Locked in 3.37 interest rate today Real Estate |
- Locked in 3.37 interest rate today
- Fannie Mae / Freddie Mac not approving less than 20% down?
- Bought condo at the beginning of January in a new residential building that's still under construction
- Which lenders are good for first time homebuyer?
- Is all of the total rent collected taxed as income?
- "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria
- Better Mortgage, yay or nay?
- Ex wants to buy me out of our duplex, what's a fair deal?
- WSJ: arkets Nearly a Third of U.S. Apartment Renters Didn’t Pay April Rent
- How to determine the price of a 1 car garage?
- Deal? Or no deal.
- How long before auction?
- Prediction for Orlando market?
- Did I lock in at a good rate today?
- Does DTI ratio consider potential rental income?
- Hard Money Loan
- Older homes with no insulation, an issue? (California)
- where do people see the housing market in washington DC area going in the next 3-6 months?
- WNY Refinancing Question
- Non-sales jobs in real estate?
- I am in Venezuela, any advice on how to approach the real estate business?
- Are notary services built into closing costs?
- 15 year refi vs. 30 year refi
| Locked in 3.37 interest rate today Posted: 08 Apr 2020 04:43 PM PDT 30 year fixed, 20% down, conventional with around 3.4 apr. Excellent credit. Was our first time applying (wow so many documents). Dunno if its considered good right now so going to apply elseware to try and push it lower. [link] [comments]  |
| Fannie Mae / Freddie Mac not approving less than 20% down? Posted: 08 Apr 2020 01:07 PM PDT Hi I got pre approved for closing on a house at 5% down, got a good rate and price on it, feel really good. Well I just got a call from my broker that there's rumors that less than 20% loans will not be approved in underwriting? Can someone confirm or deny? Thanks Thank you everyone Edit since nothing has been heard of this: is there a downside to getting my loan underwritten now, prior to my closing 5/15? Edit: mortgage lender broker [link] [comments]  |
| Posted: 09 Apr 2020 03:36 AM PDT Hi guys, Was just wondering if anyone else is in a similar situation. At the beginning of January I bought a condo in a new residential building that was about 70% done. I made a down payment of 80% and 100% for the parking space with just 20% left to pay when the condo will be handed over to me. This is supposed to happen at the end of July. I spoke with the investor and they said it might take longer due to the pandemic shutting down some of the factories they work with, mainly for interior stuff like doors (which is understandable given the current situstion). They have sold 90% of the condos in the complex so far. Now, I've checked the building and exterior is all done, just the interiors are lacking for the moment. I'm kind of worried that this will drag for the rest of the year and I won't get it in due time, my rent contract is finishing right at the time when I should be moving, not sure what to do, if I should pull out from the deal while I still can and get my money back. Thinking about them going out of business as well but I don't think that's plausible considering they are almost done... this it the first time I'm buying a condo not sure what to expect really. Any advice is much appreciated. P.S. the condo is in Europe. [link] [comments]  |
| Which lenders are good for first time homebuyer? Posted: 08 Apr 2020 07:55 PM PDT I want to lock in a good mortgage rate with a good lender so I am ready to buy this summer. I have about 10k for a down payment $160k is my budget. Wanting to house back in a nice area....idk which lenders to trust? Not sure how to pick one. [link] [comments]  |
| Is all of the total rent collected taxed as income? Posted: 09 Apr 2020 12:37 AM PDT To expand on title question, if my mortgage payment is 1000 and I charge 1200. Is the 200 dollars what I get taxed on as it is not used to service the debt, or is it the full 1200$ Also if I do get charged on the full 1200 wouldn't it make sense to make a LLC and then have the 1000$ as expense and only show 200 profit? thanks for anyone who has honest feedback. [link] [comments]  |
| "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria Posted: 09 Apr 2020 04:39 AM PDT "No nonbank is too big to fail." - Federal Housing Finance Agency Director Mark Calabria But if a nonbank does find itself on the "precipice," the company shouldn't expect the FHFA to come to their rescue. "While I cannot speak for others, I certainly don't consider any of these firms to be too big to fail," Calabria said, when asked if the government would save a failing nonbank during this crisis. https://www.housingwire.com/articles/calabria-no-nonbank-is-too-big-to-fail/ [link] [comments]  |
| Posted: 08 Apr 2020 07:48 PM PDT I'm deciding between Movement Mortgage and Better Mortgage. Just wondering if anyone has cautionary tales about either? [link] [comments]  |
| Ex wants to buy me out of our duplex, what's a fair deal? Posted: 08 Apr 2020 10:17 PM PDT The ex and I are in the process of splitting up. We bought a duplex together a couple of years ago, have been living in one side while renting out the other. She wants to buy me out of the house and live/maintain it herself. What is a good deal and what should I be looking for to know I'm not getting screwed? Any help would be appreciated. Edit: not sure what information would be helpful exactly. It's worth roughly $300,000 [link] [comments]  |
| WSJ: arkets Nearly a Third of U.S. Apartment Renters Didn’t Pay April Rent Posted: 08 Apr 2020 09:21 AM PDT |
| How to determine the price of a 1 car garage? Posted: 08 Apr 2020 07:40 PM PDT I live in a 10 unit condo complex. Each unit has a 1 car garage (not attached to the unit). One of the other owners said he doesn't use his and would sell it to me. How can we determine what a fair price is? [link] [comments]  |
| Posted: 08 Apr 2020 11:08 PM PDT So my friend is asking me to co-sign on his mortgage loan. He has a great business that's still thriving (carpet cleaning) and he told me he'll give me 10kUSD in a year or sooner. I have good credit and a good job as well. What would be the smart move? [link] [comments]  |
| Posted: 08 Apr 2020 10:36 PM PDT How long does the seller have after default before it goes into auctions? 30days? 60 days? How long can it stay in auction before the banks just keeps it? [link] [comments]  |
| Prediction for Orlando market? Posted: 08 Apr 2020 09:37 PM PDT I've been looking for a house for a while now in Orlando, and basically any house under $300k gets swept up immediately even if it's not even objectively worth half of that. I'm talking 1970s ~1200sqft houses in run down Florida-man neighborhoods are going for $250k+. Any insights of what I should expect? [link] [comments]  |
| Did I lock in at a good rate today? Posted: 08 Apr 2020 04:36 PM PDT 3.625 - 20% down with a float down for a 3 unit owner occupied multi family in Chicago. I guess I am playing it safe that it doesn't get worse. [link] [comments]  |
| Does DTI ratio consider potential rental income? Posted: 08 Apr 2020 07:11 PM PDT I'm very curious about using rental income to help my DTI. My current situation is, my wife and I gross $9,400 a month combined. FICO scores are 740+ for both of us. We have a mortgage on our primary. Our DTI is about 25%. We plan to purchase a new home to be our new primary residence, and rent out the home that we are currently living in. We have 5% to put down on the new home, which we plan to secure a conventional loan on as it will be our new primary residence. Here are my questions and I really appreciate any insight you can provide! 1.) Since I've never owned a rental, and have no proof on my tax returns or experience, is there a waiting period of say 1-2yrs after renting out my first property and reporting the rental income on my taxes before I can use the predicted rents to help my DTI? How does this all work? 2.) What do banks require as proof for all of this? Will I need to have my current house rented out with a lease signed and in place before I secure financing for buying my new primary residence? (In order to have the rental income count towards our DTI) Thank you so so much for helping us. I really appreciate it! [link] [comments]  |
| Posted: 08 Apr 2020 06:55 PM PDT Just wondering why someone would need a high-interest "hard money" loan instead of a regular mortgage? In other words, what exactly is such a loan, how are the two different, and why go after one versus the other? [link] [comments]  |
| Older homes with no insulation, an issue? (California) Posted: 08 Apr 2020 03:44 PM PDT Hi, We are coming close to closing on a home and found out in the inspection that the home has very minimal insulation. I'm newer to California, but hear from our inspector that this is common. Can anyone confirm, and what does that look like? Sounds like it'll be cold in the winter, warm in the summer, and cost a lot to heat. [link] [comments]  |
| where do people see the housing market in washington DC area going in the next 3-6 months? Posted: 08 Apr 2020 02:21 PM PDT I'd like to sell my house now if possible, its in the suburbs. My mortgage holder has just this week given me a 3 month grace period with no payments. After it is over, I will then have 6 months to pay back the difference or ask for loan modification. I'd like to use the time to make some improvements to the property and try to get a decent price for it. I realize the market may go lower. My realtor is not very optimistic she wants me to sell it now and see what we can get. Ive got offers about 10% less than what I had last fall (these were written offers I just didnt pull the trigger). So its a simple question, I suppose: How far will the real estate market fall if I try to see it say in the fall? September. Should I just sell it now, take less than what I had and figure that it could get much worse. [link] [comments]  |
| Posted: 08 Apr 2020 11:36 PM PDT First post here, I'll do my best to include all pertinent information and not look too ignorant with my questions: Purchased my first home in WNY in fall of 2016, a multi-unit of which I am in an owner occupied situation. I have wonderful long-term tenants and have no plans on moving out myself until I get a lot more work done on the house [3-5 years at least]. I was fortunate enough to close during historic lows and my mortgage is a 30-YR FHA at 3.25%... the rub, of course, is the $123/month PMI. Like many, I feel like I am just setting $100+ on fire every month and it is the bane of my existence. I spent a few hours over the past several days reading up on refinancing terms and getting a general idea of what it entails and called a few places for quotes today. A rate even lower than what I currently have seems tenable if I am diligent but would it potentially make sense to refinance even for a higher rate to rid myself of PMI? By my calculations, my rate is realistically closer to 4.15-4.25% once the PMI is factored in. I'd be fine with refinancing to a 30YR Fixed with the mindset that I could always pay it down more aggressively down the road but, if the numbers make sense, I would be fine with 15YR or 20YR FRM as well. My biggest goal is to lower my monthly payments in order to increase my liquidity. Hard Data:
tl;dr: want to lower monthly payments and get rid of PMI; is refinancing for a higher rate worth it to obtain these goals? [link] [comments]  |
| Non-sales jobs in real estate? Posted: 08 Apr 2020 12:14 PM PDT Hey everyone, I've recently received an intriguing offer to break into the real estate scene. I've been told to look into the different jobs in real estate (agent, mortgage broker, loan originator, title closer) and I was hoping to get some help on which direction would be best for me. I'm friendly and great with customer service, but I'm not a fan of generating leads. I like a structured job with straightforward tasks. I'm a fast learner with a great memory. I have a degree in integrated marketing communications. I'm not concerned with the license fees, I will get whatever is necessary. What job sounds best for me? Any bit of help is very appreciated. Thank you! [link] [comments]  |
| I am in Venezuela, any advice on how to approach the real estate business? Posted: 08 Apr 2020 08:40 AM PDT For more details, although the country is crumbling, if you have enough cash-flow you can certainly invest on real estate, problem is, many houses and apartments/condos in Venezuela are awful, without good design, aside they tend to be overpriced in lots of areas (at least in Caracas), specially brick-&-mortar houses (we don't build homes in wood frames, just masonry). I was thinking into investing on colonial-type townhouses which are located in areas that are more "popular" as they form part of historic areas and in the future may be attractive properties for business and people alike, just as the Hutongs in China, but I don't know, I am a complete amateur and this type of business require investment in money, resources and time. [link] [comments]  |
| Are notary services built into closing costs? Posted: 08 Apr 2020 06:07 PM PDT I'm purchasing a house in VA, currently living in CA. Mortgage company is sending closing docs via FedEx for me to sign. I'm wondering if I can ask the lender if they can lock-on a local notary for me, and that I won't have to come out of pocket for it since it may already be built into closing costs? Thanks. Edit: Just basically wondering if this is a typical thing that lenders do/can do. [link] [comments]  |
| Posted: 08 Apr 2020 05:45 PM PDT Bought my house 2 years ago with 20% down, 15 year mortgage at 3.875%. Mortgage amount $415000 with 13 year left. Closing cost around $4400. Option 1: 30 year, 3.25% - monthly payment $1800. Option 2: 15 year, 2.625% - monthly payment $2800. I can afford refinancing to a 15 year mortgage, my job is pretty secure even in the middle of a pandemic but my husband lost his job and he's unsure if he can go back to work until a vaccine is available which can be a year or more. Since my death is always a possibility, I am leaning more towards a 30 year mortgage with a lower payment. If I survive this pandemic, we're also thinking about renting out our current home and turning it into an investment property - I will cash flow with a 30 year mortgage, not with a 15. On the other hand, having a paid off home in 15 years and paying A LOT less interest is very attractive. I know I can always pay more but even with adding $1000 a month to a 30 year option, I'd still be paying about $27000 more throughout the life of the loan. Dave Ramsey seems to be a big proponent of 15-year mortgage. Fyi, I foresee someone asking, I do have life insurance that can cover the rest of the mortgage but who knows if they'll actually pay. Would love to hear some perspectives from seasoned investors/home owners. Thanks in advance. [link] [comments]  |
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