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tailingpermit

Mortgage Servicer Thread

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On 5/6/2020 at 7:58 AM, mondego said:

In a very similar situation as misplacedcowboy - if you're able/willing to share good resources to determine whether a refinance makes sense or not I'd appreciate it. 

It’s very simple...

I don’t have any background information on your current rate, year terms...

If you’re simply trying to do a rate/term refinance, call up a number of different brokers/bankers/credit unions and ask for a refinance breakdown.  DO NOT LET THEM RUN YOUR CREDIT, I’m sure you likely have a credit card that gives you a FICO score - so just run with that.  
 

When you call them up the first thing they’re wanting to do is run your credit, simply say I have this credit score and here’s my LTV (loan to value, how much equity you currently have).  
 

When anyone asks to do a rate term refinance I immediately point to a 15 year term if your original was 30 years.  But, I don’t know your current finances.  You could go back to a 30 year and cut your monthly mortgage payment down. 
 

Going back to the refinance breakdown, when you pick out a rate - figure out with your savings how long it will take to break even after closing costs.  Make sure you’ll be in the house long after that break even point.  
 

It’s not the end of the world to go back to a 30 year mortgage, yes it will be a higher rate but you can use the savings and more to pay the principal like it was a 15 year mortgage.  Advantage is if the shit hit the fan in regard to your finances you can scale back those extra principle payments.  
 

Again, when shopping around - DO NOT LET THEM RUN YOUR CREDIT.  Loan officers are scumbags, less info you give them is better.  They’ll give you every excuse in the world, simply say here is my rate, credit score, LTV and my email address - send me a breakdown of a 15 and 30 year refinance.  Get everything in writing before you agree to start the process!
 

Feel free to contact me with any other questions you may have.  

 

 

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Fannie Mae has just guaranteed a 12 month forbearance, that means if you cannot pay your mortgage for up to 12 months it will be added to the back end of your mortgage (zero late charges).  I am still waiting for the fine print if the forbearance could possibly be listed on your credit report.  
 

Do not agree with your servicer if they are simply offering a balloon payment after 3/6/12 months.  
 

This means if you are a renter and have the ability to put 5% down to buy a house, you could skip the first 12 months of payments. 
 

It’s absolutely crazy, but this is what the government is doing to ensure there isn’t another housing crisis.  
 

The above makes it certain that Fannie and Freddie will need a major bailout from the government, current forbearance rate is almost at 8% and is expected to be 15%.  

 

 

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I just refinanced a 30-year from 3.5 to a cash out 2.75. I’m going to use the cash to build an Accessory Dwelling Unit over the garage. No increase in my monthly payment. I’m not going to rent it out for now. Use it for exercise/guests/man cave. 

Thay Haif Said: Quhat Say Thay? Lat Thame Say

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I received a supplemental property tax bill. Can I have my mortgage company pay it; add it to my loan?

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2 hours ago, bsu_alum9 said:

Question for you and @utenation, how low can rates possibly go?

image.png.72bdd35d2c531eeb805d5b6f81832f78.png

Do you think we hit rock bottom a week or two ago?

image.png.2f0c80f00223e247c2d5904efd3a7480.png

How low can rates possibly go, look up “negative interest rates.”

the Fed meets on the 27th to decide whether to raise, lower or hold the prime rate of 3.25 (which is the lowest it’s been since the 2008 crash). 
 

You can still find rates on a 30yr fixed in the low 2’s or even high 1’s, but you’re going to be eating points.  

 

 

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Just a follow up regarding the supplemental property tax bill I received, in case it happens to you.

I called my mortgage company, they already had taken care of it. (Good thing I called.) Apparently, the county wants to get paid, so it sends a bill to the parties involved in the purchase. Thus, the mortgage company received the bill too. The amount has been added to the balance.

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4 hours ago, DoubleBlueGold said:

Just a follow up regarding the supplemental property tax bill I received, in case it happens to you.

I called my mortgage company, they already had taken care of it. (Good thing I called.) Apparently, the county wants to get paid, so it sends a bill to the parties involved in the purchase. Thus, the mortgage company received the bill too. The amount has been added to the balance.

This was after a recent purchase, correct, in California?

 

 

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The interest rates are pushing up the housing prices in my local area. I usually find a nice place for under 50k and rent them at a cap rate of over 15%. I usually get them from private owners or auctions though. Decent starters are now 70 to 80k which is a big jump in this area of the country. 
 

What are investment rates now?
 

I might want to buy now if I can find a private owner who under priced his house. Old widowed ladies are the best to buy from.
 

The Masters 5k road race All American.

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5 hours ago, tailingpermit said:

This was after a recent purchase, correct, in California?

Correct.

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3 hours ago, DoubleBlueGold said:

Correct.

Interesting, from what I can find California is the only state/county that uses this method of instant tax adjustment off of a recent property sale. 
 

Just a heads up, you’ll still get your usual annual - biannual tax bill in the mail even if you have an escrow with your servicer.  Should your taxes go up you can spread the adjustment over monthly payments (your mortgage payment will go up per month) or just pay a lump sum. 

 

 

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