All Encompassing Mortgage and Real Estate Thread

[HoustonFrog 368]

We are planning to sell our house (Houston) and our realtor (who we’ve used before and love) saw our house earlier this week and thinks we should list next Thursday (17th). That will give it a full weekend before Christmas and then they say with the market as it is, there should still be plenty of traffic around Holidays.

Any thoughts? I’m apprehensive as it seems if houses don’t sell in under two weeks, they sit forever and drop in price a bunch. It’s basically make or break right off the bat

[Gil Bang 25943]

1 hour ago, HoustonFrog said:

We are planning to sell our house (Houston) and our realtor (who we’ve used before and love) saw our house earlier this week and thinks we should list next Thursday (17th). That will give it a full weekend before Christmas and then they say with the market as it is, there should still be plenty of traffic around Holidays.

Any thoughts? I’m apprehensive as it seems if houses don’t sell in under two weeks, they sit forever and drop in price a bunch. It’s basically make or break right off the bat

Probably OK to list, but I'd pull it off the market the 21st until after the New Year.    Out here we have an MLS status of "HOLD".  If that isn't available, I'd instruct the agent to put "No showings between 12/21 and 1/4.

 

And of course, you can expect that somebody will beg to see the house on the 23rd, if you aren't already under contract.  Instruct your agent that you don't want to accommodate any "special" showings, unless the buyer is pre-qualified and shows proof of funds to close.  Fuck lookie-loos at Christmas time. 

Edited December 11, 2020 by Gil Bang

[bluto 4916]

With how muted the holidays are this yr I wouldn’t worry much about its impact on house shopping. But it ain’t my listing or house.

[UTPhil2006 3807]

2 hours ago, Gil Bang said:

Probably OK to list, but I'd pull it off the market the 21st until after the New Year.    Out here we have an MLS status of "HOLD".  If that isn't available, I'd instruct the agent to put "No showings between 12/21 and 1/4.

 

And of course, you can expect that somebody will beg to see the house on the 23rd, if you aren't already under contract.  Instruct your agent that you don't want to accommodate any "special" showings, unless the buyer is pre-qualified and shows proof of funds to close.  Fuck lookie-loos at Christmas time. 

All of this, especially the placing it on hold and also make sure they write those showing instructions under agent remarks.  All caps if necessary.  I think you should be fine listing though.

[sasquatch69 603]

Question for the mortgage folks here:  We're currently just over a year into a 20yr fixed (refi) on our D/FW-area house at 3.65%.  LTV ratio is 75%.  We've been in the house eight years, and have good credit.

I'm currently seeing online rates as low as 2.5% on 20yr right now; I wouldn't mind losing a year of progress if it means a decent monthly savings.  So, my questions:

- Is it worth it to do anything right now given our position?

- How realistic would it be to add 20k to the loan for home improvements?  Is that even a thing? 

I'm no expert on all this, so any advice would be appreciated.

[Gil Bang 25943]

48 minutes ago, sasquatch69 said:

Question for the mortgage folks here:  We're currently just over a year into a 20yr fixed (refi) on our D/FW-area house at 3.65%.  LTV ratio is 75%.  We've been in the house eight years, and have good credit.

I'm currently seeing online rates as low as 2.5% on 20yr right now; I wouldn't mind losing a year of progress if it means a decent monthly savings.  So, my questions:

- Is it worth it to do anything right now given our position?

- How realistic would it be to add 20k to the loan for home improvements?  Is that even a thing? 

I'm no expert on all this, so any advice would be appreciated.

I just refi'd into a 30 at 2.875%.  I pulled out 25k.  But, my LTV is under 30%. 

[HoustonFrog 368]

Thanks for replies. We are actually going to be out of town from 21-30th so totally fine with people looking. Just didn’t want to wake up in January with little attention and 20+ days on market

[UTPhil2006 3807]

3 hours ago, sasquatch69 said:

Question for the mortgage folks here:  We're currently just over a year into a 20yr fixed (refi) on our D/FW-area house at 3.65%.  LTV ratio is 75%.  We've been in the house eight years, and have good credit.

I'm currently seeing online rates as low as 2.5% on 20yr right now; I wouldn't mind losing a year of progress if it means a decent monthly savings.  So, my questions:

- Is it worth it to do anything right now given our position?

- How realistic would it be to add 20k to the loan for home improvements?  Is that even a thing? 

I'm no expert on all this, so any advice would be appreciated.

Not sure of loan amounts so unsure of if the Texas 80% LTV limit on cash outs will come into play on the 20k. As far as the 20 year and losing a year, we have flex term capabilities so we could do a 19 year that would be similar rates to a 20. Have all sorts of options in that realm. If you want to email me specifics and numbers and such I can run you a quick P&I quote and rate to take a look at - pdubord@prodigymbo.com and I can get that over to you in the morning or so tomorrow 

[Gil Bang 25943]

3 hours ago, HoustonFrog said:

Thanks for replies. We are actually going to be out of town from 21-30th so totally fine with people looking. Just didn’t want to wake up in January with little attention and 20+ days on market

Shit man, if you're gonna be gone, that's a whole other deal.    Empty houses are funny.  Will it cost you a fortune to leave the heat on at 67 degrees or so?  You don't want people walking into an ice-cold house. 

[HoustonFrog 368]

Shit man, if you're gonna be gone, that's a whole other deal.    Empty houses are funny.  Will it cost you a fortune to leave the heat on at 67 degrees or so?  You don't want people walking into an ice-cold house. 

What do you mean funny? Yeh no issues leaving heat on

[UTPhil2006 3807]

14 minutes ago, HoustonFrog said:

What do you mean funny? Yeh no issues leaving heat on

He just means you want it presentable the whole time. If you trust your agent like a friend shouldn’t be an issue at all thermostat and security wise 

[BradInATX 9208]

Random question. Is there a way out there to get a notification email when a specific property hits the market?

[Gil Bang 25943]

9 hours ago, BradInATX said:

Random question. Is there a way out there to get a notification email when a specific property hits the market?
 

Sure.  Contact a realtor, and ask them to set you up for MLS alert. 

[Dbeasy 15047]

Random question. Is there a way out there to get a notification email when a specific property hits the market?

If you are in Austin, I can setup an mls
alert for you. You can pm me. If somewhere else, find a realtor in that area.

[UTPhil2006 3807]

On 12/12/2020 at 12:56 PM, BradInATX said:

Random question. Is there a way out there to get a notification email when a specific property hits the market?
 

Is it a neighbor?  Ex wife?  Sworn rival?

[BradInATX 9208]

Just now, UTPhil2006 said:

Is it a neighbor?  Ex wife?  Sworn rival?

LOL. Forgot to respond to this. Thanks for the replies earlier. I got my realtor to set up an alert.

Nah, it's the house in Austin that we sold earlier this year. Unicorn in that it was a legitimate big family homes not in the way-out burbs for <$500k because of a few big minuses (not modernized except the flooring we did, tiny backyard with no privacy, bad schools). Some fixable, some not. We almost doubled what we paid for it in about five years of owning it. But the guy who bought it off of us was going to flip it, and we want to check it out when he does the open house, just to see what he did with it. 

Nothing serious or important. We just always thought it could be a pretty bad ass house with maybe $75k worth of renovations to it, but we weren't going to do it because we weren't staying much longer and it wasn't worth the time and effort for us. But it'll be cool to see it modernized.

[ousuxndallas 65]

PM sent to you, Phil.

[Gil Bang 25943]

13 hours ago, BradInATX said:

LOL. Forgot to respond to this. Thanks for the replies earlier. I got my realtor to set up an alert.

Nah, it's the house in Austin that we sold earlier this year. Unicorn in that it was a legitimate big family homes not in the way-out burbs for <$500k because of a few big minuses (not modernized except the flooring we did, tiny backyard with no privacy, bad schools). Some fixable, some not. We almost doubled what we paid for it in about five years of owning it. But the guy who bought it off of us was going to flip it, and we want to check it out when he does the open house, just to see what he did with it. 

Nothing serious or important. We just always thought it could be a pretty bad ass house with maybe $75k worth of renovations to it, but we weren't going to do it because we weren't staying much longer and it wasn't worth the time and effort for us. But it'll be cool to see it modernized.

bad schools is bad.  really, really bad. 

[Enchubben 5510]

On 11/24/2020 at 5:25 PM, Gil Bang said:

Out here, that's referred to as "supplemental tax" and the buyer signs a disclosure that says that the buyer eats any shortage. 

Thank you sir.  The final settlement statement appears to indicate any necessary adjustments to estimates and prorations need to be worked on directly with the buyer/seller and not with title company.  Where should i be looking in this mountain of paperwork to see if there is a disclosure/waived right to seek reimbursement on the property tax estimates?

[HRSchenker 2268]

How do I get my name and home taken off the county appraisal district's website? I thought about putting my home into an LLC but that would destroy my homestead exemption

[TKthunder2 4988]

2 hours ago, HRSchenker said:

How do I get my name and home taken off the county appraisal district's website? I thought about putting my home into an LLC but that would destroy my homestead exemption

I thought you had to be a police, judge, DA, or have some sort of court ordered protection (like witness protection, or restraining order due to violence) go get that removed?

[HRSchenker 2268]

31 minutes ago, TKthunder2 said:

I thought you had to be a police, judge, DA, or have some sort of court ordered protection (like witness protection, or restraining order due to violence) go get that removed?

Well could someone here mail me a threatening letter or something? All I want to do is erase my name from public listings. 

[Gil Bang 25943]

2 hours ago, HRSchenker said:

Well could someone here mail me a threatening letter or something? All I want to do is erase my name from public listings. 

could you put the home in a trust and keep the homestead? 

[HRSchenker 2268]

57 minutes ago, Gil Bang said:

could you put the home in a trust and keep the homestead? 

Not sure. All I really wanna do is remove my name from the CAD website. If I can put the home in a trust with an unrelated name and keep the homestead exemption then I'll do it. 

[royiv 9285]

1 hour ago, HRSchenker said:

Not sure. All I really wanna do is remove my name from the CAD website. If I can put the home in a trust with an unrelated name and keep the homestead exemption then I'll do it. 

Who'd you piss off?

[TKthunder2 4988]

2 hours ago, HRSchenker said:

Not sure. All I really wanna do is remove my name from the CAD website. If I can put the home in a trust with an unrelated name and keep the homestead exemption then I'll do it. 

Is there a story here you’d like to share?

[HRSchenker 2268]

2 hours ago, royiv said:

Who'd you piss off?

 

1 hour ago, TKthunder2 said:

Is there a story here you’d like to share?

It's not as exciting as it sounds. Friend of mine from school died this year and it made the news. His mother contacted me about going to the funeral and she casually mentioned that a national reporter had mailed her a letter requesting an interview. When asked about how they got her address she was told they found it by going through the county appraisal district records. They had wanted to do an in-person interview but the whole deadly pandemic thing has made that impossible. 

I'm not a famous person, hell I'm not really that interesting. But what happens if someone wants to make me famous? What if a patient falsely accuses me of doing something I never did? What if my wife died of covid in a bizarre way? I don't want a reporter coming to my home to interview me or have people on the internet post my home address because I said something they disagreed with. Obviously I can't live like a hermit and hide out in my home to make sure no one ever knows where I live but I'd at least like to make it very difficult for some journalism grad in a NYC apartment. 

Sorry if that sounds odd. I've been on a privacy groove this year. Just dumped Facebook and LinkedIn. Now I'm onto this.

[royiv 9285]

31 minutes ago, HRSchenker said:

 

It's not as exciting as it sounds. Friend of mine from school died this year and it made the news. His mother contacted me about going to the funeral and she casually mentioned that a national reporter had mailed her a letter requesting an interview. When asked about how they got her address she was told they found it by going through the county appraisal district records. They had wanted to do an in-person interview but the whole deadly pandemic thing has made that impossible. 

I'm not a famous person, hell I'm not really that interesting. But what happens if someone wants to make me famous? What if a patient falsely accuses me of doing something I never did? What if my wife died of covid in a bizarre way? I don't want a reporter coming to my home to interview me or have people on the internet post my home address because I said something they disagreed with. Obviously I can't live like a hermit and hide out in my home to make sure no one ever knows where I live but I'd at least like to make it very difficult for some journalism grad in a NYC apartment. 

Sorry if that sounds odd. I've been on a privacy groove this year. Just dumped Facebook and LinkedIn. Now I'm onto this.

There are a bunch of ways to find your home address that don't involve the CAD. I wouldn't spend a whole lot of time on this. If someone wants to find you, they will. None of us live in privacy these days unless you're Unabomber, Jr.

[blacklab 11926]

2 hours ago, HRSchenker said:

 

It's not as exciting as it sounds. Friend of mine from school died this year and it made the news. His mother contacted me about going to the funeral and she casually mentioned that a national reporter had mailed her a letter requesting an interview. When asked about how they got her address she was told they found it by going through the county appraisal district records. They had wanted to do an in-person interview but the whole deadly pandemic thing has made that impossible. 

I'm not a famous person, hell I'm not really that interesting. But what happens if someone wants to make me famous? What if a patient falsely accuses me of doing something I never did? What if my wife died of covid in a bizarre way? I don't want a reporter coming to my home to interview me or have people on the internet post my home address because I said something they disagreed with. Obviously I can't live like a hermit and hide out in my home to make sure no one ever knows where I live but I'd at least like to make it very difficult for some journalism grad in a NYC apartment. 

Sorry if that sounds odd. I've been on a privacy groove this year. Just dumped Facebook and LinkedIn. Now I'm onto this.

somebody has already scraped the CAD records and your name is in a bunch of different databases from that already. The cat is out of the bag.

if you have:

had a credit card
voted
had a phone
had cable tv
had internet
owned property
had a job
paid any taxes
gotten a traffic ticket

you are already in multiple databases that can be accessed by just about anybody.  Getting out of the cad is not going to get you anywhere, just cause the person looking for you to take an extra ten minutes to look in another place.

 

 

 

[bluto 4916]

Lulz thinking you can hide these days

[HRSchenker 2268]

29 minutes ago, blacklab said:

somebody has already scraped the CAD records and your name is in a bunch of different databases from that already. The cat is out of the bag.

if you have:

had a credit card
voted
had a phone
had cable tv
had internet
owned property
had a job
paid any taxes
gotten a traffic ticket

you are already in multiple databases that can be accessed by just about anybody.  Getting out of the cad is not going to get you anywhere, just cause the person looking for you to take an extra ten minutes to look in another place.

 

 

 

Obviously I can't hide. But that's not what I'm trying to do.

[Knoxtnhorn 5974]

I know this is probably a stupid question, but I grew up in a financial literacy vacuum, and my wife and I have only owned our house for 3 years.

Would we be able to, or would it be prudent to, refinance our house at this time?  We're not interested in cash back or shortening the length of the loan.  We're currently doing fine financially, but we keep getting offers in the mail.  Seems as if a little paperwork could save us $ in the long term.  Stats below:

4th year of 30-year mortgage @ 3.99%.

Loan of $225,000 sitting at $206,000 right now.

House value is around $260,000.

We both have credit scores around 800.

I've run the numbers through various refinance calculators, but don't entirely understand the APR or the LTV ratio and how each would affect a potential refinance.

[Dbeasy 15047]

I know this is probably a stupid question, but I grew up in a financial literacy vacuum, and my wife and I have only owned our house for 3 years.
Would we be able to, or would it be prudent to, refinance our house at this time?  We're not interested in cash back or shortening the length of the loan.  We're currently doing fine financially, but we keep getting offers in the mail.  Seems as if a little paperwork could save us $ in the long term.  Stats below:
4th year of 30-year mortgage @ 3.99%.
Loan of $225,000 sitting at $206,000 right now.
House value is around $260,000.
We both have credit scores around 800.
I've run the numbers through various refinance calculators, but don't entirely understand the APR or the LTV ratio and how each would affect a potential refinance.

Have Phil and Thad give you a refinance quote that shows all of the closing costs to refinance, plus a rate. Then you can calculate the date at which you breakeven on the refinancing. You spend x amount upfront, and have lower payments from then on. Phil can show you that calc, addressing LTV and other things that muddy the calc.

If the break even date is sooner than when you think you might sell the house, it roughly makes sense to do it. The only thing this type of analysis doesn’t take into account is the timing of payments and the time value of money, but it’s good enough for government work.

[Gil Bang 25943]

4 hours ago, Knoxtnhorn said:

I know this is probably a stupid question, but I grew up in a financial literacy vacuum, and my wife and I have only owned our house for 3 years.

Would we be able to, or would it be prudent to, refinance our house at this time?  We're not interested in cash back or shortening the length of the loan.  We're currently doing fine financially, but we keep getting offers in the mail.  Seems as if a little paperwork could save us $ in the long term.  Stats below:

4th year of 30-year mortgage @ 3.99%.

Loan of $225,000 sitting at $206,000 right now.

House value is around $260,000.

We both have credit scores around 800.

I've run the numbers through various refinance calculators, but don't entirely understand the APR or the LTV ratio and how each would affect a potential refinance.

If you are at 3.99, then yes, it probably makes sense to refi.    Right now, your P and I is running about 1,073/mo.    You should be able to drop that south of 900/mo. 

[UTPhil2006 3807]

15 hours ago, Dbeasy said:

Have Phil and Thad give you a refinance quote that shows all of the closing costs to refinance, plus a rate. Then you can calculate the date at which you breakeven on the refinancing. You spend x amount upfront, and have lower payments from then on. Phil can show you that calc, addressing LTV and other things that muddy the calc.

If the break even date is sooner than when you think you might sell the house, it roughly makes sense to do it. The only thing this type of analysis doesn’t take into account is the timing of payments and the time value of money, but it’s good enough for government work.

This man speaks truth. At 3.99 why haven’t you talked to me?

[YChang 3443]

Phil and Thad makes it super easy to Refi. 

[TheUofTexas 13]

On 12/23/2020 at 7:19 AM, Knoxtnhorn said:

I know this is probably a stupid question, but I grew up in a financial literacy vacuum, and my wife and I have only owned our house for 3 years.

Would we be able to, or would it be prudent to, refinance our house at this time?  We're not interested in cash back or shortening the length of the loan.  We're currently doing fine financially, but we keep getting offers in the mail.  Seems as if a little paperwork could save us $ in the long term.  Stats below:

4th year of 30-year mortgage @ 3.99%.

Loan of $225,000 sitting at $206,000 right now.

House value is around $260,000.

We both have credit scores around 800.

I've run the numbers through various refinance calculators, but don't entirely understand the APR or the LTV ratio and how each would affect a potential refinance.

I'm working with almost the exact same figures as you except I have a slightly worse rate on my current mortgage. I messed around on better.com and saw I could lock-in a pretty great rate, but the estimated closing costs seemed rather high. I'm a complete moron when it comes to this stuff but hopefully @UTPhil2006 can tolerate me

[Gil Bang 25943]

1 hour ago, TheUofTexas said:

I'm working with almost the exact same figures as you except I have a slightly worse rate on my current mortgage. I messed around on better.com and saw I could lock-in a pretty great rate, but the estimated closing costs seemed rather high. I'm a complete moron when it comes to this stuff but hopefully @UTPhil2006 can tolerate me

Generally speaking, the lower the rate, the higher the closing costs.  The "no points no fee" guys aren't going to give you the same rate you can get elsewhere.  Everybody's gotta get paid at some point. 

[UTPhil2006 3807]

18 hours ago, TheUofTexas said:

I'm working with almost the exact same figures as you except I have a slightly worse rate on my current mortgage. I messed around on better.com and saw I could lock-in a pretty great rate, but the estimated closing costs seemed rather high. I'm a complete moron when it comes to this stuff but hopefully @UTPhil2006 can tolerate me

PM sent

[UT_OB1 2218]

Have a slum lord threatening to sue us for the EMD and termination option (x3 I guess if we go to court).  This is more venting / ranting than anything. 

My realtor did make some procedural mistakes, and I did in turn since I hired him.  3/2 with a detached garage with a garage apartment above it. 3-2 was vacant, but apartment occupied so we couldn’t see it until a contract was in place. 
 

The 3-2 wasn’t in bad shape.  It had been recently painted. It was just old and needed some cleaning and updating. Sellers disclosure said no issues anywhere, so we assumed apartment was probably in similar decent shape, especially since someone was living there. We put an offer in so we could take a look at the apartment.
 

After going back and forth with realtor a bit, we thought we had agreed on price/terms only to find out he hadn’t actually run it by seller. We were going to pay asking price on the house that had been listed for ~50 days to get seller financing at ~9% interest. Price went up 20k when realtor actually talked to seller.  That probably should have been a sign to move on, but we found rehab financing and put an offer back in that was accepted, and we scheduled an inspection. 
 

Here is where our mistake came in. My realtor put in a clause that we would get to walk apartment before putting escrow down (he’s not a lawyer, neither am I). After we walked the apartment and had them inspected , we were floored anyone was living in it. My realtor didn’t deposit option and earnest money and sent our contract cancellation and inspection report, along with a much lower figure if they still wanted to sell. I’ve used him a few times, first to find our own home, and he’s done that on other offers we’ve made and changed our mind once we got to see them (not deposit check when sending cancellation).  He says he’s done that process many other times.  Well, seller is saying that since we didn’t deposit earnest or option, and since my realtors comment about getting to walk property first wasn’t formatted correctly (probably need a lawyer for that comment) we skipped a step and don’t have the right to cancel contract. Since it has been 5 days, they say we owe them the money and they will sue for 3x if we don’t pay. 
 

I get we screwed up a step. And $1250 total wouldn’t bother me if there weren’t other issues dealing with seller (said power was turned on for inspection, but power was disconnected at panel) and if it didn’t feel like they flat out lied about the apartment. That thing is not safe for someone to be living in, and I can’t believe it was listed as no issues on the disclosure. The electrical panel was cobbled together by someone that wasn’t an electrician, and you could see where it was arcing inside box. They spliced extension cords run to the electric for some of the lights and fans. Sheetrock was missing. Quite a bit of the framing on the ground garage level was rotted from a leak from somewhere up above. The subfloor and joists was rotted and sinking (collapsing) under the bathroom because of poor toilet installation. The plumbing was “fixed” under the kitchen sink by duct taping pvc that had been placed inside old cast iron. From the bathroom, they hadn’t even bothered to try to seal the pvc / cast iron, they just dropped the pvc in the open end of the iron pipe, so the smells wafted up. And the garage foundation was cracked end to end with about a 4” gap at its widest. 
 

I was pretty unhappy we wasted our time with an inspection when they represented then place was in better shape than that. Just plain pissed off with threatening to sue. Again just ranting. I realize we probably made a procedural mistake and would fine paying it otherwise, but I just have a problem paying it to someone that has been a bit of an ass the whole way and it turns out they allow some seriously poor living conditions in their property. 

[Gil Bang 25943]

What a shitshow.  

 

Tell the seller that he's free to lick your asshole...otherwise you will see him in court. 

 

Tell you agent to make sure his E&O is current, because he sounds like an idiot. 

 

[Gil Bang 25943]

I was pretty unhappy we wasted our time with an inspection when they represented then place was in better shape than that. 

 

That one goes in the "tough shit" file. 

[UT_OB1 2218]

49 minutes ago, Gil Bang said:

I was pretty unhappy we wasted our time with an inspection when they represented then place was in better shape than that. 

 

That one goes in the "tough shit" file. 

Yeah, alone that wasn’t the issue. Part of doing business. 

[Wulaw Horn 19069]

10 year treasury up over 1. Dems control the entire world and market betting on a big stimulus, more government debt and rising interest rates. I keep waiting for the trigger that’s going to mess up refinance rates and I think it’s here (other than the fact that damn- can’t believe how many of y’all are out there hanging around 4....)

what say you other mortgage guys- we gonna wake up on inauguration at 3.0 for mortgage rates?  Also- will we get rid of that damn adverse market fee for refinances now?  Where do rates end the year?

[UTPhil2006 3807]

4 hours ago, Wulaw Horn said:

10 year treasury up over 1. Dems control the entire world and market betting on a big stimulus, more government debt and rising interest rates. I keep waiting for the trigger that’s going to mess up refinance rates and I think it’s here (other than the fact that damn- can’t believe how many of y’all are out there hanging around 4....)

what say you other mortgage guys- we gonna wake up on inauguration at 3.0 for mortgage rates?  Also- will we get rid of that damn adverse market fee for refinances now?  Where do rates end the year?

I'm advising everyone to hurry it up on the refinance front.  Still quoting low 2's for 15 and mid to upper 2's on 30 but I cant say for sure how much longer that's gonna be around.  10 days?

As far as the adverse fee it almost kind of seems like a couple of the companies ate some of it.. Quicken and UWM are still extremely competitive on rates (UWM will remain so for sure until their IPO)

As far as rates at the end of the year?  Anywhere from 2.5 to 5.0 I'd say.

[Wulaw Horn 19069]

1 hour ago, UTPhil2006 said:

I'm advising everyone to hurry it up on the refinance front.  Still quoting low 2's for 15 and mid to upper 2's on 30 but I cant say for sure how much longer that's gonna be around.  10 days?

As far as the adverse fee it almost kind of seems like a couple of the companies ate some of it.. Quicken and UWM are still extremely competitive on rates (UWM will remain so for sure until their IPO)

As far as rates at the end of the year?  Anywhere from 2.5 to 5.0 I'd say.

2.5-5.00 love it. I chuckled.  Listening to my cap market guys. They seem to think historic lows are probably over but it won't go too high.  3.5% on 12/20/2021 is my bet.  
Looks like we are reading the refinance- get off the fence similarly.

I get someone might eat that fee- my question is- do you think the government gets rid of it altogether. 

 

My wizards of smart right now on our cap market call are currently fighting over whether we will do 1 trillion or 1.5 trillion in refinance- and think this will be the 4th biggest mortgage year in the last 25.  They seem to think purchase is going to be off the chain.  

[UTPhil2006 3807]

2 minutes ago, Wulaw Horn said:

 get someone might eat that fee- my question is- do you think the government gets rid of it altogether. 

My wizards of smart right now on our cap market call are currently fighting over whether we will do 1 trillion or 1.5 trillion in refinance- and think this will be the 4th biggest mortgage year in the last 25.  They seem to think purchase is going to be off the chain.  

If I knew what the government would do I'd be a rich man.. so honestly no clue.  I would lean towards it getting eliminated because it didn't do what it was intended to do which was messy from the start.

I hope you're right, 2021 can be a very good, very healthy year, hopefully theres not a lot of government intervention.

[Wulaw Horn 19069]

7 minutes ago, UTPhil2006 said:

If I knew what the government would do I'd be a rich man.. so honestly no clue.  I would lean towards it getting eliminated because it didn't do what it was intended to do which was messy from the start.

I hope you're right, 2021 can be a very good, very healthy year, hopefully theres not a lot of government intervention.

From your lips to god's ears on the lack of government intervention.  The one thing everyone seemed to agree on is regulatory costs are gonna get higher. Now, since I'm licensed and with an outfit that handles that for me- I'm not opposed to them making it harder to get into the industry from a selfish perspective, and I guess I'm not even opposed to more headaches for back office people, but that's all selfish for the situation I'm in. From a consumer standpoint you are correct- leave well enough alone. 

[UTPhil2006 3807]

Someone had emailed yesterday so figured I’d answer here what the cutoff line is if you should refi or not. I’d say If you’re a 30 year 3.5 Or up or a 15 year 2.875 or so up give me a shout. 

[Wulaw Horn 19069]

4 hours ago, UTPhil2006 said:

Someone had emailed yesterday so figured I’d answer here what the cutoff line is if you should refi or not. I’d say If you’re a 30 year 3.5 Or up or a 15 year 2.875 or so up give me a shout. 

Maybe 3.375 or 3.25 if it’s a big enough loan amount or long enough term likely to be in the mortgage?  What does it feel like to you- Gabe we lost 1/4 in rate this week to the customer?  1/8?  Feels like we Gabe back everything good for the last 2 months. Rates are still stupid good though, obviously, historically. 
if you are sitting at 3.75 or 4 and were waiting around but wanted to do it then do it now, I’d say