All Encompassing Mortgage and Real Estate Thread

[UTPhil2006 3,785]

5 minutes ago, jimmyjazz said:

Is this a reaction to the potentially negative connotation of "master"?  If so, it never even occurred to me.  (I don't care what they call it, I'm pretty sure most 3+ bedroom houses have one that's bigger than the others.)

Yep..

Quote

"Some of these changes are simply good faith exercises to demonstrate awareness of historic improprieties or inequities," said Associate Prof. of Business at the University of Houston - Downtown Dietrich von Biedenfeld.

"Particularly in the south, we've had master slave culture. So, on a plantation, you would have a master of that domain who would then exercise control and dominance over enslaved or indentured servants, and so historically, to say that the master lives in a certain place, then it's sort of creates a tone that minorities are excluded."

 

[Neonmoon 38,127]

I prefer “King’s Chamber” or “Fuck Palace”

[Nothing To Add 81]

I just point at the room and say "at my house this is where the magic happens"

[South Austin 51,937]

My realtor suggested “The Massa’s Bedroom.”  Is that okay?

[Incredulity 11,377]

[jimmyjazz 45,341]

18 hours ago, Nothing To Add said:

I just point at the room and say "at my house this is where the magic happens"

The game room?

[Sam Lin 3,539]

No, the toilet.

[Neonmoon 38,127]

21 hours ago, Nothing To Add said:

I just point at the room and say "at my house this is where the magic happens"

 

2 hours ago, jimmyjazz said:

The game room?

[Hefeweizen 5,305]

4 hours ago, Neonmoon said:

 

MTG is cereal business.

[UTPhil2006 3,785]

10 year last few days looks like a damn EKG. At least today is a down slide 

[Wulaw Horn 18,921]

3 minutes ago, UTPhil2006 said:

10 year last few days looks like a damn EKG. At least today is a down slide 

Yep. Only got half of yesterdays losses back though. 

[Neonmoon 38,127]

Had two really good months but now it’s dead. Back to ZJs. 

[LCHorn 2,570]

I don't know what a ZJ is but I'm a good learner if it pays real money. 

[Wulaw Horn 18,921]

13 minutes ago, Neonmoon said:

Had two really good months but now it’s dead. Back to ZJs. 

From fuse my #1 take away: 

Stop hoping to reap from the seeds you didn’t sew. 
 

Whatever is going on right now is an opportunity to sew seeds that you can harvest in the future. We have the time right now. 
 

be happy for the good two months and grind away. 
 

im talking to me as much as you, I promise. Congrats on the 2 good months. More than a lot can say right now. 

[Wulaw Horn 18,921]

Also habib said float when we were up 35 this morning. Now at 18 up. Bet your ass it’s time to lock. 

[UTPhil2006 3,785]

31 minutes ago, LCHorn said:

I don't know what a ZJ is but I'm a good learner if it pays real money. 

From Beerfest

[UTPhil2006 3,785]

On 10/10/2023 at 9:13 AM, UTPhil2006 said:

Back down .09 to 4.70 this morning. 4.6 here we come? 🤞🏻

Welp 

[Wulaw Horn 18,921]

7 minutes ago, UTPhil2006 said:

Welp 

Yeah- got in the car- mbs flat for the day. Got done at the gym an hour later and down 70 basis points.  Lulz.  This is so absurd. 

[Dbeasy 14,914]

Is it fair to say that once there is some stability and signs that the Fed has stopped, shouldn’t the 30 year rate drop down to a more normal 1.5% spread from the 10 year?

[Wulaw Horn 18,921]

4 minutes ago, Dbeasy said:

Is it fair to say that once there is some stability and signs that the Fed has stopped, shouldn’t the 30 year rate drop down to a more normal 1.5% spread from the 10 year?

More like 2% on the spread historically, but yeah- that would be the hope once the market reaches inflection point/stabalizes.  

[UTPhil2006 3,785]

13 minutes ago, Dbeasy said:

Is it fair to say that once there is some stability and signs that the Fed has stopped, shouldn’t the 30 year rate drop down to a more normal 1.5% spread from the 10 year?

This was predictable after Yellens comments yesterday. 

[Wulaw Horn 18,921]

6 minutes ago, UTPhil2006 said:

This was predictable after Yellens comments yesterday. 

What did she say I missed it. 

[UTPhil2006 3,785]

6 minutes ago, Wulaw Horn said:

What did she say I missed it. 

[Wulaw Horn 18,921]

Just another 30 basis points down before habib even has time to polish a turd. 
my FAVORITE was yesterday down 70 bips in 30 minutes and the headline said/ rents going on are great news for inflation. 
Way to miss the point of the whole thing habib. 
thanks for nothing. 

[UTPhil2006 3,785]

5.0% on the 10Y by Friday close prob 

[LCHorn 2,570]

49 minutes ago, Wulaw Horn said:

Just another 30 basis points down before habib even has time to polish a turd.

I'm starting to see a lot of similarity between MBS Highway and TexAgs...

[Wulaw Horn 18,921]

57 minutes ago, LCHorn said:

I'm starting to see a lot of similarity between MBS Highway and TexAgs...

Yeah- it’s annoying. I’d just as soon every update of his read lock you stupid motherfuckers, it’s awful out there. Every day brings some new fresh horror and is worse than the day before. What’s are you thinking floating?  Why haven’t you gotten a new job yet?  Things are bad in the sector and only going to get worse.  If you aren’t smart enough to get out prepare your cornhole it’s going to be terrible.

 

now that’s an update. 

[Wulaw Horn 18,921]

Can we have one day where things get incrementally better instead of exponentially worse? 
 

Can we have one day where things get incrementally better instead of exponentially worse? 
 

[UTPhil2006 3,785]

On 10/18/2023 at 10:14 AM, UTPhil2006 said:

5.0% on the 10Y by Friday close prob 

4.986 EOD so yeah prob by open tomorrow now 

[Wulaw Horn 18,921]

I think I broke a finger today punching my steering wheel. I think it’s because of what you are talking about there. Not directly. But vibes. 

[Bozo_Casanova 26,123]

 

[Wulaw Horn 18,921]

7 minutes ago, Bozo_Casanova said:

 

The same concept behind settlers getting to new land and burning the ships. Can’t say I recommend. 

[Neonmoon 38,127]

Guy getting a divorce had to give up a 2.75% for a 7.99% to refi spouse off the loan. Ouch 

[UTPhil2006 3,785]

5 minutes ago, Neonmoon said:

Guy getting a divorce had to give up a 2.75% for a 7.99% to refi spouse off the loan. Ouch 

Verbatim what we’re doing right now. Got him a 7.625 on a cash out at least 

[UT_OB1 2,198]

3 hours ago, Neonmoon said:

Guy getting a divorce had to give up a 2.75% for a 7.99% to refi spouse off the loan. Ouch 

Still cheaper than marriage and probably worth every fucking penny to him. 

[Wulaw Horn 18,921]

2 minutes ago, UT_OB1 said:

Still cheaper than marriage and probably worth every fucking penny to him. 

I absolutely love my wife. And my kids. You aren’t wrong. 

[Upgrayedd 5,797]

5 hours ago, Bozo_Casanova said:

 

I’m at 275 bps in San Diego.  I’m totally gonna do this.

[Bozo_Casanova 26,123]

8 hours ago, Upgrayedd said:

I’m at 275 bps in San Diego.  I’m totally gonna do this.

Alpha Mindset

[Wulaw Horn 18,921]

10 year at 4.995. It was down in the overnight trading- somewhat significantly- and I said to myself- self- is it possible we will see mortgage backed securities up for the first time in 10 days? 
 

haha. Hahahahaha. 
 

 

[UTPhil2006 3,785]

4 hours ago, Wulaw Horn said:

10 year at 4.995. It was down in the overnight trading- somewhat significantly- and I said to myself- self- is it possible we will see mortgage backed securities up for the first time in 10 days? 
 

haha. Hahahahaha. 
 

 

Recovered fairly solidly so far today. 

[Wulaw Horn 18,921]

51 minutes ago, UTPhil2006 said:

Recovered fairly solidly so far today. 

So far. 

[Neonmoon 38,127]

1 hour ago, UTPhil2006 said:

Recovered fairly solidly so far today. 

[Wulaw Horn 18,921]

I just locked 3 and finished the last one literally 30 seconds before "reprice for the worse" email came. I now have nothing exposed in my pipeline (as of now). 

[Neonmoon 38,127]

11 minutes ago, Wulaw Horn said:

I just locked 3 and finished the last one literally 30 seconds before "reprice for the worse" email came. I now have nothing exposed in my pipeline (as of now). 

I have two fucktards who are arguing amongst themselves on what rate/points to choose and did not decide before the reprice

I told them this would happen. I can't wait to explain how it's worse now. 

[Wulaw Horn 18,921]

7 minutes ago, Neonmoon said:

I have two fucktards who are arguing amongst themselves on what rate/points to choose and did not decide before the reprice

I told them this would happen. I can't wait to explain how it's worse now. 

I had a guy I begged to lock at 6.99% last month. It’s 7.75% now. And getting worse. He got an extension on his construction loan so he can play the market for 3 extra months. Ughhhhhhh. 

[victory88 5,650]

May not be the thread for it, but wife and I are looking for homes in far north Dallas area.  Lots of homes built in the 70s.  Found one with potential but the home looks like old people died in there.  Original everything.  Anyways, I’m assuming no one is going to offer them what they are asking for.  What can a 350-375k renovation get you?  Anyone for a renovation like this.  We’re working with a reputable builder and architect but they basically won’t give me an idea of what it would cost to get what we want.  Would 350k for a 3300 Sq home cover foundation, repairs, new plumbing/electrical, new roof, tearing down walls and ceiling, new floor, etc?  It’s too experimenting buy a home to tear down for a new build so now we are exploring the renovation route, an option I was dreading.

[UTPhil2006 3,785]

3 minutes ago, victory88 said:

May not be the thread for it, but wife and I are looking for homes in far north Dallas area.  Lots of homes built in the 70s.  Found one with potential but the home looks like old people died in there.  Original everything.  Anyways, I’m assuming no one is going to offer them what they are asking for.  What can a 350-375k renovation get you?  Anyone for a renovation like this.  We’re working with a reputable builder and architect but they basically won’t give me an idea of what it would cost to get what we want.  Would 350k for a 3300 Sq home cover foundation, repairs, new plumbing/electrical, new roof, tearing down walls and ceiling, new floor, etc?  It’s too experimenting buy a home to tear down for a new build so now we are exploring the renovation route, an option I was dreading.

Depends on the finish outs, and several other variables. Did they cite why they wouldn’t give you at least a baseline number so you have an idea of what to go to the lender for approval for?

[Blotto 23,350]

2 minutes ago, victory88 said:

May not be the thread for it, but wife and I are looking for homes in far north Dallas area.  Lots of homes built in the 70s.  Found one with potential but the home looks like old people died in there.  Original everything.  Anyways, I’m assuming no one is going to offer them what they are asking for.  What can a 350-375k renovation get you?  Anyone for a renovation like this.  We’re working with a reputable builder and architect but they basically won’t give me an idea of what it would cost to get what we want.  Would 350k for a 3300 Sq home cover foundation, repairs, new plumbing/electrical, new roof, tearing down walls and ceiling, new floor, etc?  It’s too experimenting buy a home to tear down for a new build so now we are exploring the renovation route, an option I was dreading.

Thats kind of like asking how much a car costs. 

[victory88 5,650]

13 minutes ago, UTPhil2006 said:

Depends on the finish outs, and several other variables. Did they cite why they wouldn’t give you at least a baseline number so you have an idea of what to go to the lender for approval for?

So currently I’m approved for a jumbo loan and then a slightly smaller 100% no pmi loan.  Initially we were using the jumbo loan to buy a turn key flipped house but it had lots of issues for the price.  Plan is now to go with the 2nd loan and use cash on hand to renovate a home with “good” bones whatever that means.  Just don’t want to get stuck buying a shit home and the be told it will cost 500k when we’re telling the builder the most we are willing to spend.

for reference.  Here is the home we are looking at.  Hoping we can get it for 650-675k.  This home is priced way too high.  Other homes that are flips with updates are selling for slightly higher than this haunted home.  I imagine this home will need everthing redone.

https://www.zillow.com/homedetails/16311-Fallkirk-Dr-Dallas-TX-75248/26875285_zpid/

Would like the finishes to look somewhat like this images below.  The same builder and architect the home in the pictures in my good friends neighborhood.  Doesn’t have to be as high end but curious if this is even achievable.  Builder initially was saying we can do a lot but I’m not believing it….
 

 

 

Edited October 20, 2023 by victory88

[victory88 5,650]

9 minutes ago, Blotto said:

Thats kind of like asking how much a car costs. 

I know man.  That’s why I’m asking.  Hard to get any information online and builder and architect keep telling me they won’t give me a quote till after inspections.  I just don’t want to shell out option money and inspection money again to be told it’s too pricey.  That shit adds up quick when you do it multiple times.  Just looking for feedback.  If anyone has done similar projects and what it cost them.