All Encompassing Mortgage and Real Estate Thread

[Hagbard Celine 11215]

14 hours ago, GottaB said:

Wow. Just read about Denmark. 30yr loan at 0.5%. 20 year at minus 0.5%. We are so borked.

speaking of, and apologies for not being tuned up on this thread, but what is the best website that lists daily 15- & 30-year fixed rates.

want to refinance.  approx. 50% equity, attractive zip code.

if i stay with my mainstream banksters, can i conn them in to paying for the appraisal (assume $500?), waiving late fees ($2k over 20 years), points (how many is customary on a refi with the same banksters that hold the note today), and closing (title costs) will they negotiate to cap this at a flat fee rather than a percentage?

 

thanks i'll hang up and listen

[Pato del Muerto 53448]

Late fees ain’t happening. You can get them to pay for all that other stuff, but they’ll then make their money on a higher rate. 

@UTPhil2006 if I was doing business with you and asked you for either your rate sheet before locking, or the yield spread premium for the rate you quoted me, would you offer it up?

that was pretty much a no-no back when I was in the industry. 

Edited August 8, 2019 by Pato del Muerto

[UTPhil2006 3930]

Are you saying as a customer or a fellow mortgage person? 

[Pato del Muerto 53448]

Asking as if I were a customer who wanted to know how much revenue  my loan would generate to you/your company.  

But since you are asking, I’m sure the answer is no like it always has been. 

[BabaYaga 15623]

3 hours ago, Hagbard Celine said:

speaking of, and apologies for not being tuned up on this thread, but what is the best website that lists daily 15- & 30-year fixed rates.

want to refinance.  approx. 50% equity, attractive zip code.

if i stay with my mainstream banksters, can i conn them in to paying for the appraisal (assume $500?), waiving late fees ($2k over 20 years), points (how many is customary on a refi with the same banksters that hold the note today), and closing (title costs) will they negotiate to cap this at a flat fee rather than a percentage?

 

thanks i'll hang up and listen

Rate.com maybe?  Been a while

As for all the other stuff, they'll premium price you to death on this one.  Nobody's eating all that.  They "might" POC the appraisal cost, although generally you might qualify for a PIW and feed you a line of BS that they are "eating it" on your behalf (or waiving it).  FNMA's running a new bifurcated appraisal beta now that many lenders are testing (Prop Inspection & 1004P)

Title costs?  Still have to be able to securitize your loan.  If a title report was done recently it will be a discounted cost (it's always a percentage), but they're not just going to eat it (especially as it's a pass through fee).  Even with all this, rates are down in the 3's.  It's a win-win.  

[Dbeasy 15561]

Further to the question for Phil, I assume there are still no cost (at all) refinancing where they just raise the rate 1/8 to 1/4 of a point over what they would normally quote?

[BabaYaga 15623]

6 minutes ago, Dbeasy said:

Further to the question for Phil, I assume there are still no cost (at all) refinancing where they just raise the rate 1/8 to 1/4 of a point over what they would normally quote?
 

Typically higher than that.  I'd say to cover the majority of the costs, you're looking at a whole point to 1.5% higher rate.  Typically not worth it unless it's a purchase and you are struggling to cover everything out of pocket.  But it's been a while - just know they are "premium pricing" your loan.  Nobody is giving you anything.  

[Hagbard Celine 11215]

Update:

I've talked to Bankster 1, the one that has the money.

I have yet to talk to Bankster 2, the one that has the note.

Both 1 & 2 have a special program for HNWI.   The word common to the name of both programs is "Private".  However, I am not HNWI, not even close.  Just have enough to be in that program with Bankster 1.  Not in the program with Bankster 2 obviously.  But I plan on playing them off each other, given that 1 is promising specialness on certain things because of membership, and 2 will want to keep the property on their books.

@baba when you say re: Title costs / "securitize your loan" do you mean Title Insurance?  B1 quoted me $2100 for this.

 

Also to all, what the hell are 5806 Texas provisions?  Never heard of this before.  B1 asked if we had them.  Said it would effect rates, closing costs.

 

Again I apologize for not being tuned up - i will go back and read this thread from the beginning this weekend.

[Chewbacca 7829]

1 hour ago, BabaYaga said:

Typically higher than that.  I'd say to cover the majority of the costs, you're looking at a whole point to 1.5% higher rate.  Typically not worth it unless it's a purchase and you are struggling to cover everything out of pocket.  But it's been a while - just know they are "premium pricing" your loan.  Nobody is giving you anything.  

1.5% higher rate?  The last time I did a 0/0 loan, I think my rate was .25% higher?

[Pato del Muerto 53448]

36 minutes ago, Chewbacca said:

1.5% higher rate?  The last time I did a 0/0 loan, I think my rate was .25% higher?

Depends on the loan amount. 

[Chewbacca 7829]

2 minutes ago, Pato del Muerto said:

Depends on the loan amount. 

Really?  Because the points also depend on the loan amount.  Origination fee should be constant, so the bigger the loan amount, the less that should affect the calculation.

[Pato del Muerto 53448]

Well if you want the fixed costs covered of say appraisal and title insurance fees plus any standard fees from the lender (processing, credit report, printing, whatever) those are pretty much fixed so if it’s a $1250 total, you’d need to get a point on the back end of a 125k loan, but only a half point on a 250k loan amount. 

Origination should be like for like. 

[Chewbacca 7829]

3 minutes ago, Pato del Muerto said:

Well if you want the fixed costs covered of say appraisal and title insurance fees plus any standard fees from the lender (processing, credit report, printing, whatever) those are pretty much fixed so if it’s a $1250 total, you’d need to get a point on the back end of a 125k loan, but only a half point on a 250k loan amount. 

Origination should be like for like. 

Ah, I was thinking 0/0 as in no origination fee or points.  Wasn't thinking about rolling in appraisal or title insurance or other closing costs.

[CooterBrown 18287]

Wow. Just read about Denmark. 30yr loan at 0.5%. 20 year at minus 0.5%. We are so borked.

I think I’d refinance at -0.5%.

[UT_OB1 2266]

I didn’t know negative rates were a real thing. Is it in the realm of possibility that we would be be able to reFi in to a 30 year negative rate loan?  If so, get ready for a call Phil...

i can’t imagine negative rates are a good thing though, right?  Would real currency be bullets, gold, and chickens at that pint?

[Pato del Muerto 53448]

I remember when Mitsubishi or Isuzu offered neg am loans from their credit arm as a last ditch effort at sales before packing up and leaving the US market. 

Never figured on it for home loans though. 

[UTPhil2006 3930]

18 hours ago, Pato del Muerto said:

Asking as if I were a customer who wanted to know how much revenue  my loan would generate to you/your company.  

But since you are asking, I’m sure the answer is no like it always has been. 

I mean we're a pretty open book, but it's not common thing no.  

[UTPhil2006 3930]

17 hours ago, BabaYaga said:

Rate.com maybe?  Been a while

As for all the other stuff, they'll premium price you to death on this one.  Nobody's eating all that.  They "might" POC the appraisal cost, although generally you might qualify for a PIW and feed you a line of BS that they are "eating it" on your behalf (or waiving it).  FNMA's running a new bifurcated appraisal beta now that many lenders are testing (Prop Inspection & 1004P)

Title costs?  Still have to be able to securitize your loan.  If a title report was done recently it will be a discounted cost (it's always a percentage), but they're not just going to eat it (especially as it's a pass through fee).  Even with all this, rates are down in the 3's.  It's a win-win.  

Title is third party so that's getting paid.  We have paid for appraisal out of our pockets (or hopefully get a waiver if the LTV is good).  On refinances you can roll costs into the loan to not come out of pocket.

[UTPhil2006 3930]

17 hours ago, Dbeasy said:

Further to the question for Phil, I assume there are still no cost (at all) refinancing where they just raise the rate 1/8 to 1/4 of a point over what they would normally quote?
 

We just did that for a couple people on here.  You just roll the costs into the new loan.  I think one person  brought $8 to the table an one $25.  There are other ways to accomplish no cost but thats the easiest and most common.

[UTPhil2006 3930]

9 hours ago, Pato del Muerto said:

I remember when Mitsubishi or Isuzu offered neg am loans from their credit arm as a last ditch effort at sales before packing up and leaving the US market. 

Never figured on it for home loans though. 

I highly doubt it will get anywhere near that on home loans.  I think that post was a bit of histrionic thinking.  Just yesterday the 10 year went back up like 15 basis points.

[UT_OB1 2266]

36 minutes ago, UTPhil2006 said:

We just did that for a couple people on here.  You just roll the costs into the new loan.  I think one person  brought $8 to the table an one $25.  There are other ways to accomplish no cost but thats the easiest and most common.

We were zero out of pocket a few months back if I remember right because of the ltv with all the costs rolled in to the loan except appraisal I believe. 

 

Find out Monday if we get a 4plex. Put offer in at the highest my realtor thought the range would be. Hopefully calling you in 6-8 months after repairs. Can I request to get same appraiser as last time?

Edited August 9, 2019 by UT_OB1

[UTPhil2006 3930]

11 minutes ago, UT_OB1 said:

We were zero out of pocket a few months back if I remember right because of the ltv with all the costs rolled in to the loan except appraisal I believe. 

 

Find out Monday if we get a 4plex. Put offer in at the highest my realtor thought the range would be. Hopefully calling you in 6-8 months after repairs. Can I request to get same appraiser as last time?

Nice!

[UTPhil2006 3930]

On 8/9/2019 at 10:43 AM, UT_OB1 said:

We were zero out of pocket a few months back if I remember right because of the ltv with all the costs rolled in to the loan except appraisal I believe. 

 

Find out Monday if we get a 4plex. Put offer in at the highest my realtor thought the range would be. Hopefully calling you in 6-8 months after repairs. Can I request to get same appraiser as last time?

Did you get it?

[UT_OB1 2266]

6 hours ago, UTPhil2006 said:

Did you get it?

Looks like no   I’ll be interested to see what it ended up going for. 

[UTPhil2006 3930]

15 hours ago, UT_OB1 said:

Looks like no   I’ll be interested to see what it ended up going for. 

Let me know whenever it sells and I'll look it up

[UTPhil2006 3930]

On 8/7/2019 at 11:33 AM, UTPhil2006 said:

1.63 now.

1.59 this morning

[HRSchenker 2340]

Is it worth it to refinance a mortgage? I'm on a 30 year @ 4.375 and have about $250k left. 

[Sbbruin 22142]

5 minutes ago, HRSchenker said:

Is it worth it to refinance a mortgage? I'm on a 30 year @ 4.375 and have about $250k left. 

You should be able to save +/- 50 bps, I would think it would be a no-brainer.  But if you can swing it, refi into a 15 yr.  Rates are lower and you REALLY start taking big bites at the apple.

[UTPhil2006 3930]

36 minutes ago, Sbbruin said:

You should be able to save +/- 50 bps, I would think it would be a no-brainer.  But if you can swing it, refi into a 15 yr.  Rates are lower and you REALLY start taking big bites at the apple.

This would probably be the smartest route, but I can certainly take a look at things if you want to PM me or email me - pdubord@prodigymbo.com

[dingleberryswitzer 2724]

1 hour ago, HRSchenker said:

Is it worth it to refinance a mortgage? I'm on a 30 year @ 4.375 and have about $250k left. 

Nice humble brag!!

[Gil Bang 26229]

The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will now allow individual unit approval and is taking other steps to loosen requirements that make these properties eligible for FHA financing.

Under the revised guidelines – which take effect Oct. 15, 2019 – an individual condo unit in a building of 10 units or more may be eligible for spot approval if no more than 10% of the units are FHA-insured. For units in buildings with fewer than 10 units, no more than two units can have FHA insurance.

 

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The FHA is also extending the recertification deadline for approved condo projects from two to three years, and it will insure more mixed-use projects, or those with more commercial space, to be eligible, stating that approved projects can now have up to 35% of their square footage dedicated to non-residential use.

The agency also loosened restrictions on owner-occupancy rules, stating that eligible condo projects can now be just 50% owner-occupied.

It also said it will insure up to 50% of units in any given project.

The FHA said it expects the updated guidelines to qualify an estimated 20,000 to 60,000 more condo units per year for financing.  

Currently, of the more than 150,000 condo projects across the country, only 6.5% are approved for FHA financing.

This is something the FHA is aiming to change with the updated guidelines, Department of Housing and Urban Development Secretary Ben Carson said on a call with reporters Wednesday.

“FHA is publishing a new rule in the Federal Register that we believe will offer significantly more options for individuals and families to buy a home, specifically the kind of home more and more people are looking for in order to achieve homeownership, and of course that is a condominium,” Carson said, adding that the new rules “will open many doors to buyers who have been waiting on the sidelines, waiting to become homeowners, waiting to share in the American Dream.”

FHA Commissioner Brian Montgomery said the agency has been working alongside stakeholders for three years to update its condo policies.

“It had become clear for many years that we needed to update our condo project approval regulations so that, while not exposing the agency to more risk, they are more flexible and less prescriptive and more reflective of the current market than the previous condominium project approval provisions,” Montgomery said on the press call.

The National Association of Realtors was among the of the first trade associations to applaud the agency for finally making the long-awaited move.

NAR said the changes, which it has championed for more than a decade, should help alleviate affordability issues for many prospective homebuyers.

“We are thrilled that Secretary Carson has taken this much-needed step to put the American Dream within reach for thousands of additional families,” said NAR President John Smaby.

“It goes without saying that condominiums are often the most affordable option for first-time homebuyers, small families and those in urban areas,” Smaby continued. “This ruling, which culminates years of collaboration between HUD and NAR, will help reverse recent declines in condo sales and ensure the FHA is fulfilling its primary mission to the American people.”

Specific changes regarding condo approvals can be viewed in an updated version of FHA’s Single Family Handbook, found here.

[UTPhil2006 3930]

On 8/14/2019 at 9:39 AM, UTPhil2006 said:

1.59 this morning

1.52

[Foosters 18267]

Any thoughts on whether rates should continue to fall? I'm trying to get a home improvement loan AND refinance bc current mortgage is at 4.75.  Rates look good now, but is it almost a certainty they will go lower over the next couple of months? 

Disclaimer: I'm a total fucking noob on this shit

[UTPhil2006 3930]

1 hour ago, Foosters said:

Any thoughts on whether rates should continue to fall? I'm trying to get a home improvement loan AND refinance bc current mortgage is at 4.75.  Rates look good now, but is it almost a certainty they will go lower over the next couple of months? 

Disclaimer: I'm a total fucking noob on this shit

Pm sent

To answer your question no one really knows. The market is so volatile we could jump 30 basis points back up in a couple day span. I’d say strike while the iron is hot. Better safe than sorry 

[T’Boo Ted Marshall 2779]

My remodel is done.

Property is up for sale.

No HDMI inputs or Best Buy coupons.

https://rhunt.cbapex.com/for-sale/5335-bent-tree-forest-dr-244-dallas-tx-75248/15-1707430

 

 

 

[UTPhil2006 3930]

17 hours ago, T’Boo Ted Marshall said:

My remodel is done.

Property is up for sale.

No HDMI inputs or Best Buy coupons.

https://rhunt.cbapex.com/for-sale/5335-bent-tree-forest-dr-244-dallas-tx-75248/15-1707430

 

 

 

Listen to this man. He’s pre med. 

[UTPhil2006 3930]

On 8/14/2019 at 12:45 PM, HRSchenker said:

Is it worth it to refinance a mortgage? I'm on a 30 year @ 4.375 and have about $250k left. 

PM sent

[UTPhil2006 3930]

On 8/15/2019 at 12:24 PM, UTPhil2006 said:

1.52

Still just hanging around 1.56 or so the last couple days while the Dow swings both ways.

[Goofyboy 3432]

Is it worth it to refinance a mortgage? I'm on a 30 year @ 4.375 and have about $250k left. 

Same. Phil - shoot me a PM.

[UTPhil2006 3930]

14 hours ago, Goofyboy said:

 

Same. Phil - shoot me a PM.

 

[UTPhil2006 3930]

Fed Chair Powell announcement/statement tomorrow.

[BradInATX 9208]

Is it reasonable/within the norms of the relationship to ask a realtor to take 1% on the front end when selling your home if they're getting 3% almost immediately after on the purchase of a new home? Assuming both the sale and the purchase are very good sized deals? I love our realtor, - she was fantastic on the purchase of our current house. And she's also a friend, but I've got another friend who wants the business bad and is offering 3% in total (1 on the sale, 2 on the purchase). That's a good chunk of change, and I've heard he's good too.

Edited August 24, 2019 by BradInATX

[UTPhil2006 3930]

45 minutes ago, BradInATX said:

Is it reasonable/within the norms of the relationship to ask a realtor to take 1% on the front end when selling your home if they're getting 3% almost immediately after on the purchase of a new home? Assuming both the sale and the purchase are very good sized deals? I love our realtor, - she was fantastic on the purchase of our current house. And she's also a friend, but I've got another friend who wants the business bad and is offering 3% in total (1 on the sale, 2 on the purchase). That's a good chunk of change, and I've heard he's good too.

Pretty reasonable and the norm. If we do your sale and your buy we do 1% on the sell and the normal 3% on the buy so that you net more on the sell. Since there both friends and she did your purchase I would give her the opportunity to match his offer at least. 

[Gil Bang 26229]

2 hours ago, BradInATX said:

Is it reasonable/within the norms of the relationship to ask a realtor to take 1% on the front end when selling your home if they're getting 3% almost immediately after on the purchase of a new home? Assuming both the sale and the purchase are very good sized deals? I love our realtor, - she was fantastic on the purchase of our current house. And she's also a friend, but I've got another friend who wants the business bad and is offering 3% in total (1 on the sale, 2 on the purchase). That's a good chunk of change, and I've heard he's good too.

so I just deleted my rant about you being a fucking idiot, because I wanted to clarify some shit.

1) What's the TOTAL commission that you intend to pay on the sale of your current home?

2) How do you know that your agent will be getting 3 points on the purchase of your new home?  That commission is paid by that seller, and you aren't a party to that deal. 

3) Placeholder for me coming back to call you a fucking idiot. 

1 hour ago, UTPhil2006 said:

Pretty reasonable and the norm. If we do your sale and your buy we do 1% on the sell and the normal 3% on the buy so that you net more on the sell. Since there both friends and she did your purchase I would give her the opportunity to match his offer at least. 

WTF?   Your client isn't paying the commission. This makes no fucking sense at all

Edited August 24, 2019 by Gil Bang

[Gil Bang 26229]

OK y'all. It's been a long week, and I may have had a bit too much to drink tonight.  I'll be back tomorrow with a better response to this thread.  There's a whole lot wrong here. 

[BradInATX 9208]

Assuming I'll pay three to the buyer agent plus hopefully 1 to my agent on the sale.

 

And zero on the purchase. I see where you're going despite the sloppiness.I think the intent of two on the purchase by the guy who wants my business was to get concessions from the seller. I dont know. Not really my concern. Or I misunderstood.

 

I don't care what my agent gets when we buy. I just want to get down to 1% on the sale.

 

 

 

 

[Gil Bang 26229]

OK,  I'm sure a shitty agent will accept that 1%.  I wouldn't, because I'm actually gonna work to sell your house.   When you're paying an agent 1%, how much work do you expect them to do?   How much advertising?   

Here are some of the things that I usually do when I take a listing:

1) Have a catered "Broker's Open" house to attract other agents to your home ($500+)  2) Send mailers out to the neighborhood advertising the listing ($250+)  3) Run an ad in the Sunday paper ($250).   I also go out of pocket for misc. shit that needs do be done around the house, like decluttering and storage (at my expense), staging if the house is vacant ($750 minimum), etc. 

Why do I do this?  To expose the home to the highest number of buyers possible, in order to maximize the sales price. 

For a 1% listing, I'm not doing jack shit. 

I get that you want to pay as little as possible.  If anything, I'd make it 2%/2% instead of 1%/3%.  

 

Edited August 24, 2019 by Gil Bang

[Gil Bang 26229]

10 hours ago, BradInATX said:

Assuming I'll pay three to the buyer agent plus hopefully 1 to my agent on the sale.

 

And zero on the purchase. I see where you're going despite the sloppiness.I think the intent of two on the purchase by the guy who wants my business was to get concessions from the seller. I dont know. Not really my concern. Or I misunderstood.

 

I don't care what my agent gets when we buy. I just want to get down to 1% on the sale.

 

 

 

 

Maybe TX is different, IDK, but the commission is negotiated at the time of the listing.  That is a CONTRACT between broker and seller.  There are no reductions in commission as part of negotiating a purchase.   

[Dbeasy 15561]

OK,  I'm sure a shitty agent will accept that 1%.  I wouldn't, because I'm actually gonna work to sell your house.   When you're paying an agent 1%, how much work do you expect them to do?   How much advertising?   
Here are some of the things that I usually do when I take a listing:
1) Have a catered "Broker's Open" house to attract other agents to your home ($500+)  2) Send mailers out to the neighborhood advertising the listing ($250+)  3) Run an ad in the Sunday paper ($250).   I also go out of pocket for misc. shit that needs do be done around the house, like decluttering and storage (at my expense), staging if the house is vacant ($750 minimum), etc. 
Why do I do this?  To expose the home to the highest number of buyers possible, in order to maximize the sales price. 
For a 1% listing, I'm not doing jack shit. 
I get that you want to pay as little as possible.  If anything, I'd make it 2%/2% instead of 1%/3%.  
 

The debate that is occurring these days is whether those marketing activities deliver much value. Most buyers find what they want online.

[Pato del Muerto 53448]

1 hour ago, Gil Bang said:

Maybe TX is different, IDK, but the commission is negotiated at the time of the listing.  That is a CONTRACT between broker and seller.  There are no reductions in commission as part of negotiating a purchase.   

And if you know the same person will be your agent on the buy side, that’s part of the negotiation. 

Plus, depending on the part of town and maybe the price point, most of that stuff you mention won’t ever happen because as soon as it hits mls people start throwing offers and viewing requests at the agent. 

Plus, a straight 3/3 split of 6% is pretty standard in Texas I believe. 

Up here it’s 3.5/2.5 I think unless circumstances dictate a change. 

Edited August 24, 2019 by Pato del Muerto