All Encompassing Mortgage and Real Estate Thread

[Wulaw Horn 18918]

22 minutes ago, TXSooner518 said:

Wanted to give a shoutout to Wulaw and his team. I had posted here bitching about a stupid position I had gotten myself into with an ARM and complacency. He reached out with some options, and made one happen that definitely will save me some money over where I was, and the process was super quick and easy and hassle-free. Do recommend!

Thanks man. Very much appreciate this.

[Wulaw Horn 18918]

9 minutes ago, LCHorn said:

If he didn’t charge you a Sooner tax then he was really feeling generous.

Let's just say the market is tight enough and he's a really good dude so I didn't want to fuck with it, but in other circumstances instead of the rate ending with a .5 it would have ended with a .490 in honor of this years game. But, that doesn't seem like something you'd want to do to a nice guy. 

[Wulaw Horn 18918]

Any of yall ever work with PennyMac? They are inviting me out there to meet them with "a select group of C2 orginators" in LA.  I've never done business with them- and wouldn't normally be inclined, but the COO (of my company) extended the invitation and said that we were going to do a round table with the people there and try to sharpen some skills and share some ideas. That is typically helpful when you work with a mastermind group, so that would be good. And PennyMac is allegedly putting us up on the 4 seasons which obviously doesn't suck (never stayed there- b/c I'm cheap- but always curious as to if it was worth the money or cachet that it has).  But, if they are a clown show that I'd never want to do business with I don't want to go out there and listen to their pitch.  So, anyone in the business use them?  Any thoughts on the experience?

Thanks, I will hang up and listen. 

[LCHorn 2560]

If PennyMac is putting you in the Four Seasons then they are likely going to be also spending money on food (not such a plus for you at the moment) and devoting the kind of energy overall that attendees go back home and talk about it.  
 

Tim Braheem (buds with Barry along with the principal in his own coaching co)makes the Four Seasons/Disney level of service a big part of his methodology for how mortgage firms need to upgrade their service.  
 

Potentially more useful to you (not sure how much networking you’re doing outside of NE Houston) is the opportunity to establish peer relationships with other originators that aren’t in your market (because they aren’t competitors they are usually more open to sharing best practices).  
 

It’s pretty amazing to see how some shops innovate on basic shit and you’ll have some “I can’t believe I didn’t think of that” moments, not because the idea is that novel but just because our industry is still predominated by originators who call their realtors on the same day every week asking “how you doing, man?  Got any buyers for me?”.  

[Wulaw Horn 18918]

1 minute ago, LCHorn said:

If PennyMac is putting you in the Four Seasons then they are likely going to be also spending money on food (not such a plus for you at the moment) and devoting the kind of energy overall that attendees go back home and talk about it.  
 

Tim Braheem (buds with Barry along with the principal in his own coaching co)makes the Four Seasons/Disney level of service a big part of his methodology for how mortgage firms need to upgrade their service.  
 

Potentially more useful to you (not sure how much networking you’re doing outside of NE Houston) is the opportunity to establish peer relationships with other originators that aren’t in your market (because they aren’t competitors they are usually more open to sharing best practices).  
 

It’s pretty amazing to see how some shops innovate on basic shit and you’ll have some “I can’t believe I didn’t think of that” moments, not because the idea is that novel but just because our industry is still predominated by originators who call their realtors on the same day every week asking “how you doing, man?  Got any buyers for me?”.  

Thanks for the feedback.  I think calling realtors on the same day every week and saying- how you doing man- got any buyers for me is top 10% behavior in our industry if you want to know the truth. I neglect to do that as much as I ought to I think. But yeah- just got the itinerary and it involves Tuesday practice round at the US Open. There is literally no way I'm not going on this trip- but yeah- the food and drink thing isn't the selling point it once would have been.  I might need to practice once before I get out there drinking to see just how bad a drink can put me under or if I'm still functional at all.  Doc said I could have one or two drinks occasionally after 3 months.  So- for a June trip that would line up- but I don't want my first drink to be at an away game in a corporate type setting. 

[UTPhil2006 3768]

37 minutes ago, LCHorn said:

If he didn’t charge you a Sooner tax then he was really feeling generous.

Poker tax too 

[TXSooner518 2419]

27 minutes ago, Wulaw Horn said:

Let's just say the market is tight enough and he's a really good dude so I didn't want to fuck with it, but in other circumstances instead of the rate ending with a .5 it would have ended with a .490 in honor of this years game. But, that doesn't seem like something you'd want to do to a nice guy. 

I would have to bow down to this truly truly elite level trolling had that happened. 

[Wulaw Horn 18918]

Just now, TXSooner518 said:

I would have to bow down to this truly truly elite level trolling had that happened. 

It's like when all of aggy got their car registration done in December of 2006 so for a year their car would say 12-7 after they beat us by that score in 06 when Colt got hurt.  

[TXSooner518 2419]

1 minute ago, Wulaw Horn said:

It's like when all of aggy got their car registration done in December of 2006 so for a year their car would say 12-7 after they beat us by that score in 06 when Colt got hurt.  

[HamsterHookah 112]

So can I refinance for an interest rate in the 3's yet? Or are we still in the 5's?

Sorry, I don't understand the techno-mumbo-jumbo.

[UTPhil2006 3768]

2 minutes ago, HamsterHookah said:

So can I refinance for an interest rate in the 3's yet? Or are we still in the 5's?

Sorry, I don't understand the techno-mumbo-jumbo.

For 7 points yes you can 

[HamsterHookah 112]

Just now, UTPhil2006 said:

For 7 points yes you can 

I meant for free, as a normal order and point of business.

[UTPhil2006 3768]

Just now, HamsterHookah said:

I meant for free, as a normal order and point of business.

I can get you in the 5’s yes. 
 

Give me a few months on the 3s

[Wulaw Horn 18918]

2 minutes ago, UTPhil2006 said:

I can get you in the 5’s yes. 
 

Give me a few months on the 3s

If it's in the 3's in a couple months I will dance naked down the aisles of minute maid park during the Yankees game, and @Neonmooncan stop giving away blow jobs at all night truckstops. Or is it hand jobs?  Either way- he can either stop or come up with a better reason for why he's doing so...

[UTPhil2006 3768]

3 minutes ago, Wulaw Horn said:

If it's in the 3's in a couple months I will dance naked down the aisles of minute maid park during the Yankees game, and @Neonmooncan stop giving away blow jobs at all night truckstops. Or is it hand jobs?  Either way- he can either stop or come up with a better reason for why he's doing so...

It was me giving away the ZJs

[HamsterHookah 112]

7 minutes ago, UTPhil2006 said:

I can get you in the 5’s yes. 
 

Give me a few months on the 3s

Already in the 5's (unfortunately). Expected to be in the 3's by Spring (and now hoping Summer, but maybe more realistically Fall?)

[Wulaw Horn 18918]

1 minute ago, UTPhil2006 said:

It was me giving away the ZJs

Sorry @Neonmoon didn't mean to unfairly disparage you. Sometimes its hard to keep track of which originators are circling the drain in which direction...

[Wulaw Horn 18918]

So- here is a link to the national average in real time.  Remember- this doesn't include points in here- so this number (as it goes for the national average) is probably a little low.  

https://www.mortgagenewsdaily.com/mbs

6.54 for a 30 right now.  

[Neonmoon 38126]

53 minutes ago, Wulaw Horn said:

Sorry @Neonmoon didn't mean to unfairly disparage you. Sometimes its hard to keep track of which originators are circling the drain in which direction...

Just because I'm not giving ZJ's doesn't mean I'm not getting bent over in this market. 

[jimmyjazz 45192]

What's the loan size for "jumbo" these days?

[Wulaw Horn 18918]

Just now, jimmyjazz said:

What's the loan size for "jumbo" these days?

720 ish. 

[UTPhil2006 3768]

1 hour ago, jimmyjazz said:

What's the loan size for "jumbo" these days?

726 and it’s phenomenal rates 

[Gil Bang 25651]

CalHFA Launches California Dream for All Homebuying Program

 

The California Housing Finance Agency (CalHFA) today launched its innovative California Dream For All Shared Appreciation Loan assistance program, which provides a loan for up to 20% of the home purchase price.

The down payment assistance program for first-time homebuyers is to be used in conjunction with the Dream For All Conventional first mortgage program for down payment and/or closing costs. The program is a shared appreciation program where the state of California will potentially get a share of the appreciation when the property is sold.

The program will allow many working Californians to get on the housing ladder and gain the benefits of homeownership.

C.A.R. strongly advocated for this program and to ensure it was property funded.

 

Edited March 28, 2023 by Gil Bang

[UT_OB1 2197]

To be fair to Zeus, they wired my draw to me today.  I don’t know if it was just to appease the unhappy customer, but my contact (agent?) there said there were quite a few others like me upset because he said they money is there in the bank, but they (the bank) is slow to release large sums right now. I feels like it is probably bs, but who knows. 

[Wulaw Horn 18918]

19 minutes ago, Gil Bang said:

CalHFA Launches California Dream for All Homebuying Program

 

The California Housing Finance Agency (CalHFA) today launched its innovative California Dream For All Shared Appreciation Loan assistance program, which provides a loan for up to 20% of the home purchase price.

The down payment assistance program for first-time homebuyers is to be used in conjunction with the Dream For All Conventional first mortgage program for down payment and/or closing costs. The program is a shared appreciation program where the state of California will potentially get a share of the appreciation when the property is sold.

The program will allow many working Californians to get on the housing ladder and gain the benefits of homeownership.

C.A.R. strongly advocated for this program and to ensure it was property funded.

 

This is a program that makes sense to me. Good for CA here. 

[KYHorn 16711]

So we're looking at 5 days to lock. What are the prognosticators saying?

[Wulaw Horn 18918]

26 minutes ago, KYHorn said:

So we're looking at 5 days to lock. What are the prognosticators saying?

Carefully floating is the word today.   We are overbought which means it could get worse. We are sitting on support which means technicals are saying something will have to give us a push to move us lower.  Room to roam before we get to our next upper ceiling of resistance.  

[We’reTexas 1467]

14 hours ago, Gil Bang said:

CalHFA Launches California Dream for All Homebuying Program

 

The California Housing Finance Agency (CalHFA) today launched its innovative California Dream For All Shared Appreciation Loan assistance program, which provides a loan for up to 20% of the home purchase price.

The down payment assistance program for first-time homebuyers is to be used in conjunction with the Dream For All Conventional first mortgage program for down payment and/or closing costs. The program is a shared appreciation program where the state of California will potentially get a share of the appreciation when the property is sold.

The program will allow many working Californians to get on the housing ladder and gain the benefits of homeownership.

C.A.R. strongly advocated for this program and to ensure it was property funded.

 

This is well-intentioned but California fundamentally has a supply problem and this will simply increase prices. I do understand this is capped annually to 2% of home sales, however. 

[Wulaw Horn 18918]

12 minutes ago, We’reTexas said:

This is well-intentioned but California fundamentally has a supply problem and this will simply increase prices. I do understand this is capped annually to 2% of home sales, however. 

No doubt this doesn't solve the whole problem. I also wonder how they will be able to make sure that the buyers are real first time homebuyers that are going to own the house and live there and not straw buyers for other people.  But, love seeing a program like this tried out in one state and see if it works and it's worthwhile doing in other states or even at a federal level based upon that experience.

Not everyone should be a homeowner b/c it doesn't make sense for some to own homes (transient- don't want to get tied down in 1 geographic area- not going to be there for a long time etc) but it's a good thing for our body politic that as many people own homes as can. As a general rule it makes people better citizens and it gives them an opportunity to access the American Dream. 

[Incredulity 11189]

31 minutes ago, We’reTexas said:

This is well-intentioned but California fundamentally has a supply problem and this will simply increase prices. I do understand this is capped annually to 2% of home sales, however. 

based on the CalHFA website it appears this loan doesn't carry monthly payments.  Also its unclear if there is a tenure of this loan.

 

[Wulaw Horn 18918]

2 minutes ago, Incredulity said:

based on the CalHFA website it appears this loan doesn't carry monthly payments.  Also its unclear if there is a tenure of this loan.

 

Yep- because CA is a co - owner in up to 20% of the appreciation on your house- so presumably they get back the original amount extended plus whatever the additional appreciation is whenever the house gets sold/mortgage gets paid off.  

So, that brings up another potential problem and that is how do we referee the deal and make sure the sale is legitimate, reported as such and not bullshit designed to keep them from getting their fair share of the profits when the home sells.

I have been told that if there is one thing CA is excellent at in their government is collecting all the revenue they are owed by their taxpayers and even some they are not so I'm sure they have an agency they will set up for this and I suspect that they will make sure they get aggro people to populate it.  Like I said- a ton of stuff that can be a problem in the details but conceptually I like it a lot. 

[Incredulity 11189]

2 minutes ago, Wulaw Horn said:

Yep- because CA is a co - owner in up to 20% of the appreciation on your house- so presumably they get back the original amount extended plus whatever the additional appreciation is whenever the house gets sold/mortgage gets paid off.  

So, that brings up another potential problem and that is how do we referee the deal and make sure the sale is legitimate, reported as such and not bullshit designed to keep them from getting their fair share of the profits when the home sells.

I have been told that if there is one thing CA is excellent at in their government is collecting all the revenue they are owed by their taxpayers and even some they are not so I'm sure they have an agency they will set up for this and I suspect that they will make sure they get aggro people to populate it.  Like I said- a ton of stuff that can be a problem in the details but conceptually I like it a lot. 

sounds kinda like a Ponzi scheme.

that aside, do you know if there is a loan tenure for the program?  

 

[Wulaw Horn 18918]

5 minutes ago, Incredulity said:

sounds kinda like a Ponzi scheme.

that aside, do you know if there is a loan tenure for the program?  

 

No, but my assumption would be that there is not, as payments are not made AFAIK

[Neonmoon 38126]

34 minutes ago, Wulaw Horn said:

No doubt this doesn't solve the whole problem. I also wonder how they will be able to make sure that the buyers are real first time homebuyers that are going to own the house and live there and not straw buyers for other people.  But, love seeing a program like this tried out in one state and see if it works and it's worthwhile doing in other states or even at a federal level based upon that experience

This could be said for every FTHB loan program. They sign an affidavit. That’s it. 

NC has a state program that has deferred forgivable loans up to 15K. It really helps some people get a house. 

[Wulaw Horn 18918]

6 minutes ago, Neonmoon said:

This could be said for every FTHB loan program. They sign an affidavit. That’s it. 

NC has a state program that has deferred forgivable loans up to 15K. It really helps some people get a house. 

Sure- but that's a little different than 20% with no questions asked when it comes to handing away money. I'd want to keep a tighter eye on that.  Unless CA just really wants to be co-owners of your house (which they might!)

[We’reTexas 1467]

19 minutes ago, Wulaw Horn said:

Yep- because CA is a co - owner in up to 20% of the appreciation on your house- so presumably they get back the original amount extended plus whatever the additional appreciation is whenever the house gets sold/mortgage gets paid off.  

So, that brings up another potential problem and that is how do we referee the deal and make sure the sale is legitimate, reported as such and not bullshit designed to keep them from getting their fair share of the profits when the home sells.

I have been told that if there is one thing CA is excellent at in their government is collecting all the revenue they are owed by their taxpayers and even some they are not so I'm sure they have an agency they will set up for this and I suspect that they will make sure they get aggro people to populate it.  Like I said- a ton of stuff that can be a problem in the details but conceptually I like it a lot. 

Conceptually, a demand-fixing scheme allowing $300k households to get into bidding wars is the opposite of what California needs and is quite an irritating development in the midst of the housing element battle. I wouldn’t be particularly worried about your concerns - if anything, this could have Prop 13-like effects and encourage people to stay in their homes until they die. Sure, homeownership is ideal (I aspire to it!) but affordability in HCOL areas is now a generational lift. 

Edited March 28, 2023 by We’reTexas

[Incredulity 11189]

Just now, Wulaw Horn said:

Sure- but that's a little different than 20% with no questions asked when it comes to handing away money. I'd want to keep a tighter eye on that.  Unless CA just really wants to be co-owners of your house (which they might!)

Of course they do given the last 20 years or so of price appreciation.

Home values even staying flat for a 5 year period blows a MASSIVE hole in this program.  Declining values....hold on to your butt.

Powers that be will scratch their collective heads.

[Wulaw Horn 18918]

Anyone here done a 1X with UWM yet?  I'm trying to see how the pricing works and it's hot garbage at the moment, and my account rep doesn't understand how it works b/c this is his first one time that he's working on, so he doesn't get it either.  I don't think the program is particularly competitive right now (looks like an 8! interest rate- as they have 225 bips in loan level adjustments to the negative on him as compared to what the adjustments would be if he was doing a normal refi like a construction to perm right now- and then they add 3/4 of a point in rate to that on top of it).  

Normally- when competing against a 2 time close that would be preferable still (hey Mr. Borrower- even if you have an 8.5 final rate we can float it down- there could be a world where rates after you finish construction are 9 and this would make you happy) but we are competing against another 1X close where they are saying- oh- 6.5%  Which- I don't understand how that could be the case as that is average market rate right now for a 30 day lock on a 30 years loan- the lender HAS to price in danger of market blowing up during the time the house is being built.  So, no idea how they are doing that (or even if they are or if my borrower is just confused).

If not UWM have you done a 1 time lately with anyone else?  How did it go?  I understand this program inside and out as I probably did 100 of them back in the early 2000's when I was in title, but I've never been on the selling side of this before and trying to make that make sense now. 

 

[LCHorn 2560]

I can't speak to what UWM or your competitor is offering but I am going head to head on a lot of new construction.  Is the other lender in house for the builder?

[Wulaw Horn 18918]

4 minutes ago, LCHorn said:

I can't speak to what UWM or your competitor is offering but I am going head to head on a lot of new construction.  Is the other lender in house for the builder?

Nope.  It's a build on your own lot type deal.  No in house lender or anything like that b/c it's a 1X...

[LCHorn 2560]

2 minutes ago, Wulaw Horn said:

Nope.  It's a build on your own lot type deal.  No in house lender or anything like that b/c it's a 1X...

Well, I think your intuition is correct.  Sometimes there's not a better answer besides the originator is probably a dumbass and once his employer discovers he's made a deal where they lose money he'll be out of job but that doesn't help you in the moment. 

Typically, what I'll do in those situations is to try to 4D chess that thing and get another lender involved ("look, you don't have to take my word for it, get a third quote").  You're not winning a deal if you're high by 2%, anyway, and the hail mary is to try to destroy the other lender's credibility. 

[Beantown Express 2.0 6513]

This is more on the real estate side since I put my house on the market Friday.  Had an offer at list by Sunday but they backed out because 6 years ago we had 17 piers put in the front of our house for some foundation repair.  My neighborhood is on a peninsula in Dallas on a lake and from what I have been told settling and foundation issues in north Texas is totally common and even more so near the lake.  My realtor tried to explain to their realtor that the houses in this neighborhood either had some foundation issues or are going to have foundation issues but the buyers said any home that has this is a non starter.  Should I be worried that most people view it this way?  Everyone I know looks at piers as a positive since the issue was fixed.  

[Incredulity 11189]

As mentioned above.  People are very inclined to make emotional decisions when buying real estate.  

IMPO best thing you can do is have an agreed strategy with your listing agent in dealing with a major disclosure like this.  Foundation Structural Pier Repair cold on a disclosure form is certainly an alarming item without any context.

[TwiceHorn 30850]

36 minutes ago, Beantown Express 2.0 said:

This is more on the real estate side since I put my house on the market Friday.  Had an offer at list by Sunday but they backed out because 6 years ago we had 17 piers put in the front of our house for some foundation repair.  My neighborhood is on a peninsula in Dallas on a lake and from what I have been told settling and foundation issues in north Texas is totally common and even more so near the lake.  My realtor tried to explain to their realtor that the houses in this neighborhood either had some foundation issues or are going to have foundation issues but the buyers said any home that has this is a non starter.  Should I be worried that most people view it this way?  Everyone I know looks at piers as a positive since the issue was fixed.  

As a recent buyer coming from pier & beam, you're right that slab foundations and repairs like that are common and just a reality.  It's going to bother some people to some degree and not so much others.

I bought a house on a slab, eyes open, and just put 33 piers under it, but I felt pretty good about the repair company and the work they did, so I have fingers crossed.  Personally, I rather liked the idea of having it done myself rather than relying on what someone else did, but I got it fully paid for by the sellers.  The foundation guy said it's a) mostly just settling over 44 years and there was no permanent damage to the slab, b) the soils in the area are by and large pretty stable, c) the repair should be pretty permanent especially once they dug the piers and hit some rock.  The question arose whether it even really needed to be done, but better safe than sorry.

Another issue that comes up with some frequency is aluminum wiring.  That's a virtual non-starter for me unless I can figure out how well it has been addressed (the right kind of pigtailing).  A fair number of sellers and realtors are unprepared to give informed answers there and a goodly number of buyers apparently DGAF.  There was one house I liked that while I was dithering and asking questions about aluminum wiring, and, although pier and beam about some brick cracks, it sold to some other dipshit for $20k over list.

One thing that helps a lot for a guy like me that's skittish about these things is a foundation inspection report, all the paperwork on the repair, and hopefully a transferable warranty.  Short of that, you'll find a dipshit.

Edited March 29, 2023 by TwiceHorn

[Wulaw Horn 18918]

1 hour ago, LCHorn said:

Well, I think your intuition is correct.  Sometimes there's not a better answer besides the originator is probably a dumbass and once his employer discovers he's made a deal where they lose money he'll be out of job but that doesn't help you in the moment. 

Typically, what I'll do in those situations is to try to 4D chess that thing and get another lender involved ("look, you don't have to take my word for it, get a third quote").  You're not winning a deal if you're high by 2%, anyway, and the hail mary is to try to destroy the other lender's credibility. 

So, got to the bottom of it. It's a local bank.  They are willing to do a 1X close and guarantee 6.5% in the permanent side of the deal b/c they are willing to keep it as a portfolio product.  But, they also want to do it at 75%. So, I'm sure the play is- we got his 75K- we now have the ability to borrow 750k at the fed window at 5% we will guarantee him 6.5% to get that ability, we can borrow more money from the fed than we are loaning him- if the market gets better we can sell the deal then, if the market gets worse- oh well- we are in the lending business, we have a 1.5% spread- if that's our total downside that's not a bad bet to make.  So, that's sort of smart. Dude doesn't want to put that 75% down with them though I don't think- so I'm not out of the game.  

Really- this is all just about risk mitigation though.  Because me giving him 8% with a float down to wherever the market is at the finish of construction is still preferable to the traditional two time closing.  But, this is a pretty interesting thing whenever you explore niche markets and see what other portfolio type providers are up to.  Very interesting. 

[Wulaw Horn 18918]

1 hour ago, Beantown Express 2.0 said:

This is more on the real estate side since I put my house on the market Friday.  Had an offer at list by Sunday but they backed out because 6 years ago we had 17 piers put in the front of our house for some foundation repair.  My neighborhood is on a peninsula in Dallas on a lake and from what I have been told settling and foundation issues in north Texas is totally common and even more so near the lake.  My realtor tried to explain to their realtor that the houses in this neighborhood either had some foundation issues or are going to have foundation issues but the buyers said any home that has this is a non starter.  Should I be worried that most people view it this way?  Everyone I know looks at piers as a positive since the issue was fixed.  

Last sentence of Twice's post was the money quote for sure- tell them to have it inspected by an engineer- show them the warranty (it should be transferrable) and that ought to allay the concerns of a reasonable person, while also knowing that dipshits are out there that would buy the house without even bothering to ask about it and they exist. 

My suspicion is that you probably just ran into a super conservative and cautious person and it won't be an issue next time around. 

[KYHorn 16711]

On 3/25/2023 at 12:28 PM, KYHorn said:

How do y'all feel about this?

30 year conv was at 6.5%, but this 7/6 ARM is 6% or 5.875% with $1800 in points wrapped into the loan.

Quick math says monthly P&I is $3076 at 5.875 and $3117 without points at 6%

 

On 3/28/2023 at 12:17 PM, KYHorn said:

So we're looking at 5 days to lock. What are the prognosticators saying?

Welp, bye bye to this rate. Back at 6.5% 30 year.

[Wulaw Horn 18918]

15 minutes ago, KYHorn said:

 

Welp, bye bye to this rate. Back at 6.5% 30 year.

You have 9 months until you make back that $1800 that was wrapped into that 5.875% in points, and even then you are on an arm.  As long as you can end up fixed at 5.875% with no discount points in the next, say, 2 years you are in fine shape. 
My company just became licensed in Kentucky last week. If it's not too onerous I will get my license there and refinance you at 5.0 or 5.25% 6 months from now and you will have lost nothing by not taking the arm

 

[KYHorn 16711]

32 minutes ago, Wulaw Horn said:

You have 9 months until you make back that $1800 that was wrapped into that 5.875% in points, and even then you are on an arm.  As long as you can end up fixed at 5.875% with no discount points in the next, say, 2 years you are in fine shape. 
My company just became licensed in Kentucky last week. If it's not too onerous I will get my license there and refinance you at 5.0 or 5.25% 6 months from now and you will have lost nothing by not taking the arm

 

Really great point. I needed a more positive lens to see this with.

Edited March 29, 2023 by KYHorn

[Beantown Express 2.0 6513]

1 hour ago, Wulaw Horn said:

Last sentence of Twice's post was the money quote for sure- tell them to have it inspected by an engineer- show them the warranty (it should be transferrable) and that ought to allay the concerns of a reasonable person, while also knowing that dipshits are out there that would buy the house without even bothering to ask about it and they exist. 

My suspicion is that you probably just ran into a super conservative and cautious person and it won't be an issue next time around. 

We gave them the engineer report and the lifetime warranty info but they are idiots in my opinion since apparently they really loved my house.  Oh well.

Edited March 29, 2023 by Beantown Express 2.0