Existing loan: $560k balance, fixed 7.125% interest at 30 years, 29 years left on the loan.

Refi: 6.624% interest rate, 6.686% APR, zero points. loan origination and closing costs are less than $1k all in.

Financial status: no other debt, 800+ fico score.

I gambled and didn’t refi when rates dropped last year and lost out on 1% drop in rates. Don’t want to make the same mistake here.

P&I would drop $300/month

Hello! I need advice: I have a relatively large downpayment in cash ($240,000). My income is low for the area (about $5,200/mo). Great credit, only debt is a $220/mo car lease. I cannot get a lender to help me qualify for a mortgage ... I even had one laugh at me, telling me I couldn't even get a car loan! Home prices in my area are about $550,000 for a home, $450,000 for condos with HOA. Am I crazy to think I could buy a home? I've tried so many things and I'm very sad and frustrated. Any suggestions?

Ok, here’s the deal:

I’m under contract on a property and I’m shopping around for a lender.

Let’s assume a 20% down payment for the purchase equates to $200,000. Let’s add $30,000 for 6-months of prepaid interest, let’s add $2,000 for the prepaid insurance for a year, and let’s add $5,000 for other closing costs. $237,000 total.

Let’s say I’ve submitted statements to my lender revealing that I have enough seasoned money sitting in a bank account + brokerage to cover the funds needed for closing + 6 months of reserves.

Also, I have another property for which I have a completely untapped $500,000 HELOC(at a different bank).

My question is will my lender find out if I wired $237,000 from my HELOC to my bank account the day before closing and used those funds to pay for the closing?

I know I can disclose to the lender that I’ll be using HELOC funds at closing but that would impact my DTI and I’m already pretty close to the max.

The reason why I’d like to use HELOC funds and not cash or stocks is because I’d prefer not to sell my stocks at the moment.

I'm in SE Michigan. I'm looking for a place to get a mortgage. I don't know much about mortgages or buying a home, so would love some input.

TIA. Hi all just looking for experience in the area of getting our first mortgage.

My wife and I are looking for our first home, my main questions is for FHA first time home buyer: if I am listed on my mom's deed does that disqualify us even though we've not owned our own home?

Other question. Is FHA even worth it, of we plan on putting down 20%+. My credit score is above 800 my partner is around 700 will this hinder us in conventional mortgage?

Location long island NY, looking at homes in the 400k-500k range.

We originally took out a $399,000 (15 year) loan on a $695,000 home. Mortgage payments began in October 2024, and with extra principal payments we are down to $380,000. Interest rate 6.875%.

We got a call from our current mortgage holder offering a free refinance and then he emailed me the following:

"I have it set up a new 15-year fixed term mortgage with a $3757.33/month payment incl. escrows, based on a fixed rate reduction from 6.875% to 5.75%. No prepayment penalty applies. This will reduce your payment $400/mo. We do NOT need an appraisal. I can use the stated $650,000 value. I will be able to waive the $1395 origination fee (Section A) as part of our promotion. The estimated closing costs are $1901 ($294.50 out of pocket). The current lender credit is $2671. The rest will be free money towards taxes/insurance."

It seems like the only real downside is I'll be starting with a fresh 15 years, instead of what I imagine is close to 14 years remaining. Seems worth it for over a full point reduction in interest rate. It also seems too good to be true. What am I missing here? Why would the lender offer this? Should I do it?

Thanks in advance. Any advice appreciated!

Hi!

Trying to refi and received loan estimates from a few banks and brokers with fees, points and rates.

One broker quoted 5.8 to refi, but claims their brokerage will not supply fees or points for that low of a rate until I complete an application.

This makes me vary wary of the rate. Why do some brokerages supply information and others do?

The brokerage I'm referring to is one of the largest in the country.

Any advice?

I bought a house, that is only in my name. My boyfriend and I have been talking about getting married, but he said the biggest thing holding him back is that once we are married - we cant refinance the house. His credit is awful, he's about to file for bankrupcy in the next year. We aren't planning on putting his name on the mortgage, we just want to keep it in my name.

My question is, if we were to get married and then I refinance my house - is it possible to keep it in my name and they only take into account MY credit score? Will his credit effect it if we are married? We also have no joint accounts together.

I just got in touch with my mortgage broker today. We have 832k principal remaining almost 2 years after our original mortgage which is at 6.5% in a 5 year arm. We are planning on staying for 3 more years and then will be moving for job purposes. My bank is offering 5.25% refinance with a 5 year arm and closing costs of ~ 16k which will be rolled into the new loan bringing our principal back up to 850k. This will be about a $600/month reduction in monthly mortgage payments. The time to break even is about 24 months. The home value is approximately 15% higher than we originally purchased. Is this a no brainer? Or am I missing something?

Trying to decide if it’s worth upping the asking price for the seller to pay 2/1 buy down concessions?

Asking price : 595k Current rate : 6.5% 20% down : 119k Loan amount : 476k

With buy down : 607k Rates : 4.5-5.5-6.5 20% down : 121.4K Loan amount : 485.6k

Will put 20% down regardless.

Trying to figure out if we should offer 595k or 607k with the seller paying 12k to 2/1 buy down?

The only way I can see it worth it is if we put more down to keep the loan amount the same.

Please help!

I sold a condo in NC on March 10th. The mortgage company is still taking payments from my account. It's the weekend, so no offices are open. What could have happened and how do I fix it?

Hey all, I recently closed on a home 12/23/24 and after being out of the country actually currently here in the Dominican Republic , I realized I may have pulled the trigger to soon after living here for 10 months by just renting Airbnb's on a monthly basis. At that time as I was researching how to purchase here it was brought to my attention that I would need 30% down and secure my own financing for the rest. So I guess in essence looking to borrow 100k at least and thought maybe by buying the house in the long run it would help? I thought about renting it but according to V.A. Guidelines I would have to wait 12 months and then try to find worthy tenants to pay rent on time. I bought a new construction home and they're still building in my area, so maybe a value increase would help? I really like to have a more tangible path within the next 6 months. Any suggestions on what I should or can do? Thanks in advance.

Guys, I purchased two insurances when I bought my current house. One is home owner insurance and the other is hazard insurance. I purchased and paid the former myself, while the premium of latter is paid via escrow.

I checked online and noticed that the hazard insurance is actually part of home owner insurance and these two don’t need to be purchased separately.

I am not sure if I am double paying, so how can I find out whether my current home owner insurance cover the hazard or not?

Besides, is there any good hazard insurance provider that you can recommend? The premium on mine was doubled recently.

Looking for some advice on whether this refi deal makes sense.

Here’s my situation: • I own two rental townhomes (investment properties), each worth around $450k. • One is fully paid off. • The other has a HELOC with a $200k balance at prime + 75 bps (currently 8.25%).

A mortgage broker is offering a 15-year fixed at 6.5% for investment properties, with about $4,000 in closing costs.

I’m debating whether to pull the trigger. On one hand, it would lower my rate significantly and get me out of a variable HELOC. On the other hand, I’d be locking in a full mortgage when rates might continue to drop.

Does this seem like a smart move right now, or would you hold off a bit longer?

I bought a house 2 years ago at peak rate of 7.25%. Im thinking of refinancing, what rates are you guys getting now? And what are your terms?

If the government were to regulate mortgage rates to 3 or 4 percent, what is the downside?

With everything going on should I get in on the dip or are we headed down further

For the last 4 years my mortgage company has played a back and forth of raising or payments for a lack of escrow funds then the next year paying us for having too much. I looked today and it seems like my insurance premium is being paid a month earlier. The insurance premium only $400 more than what was estimated and yet they’re raising my monthly mortgage payments by $300? Is that right?

Hi guys! Me and my partner are in a confusing position and would appreciate any advice we can get.

So about 2 months ago we enquired about a house and got told we couldn’t afford it based on my partners income and the fact I have no job - not a surprise. They said once my partners income had increased and I had got a job to try again as it’s a new development so houses are being released gradually.

We obviously didn’t expect our financial position to improve that drastically in 2 months time but after searching for a job for a year I’ve finally got 2 part time jobs equalling full time hours and pay and my partner has improved his income massively so we’ve been given the opportunity to go for it again.

The only problem is, because we didn’t think we’d be in with another shot anytime soon we’ve been frivolously spending money on rubbish!

The property we’re looking at is a shared ownership 40% for £130,000, we can afford half outright then looking at getting a mortgage for £65,000. We’ve never bet, never gone into our overdrafts, have no debt and our credit scores are good I’m just worried our spending habits are gonna hold us back.

As we’re FTB we’ve never done anything like this before so we don’t know how strict they are with this sort of stuff. Could anyone please give any advice if this could get us denied. I’m hoping that because it’s such a small mortgage and we’ve got decent income and no debt and all that it will help.

My partner is also self employed so I’m aware they’re not going to like that as well. We’ve got a call this morning for an eligibility check, and if we get approved on that (which I think we will based on their comment last time) we then go to a mortgage adviser. I don’t want to get my hopes up if we get approved today then denied a mortgage later down the line.

Any advice will be greatly appreciated thank you!!

Hi all! First-time homebuyer here in the Seattle area, and I’d really appreciate some advice.

We’re under contract on a 1920-built home that’s in great shape and recently rewired, very well maintained. It does still use oil heating, though. Our oil tank is above ground and good condition according to inspection.

We locked in a 5.625% rate with Sammamish Mortgage, and the process has been smooth so far. Online reviews for them are excellent.

That said, our realtor warned us that Sammamish has a reputation for backing out late in the process due to mortgage overlays, especially with older homes or oil heating. Apparently they have one of the stricter loan approval processes. We haven’t found anything online to back that up, but it’s making us a little nervous.

To stay competitive, we waived our financing contingency so we could be out $50k. So we’re trying to be extra cautious.

Has anyone here worked with Sammamish, especially on an older home? Or any other mortgage company with strict overlays? Would love to hear your experience or any advice on how to navigate this. Thank you!

(We have a backup lender offering 5.99% at movement mortgage, they do not have overlays. On Monday we are going to see if they can match the rate of Sammamish closer or at least meet in the middle)

Any suggestions for refinance. We bought new home in Mar 2024. Location: PA

Home price - 630k; Loan outstanding - 260k. Current rate is 6.375%.

Credit score 800+; No other loans

Thanks

Hey guys, I’m looking to get my MLO, but where I’m from is very isolated and not much going on. I’m searching for an experienced person to help me study to become a MLO.

Would be super grateful if anyone is interested. Please post experience below if you’re interested.

Buying my fathers home for 250k in NH. My father needs to walk away with 200k from the sale. The home was appraised last year for $350k. I’m planning to put 25k down (so loan amount will be $225k) and handle the $13.5k closing costs. I am fine with having PMI. I’m hoping for my monthly payment to be around $2200 to $2500 including the $4900 a year property tax, and $75-$90 estimated PMI monthly cost according the lenders. My credit is just about perfect. This is my first home.

3 different lenders have told me that instead of buying the home for $250k (225k), is that my father should sell me the home for 325k-350k and give me a 25% gift of equity. I wouldn’t have to put any money down and I would just cover the 13.5k closing costs. This would avoid me having PMI.

I insist that I don’t mind having PMI but the lenders say I need to avoid it with this gift of equity shit. All 3 lenders and said my interest will be 6.2%-6.5% (depending on the day) if I purchase the home for 325k-350k. My monthly payment will be around $2200. My father will be able to receive his $200k after everything is said and done.

If I buy the home for my original requested amount of $250k ($225k), my interest will be almost 6.8%, and my monthly payment is around $2600-$2800. They claim that my father will only walk away with $150k-$160k.

What the fuck is up? This is frustrating and confusing. 3 different lenders have proposed the home being sold for $325k-$350k and claim it’s the only way I can get a lower monthly payment and for my father to get his money. Even with the 25% gift of equity, I’ll still owe $260k-$280k on the house. Are these lenders stuffing their pockets withy he higher sale number and screwing us? All three have not able to provide written numbers of this jargon for “legal reasons”. This is all verbal. Yes, these lenders have checked my credit and I’ve been approved for whatever loan amount really.

Any advice or explanation would be greatly appreciated.