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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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  On 7/6/2020 at 12:36 PM, UTPhil2006 said:

Yeah I would think people would just assume people have cameras everywhere nowadays on showings.  I certainly do.

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Exactly - unfortunately back then twas pretty hard to stream video over my dial-up Prodigy account to my Motorola bag-phone.

I guess i missed the alert!!!!!! 

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  On 6/27/2020 at 1:09 AM, Atxracer said:

Just for info purposes, the Austin market is still nuts. My house sold in 8 days and the one I am buying sold in 2.  That’s after losing on 3 previous bids, one of which was full price the first day the house came on the market. In the end, very happy with where we chose but just had to dig a little deeper.  I will now be doing Uber driving in the evenings.  

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Just put in our first offer on a house in Austin (currently in Cedar Park).  41k over list price, and we were told that we lost to a “significantly” higher offer.  This market is fucking crazy.

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Wimberley is entirely too old for a young at heart couple in their late 30s, correct?

We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and <40 minutes from south Austin. Right now the only options that work there are New Braunfels and Buda. San Marcos' schools suck and Wimberley is 70% olds according to demographic data.

Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

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I’m sure there are younger folks in Wimberley and it’s not all Trump Boomer country but that’s been my experience out there. But I think most of the hill country is Trump Boomer country anyway. Demographics show if skews older and whiter than a lot of places in Texas and it votes solidly red. You have to get to Austin burbs before you see any semblance of a younger, more politically diverse crowd. Even western parts of Lake Travis though like Spicewood and Briar Cliff are pretty much the same.

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  On 7/10/2020 at 3:03 PM, Dnaguy said:
When requesting arbitration after an ARB ruling, do I just east the $450 to pay for the arbitration?
Or do I get that back if I win / the property value is closer to my amount vs. the appraisal district?

I believe the cad reimburses/covers that fee if the value is ruled closer to your number than theirs.
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  On 7/7/2020 at 2:33 PM, BradInATX said:

Wimberley is entirely too old for a young at heart couple in their late 30s, correct?

We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and <40 minutes from south Austin. Right now the only options that work there are New Braunfels and Buda. San Marcos' schools suck and Wimberley is 70% olds according to demographic data.

Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

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Covid should take care of the neighbors out there in under a year right? Have the place to yourself.  

In all seriousness, is Lakeway under consideration?

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  On 7/10/2020 at 9:08 PM, Enchubben said:
Covid should take care of the neighbors out there in under a year right? Have the place to yourself.  

In all seriousness, is Lakeway under consideration?

Nope. Love the area but we have to stay within striking distance of my wife's work, which lakeway is an hour plus from. The combination of that, decent schools, and wanting multiple acres pretty much limits us to buda, new Braunfels, and wimberley. The first two are where we're looking but was open to hearing a counter argument to the perception that Wimberley is for the olds.

In a perfect world where schools and work don't matter we'd go even farther out than lakeway to spicewood. Maybe when we're olds.

 

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  On 7/10/2020 at 11:12 PM, Gil Bang said:

We've done a good job at keeping politics off of this board for the most part.  Let's not let the below start a shitfight...I believe it's relevant to this thread.  Maybe the mods will disagree.

 

 

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I wonder how much of that 32% were actually "unable" vs. taking advantage of the opportunity . . . .

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  On 7/10/2020 at 11:16 PM, Upgrayedd said:

I wonder how much of that 32% were actually "unable" vs. taking advantage of the opportunity . . . .

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We’ve been in the mildly able to but not making all of them category. We have a duplex with 2 long term tenants and 2 Airbnbs in Galveston, one of which we just started in March.  Do far one long term tenant hasn’t made a payment in 3 months (we still get 2/3 from HUD), and the 2 vacation rentals have been somewhere between dead to balls to the wall depending on SiPs and what not. We were and are still concerned the vacation rentals could get shutdown at any moment, and the other set of tenants, while still paying, are feeling the pinch now too.
 

That’s all to say we’ve made our primary residence payments, but we’ve deferred ~30-50% of the investment payments.  While we technically could have made them all, our cash reserves would be close to tapped out by now,  and in the event of another full shutdown that would be a very bad situation. 

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  On 7/7/2020 at 2:33 PM, BradInATX said:
Wimberley is entirely too old for a young at heart couple in their late 30s, correct?
We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

There are a lot of great options off of 290 on the way and past Dripping Springs where you can just buy something already built. I’ve driven everything out there extensively. There should be something that fits.
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  On 7/10/2020 at 11:12 PM, Gil Bang said:

We've done a good job at keeping politics off of this board for the most part.  Let's not let the below start a shitfight...I believe it's relevant to this thread.  Maybe the mods will disagree.

 

 

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That’s in no way a political statement man- you good. 

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  On 7/10/2020 at 11:28 PM, Dbeasy said:


There are a lot of great options off of 290 on the way and past Dripping Springs where you can just buy something already built. I’ve driven everything out there extensively. There should be something that fits.

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It might just be the filters we've got set up - we need a 4 bedroom with 1+ acre, and those houses don't grow on trees these days. We've seen a couple that pop up, but where they're placed in Dripping is too far from my wife's work. It seems the universe really wants us in River Chase in New Braunfels, because that's where all of the houses that fit our criteria keep popping up. 

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Woke up, logged on to optimal blue- saw 2.75 on a 30 year mortgage with no points and just laughed (good credit good value, decent sized loan blah blah blah). 
I don’t think rates can get much (any?) better with just spread alone. Saw refinance apps were actually done last week maybe?  Week before?  That means all the low hanging fruit has been picked. Industry isn’t grinding to a standstill from too much business like in February or March. More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. Just further puts into stark relief how some get lucky in tough times and some get inordinately hammered. 

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  On 7/13/2020 at 2:10 PM, UTPhil2006 said:

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

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Nice deck!  

Really nice job on the flip. I like all the choices made; even if you have to be 15 feet tall to use the microwave.

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  On 7/13/2020 at 2:25 PM, Wulaw Horn said:

Woke up, logged on to optimal blue- saw 2.75 on a 30 year mortgage with no points and just laughed (good credit good value, decent sized loan blah blah blah). 
I don’t think rates can get much (any?) better with just spread alone. Saw refinance apps were actually done last week maybe?  Week before?  That means all the low hanging fruit has been picked. Industry isn’t grinding to a standstill from too much business like in February or March. More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. Just further puts into stark relief how some get lucky in tough times and some get inordinately hammered. 

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Makes me think I jumped a little too early on a 30yr/3.15% refinance when things were crazy in March, but probably not worth the hassle to do it all over again for a tenth or two.

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  On 7/13/2020 at 2:10 PM, UTPhil2006 said:

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

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Is that hulking thing on the front an add-on? It's way out of proportion to the remainder of the house and the front door.

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  On 7/13/2020 at 4:21 PM, UTPhil2006 said:

It's an add on says Thad, and he says that picture makes it look a lot bigger.  That's a 10 foot door too.

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He should consider different photography to make the perspective better if that's the case. That photo makes it look way out of proportion and like an afterthought tacked onto the front of the house. I would skip past that house based on that photo alone if I was looking.

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  On 7/13/2020 at 7:10 PM, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

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Cash out refinance?  Rates are pretty solid on them right now.  You can borrow up to 80% of the homes value (minus closing costs) in Texas..

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  On 7/13/2020 at 7:10 PM, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

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Depends upon what your current rate is. If your current rate isn’t awesome then do a home equity to pay off the old loan and add whatever you need to build the swimming pool to that balance for the new loan. Pros- easiest. Least hassle. Most freedom. Lowest total monthly payments. Cons- easily the highest closing costs. 

If your rate is really good you can do a stand alone second home equity. Pros- very minimal closing costs. Freedom to do what you want with the money. Cons- easily the highest interest rate. Probably a shorter term on repayment. Rate is variable most likely and will go up. 
 

Third option- get a second lien construction loan from your bank or credit union- someone likely that has worked with the pool guy before. Pros- lower closing costs (than scenario #1) Lower interest rate (than scenario number 2), fixed interest rate most likely 

Cons- more of a hassle and more restrictive during the construction process. Have to get contractor qualified, inspections on how compete the work is. Also, might have to bring some money to the table as a down payment on the swimming pool project (I.E. bank might not finance 100% of project). 

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Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

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  On 7/13/2020 at 9:58 PM, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

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Heloc should be able to get you a relatively low interest rate, right? And don’t quite a few of them (all?) concert to a fixed loan after some time?  
 

How big and deep of a pool does $65k get you? 

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  On 7/13/2020 at 10:05 PM, UT_OB1 said:

How big and deep of a pool does $65k get you? 

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I think it is pretty basic when you have a hill in the back yard and solid limestone to hammer through.  I'll have a headache for weeks listening to the damned jackhammer on the end of the backhoe.

 

 

 

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  On 7/13/2020 at 2:25 PM, Wulaw Horn said:

More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. 

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Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

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  On 7/13/2020 at 9:58 PM, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

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That stuff has gotten itself under control now. Closing costs won’t be super cheap but about $5,000 and if good credit then maybe 3.375 or 3.25. 

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  On 7/13/2020 at 11:29 PM, pearlandhorn said:

Question: we just refinanced back in August for a 15 year at 3.125% fixed. Can we contact our credit union and ask for them to lower the rate a bit given the climate? I’m thinking no but was just curious as to how flexible credit unions are right now.

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Most likely not a chance. You could probably refinance into a 2.375% on a 15, but it would take you having to pay closing costs again. 

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  On 7/13/2020 at 11:42 PM, ZB'Tejas said:

Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

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My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

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  On 7/13/2020 at 11:50 PM, Wulaw Horn said:

Most likely not a chance. You could probably refinance into a 2.375% on a 15, but it would take you having to pay closing costs again. 

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That’s what I figured. Wouldn’t even be worth it at this point as we’re not planning on staying in this house another 5 years. Thanks.

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  On 7/13/2020 at 11:59 PM, Enchubben said:

My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

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Both of these are accurate from our experiences the past few months in both Houston and Austin..

  On 7/13/2020 at 11:42 PM, ZB'Tejas said:

Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

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  On 7/13/2020 at 11:59 PM, Enchubben said:

My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

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I"m gonna be listing my place in Garden Oaks in August. Hoping that I have a similar story to share here later this summer. 

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  On 7/13/2020 at 9:58 PM, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

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Look into a HELOC. Just did one with Frost (well, I close tomorrow). First 10 years are interest only (and only on the amount that you use), so if you can pay it back before then, you're set. On $65K, you'll start off paying about $162.50 a month in interest for tapping that amount at the rates they are offering (about 3%).  I'm going to be using the HELOC to make some improvements to another home I just purchased on Monday, and pay it off when I sell current house. I was upfront about that and they were fine with only making a few hundred bucks in interest off of me if I sell in ~90 days. My only closing costs were an appraisal, otherwise they will just use the tax appraised value (if you go with that, there are no closing costs). Send me a PM if you want, I can put you in touch with the banker I've been dealing with. 

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  On 7/13/2020 at 7:10 PM, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

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Really depends on a lot of factors like the size of the pool, how much rock they have to blast, your credit score. Probably just cheaper to go with a new wife.

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  On 7/15/2020 at 4:14 AM, hornian said:

Look into a HELOC. Just did one with Frost (well, I close tomorrow). First 10 years are interest only (and only on the amount that you use), so if you can pay it back before then, you're set. On $65K, you'll start off paying about $162.50 a month in interest for tapping that amount at the rates they are offering (about 3%).  I'm going to be using the HELOC to make some improvements to another home I just purchased on Monday, and pay it off when I sell current house. I was upfront about that and they were fine with only making a few hundred bucks in interest off of me if I sell in ~90 days. My only closing costs were an appraisal, otherwise they will just use the tax appraised value (if you go with that, there are no closing costs). Send me a PM if you want, I can put you in touch with the banker I've been dealing with. 

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Yep. That was what I was saying in option 2 and the pros are absolutely lower closing costs. If he’s going to carry the loan a long time and pay it off in full, especially with ability to lower the entirety of the rate from current rate by a point or so, then a heloc probably isn’t the best option. I’m your situation?  That’s a no brainer and a really good deal. Congrats. The guys I know in that market doing hard money type loans are paying 3-4 points up front and 12 percent interest. 

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Mortgage executive fight:

 

 

 

  Reveal hidden contents

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  On 7/15/2020 at 8:21 PM, Gil Bang said:

Mortgage executive fight:

 

 

 

 

  Reveal hidden contents

 

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This is funny- I read the first paragraph and thought to myself- I can’t believe this is Quicken and doesn’t involve someone at UWM. Then I kept reading and saw it was the UWM ceo that fucked her and started laughing. 
Those guys hate each other. This sheds a little light I guess. 

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Is anyone in this thread deeply involved with the purchase and/or development of multi-family housing? I’m interested to getting some perspective from people who work in it every day. There might be some benefits for anyone that is willing to give me a few minutes to discuss it.

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