All Encompassing Mortgage and Real Estate Thread

[UTPhil2006 3807]

21 hours ago, UTPhil2006 said:

10 year at 6 week lows (so far) at 1.39. Thanks jobs report 

Ended at 1.34. Very nice end to the week. 

[Wulaw Horn 19070]

1 hour ago, UTPhil2006 said:

Ended at 1.34. Very nice end to the week. 

Is this the first week that mortgage backs finished ahead in 10 weeks or something or am I dreaming that up on my head? 
 

[Neonmoon 38129]

Definitely since early October feels like 

[UTPhil2006 3807]

2 hours ago, Neonmoon said:

Definitely since early October feels like 

Right around Sep 20

[Gil Bang 25960]

On 12/3/2021 at 8:47 PM, HRSchenker said:

Minimum setback requirements are fuckin bullshit

care to elaborate?  Because I think you're mentally ill. 

[Catpfish 618]

I'm guessing having trouble fitting a house on either any lot in a subdivision or a particular lot

[Hefeweizen 5324]

11 hours ago, Gil Bang said:

care to elaborate?  Because I think you're mentally ill. 

Nah fuck building lines.  I want to put my carport on his property line and park the El Camino there.

[TKthunder2 4991]

There is a heavily treed lot across the street from me where I thought it would be impossible to build because of all the legacy oaks and this being Austin and all.  Then I come home one day and the ones right in the center of the lot disappeared in only a few short hours.  Crazy how that works when land prices are going through the roof.

[jimmyjazz 45960]

29 minutes ago, TKthunder2 said:

There is a heavily treed lot across the street from me where I thought it would be impossible to build because of all the legacy oaks and this being Austin and all.  Then I come home one day and the ones right in the center of the lot disappeared in only a few short hours.  Crazy how that works when land prices are going through the roof.

Austin is not in the business of disallowing people to build on their land.  We bought one of the rare vacant lots in the city limits ~ 2015, and it was packed with oaks.  We had an arborist with the city come out and mark the trees that might be problematic, we took our plans in and showed which ones would have to come down, and they rubber-stamped it.  We were able to keep probably 80% + of the larger trees.  I mean, even a large 2-story house just doesn't constitute that much footprint, maybe 0.04 acre or so.  

[Neonmoon 38129]

Any Texas LO going to offer a cost free purchase/refi for a current player's parent, etc. for using their NIL to promote their business? Probably be better if you lived in a small town like Port Arthur to get that local rub. 

 

[UTPhil2006 3807]

On 12/4/2021 at 8:19 AM, UTPhil2006 said:

Ended at 1.34. Very nice end to the week. 

And 9 points back the other way.  Damn rollercoaster

[Gil Bang 25960]

Closed it today, yay!.  I normally drink too much to celebrate, but I'm already drinking too much because I'm on the 995 board.  

 

Why not both.gif?

[HRSchenker 2268]

On 12/5/2021 at 8:30 PM, Gil Bang said:

care to elaborate?  Because I think you're mentally ill. 

It's fucking with my desire to use the damn lot! I don't need a driveway on a two car garage that can fit 6 vehicles. Plus I hate yards.

[Storm the Field 5294]

I presume this is some new form of scam:

Just got a poorly written text from a local number that says "Good Morning. I passed by your vacant parcel at [MY HOME ADDRESS], as I have recently purchased one nearby. Would you be open to a buyout proposal for your tract?"

1. The lot hasn't been vacant in 2 years. There's a rather hard to miss large house on it that I sleep in every night. Even Google Maps street view no longer shows an empty lot. 

2. How the hell did this person get my cell number and home address?

3. WTF?

[Wulaw Horn 19070]

Good morning for the mortgage backed security market.  both MBS traded up to their resistance and 10 year treasury traded down to it's resistance. No news of any kind today so basically the technicals did all they could and it should be around here more or less for the rest of the day. 
If you are in the market to do something today might be a good day to call your guy and lock.  Fed meeting goes tomorrow and the next day, more inflation comes out, and all indications are they will double the pace of tapering which will be bad for rates.  Is that all the way priced in? I don't know.  But it's always easier to hop somewhere else if the market gets better after the fed meeting than find pricing that's gone if it goes up.

Here is your national average chart again.  Again, this isn't the pricing I or your guy down the street will necessarily give you for good or for ill- it's where the national average is.  We still have some people at low 2's on a shorter term mortgage and high 2's on a 30 year mortgage, and if you shop around or get taken care of this should still be the expectation for a good credit, strong mortgage position. 

30-YR. CONFORMING

3.334% -0.008

30-YR. JUMBO

3.194% -0.015

30-YR. FHA

3.436% -0.014

30-YR. VA

3.010% -0.002

30-YR. USDA

3.382% +0.083

15-YR. CONFORMING

2.534% -0.022

[UT_OB1 2223]

1 hour ago, Storm the Field said:

I presume this is some new form of scam:

Just got a poorly written text from a local number that says "Good Morning. I passed by your vacant parcel at [MY HOME ADDRESS], as I have recently purchased one nearby. Would you be open to a buyout proposal for your tract?"

1. The lot hasn't been vacant in 2 years. There's a rather hard to miss large house on it that I sleep in every night. Even Google Maps street view no longer shows an empty lot. 

2. How the hell did this person get my cell number and home address?

3. WTF?

House is in your name?  Go to either you counties prop tax site or CAD site. Either will let you search by address, that will bring up your name. Not hard to get those cad or tax sites as a list that can be filtered and sorted in all kinds of ways (by delinquent tax payments, for instance).  The phone book that used to be free has to be paid for now, but also easier to just compile everything electronically. Then an auto text program. They are just like the signs or letters you get. Really cheap to send out bulk “call me” notes. Then you get kicked up to the real person who works on the details and makes a stupidly low offer. I’ve read where they can only need a fraction of a percent to hit to be worth it. 

[HRSchenker 2268]

How do you know the Dallas real estate market is on fire? People are buying homes in conservation districts without even knowing!

https://lakewood.advocatemag.com/kerry-johnson/

 

8 hours ago, Storm the Field said:

I presume this is some new form of scam:

Just got a poorly written text from a local number that says "Good Morning. I passed by your vacant parcel at [MY HOME ADDRESS], as I have recently purchased one nearby. Would you be open to a buyout proposal for your tract?"

1. The lot hasn't been vacant in 2 years. There's a rather hard to miss large house on it that I sleep in every night. Even Google Maps street view no longer shows an empty lot. 

2. How the hell did this person get my cell number and home address?

3. WTF?

You're not as private online as you think you are when your name and address are tied together. OSINT is real and dangerous.

Edited December 14, 2021 by HRSchenker

[Neonmoon 38129]

9 hours ago, Storm the Field said:

I presume this is some new form of scam:

Just got a poorly written text from a local number that says "Good Morning. I passed by your vacant parcel at [MY HOME ADDRESS], as I have recently purchased one nearby. Would you be open to a buyout proposal for your tract?"

1. The lot hasn't been vacant in 2 years. There's a rather hard to miss large house on it that I sleep in every night. Even Google Maps street view no longer shows an empty lot. 

2. How the hell did this person get my cell number and home address?

3. WTF?

You can find out anything with Google. 

[South Austin 52511]

On 12/13/2021 at 11:54 AM, Storm the Field said:

I presume this is some new form of scam:

Just got a poorly written text from a local number that says "Good Morning. I passed by your vacant parcel at [MY HOME ADDRESS], as I have recently purchased one nearby. Would you be open to a buyout proposal for your tract?"

1. The lot hasn't been vacant in 2 years. There's a rather hard to miss large house on it that I sleep in every night. Even Google Maps street view no longer shows an empty lot. 

2. How the hell did this person get my cell number and home address?

3. WTF?

He wants to meet you at the park late at night in his white van. I fell for that. Once.

[Wulaw Horn 19070]

11 minutes ago, South Austin said:

He wants to meet you at the park late at night in his white van. I fell for that. Once.

And then you waited for that in the future…

[South Austin 52511]

Just now, Wulaw Horn said:

And then you waited for that in the future…

Hey, don’t knock it until you’ve tried his ice cream.

[Gatorubet 30240]

Hey, don’t knock it until you’ve tried his ice cream.

He’s old. Soft serve?

[Gatorubet 30240]

Hey, don’t knock it until you’ve tried his ice cream.

He’s old. Soft serve?

[FORTY NINE TO ZERO 2652]

Question.  We are doing to do a 100k or so addition (new bedroom and a new master bathroom as well as repainting the entire house). 
I would also like to refinance my loan. 
can these be combined into one process? Or will I need to do two loans? 
If so, what is the best loan for the addition?  We purchased the house four years ago and since then has greatly increased in value. So I have plenty of equality to pull from (assuming that is the smart thing to do). 
 

 Location: Galveston Texas.  Not sure if it matters, but it’s an old house (pre 1900s).  Already have permission from the local landmark and building commissions. 
 
sorry if these are dumb questions. 
 

 

[Wulaw Horn 19070]

Just now, ONE YARD said:

Question.  We are doing to do a 100k or so addition (new bedroom and a new master bathroom as well as repainting the entire house). 
I would also like to refinance my loan. 
can these be combined into one process? Or will I need to do two loans? 
If so, what is the best loan for the addition?  We purchased the house four years ago and since then has greatly increased in value. So I have plenty of equality to pull from (assuming that is the smart thing to do). 
 

 Location: Galveston Texas.  Not sure if it matters, but it’s an old house (pre 1900s).  Already have permission from the local landmark and building commissions. 
 
sorry if these are dumb questions. 
 

 

You can do one loan.  Should you do 1 loan?  Depends upon how your deal is currently set up.

Shot you a PM.

[Guest Lobo]

Can I take out a larger HELOC in first half of 2022 and use a chunk of it to pay off our current HELOC so that I don't have two active HELOC's?  Does that make sense?  Rate spread and costs are rather negligible and I'd prefer to have just the one for another reason altogether.  Thanks.

[Chewbacca 7780]

20 minutes ago, Lobo said:

Can I take out a larger HELOC in first half of 2022 and use a chunk of it to pay off our current HELOC so that I don't have two active HELOC's?  Does that make sense?  Rate spread and costs are rather negligible and I'd prefer to have just the one for another reason altogether.  Thanks.

They will likely require you to pay off the current LOC at closing.  Nobody wants to be in 3rd position on a home loan.

[UT_OB1 2223]

1 hour ago, ONE YARD said:

Question.  We are doing to do a 100k or so addition (new bedroom and a new master bathroom as well as repainting the entire house). 
I would also like to refinance my loan. 
can these be combined into one process? Or will I need to do two loans? 
If so, what is the best loan for the addition?  We purchased the house four years ago and since then has greatly increased in value. So I have plenty of equality to pull from (assuming that is the smart thing to do). 
 

 Location: Galveston Texas.  Not sure if it matters, but it’s an old house (pre 1900s).  Already have permission from the local landmark and building commissions. 
 
sorry if these are dumb questions. 
 

 

Who are you using to do the work?  Always looking for another good contractor. 

[Guest Lobo]

39 minutes ago, Chewbacca said:

They will likely require you to pay off the current LOC at closing.  Nobody wants to be in 3rd position on a home loan.

Oh yeah, we would for sure do that.  That’s one of my initial terms.  Got issue with that.  Just that as usual, our local WF “team” is acting like a second HELOC right now is more than they can do.  Despite it’s our only debt on the house, no mortgage.  I’m willing to shop it someone here if we can get a proper appraisal this time around. 

[Chewbacca 7780]

10 minutes ago, Lobo said:

Oh yeah, we would for sure do that.  That’s one of my initial terms.  Got issue with that.  Just that as usual, our local WF “team” is acting like a second HELOC right now is more than they can do.  Despite it’s our only debt on the house, no mortgage.  I’m willing to shop it someone here if we can get a proper appraisal this time around. 

First, you should stop using Wells for anything.  They are a terrible bank and they don't give a shit about you.  

[Wulaw Horn 19070]

Just now, Chewbacca said:

First, you should stop using Wells for anything.  They are a terrible bank and they don't give a shit about you.  

Friends don't let friends use Wells Fargo 

[FORTY NINE TO ZERO 2652]

1 hour ago, UT_OB1 said:

Who are you using to do the work?  Always looking for another good contractor. 

Have one quote in hand one one being done. My wife is also looking at just being her own GC. She does GC work for living at a local nonprofit. 

[Incredulity 11675]

checking in to say fuck Wells.  pure evil.

[Gil Bang 25960]

10 hours ago, ONE YARD said:

Question.  We are doing to do a 100k or so addition (new bedroom and a new master bathroom as well as repainting the entire house). 
I would also like to refinance my loan. 
can these be combined into one process? Or will I need to do two loans? 
If so, what is the best loan for the addition?  We purchased the house four years ago and since then has greatly increased in value. So I have plenty of equality to pull from (assuming that is the smart thing to do). 
 

 Location: Galveston Texas.  Not sure if it matters, but it’s an old house (pre 1900s).  Already have permission from the local landmark and building commissions. 
 
sorry if these are dumb questions. 
 

 

FHA 203K?

[UTPhil2006 3807]

13 hours ago, Gil Bang said:

FHA 203K?

Unless low credit no real good reason to go that route.

[Wulaw Horn 19070]

Is it possible to have 2 good days in a row in the mortgage market? Doesn't seem like it for the past 3 months- but hey- a trend is a trend and right now we are up 13 for the day, after being up 30 for the day.  That puts us at 102.39.  Up 50 basis points (again we are talking about mortgage backed securities so up means stronger mortgage backed and lower interest rates) in the last 2 days.  That gets us back to more or less where we were last friday.  we are only about 150 or 200 points (ugh) from where we were in September when we cautioned blinking lights and it might all be coming to an end with tapering.

What's driving this?  Fears of Omicron.  The fed news was double the speed of the taper which isn't helpful, and 3 rate hikes in 2022 (which doesn't mean interest rate and is actually fed rate- but people don't understand that technicality).  Fed raising the fed borrowing rate- from my perspective- isn't dispositive of rates going up- but it's also not super awesome- looking like they are going to start thinking about maybe doing something to think about maybe someday trying to reign in inflation.  Market expected the Fed news so even though in totality it wasn't great- it doesn't hurt anything. Other than that there's nothing going on this week other than people being afraid of Omicron. I think the spark on that fear seems to be that it's super contagious and doesn't seem to be crowding Delta out- they seem to be coexisting.  That would be bad news.  

Not much going on between now and the end of the year I wouldn't think.  Inflation numbers out next week. Likely higher- everyone seems to know that.  GDP for 3rd quarter due in.  I wouldn't expect any major swings.  

Anyway- today is a good day as we've clawed back a little bit. I still don't anticipate rates getting all the way back to September lowest ever territory, but we are probably 3/8 off of that.  If you show hard enough your 30 should be in the high 2's, your 15 should be 2.2 ish or so- your 10 should be 2.1 ish.  Add a quarter typically if you are talking about home equity.

 

[Guest Lobo]

On 12/16/2021 at 1:32 PM, Wulaw Horn said:

Friends don't let friends use Wells Fargo 

Yeah, I hate 'em.  But wife is fiercely loyal.  Our PE group owns a bank in IL but for ethical reasons, my OCC regulator suggested we not do much personal banking there so it's out for a HELOC.  So she wanted to get our first lien HELOC through Wells so we did.  Years ago, when we bought the house, she liked that there were three Wells Fargo locations over a 7 mile stretch on one road by us.  Now she finally realizes all that overhead just translates to higher fees paid by us.  And just like our formerly spacious closet space, once a bank builds a branch---they're gonna wanna fill it with people.  And those people are gonna wanna get paid.  So guess who pays 'em?  Customers like us.  

I should have known they were gonna fuck it up twelve ways from Tuesday during the appraisal portion.  The term sheet itself was fine, but the process was excruciating.  So I think I'm gonna go get a second one and roll the first one into but I'm gonna shop it around more aggressively this time.  So all that to say if anybody here does 'em in Texas, let me know and we'll talk seriously at end of Q1 next year.  And if you wanna talk expanding your reach, our 50-state federally chartered bank in Chicago is taking on warehouse lines in late 2022 if that's something you're looking at.  

Edited December 17, 2021 by Lobo

[Wulaw Horn 19070]

https://www.msn.com/en-us/money/realestate/higher-mortgage-rates-are-coming-what-could-it-mean-for-homebuyers/ar-AARUw14
 

its USA Today so… take with a huge grain of salt. The one thing that did surprise me is their statement that 74% of homeowners still haven’t refinanced. That seems implausible to me but I’m going to guess they have the numbers. 
They claim 3.7 (and some claim 3.5) as the likely rates by the end of next year.  The difference of 6/10’s of a point on a 30 year mortgage for 300k is $100 a month. Worth refinancing for?  Sure- if your closing costs are low enough so you can repay those costs inside of 3 years- that’s the rule of thumb I typically use. Big enough difference to stop a person from buying a house or to buy in a different price range? Shouldn’t be. If $100 is the difference between buying a house being a good idea or a bad idea for you then you shouldn’t be buying or should be buying in a much lower range or you are begging for trouble. 
Know what affects houses much more than interest rate in Texas?  Tax rate. Yet I know buyers who will call around 10 different places looking to save 1/8 of a point in rate which is an $18 a month difference most of the time, and they won’t even notice the difference between a 2.2 and 2.7% tax rate which might a $150-300 difference in monthly payment. 
I’m typically a contrarian so when it filters down to USA Today as gospel I’m usually ready to zag the other way, and conflating fed interest rate borrowing with home interst rates is ragey (though the taper on buying MBS that they made is accurate) it’s probably not unlikely that rates are going up over the next year (but they have gone up enough at 1/2 a point, more or less, since September that they could go down again) so I’d probably lean into the idea that their prediction is highly plausible. 
Because there is some chance rates get better I’d suggest right now anyone looking to refinance with a decent sized loan balance get a loan with no closing costs. That leaves you some ability to do it again if rates re-explore historic lows, and you just can’t do yourself any harm with a closing cost free loan- it’s free money. 

Edited December 18, 2021 by Wulaw Horn

[Neonmoon 38129]

2 hours ago, Wulaw Horn said:

If $100 is the difference between buying a house being a good idea or a bad idea for you then you shouldn’t be buying or should be buying in a much lower range or you are begging for trouble. 

It’s astonishing how many people don’t understand this concept. Which goes back to my theory that the majority of humans are dumber than rocks.

[UTPhil2006 3807]

3.5%+ on a straight refi should reach out if still applicable. 
 

Cash outs are a bit different since it’s less rate sensitive situations 

[LCHorn 2620]

Personally I think all of the rate stuff is bullshit and I think Barry Habib is about as accurate as Joe Morgan was about baseball (in other words, a proliferator in lender myths disguised as wisdom).  
 

If the bond market participants think that bonds should be trading higher, why aren’t they there now?

I’m happy to make a CTJ style bet to anyone on the board that the Fed doesn’t institute three rate hikes in 2022; it’s an election year and we’re too addicted to cheap money.  

[Neonmoon 38129]

Double fist yourself confident?

[Wulaw Horn 19070]

16 hours ago, LCHorn said:

Personally I think all of the rate stuff is bullshit and I think Barry Habib is about as accurate as Joe Morgan was about baseball (in other words, a proliferator in lender myths disguised as wisdom).  
 

If the bond market participants think that bonds should be trading higher, why aren’t they there now?

I’m happy to make a CTJ style bet to anyone on the board that the Fed doesn’t institute three rate hikes in 2022; it’s an election year and we’re too addicted to cheap money.  

I like Habib better than most of the financial reporters (the USA Today article was not Habib- I’d have given it more credence if it was, as compared to USA Today) but my sense on most of the prognosticators is the guys all out there together are usually wrong. 3.5 or 3.7 sounds plausible to me at the end of 2022, but then again so does 2.7 or 2.6. 
the fed raising the short term borrowing rate won’t affect the equity markets in a positive way,  and typically what’s bad for the equity markets is good for the bond markets, so… yeah I don’t see 3 rate hikes in an election year as super likely either. 

[UT_OB1 2223]

On 12/18/2021 at 2:06 PM, UTPhil2006 said:

3.5%+ on a straight refi should reach out if still applicable. 
 

Cash outs are a bit different since it’s less rate sensitive situations 

One ReFi down (personal residence), waiting on appraisal results for a second, and waiting to schedule an appraisal for a third.  End result of all 3 will knock a few years off one mortgage, drop our overall monthly payments, and get some cash out at a lower rate than the short term flip loans to work on our latest lot in Brazoria. Thanks to @UTPhil2006 and Thad and Dana and the rest of their team for everything 

[52-80 19159]

At my rental house a few months ago there was a huge thunderstorm so heavy it left inches of standing water in the yard.  Water flooded through the side door into my basement which was floored in tiles and laminate.

The tenant mopped and evacuated it best he could, and contacted me worried about water rot to the wall, mold beneath the flooring, etc.  I contacted insurance company, adjuster came by for assessment and approved repairs for up to 10k.  Great, new floor.  As I was thousands of miles away, I instructed tenant he could arrange the timing and logistics with any firm he wanted.

Today he forwarded me a $200 bill from one such firm, who said "the floor is fine, theres no need to replace it".  It was $100 for 1hour of work and $100 for travel expenses, and the fucking firm is based in the neighboring district.  LOL.

**

Also in the first month of rental the tenant found the deadbolt to the sunroom inoperable so he took it upon himself to contact a locksmith for repair (because its a matter of security).  They replaced the deadbolt for $800.  The fucking part cost something like $200 tops.

I should raise the rent on this guy.

[UT_OB1 2223]

32 minutes ago, 52-80 said:

At my rental house a few months ago there was a huge thunderstorm so heavy it left inches of standing water in the yard.  Water flooded through the side door into my basement which was floored in tiles and laminate.

The tenant mopped and evacuated it best he could, and contacted me worried about water rot to the wall, mold beneath the flooring, etc.  I contacted insurance company, adjuster came by for assessment and approved repairs for up to 10k.  Great, new floor.  As I was thousands of miles away, I instructed tenant he could arrange the timing and logistics with any firm he wanted.

Today he forwarded me a $200 bill from one such firm, who said "the floor is fine, theres no need to replace it".  It was $100 for 1hour of work and $100 for travel expenses, and the fucking firm is based in the neighboring district.  LOL.

**

Also in the first month of rental the tenant found the deadbolt to the sunroom inoperable so he took it upon himself to contact a locksmith for repair (because its a matter of security).  They replaced the deadbolt for $800.  The fucking part cost something like $200 tops.

I should raise the rent on this guy.

Granted, you gave him permission on the floor thing, but hopefully you have in your lease that they pay repair costs  if they don’t go through you. 

[ShaggyBevo RIP 3868]

Any recommendations on who can do an appraisal on a vacant lot in an area of Oak Hill that hasn't had a vacant lot come up in 20 years for comps?  

Not selling at this time as an elderly mentally and physically disabled relative lives in the house next door, with their caretaker, and we don't intend to rock that boat but need to get an appraisal for the estate.

Edited December 21, 2021 by ShaggyBevo RIP

[Gil Bang 25960]

4 hours ago, 52-80 said:

At my rental house a few months ago there was a huge thunderstorm so heavy it left inches of standing water in the yard.  Water flooded through the side door into my basement which was floored in tiles and laminate.

The tenant mopped and evacuated it best he could, and contacted me worried about water rot to the wall, mold beneath the flooring, etc.  I contacted insurance company, adjuster came by for assessment and approved repairs for up to 10k.  Great, new floor.  As I was thousands of miles away, I instructed tenant he could arrange the timing and logistics with any firm he wanted.

Today he forwarded me a $200 bill from one such firm, who said "the floor is fine, theres no need to replace it".  It was $100 for 1hour of work and $100 for travel expenses, and the fucking firm is based in the neighboring district.  LOL.

**

Also in the first month of rental the tenant found the deadbolt to the sunroom inoperable so he took it upon himself to contact a locksmith for repair (because its a matter of security).  They replaced the deadbolt for $800.  The fucking part cost something like $200 tops.

I should raise the rent on this guy.

Yeah, that's some straight bullshit.   Tell your tenant that any repair over $X must be approved in advance, or you will not be reimbursing him.  And the locksmith is either a crook, or the tenant's buddy/brother/whatever. 

[Mother mopar 3318]

Closed on my house yesterday, appreciate the advice from all. Shout out to @Neonmoon for the great rate and awesome customer service. Shaggy/surly comes through again.

[Neonmoon 38129]

48 minutes ago, Mother mopar said:

Closed on my house yesterday, appreciate the advice from all. Shout out to @Neonmoon for the great rate and awesome customer service. Shaggy/surly comes through again.

Thanks man. You did all the hard work. You had shit locked down tight. One of the best clients.