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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?

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I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?
swbc?
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5 hours ago, Texaus said:

I’m in the process of refinancing and mortgage company comes back asking for 12 month payment history on our 2nd mortgage. I don’t have a second mortgage. They send the county deed records and there is a record of a second mortgage of 100k being taken out in 2017 in my name with swbc. This is not something I did or had any idea about. It is not on my credit report. What the fuck? Who do I even call about this shit?

Call your title insurance company.  If you don't have your records from your title insurance, ask the mortgage company that you are using for the refi if they have opened a title order, and if not, insist that they do so.   Let the new title company know that the loan isn't yours, and they should have it fixed in a day or two.

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11 hours ago, Gil Bang said:

Call your title insurance company.  If you don't have your records from your title insurance, ask the mortgage company that you are using for the refi if they have opened a title order, and if not, insist that they do so.   Let the new title company know that the loan isn't yours, and they should have it fixed in a day or two.

One of the first things they should have done was to open a title order 

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On 9/20/2019 at 10:26 AM, UTPhil2006 said:

1.76.  Been hovering here since about Tuesday being that the Fed rate cut, since it was relatively expected, was already priced in.  So we've got a little reprieve from the 45 basis point jump back.

1.61.. down .05 so far today

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1 hour ago, UTPhil2006 said:

Assuming 740+ credit, <80% LTV, normal DTI, you're looking around 3.5, maybe 3.375 if we can capture more of today's losses.

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

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46 minutes ago, Longhornfan1024 said:

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

Holy shit, how much student debt do you have that you need the IBR to pay off student loans with $250k in income?

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51 minutes ago, Longhornfan1024 said:

How do you factor in student loans?  My wife and I are high income earners ($250k+) with great credit, but we have ridiculous student loan balances that we pay off on an income-based repayment plan.  Do you use the IBR payments to calculate DTI or what payments would be if we were on a flat payment plan?

It populates your liabilities from your credit report, so I'm guessing it would be your current IBR payment, but I will double check

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On 10/3/2019 at 10:47 AM, UTPhil2006 said:

Down to 1.51 this morning.  We were down to 1.45 before the massive week long jump about a month ago.  

Ended the week at 1.52.  Hell of a comeback from the 1.90 we were at about 10 days ago.  Getting back close to the 3 year low of 1.43 we were at around a month ago

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On 10/5/2019 at 11:59 AM, UTPhil2006 said:

Ended the week at 1.52.  Hell of a comeback from the 1.90 we were at about 10 days ago.  Getting back close to the 3 year low of 1.43 we were at around a month ago

Back to 1.74 after the last few rough days.  Key will be to take advantage of the valleys when (if?) they come.

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1 hour ago, Nonbryan said:

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

Email sent.  In my experience with Redfin and OpenDoor on the other side of things, they were a pain in the butt.

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On 10/15/2019 at 7:13 AM, Nonbryan said:

Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?

You get what you pay for bro. 

Yes, Redfin can buy and sell.  They do both poorly, but whatever. 

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Any experience or thoughts on using a lower cost real estate service to sell or buy a home?  Thinking Redfin or something similar?  Can Redfin buy and sell?


I evaluated Redfin when selling a house I owned. The agent seemed inexperienced. And their buying service offers prices are below market substantially.

Disclaimer: I have a real estate license and do deals for myself and friends and family. I usually charge friends slightly more than Redfin, giving them a more competent representative for just a little more than Redfin.
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So how tough is the Austin market for buyers right now?  I'll be looking to buy in the near future, probably late 2019 or early 2020, and need to be in the Lamar/McCallum district for my kids (see the Divorce Stuff thread if you want more entertaining background).  So something in the broader Allendale, North Loop, southeastern Northwest Hills areas.  I don't need anything too big, as it's just me and then my kids 50% of the time.   

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4 minutes ago, South Austin said:

So how tough is the Austin market for buyers right now?  I'll be looking to buy in the near future, probably late 2019 or early 2020, and need to be in the Lamar/McCallum district for my kids (see the Divorce Stuff thread if you want more entertaining background).  So something in the broader Allendale, North Loop, southeastern Northwest Hills areas.  I don't need anything too big, as it's just me and then my kids 50% of the time.   

Not bad.  Plus in the timeframe you mentioned it's more of a buyers market (slower around the holidays, end of year, etc) vs during the summer months when everyone is moving and it's a seller's market.  

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Just now, UTPhil2006 said:

Not bad.  Plus in the timeframe you mentioned it's more of a buyers market (slower around the holidays, end of year, etc) vs during the summer months when everyone is moving and it's a seller's market.  

I figured as much on timing of the year, though I don't have the luxury of waiting, so I'll be on the more motivated/desperate end of the buyer's market.

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11 hours ago, Gil Bang said:

You get what you pay for bro. 

Yes, Redfin can buy and sell.  They do both poorly, but whatever. 

Yeah, the difference in commission savings vs quality of marketing and negotiation, it is typically a wash at best, or you leave a lot of money on the table at worst.  All these redfin types do is process paperwork.  They could care less what the sales price is.

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6 minutes ago, Sbbruin said:

Yeah, the difference in commission savings vs quality of marketing and negotiation, it is typically a wash at best, or you leave a lot of money on the table at worst.  All these redfin types do is process paperwork.  They could care less what the sales price is.

And from my experience there is a "listing coordinator" and a "transaction coordinator" who seem to barely speak to each other which is highly infuriating.  It's just not a good process.

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1 hour ago, UTPhil2006 said:

What company?  Any particular reason?

Don't remember, I put it in the shredder. All it said was that they were offering me money to buy the land outright. I had looked them up online and I guess lots of people received this letter. Company kept responding to reviews saying "we've never done business with this person, please delete your review". Super shady stuff.

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2 hours ago, HRSchenker said:

Don't remember, I put it in the shredder. All it said was that they were offering me money to buy the land outright. I had looked them up online and I guess lots of people received this letter. Company kept responding to reviews saying "we've never done business with this person, please delete your review". Super shady stuff.

Gotcha.  Pretty much what I figured.

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Got a funny little solicitation mailer this week from a Prime Choice Funding. 

In the envelope, there was a clear window where the words “Mortgage Insurance Removal” were visible. This was the letterhead of the page inside. 

The page then tells me that rates are near a 3 year low and I can lower my payment and also possibly remove my MI. 

It quotes me a rate of 3.00%, 3.95 apr.  there’s also some cash out language. 

So for fun I flip it over and read the disclosures. 

The rate quoted is for a fha loan, with 3(!) discount points, as of 9/19. It goes on to specify that rate and price are only for 60% ltv or less and 780 fico or higher.

This letter is dated 10/16, so it’s 4 weeks out of date on pricing, and obviously you don’t lose your MI with a fha product. Which is why there’s this: ‘in order to get rid of your mortgage insurance, you must qualify and choose to secure a new conventional loan. The loan being offered is not a conventional loan.’

it also says they are calculating the quoted payments based on original loan amount plus $5500 in closing costs, when 3 discount points on my original loan amount is already more than that. 

Also:  “Additional benefit - loans funded in October may not have a payment due until December.”  Guess I better hurry to take advantage of this unique offer.

I just felt like bitching about the bait and switch tactics that get used when advertising rates and payments, that I’m assuming are within the bounds of the law based on the fine print explanation.

NMLS 117375 out of Tustin, CA if anyone cares. 

Edited by Pato del Muerto
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3 hours ago, fluff said:

What are rates doing this week? Fed lowered this week?  I might want to look at a refi right now.

The 10 year actually came down about .05 yesterday and .10 today.  Was around 1.85 earlier this week, now at 1.69 at close today.  Might  be around a .125 bump down, but they prob wont pass that along til tomorrow.

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3 hours ago, T’Boo Ted Marshall said:

We’ll be buying in the next 12 months and potentially turning our current house into a rental. We have ~$180k in equity here. Note is 3% with 7 years left.

What options do we have to pull some equity out of this house?

Heloc all the way. You can get some good rates and you won’t pay interest on the portion you aren’t using. 

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3 hours ago, T’Boo Ted Marshall said:

We’ll be buying in the next 12 months and potentially turning our current house into a rental. We have ~$180k in equity here. Note is 3% with 7 years left.

What options do we have to pull some equity out of this house?

if you refi you want to do it while owner occupied(can take more out percentage wise and a better rate since OwnerOcc).  But only if you really need the money with just 7 years left as you have paid most of your interest on your last loan already and that is a terrific rate.

 

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6 hours ago, MrBig said:

Can you back out of a contract for a new build with a company like Lennar without losing anything more than your deposit?

You might also lose any upgrade fees you paid on the front end, but typically yes, that's what you stand to lose.  But it should be spelled out in the purchase contract. 

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if you refi you want to do it while owner occupied(can take more out percentage wise and a better rate since OwnerOcc).  But only if you really need the money with just 7 years left as you have paid most of your interest on your last loan already and that is a terrific rate.
 

The rate is what’s giving my brain pause. Knowing if I do anything it will be with a higher rate.
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1 hour ago, T’Boo Ted Marshall said:


The rate is what’s giving my brain pause. Knowing if I do anything it will be with a higher rate.

Not just a higher rate, you will have to pay more interest sooner on the new loan.

Look at the amount of principal you are paying per payment now.  Then go look at the amortization table for a new loan.  The interest is front loaded.  

People who refi after spending, lets say, 5 years paying mostly interest generally don't calculate that part in their break even analysis.  IMHO you should only refi if you can shrink your term as well as your rate.  Go from a 30 year to a 15 year is a really good deal.  Look at the amortization table to see it as you are paying so much more principal each payment.

Or, if you really need the cash for emergency or to make an investment that would recover your new interest expenses(relative to being further along on the principal repayment schedule) then of course you do what you have to do.   7 years left on a 30 year loan is mostly principal remaining.

plug in your original loan amount, term, and interest rate into this and see how much interest is left with only 7 years to go:

https://www.creditkarma.com/calculators/amortization/

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3 hours ago, Pato del Muerto said:

That’s where a heloc helps. That original note stays, and you only pay higher on what you borrow out of the heloc at it’s rate. 

Exactly.  Not to mention the upfront fees you will pay with a Refi.  Also, if you Refi and initially think you're only going to need 30k to get your RE empire rolling, and then realize you want another 90k, well you're going to have to flush another 6-8k in fees down the toilet to refi again.   Refi upfront fee is usually pretty low.  

Don't Refi unless you're rate is going way down (not just a little).  Heloc to max LTV is what you want.  Use that like a credit card to build your empire.  

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I’ve heard this rumor from multiple people, both from a neighborhood email list, and from some people from the neighborhood I was talking to after voting this morning.

The rumor is that the Randall’s at 38th and Shoal Creek is going to be torn down and replaced by a large apartment complex.    I don’t like their prices, but i usually stopped by a few times of week to get stuff for my kid or us, and I always thought an H-E-B would just kill it there.  Even so, they always seemed busy enough.   

That would be such an Austin thing to do - replace a neighborhood grocery with apartments.  Because, you know, we need more traffic on 38th, Exposition, North Lamar, Shoal Creek, Mopac, etc. as people have to drive a few more miles to get to a grocery store.  

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55 minutes ago, atomheartbevo said:

I’ve heard this rumor from multiple people, both from a neighborhood email list, and from some people from the neighborhood I was talking to after voting this morning.

The rumor is that the Randall’s at 38th and Shoal Creek is going to be torn down and replaced by a large apartment complex.    I don’t like their prices, but i usually stopped by a few times of week to get stuff for my kid or us, and I always thought an H-E-B would just kill it there.  Even so, they always seemed busy enough.   

That would be such an Austin thing to do - replace a neighborhood grocery with apartments.  Because, you know, we need more traffic on 38th, Exposition, North Lamar, Shoal Creek, Mopac, etc. as people have to drive a few more miles to get to a grocery store.  

Is that lot even big enough for an apt complex?  But you are right about the traffic

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On 11/4/2019 at 12:50 AM, MrBig said:

Can you back out of a contract for a new build with a company like Lennar without losing anything more than your deposit?

If you need someone to look over your contract and spell out your options you can send it over and I'll look at it for you - pdubord@prodigymbo.com

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On 11/4/2019 at 10:20 AM, zork said:

Not just a higher rate, you will have to pay more interest sooner on the new loan.

Look at the amount of principal you are paying per payment now.  Then go look at the amortization table for a new loan.  The interest is front loaded.  

People who refi after spending, lets say, 5 years paying mostly interest generally don't calculate that part in their break even analysis.  IMHO you should only refi if you can shrink your term as well as your rate.  Go from a 30 year to a 15 year is a really good deal.  Look at the amortization table to see it as you are paying so much more principal each payment.

Or, if you really need the cash for emergency or to make an investment that would recover your new interest expenses(relative to being further along on the principal repayment schedule) then of course you do what you have to do.   7 years left on a 30 year loan is mostly principal remaining.

plug in your original loan amount, term, and interest rate into this and see how much interest is left with only 7 years to go:

https://www.creditkarma.com/calculators/amortization/

Bolded for truth.  Been really popular the last year or two with rates being low.

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