMP 688]

Not exactly.  Do you have a report that the inspector has done previously?  
If you want to shoot me a PM with your email, I can send you over an inspection report or two, so you can see what they look like and cover.  

Thanks. I have the insurrection report from when we could l bought our current house a few years ago, and it's the same inspector.

I have just been looking for a checklist of things I should look at while he goes into the attic, climbs on the roof, etc. Not because I think he'll miss something, but more because it'll give me the feeling of having vetted the house myself too.

[UT_OB1 2219]

1 hour ago, APMP said:

Thanks. I have the insurrection report from when we could l bought our current house a few years ago, and it's the same inspector.

I have just been looking for a checklist of things I should look at while he goes into the attic, climbs on the roof, etc. Not because I think he'll miss something, but more because it'll give me the feeling of having vetted the house myself too.

I would suggest gently pushing on all the walls as you walk around. 

[horncyclist 1387]

10 year yield at .75. Maybe bank pays me for mortgage? Planning to wait at least until early next week lock on the refi.

[UTPhil2006 3807]

4 hours ago, horncyclist said:

10 year yield at .75. Maybe bank pays me for mortgage? Planning to wait at least until early next week lock on the refi.

Got down to .66 this morning which was -27 points at the time.  At .72 as I type.  Nuts.

[dingleberryswitzer 2724]

Is there an online calculator, where I can punch in my current rate, current balance and fiddle with the numbers to see how much If any I'd save on a refi? 

I'm 7 years into a 15 year note  @2.85%, with about $100k left.

[Gil Bang 25949]

12 hours ago, UT_OB1 said:

I would suggest gently pushing on all the walls as you walk around. 

If the seller's wife is hot, you might want to inspect her panty drawer...and perhaps her laundry hamper.

[Gil Bang 25949]

14 hours ago, APMP said:

Thanks. I have the insurrection report from when we could l bought our current house a few years ago, and it's the same inspector.

I have just been looking for a checklist of things I should look at while he goes into the attic, climbs on the roof, etc. Not because I think he'll miss something, but more because it'll give me the feeling of having vetted the house myself too.

I'd suggest letting the inspector worry about the condition of the house; you need to decide if you really want to live there.  Maybe wait outside and see if you can meet some neighbors?

[CooterBrown 18007]

The one thing I would look at is the quality of finish work.  Is the tile professionally done or was it a first time attempt done after work by the home owner? Crown molding, base boards joints, etc.  Shit like that,. Stuff that you may not notice on a walk through during an open house.  But, once you see it's shitty, that's all you'll see and it'll cost money to fix.

 

[UTPhil2006 3807]

2 hours ago, dingleberryswitzer said:

Is there an online calculator, where I can punch in my current rate, current balance and fiddle with the numbers to see how much If any I'd save on a refi? 

I'm 7 years into a 15 year note  @2.85%, with about $100k left.

Eyeball test you're probably pretty set.  But if you google amortization calculator and put in your numbers it'll show you interest saved and such.

[Grimas 669]

I locked in a 3.125 (from 4) refi on my house for 30 years this week (pulling out 30k cash for improvements and overpaying principal so still paying off in 15)

Edited March 6, 2020 by Grimas

[Foosters 17855]

I refinanced in the fall. 30 year note @ 3.625

Does it make any sense to refinanced when I JUST refinanced like 5 months ago? Is that even allowed?

 

[UTPhil2006 3807]

1 minute ago, Foosters said:

I refinanced in the fall. 30 year note @ 3.625

Does it make any sense to refinanced when I JUST refinanced like 5 months ago? Is that even allowed?

 

Gotta make 6 payments. You can call your servicer directly to see what options you have. I know Caliber is doing EPO with no penalty for Caliber to Caliber. UWM is not. Not sure about the other big ones. 

[UTPhil2006 3807]

4 hours ago, UTPhil2006 said:

Got down to .66 this morning which was -27 points at the time.  At .72 as I type.  Nuts.

Finished the day at 0.70 

[Rusty Shackelford 414]

Looks like there's usually not any lag to speak of historically in 10 yr UST and 30 yr mortgage rates,  although the mortgage is not falling as fast this time.

https://fred.stlouisfed.org/graph/?g=omTO

[UTPhil2006 3807]

We’re also in very uncharted territory. The previous ever low was 1.35. We are 65 basis points below that. 

[HookEm 2467]

How are 30 year jumbos looking?

[Francisco 2.0 32389]

Rates on a 15 year fixed?  We currently have 3.25 on our loan (30 year, had for over 7 years now).

How low do any of you think they may get?

[Nice Guy Eddie 13511]

In news stories, it’s reported that the avg 30 yr is X and the avg 15 yr is Y, but when you research posted rates they rarely seem to be that low. What gives?

[UTPhil2006 3807]

1 hour ago, Francisco 2.0 said:

Rates on a 15 year fixed?  We currently have 3.25 on our loan (30 year, had for over 7 years now).

How low do any of you think they may get?

15 year isn't giving as much as the 30 is.  15 is 3.0 pushing 2.875.

1 hour ago, HookEm said:

How are 30 year jumbos looking?

Low 4's.

[UTPhil2006 3807]

17 minutes ago, Nice Guy Eddie said:

In news stories, it’s reported that the avg 30 yr is X and the avg 15 yr is Y, but when you research posted rates they rarely seem to be that low. What gives?

In short, clickbait.  Same thing as the Quicken commercials.  It's assuming 780 credit, and 60% LTV and such.  Rates are still phenomenal, but those things rarely show the truth.  As most can attest here we very rarely get beat on rate and usually work downwards to cut things off our side to make sure we get you guys the best rates.  I'm not hoarding money on the back end over here.

[mchookem 16330]

12 minutes ago, UTPhil2006 said:

In short, clickbait.  Same thing as the Quicken commercials.  It's assuming 780 credit, and 60% LTV and such.  Rates are still phenomenal, but those things rarely show the truth.  As most can attest here we very rarely get beat on rate and usually work downwards to cut things off our side to make sure we get you guys the best rates.  I'm not hoarding money on the back end over here.

*raises hand* 

i attest! 😁

[Captainant 27660]

Sure is a strange fucking time to be trying to put an offer in on a house lol. For fucks sake, how do I get myself a piece of these rate cuts on a 30yr fixed rate first time home purchase?

Edited March 9, 2020 by Captainant

[Gil Bang 25949]

don't lock

[UT_OB1 2219]

9 minutes ago, Gil Bang said:

don't lock

also directed to
@UTPhil2006

So where would a 30 year personal home be now, and are you thinking it will push even lower?

[Gil Bang 25949]

I was just on a call with my loan guy.  He says FHA at 2.75 and a Conventional at 3.0.  

I'm considering a refi, with cash out to do some major work here, and he quoted me 3.25. 

[Walte464 450]

I’m at 3.65 on a 30 year in 2016, waiting for this to shakeout so I can get a 15 year

[luke duke 6413]

In news stories, it’s reported that the avg 30 yr is X and the avg 15 yr is Y, but when you research posted rates they rarely seem to be that low. What gives?

Your credit sucks.

[RexWilson 1346]

Interested in a refi to get cash out.

[HRSchenker 2268]

2 hours ago, UT_OB1 said:

also directed to
@UTPhil2006

So where would a 30 year personal home be now, and are you thinking it will push even lower?

I second this.

 

Also, very random question but does anyone know if a house is legally supposed to have a front door? I'm talking about having a property that is totally fenced in except for the garage. Is that legal? I saw a house in east Austin a few weeks ago like that and it totally blew me away.

[tx 3 putt 76928]

1 hour ago, RexWilson said:

Interested in a refi to get cash out.

Me, after the next rate cut, maybe ....

[Gil Bang 25949]

33 minutes ago, HRSchenker said:

I second this.

 

Also, very random question but does anyone know if a house is legally supposed to have a front door? I'm talking about having a property that is totally fenced in except for the garage. Is that legal? I saw a house in east Austin a few weeks ago like that and it totally blew me away.

Like most houses in wealthy neighborhoods? 

 

[Armybrat 40836]

Or preppers.

[UTPhil2006 3807]

Not sure if it will go lower.  Never thought I would see .51 on the 10 year either so who knows.  Lenders definitely getting overran today, lots of crashing/delays, etc.  Mayhem basically.

[tx 3 putt 76928]

6 minutes ago, UTPhil2006 said:

Not sure if it will go lower.  Never thought I would see .51 on the 10 year either so who knows.  Lenders definitely getting overran today, lots of crashing/delays, etc.  Mayhem basically.

Cats and Dogs living together 

[Gil Bang 25949]

Yeah, my guy is a devout Catholic.  He never, ever worked Sundays.  Now he only shuts his phone off when he's actually in church.  Other than that, he's working. 

[vtaenz 601]

Question from the back.

Although I'd love to take advantage of these low rates, am I setting myself up for trouble with the recent market downturn?

Right now the markets are absorbing the hit. That's going to find its way to businesses when revenue follows that trend.

Although I'm pretty well established at my job in a needed position, should I be worried about jumping into a huge investment with what seems like trouble looming?

[Gil Bang 25949]

23 minutes ago, vtaenz said:

Question from the back.

Although I'd love to take advantage of these low rates, am I setting myself up for trouble with the recent market downturn?

Right now the markets are absorbing the hit. That's going to find its way to businesses when revenue follows that trend.

Although I'm pretty well established at my job in a needed position, should I be worried about jumping into a huge investment with what seems like trouble looming?

So, you currently rent, and are thinking it's a good time to buy, but you're worried about your job security?  Is that correct?

[Bert Orange 1120]

Man A: “Market is disintegrating!”
Man B: “I’m saving so much on my refinance!”

[vtaenz 601]

So, you currently rent, and are thinking it's a good time to buy, but you're worried about your job security?  Is that correct?

I'm not worried about my job security, yet. But buying if we go into a recession seems like a poor idea.

[UT_OB1 2219]

28 minutes ago, vtaenz said:

1 hour ago, Gil Bang said:

So, you currently rent, and are thinking it's a good time to buy, but you're worried about your job security?  Is that correct?

I'm not worried about my job security, yet. But buying if we go into a recession seems like a poor idea.

Did you lose your job during the last recession?  Do you have any reason to think your job security is about to go up in smoke, and if it does, do you think you couldn’t get another job?  If you’re buying within your means, and your new PITI is roughly the same as your current rent, what’s the difference in losing your job while having a house vs having an apt, assuming you have 6-12 months cash set aside?  You do have a rainy day fund, right?  
 

Im of the opinion buying is always better than renting when rates are reasonable. You do have to be smart about what you buy though. If you struggle to make a $775 apt rent, don’t go buy a $300k home with 3.5% down and bank on the value appreciating 500% in 12 months though. 

[UTPhil2006 3807]

From the Mortgage News thingy I get every day..

Quote

Mortgage Rates Are Flat To HIGHER Today (Yes, Really)

Posted to: Mortgage Rate Watch
Monday, March 9, 2020 5:02 PM

Mortgage rates would kindly like to reserve the right not to make sense to you, or anyone else these days.  They haven't been pulled in so many directions and for such esoteric reasons since at least 2008.  Even then, as the mortgage meltdown came to a head, most consumers could appreciate that credit quality issues made investors not want to buy mortgages which, in turn, made rates higher than they otherwise would/should have been.

 

[horncyclist 1387]

1 hour ago, UTPhil2006 said:

From the Mortgage News thingy I get every day..

 

Is that because the news about the rates is causing people with worse credit to apply so the average rates go up? They have to come down some more, right? Catching up with the 10-year? 

[Modessit 5600]

I second this.
 
Also, very random question but does anyone know if a house is legally supposed to have a front door? I'm talking about having a property that is totally fenced in except for the garage. Is that legal? I saw a house in east Austin a few weeks ago like that and it totally blew me away.

I delivered to one of these in SW Austin recently. Couldn't find a door, didn't go inside the 6ft high fence because of dogs and just left it by the garage door.

[aggie08 21498]

I can get a 15-year 2.5% w/ ~$3500 in closing costs (2.875% w/o closing costs, but that difference in rate will pay off the closing costs within 3 years). It also includes the one time ability to float down if the rates drop further before it's finalized.

I'm thinking I bite?  Rates may continue to drop , but it's going to be a clusterfuck of a backlog trying to get everyone's refinance processed...may as well start now?

[Murfdogg21 4412]

I just did a no cost refi in November, but I’ll be damned if this isn’t tempting. Austin First Mortgage (not a recommendation, just data) offered my coworker a no cost refi 15 year at 2.625% and 20 year at 2.875%. That 20 year option would cut my rate by a whole point and not really change my monthly payment while jacking up the monthly principal/interest ratio. 

[LCHorn 2620]

25 minutes ago, Murfdogg21 said:

I just did a no cost refi in November, but I’ll be damned if this isn’t tempting. Austin First Mortgage (not a recommendation, just data) offered my coworker a no cost refi 15 year at 2.625% and 20 year at 2.875%. That 20 year option would cut my rate by a whole point and not really change my monthly payment while jacking up the monthly principal/interest ratio. 

I bet that's not on the table any longer.  Rates are getting hammered this morning.  I locked everything in my pipeline. 

 

Just my two cents, but I'm not a fan of shortening amortization periods unless you're just finding yourself with way too much income and don't want further exposure to the equities market. 

[UTPhil2006 3807]

On 3/9/2020 at 1:54 PM, UTPhil2006 said:

Not sure if it will go lower.  Never thought I would see .51 on the 10 year either so who knows.  Lenders definitely getting overran today, lots of crashing/delays, etc.  Mayhem basically.

Up 25 basis points to .74 close today.  If I've sent you something the last 24 hours let me know as soon as possible.

[Goofyboy 3292]

We are in. Started the process with Thad today. Thanks!!