All Encompassing Mortgage and Real Estate Thread

[Neonmoon 38,127]

Just a shit sandwich since May 15th

[CoTex 1,157]

What are the rules for a second home?  Is 20% down required or are there lower down options?  income/debt rules?

[Wulaw Horn 18,939]

42 minutes ago, CoTex said:

What are the rules for a second home?  Is 20% down required or are there lower down options?  income/debt rules?

We could do 15% down (and I think even 10%) but the pricing is so bad you wouldn’t want to do it. 

[UTPhil2006 3,785]

36 minutes ago, CoTex said:

What are the rules for a second home?  Is 20% down required or are there lower down options?  income/debt rules?

Same income and DTI limits as your primary. You can go 10% down but 20% helps and you start getting a much better rate at 25%+

[UTPhil2006 3,785]

If any of y’all wanna buy a former Steelers house 

[UTPhil2006 3,785]

On 5/28/2024 at 12:17 PM, Neonmoon said:

There's no better feeling that sneaking in a lock before the reprice

Got a lot of the last two days back. Still more to go to erase the last week

[UTPhil2006 3,785]

PCE up, spending down, 10 year down to 4.50

[Storm the Field 5,268]

4 minutes ago, UTPhil2006 said:

PCE up, spending down, 10 year down to 4.50

Core PCE YOY continuing to slowly tip-toe its way down. 

[UTPhil2006 3,785]

On 5/31/2024 at 8:34 AM, UTPhil2006 said:

PCE up, spending down, 10 year down to 4.50

Down .09 close to 4.40

Edited June 3 by UTPhil2006

[Hornbeliever 704]

4 hours ago, UTPhil2006 said:

Down .09 close to 4.40

What is average 30-year rate for standard mortgages (good credit scores, 20% down)?

[chainsaw 9,814]

11 minutes ago, Hornbeliever said:

What is average 30-year rate for standard mortgages (good credit scores, 20% down)?

12 percent plus fees

[UTPhil2006 3,785]

16 minutes ago, Hornbeliever said:

What is average 30-year rate for standard mortgages (good credit scores, 20% down)?

Assuming excellent credit, etc for 20% down looking in the 6.75 range. 6.625 if it gets better without origination so def headed the right way 

6 minutes ago, chainsaw said:

12 percent plus fees

Nah we’re down to just an arm instead of an arm and a leg 

[Neonmoon 38,127]

Anyone had any experience with parceling out acreage? Is it a bitch?

[UTPhil2006 3,785]

14 hours ago, Neonmoon said:

Anyone had any experience with parceling out acreage? Is it a bitch?

Sent you an email. We just did this recently on a loan. Let me know the details etc and we may be able to offer some insight 

[UTPhil2006 3,785]

23 hours ago, UTPhil2006 said:

Down .09 close to 4.40

Another .06 to 4.34 to 2 week (for like half a day) but really 2 month lows 

[chainsaw 9,814]

6 hours ago, UTPhil2006 said:

Another .06 to 4.34 to 2 week (for like half a day) but really 2 month lows 

Are these posted publicly somewhere? I'd like to track these over time if that's possible

[Wulaw Horn 18,939]

6 minutes ago, chainsaw said:

Are these posted publicly somewhere? I'd like to track these over time if that's possible

Yes. Google 10 year treasury. It’s all over the place. 

[jimmyjazz 45,430]

15 minutes ago, Wulaw Horn said:

Yes. Google 10 year treasury. It’s all over the place. 

Looks super encouraging:

[UTPhil2006 3,785]

27 minutes ago, chainsaw said:

Are these posted publicly somewhere? I'd like to track these over time if that's possible

^TNX is the symbol 

[UTPhil2006 3,785]

23 hours ago, UTPhil2006 said:

Another .06 to 4.34 to 2 week (for like half a day) but really 2 month lows 

Down another .04 and counting into the 4.2xx range due to jobs coming in light 

[Blotto 23,366]

Pulled up Realtor.com because I was curious about a house for sale next door. This was the first listing promoted for Austin:https://www.realtor.com/realestateandhomes-detail/1529-Mount-Larson-Rd_Austin_TX_78746_M94384-63935?ex=2966568728

The $5M is just for the land I think, but the imagined pictures are a hoot. I think this is as good a characterization of whats become  of Austin as any

Should you be interested, you can give this douchenozzle bro a call

Edited June 7 by Blotto

[Neonmoon 38,127]

Hope you locked yesterday 

Down 35 bips

Yes BLS put up huge number but unemployment went to 4% so I wouldn’t expect a huge down day but I’m just a simple man. 

[UTPhil2006 3,785]

On 6/5/2024 at 9:14 AM, UTPhil2006 said:

Down another .04 and counting into the 4.2xx range due to jobs coming in light 

Gooooone

[Wulaw Horn 18,939]

2 hours ago, Neonmoon said:

Hope you locked yesterday 

Down 35 bips

Yes BLS put up huge number but unemployment went to 4% so I wouldn’t expect a huge down day but I’m just a simple man. 

This jobs report was actually shit with a nonsensical headline number. 
275k in jobs- 241k which came from the birth death model which is pure guesswork based upon small business. ADP- who has the actual numbers- had small business with only a 20k gain. 
household survey showed 475k lost jobs, with 250k leaving workforce which is why unemployment ticked up. 
more revisions (15k) downward from previous 2 months- which was a miss. Labor participation still well short of 63% which is the benchmark of a good labor market. 
Again- all the job losses in household survey were full time while gains were almost entirely part time. 
Do with that whatever you want. 
Allegedly rate cuts will happen at 4.1 or 4.2 on unemployment- since we won’t get any out of inflation which keeps stubbornly staying higher than desired. 
GDP estimates are 1.7 for Q2 with 2.7 inflation so for like the 8th or 10th quarter in a row we will see real wages and economy get worse in purchasing terms- ever since inflation went parabolic starting in 2022. 
mortgage apps down again- rates up from this time last year by 3/8 of a point after todays market got crunched- more good times in housing sector. 
weak report could have gotten us on a real good track- instead the headline number going to kick off another month of trading sideways. 
I think @Neonmoonis right and this won’t be catastrophic once it all gets digested- but for now it’s another day of BOHICA in the mortgage world. 

[Etexhorn13 3,022]

I just want to throw some props and a very sincere thanks to @UTPhil2006 and the Prodigy Mortgage team. Just closed on the second house I’ve done with them, and both times they’ve made everything super smooth and have kept us ahead of schedule. Most of the time before I could even get to a question they had the next steps ready for us to complete. 
 

Whether when I was a first time buyer with all the first time questions, or helping us coordinate a gift deposit and reworking things a couple times for us this time, he made everything a breeze for us. My wife and I joked that some friends that bought recently all said how stressed they were, and between our realtors and Phil all kicking ass we were on easy street the whole time. Appreciate it Phil!

Edited June 7 by Etexhorn13

[Gil Bang 25,843]

7 hours ago, Etexhorn13 said:

I just want to throw some props and a very sincere thanks to @UTPhil2006 and the Prodigy Mortgage team. Just closed on the second house I’ve done with them, and both times they’ve made everything super smooth and have kept us ahead of schedule. Most of the time before I could even get to a question they had the next steps ready for us to complete. 
 

Whether when I was a first time buyer with all the first time questions, or helping us coordinate a gift deposit and reworking things a couple times for us this time, he made everything a breeze for us. My wife and I joked that some friends that bought recently all said how stressed they were, and between our realtors and Phil all kicking ass we were on easy street the whole time. Appreciate it Phil!

Yeah, Phil uses LOTS of lube.

 

 

 

 

 

(j/k)

[StassneyHorn 6,515]

9 hours ago, Wulaw Horn said:

This jobs report was actually shit with a nonsensical headline number. 
275k in jobs- 241k which came from the birth death model which is pure guesswork based upon small business. ADP- who has the actual numbers- had small business with only a 20k gain. 
household survey showed 475k lost jobs, with 250k leaving workforce which is why unemployment ticked up. 
more revisions (15k) downward from previous 2 months- which was a miss. Labor participation still well short of 63% which is the benchmark of a good labor market. 
Again- all the job losses in household survey were full time while gains were almost entirely part time. 
Do with that whatever you want. 
Allegedly rate cuts will happen at 4.1 or 4.2 on unemployment- since we won’t get any out of inflation which keeps stubbornly staying higher than desired. 
GDP estimates are 1.7 for Q2 with 2.7 inflation so for like the 8th or 10th quarter in a row we will see real wages and economy get worse in purchasing terms- ever since inflation went parabolic starting in 2022. 
mortgage apps down again- rates up from this time last year by 3/8 of a point after todays market got crunched- more good times in housing sector. 
weak report could have gotten us on a real good track- instead the headline number going to kick off another month of trading sideways. 
I think @Neonmoonis right and this won’t be catastrophic once it all gets digested- but for now it’s another day of BOHICA in the mortgage world. 

Real wage growth has outpaced inflation since May 2023.

Atlanta Fed GDPNow forecast is 3.1%

The original March report was for 303k, revised to 315k, and revised a second time to 310k. Original report understated growth by only 2.2%. The first revision for April’s “miss” was 5.7%

 

[Etexhorn13 3,022]

1 hour ago, Gil Bang said:

Yeah, Phil uses LOTS of lube.

 

 

 

 

 

(j/k)

The only buttfucking I got was going from 2.85 in the house I bought in 2020 to 6.99 on my rate in this one.  

Edited June 8 by Etexhorn13

[BearSchlong 8,072]

I know it might not be the proper forum, but yesterday, I got the CAD assessor to drop my valuation by $70K, even below the independent appraisal commissioned by UWM.

I'm not sure if it was my compelling PowerPoint deck, the cordial promise that I was going to tie up his whole afternoon presenting it in excruciating detail, or the fact that his original valuation was higher than Snoop and Willie combined on April 20, but he thanked me profusely for making such a compelling case. I think he is simply weary of unprepared kooks showing up to whine and grind axes.

Don't count out Wulaw’s lube game either, my title company appreciated his people’s work. And he patiently absorbed my inane ramblings.

[UTPhil2006 3,785]

12 hours ago, Gil Bang said:

Yeah, Phil uses LOTS of lube.

 

 

 

 

 

(j/k)

Tears make great lube. The trick is to open any financial rate report right before 

[Gil Bang 25,843]

So, you might remember my story about stopping by in paint covered clothes to preview a new listing, meeting a lady peeking through the windows, and selling her a house. 

 

She's found a FSBO that she wants.  She asked me if I'd help her with the paperwork, and she said she'd pay me.  I said no pay necessary, I'm happy to help her for no charge.  She is very happy to hear that, and then says "of course you'll get the listing on the house I'm in now".   The house is worth about 1.2 million, and is in pristine condition.  

It's not a sure thing, because she's got to get a deal together on the FSBO before she'll list.   But, as Gretzky said, you miss 100% of the shots you don't take. 

[Neonmoon 38,127]

Tomorrow CPI & Fed day - Good luck everyone

Forecast 

[Neonmoon 38,127]

VA releases temporary solution for VA homebuyers. Effective 8/10

1. Veterans are now temporarily allowed to pay for buyer agent commission 

2. No, it can’t be included in the loan amount 

3. Seller can still pay for it, and it’s not considered a seller concession 

4. If Veterans pays, Lender is required to upload buyer representation agreement as part of contract package before allowed to order appraisal 

5. If Veterans pays, Lender must verify Veteran has funds 

6. If Veteran pays, commission must be listed in lines 1-3 of Section H on Closing Disclosure 

[Wulaw Horn 18,939]

5 hours ago, Neonmoon said:

Tomorrow CPI & Fed day - Good luck everyone

Forecast 

I’m floating one tomorrow into CPI. Probably going to get burned. My wife freaks out when I play $150 or 200 a hand in black jack on the cruise ship (I usually play $10). I had $1000 at risk- total- during that time. Probably got 2500 up for grabs on the CPI. This is really dumb and a losing battle in all likelihood. 

[UTPhil2006 3,785]

6 minutes ago, Wulaw Horn said:

I’m floating one tomorrow into CPI. Probably going to get burned. My wife freaks out when I play $150 or 200 a hand in black jack on the cruise ship (I usually play $10). I had $1000 at risk- total- during that time. Probably got 2500 up for grabs on the CPI. This is really dumb and a losing battle in all likelihood. 

Just don’t split your 10s

28 minutes ago, Neonmoon said:

VA releases temporary solution for VA homebuyers. Effective 8/10

1. Veterans are now temporarily allowed to pay for buyer agent commission 

2. No, it can’t be included in the loan amount 

3. Seller can still pay for it, and it’s not considered a seller concession 

4. If Veterans pays, Lender is required to upload buyer representation agreement as part of contract package before allowed to order appraisal 

5. If Veterans pays, Lender must verify Veteran has funds 

6. If Veteran pays, commission must be listed in lines 1-3 of Section H on Closing Disclosure 

Hopefully 3 is the still somewhat the norm but we shall see 

[Neonmoon 38,127]

13 minutes ago, Wulaw Horn said:

I’m floating one tomorrow into CPI. Probably going to get burned. My wife freaks out when I play $150 or 200 a hand in black jack on the cruise ship (I usually play $10). I had $1000 at risk- total- during that time. Probably got 2500 up for grabs on the CPI. This is really dumb and a losing battle in all likelihood. 

I have one tight on ratios that most likely will get under contract tomorrow…so basically in the same situation. Probably fucked 

[Wulaw Horn 18,939]

6 minutes ago, Neonmoon said:

I have one tight on ratios that most likely will get under contract tomorrow…so basically in the same situation. Probably fucked 

I got in last month 7 locks before the jobs report. And it was the only miss of the last 18 months. I’ve got the opposite of the Midas touch  

[Wulaw Horn 18,939]

20 minutes ago, UTPhil2006 said:

Just don’t split your 10s

Hopefully 3 is the still somewhat the norm but we shall see 

Everyone that asks if they can sit down at a table with me gets asked “do you split 10’s”. When they say no I look at them quizzically and say- well we all do here at this table. Usually good for a laugh. 

[Bozo_Casanova 26,188]

On 6/7/2024 at 11:54 AM, Etexhorn13 said:

I just want to throw some props and a very sincere thanks to @UTPhil2006 and the Prodigy Mortgage team. Just closed on the second house I’ve done with them, and both times they’ve made everything super smooth and have kept us ahead of schedule. Most of the time before I could even get to a question they had the next steps ready for us to complete. 
 

Whether when I was a first time buyer with all the first time questions, or helping us coordinate a gift deposit and reworking things a couple times for us this time, he made everything a breeze for us. My wife and I joked that some friends that bought recently all said how stressed they were, and between our realtors and Phil all kicking ass we were on easy street the whole time. Appreciate it Phil!

Yeah, Co-sign. I worked with Phil and Prodigy on my first refi and should have given them my second. The whole team does good work and Phil is proof that just because somebody is a harelipped, obese 40 year old virgin with an appalling skin condition doesn't mean you shouldn't give them your business. 

The next time i buy a house in Texas Prodigy has first crack at my biz.

Edited June 12 by Bozo_Casanova

[UTPhil2006 3,785]

13 minutes ago, Bozo_Casanova said:

Yeah, Co-sign. I worked with Phil and Prodigy on my first refi and should have given them my second. The whole team does good work and Phil is proof that just because somebody is a harelipped, obese 40 year old virgin with an appalling skin condition doesn't mean you shouldn't give them your business. 

The next time i buy a house in Texas Prodigy has first crack at my biz.

I’ll have that Pre Approval right over 

[UTPhil2006 3,785]

10 year flying down after CPI report currently 

[Neonmoon 38,127]

Yep. Looks like I shouldn't have locked those 2 on Monday. 

[UTPhil2006 3,785]

4 minutes ago, Neonmoon said:

Yep. Looks like I shouldn't have locked those 2 on Monday. 

See how much it moves down. If it gets around 0.20 you could move lenders. But after the last 18-24 months never a bad idea to take the bird in hand. 

[Neonmoon 38,127]

13 hours ago, UTPhil2006 said:

Just don’t split your 10s

Hopefully 3 is the still somewhat the norm but we shall see 

When the commission thing starts in a couple months, 

My guess is it will only affect the rich. Meaning people who have the means to negotiate a lower fee will do so, like flat commission instead of percent for listing high priced homes. For example, why would you pay someone $50,000 to list your home when someone will do it for $38,000? Or pay $100K when someone will do it for $50K?

But below a certain price point, commissions will be business as usual. 

[UTPhil2006 3,785]

12 minutes ago, Neonmoon said:

When the commission thing starts in a couple months, 

My guess is it will only affect the rich. Meaning people who have the means to negotiate a lower fee will do so, like flat commission instead of percent for listing high priced homes. For example, why would you pay someone $50,000 to list your home when someone will do it for $38,000? Or pay $100K when someone will do it for $50K?

But below a certain price point, commissions will be business as usual. 

Agreed. As with anything, and probably @Dbeasy and @Gil Bangcan opine on.. the real key is for the market/situation to find that sweet spot. Is it going to be a volume seller (it didn’t work well with OpenDoor etc) that can the % but doesn’t have the time, or is it going to be someone who’s not going to get you value. Would you rather have 100% of a grape or 50% of a watermelon. If you hire someone at a lower rate and they get their say 2% on 500k so you saved 5000, but someone else could have priced it better, gotten multiple offers or sold higher at 550k paying the 3% you actually netted 43.5k less. Each situation is definitely different of course. 

[Dbeasy 14,931]

I’m still not quite sure what’s going to happen. I’ve always thought the $1M+ market had lower negotiated rates in the past but they didn’t. Those wealthy sellers cared more about having a good agent than saving some money. It could be the same when the change takes effect. 

But, the sub million dollar market is likely to see some pressure. Home buyers will finally get educated and start negotiating the 3 percent down to 2.5 or 2 in some cases, and then the seller will price the home assuming they have to pick up the buyer agent cost. Everyone will be happy at 2-2.5%, I’m guessing. 

[Gil Bang 25,843]

1 hour ago, Dbeasy said:

I’m still not quite sure what’s going to happen. I’ve always thought the $1M+ market had lower negotiated rates in the past but they didn’t. Those wealthy sellers cared more about having a good agent than saving some money. It could be the same when the change takes effect. 

But, the sub million dollar market is likely to see some pressure. Home buyers will finally get educated and start negotiating the 3 percenta b down to 2.5 or 2 in some cases, and then the seller will price the home assuming they have to pick up the buyer agent cost. Everyone will be happy at 2-2.5%, I’m guessing. 

I'm working with a buyer that's outside of my normal market...she's moving to a lower-cost town.   I showed her 5 houses last week.  1 had a 2.5% commission for buyer side.  All the rest were below 2%.

[Neonmoon 38,127]

Realtors 

[Neonmoon 38,127]

Was up 50 bips, not only up 27

Thanks Powell

[UTPhil2006 3,785]

1 hour ago, Neonmoon said:

Realtors 

Recent realtor..

(we hit it)