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Started By
Message
re: Current Mortgage Rates
Posted on 6/26/20 at 8:09 am to kywildcatfanone
Posted on 6/26/20 at 8:09 am to kywildcatfanone
Went through Hancock Whitney Bank, and they pushed me to Mr. Coopers...?
Locked in 3.0% 30 year for $350,000.
Pretty happy with that as I just discovered that I had a credit delinquency that kept me around 700 rather than 800.
Locked in 3.0% 30 year for $350,000.
Pretty happy with that as I just discovered that I had a credit delinquency that kept me around 700 rather than 800.
0
Posted on 6/26/20 at 11:36 am to Janky
quote:
Shoot me an email.
Janky- sorry, was too late yesterday.
This post was edited on 6/26/20 at 3:12 pm
Posted on 6/26/20 at 11:57 am to elsu
Closed yesterday. Rate/Term REFI
30 Year
Fixed Rate
2.875%
$132K
$551.09 P&I
$783.02 PITI
Rural Development through Eustis Mortgage
30 Year
Fixed Rate
2.875%
$132K
$551.09 P&I
$783.02 PITI
Rural Development through Eustis Mortgage
This post was edited on 7/12/20 at 8:01 am
Posted on 6/26/20 at 12:01 pm to kywildcatfanone
Well done sir!
I felt good about 2.625% 2 months ago on a 15 year fixed...not looking so good now.
I felt good about 2.625% 2 months ago on a 15 year fixed...not looking so good now.
Posted on 6/26/20 at 12:41 pm to elsu
Sent
Posted on 6/26/20 at 3:18 pm to Janky
Anybody have updated rates on rental property rates?
Posted on 6/26/20 at 3:53 pm to Lickitty Split
I've got about $235K left on my 30 year fixed at 4.125%. Is it worth me refinancing? Im in Nola and dont know what normal refinancing fees are. Should have very good credit.
Posted on 6/26/20 at 4:07 pm to Dale Gribble
quote:
$235K left on my 30 year fixed at 4.125%
I have $372k at 4.5% on my 30 with 26 and 7 months to go.
Costco found me a great deal and now I will pay the same principal and interest on a 20 year at 2.875%
It was a no brainer and wasn't expensive closing cost either.
Posted on 6/26/20 at 4:54 pm to Lickitty Split
quote:
Anybody have updated rates on rental property rates?
I'm getting a 30 year long with 5.5% interest. 25% closing cost. It's brutal, but I can't find anything better.
Posted on 6/27/20 at 12:27 am to tenderfoot tigah
That’s too high for me.
Posted on 6/27/20 at 11:19 am to Lickitty Split
A 5.5% which is consider an all time great rate especially on an investment property is to high
Posted on 6/27/20 at 11:32 am to tenderfoot tigah
Whats the loan amount size? that probably has alot to do with that if it is super small.
Posted on 6/27/20 at 12:02 pm to SDVTiger
I’m sitting at 4.5% because I converted it to a rental. That’s why it’s too high. I’m looking for a 20 rate below that.
Posted on 6/27/20 at 12:24 pm to Lickitty Split
You wont find it lower so just keep your rate
Posted on 6/27/20 at 2:43 pm to SDVTiger
I know generally I cannot refinance this property as if I was living there. However, I have lived there in the last three years and intend on having my own kids live there in the future.
What would be needed for me to be able to refinance this not as a rental but personal dwelling without running afoul of the law?
What would be needed for me to be able to refinance this not as a rental but personal dwelling without running afoul of the law?
Posted on 6/27/20 at 3:26 pm to Lickitty Split
Second home
I think you need to be more than 50miles away from your primary
I think you need to be more than 50miles away from your primary
Posted on 6/27/20 at 4:34 pm to SDVTiger
quote:
I think you need to be more than 50miles away from your primary
That's what I was told. I forget the exact mileage, but was told he can't do it unless it was so many miles away. And this is a guy who loves lending to me.
135k purchase price for the 5.5% loan.
Posted on 6/27/20 at 5:28 pm to SDVTiger
Makes sense.
Let’s say my tenants move out. If I decide to refinance at that point and call it my primary residence, would that work. Obviously I would move some of my old furniture back in there at that point.
It’s at least $100 savings per month to get the going rate for owner occupied dwelling. I’d be willing to eat any rental payments for a year so it’s at least compliant with any forms I have to sign.
Let’s say my tenants move out. If I decide to refinance at that point and call it my primary residence, would that work. Obviously I would move some of my old furniture back in there at that point.
It’s at least $100 savings per month to get the going rate for owner occupied dwelling. I’d be willing to eat any rental payments for a year so it’s at least compliant with any forms I have to sign.
Posted on 6/27/20 at 8:39 pm to Lickitty Split
You realize you are asking a lender on how to get around them catching you on committing mortgage fraud? In the docs you sign at the closing, they are giving you the loan based on it being your primary residence. If that changes, you are supposed to let the lender know. Obviously, most people don’t let them know.
My main point is that you are asking in a thread that multiple lenders post in.
My main point is that you are asking in a thread that multiple lenders post in.
Posted on 6/27/20 at 11:27 pm to LSU1018
What I’m saying is I can make it my primary residence for a year. It’s actually closer to work, family etc.
What happens when you notify the lender that you’ve changed primary residences?
What happens when you notify the lender that you’ve changed primary residences?
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