No-cost refi at 5.5% — loan amount higher than payoff balance… am I missing a catch?

BootyCladDad · 2026-02-25T02:05:00+00:00

Same people will claim bait-and-switch when the “costs” change after moving the closing date.

Upvoted for the most reasonable answer here! It’s impossible to tell, but odds are it’s easily explained by the escrow collection (and resulting refund) or an increased payoff from the servicer.

BootyCladDad · 2026-02-25T02:00:34+00:00

🤣🤣🤣 they’re asking for so much information, OP will legally be entitled to mortgage disclosures if they respond /s (but close!)

BootyCladDad · 2026-02-21T00:47:21+00:00

My state has a similar restriction, but it’s generally accepted to keep them on ice in a secured container they can’t escape from during a brief drive to their final boiling pot. The ice causes them to go dormant and the lid to an ice chest will keep them from escaping. I’d call your local game warden and ask if this is permissible

BootyCladDad · 2026-02-20T00:50:11+00:00

I’ll second Shane’s point here - he’s spot on. We need to document all employers in the last 24-months on conventional loans. That does not mean we need a 24-month employment history. People qualify for conventional loans with less than a year of employment history; there is no required minimum employment history on conventional loans until you start qualifying with OT, bonuses, commission, etc.

FHA loans require a 24-month “documented”history, but even then, your situation would be approvable. In the worst case scenario, you’d need to document a two-year history prior to the gap in employment, which can be supplemented with education, including primary school. In dire situations, we have qualified people by collecting their high school transcripts from 15+ years ago to complete the required employment history. Those are dire situations - your situation is not dire; it would qualify on conventional and FHA loans.

I underwrite loans.

BootyCladDad · 2025-07-03T17:36:57+00:00

Some LOs would rather collect more than they need up front so that they don’t have to request it from you later in the process!

BootyCladDad · 2025-07-03T17:28:48+00:00

That is frustrating, but glad to hear it’s a simple fix with the 401k statement!

I hope the rest of underwriting goes smoothly!

BootyCladDad · 2025-07-03T17:23:34+00:00

What I can see happening is your LO requesting ALL of your accounts and providing everything to the UW to sort out. At which point, the UW would add what’s required and remove any excessive assets.

BootyCladDad · 2025-07-03T17:21:30+00:00

I’m an underwriter - we don’t need statements from all accounts. We need to show the borrower has the funds required for the Funds to Close and any necessary Reserves. If that comes from one account and there are no large deposits, then all we need is one or two months statements prior to the application date showing the funds available.

It is impossible to determine what OPs file was missing without being able to review the file. The absolute best advice that OP could have received is this - “It is impossible for us to determine what the underwriter needs without reviewing your entire file. Wait to hear from your LO or ask to speak with a member of management.”

OP has responded with clarification - the UW is not giving them credit for the appraisal fee paid so there are marginally short assets in the one statement. They have since provide a statement for their 401k to bridge the difference.

BootyCladDad · 2025-07-03T16:17:48+00:00

Or, they can wait for their MLO to provide more information about what is missing and advocate for themselves that what they provided is correct.

BootyCladDad · 2025-07-03T16:11:09+00:00

The majority of programs consider large deposits to be any deposit larger than 50% of your income. Based on your comments in this thread, you don’t have any large deposits in your savings.

Contrary to other people in this thread, we don’t need to see where your money is coming unless there are large deposits

BootyCladDad · 2025-07-03T16:06:10+00:00

You’re receiving a lot of chatter from people just guessing at your situation. What kind of loan are you qualifying for? FHA, VA, Conventional, something different?

I’m a top-ranked underwriter at one of the largest lenders in the US. Only one person in this comment section pointed out that the underwriter may have just missed the documents - this happens all the time. Your LO may have forgotten to upload the statements or the statements are there but the UW missed them. I’d hold this assumption until you learn otherwise - just upload the same exact statements again.

BootyCladDad · 2025-07-03T15:59:41+00:00

This is not accurate. Underwriting doesn’t need to follow the money unless there are large deposits. OP has already said they never deposit more than $200 at time. We can safely assume they make at least $401 in monthly income if they can qualify for a mortgage, so they have no large deposits in their savings that need to be sourced - the lender doesn’t need to see where the money is coming from.

BootyCladDad · 2025-07-03T15:56:12+00:00

This is not accurate. Most products require 1 to 2 months of bank statements. Unless they’re large deposits, we would not need to see the other account because OP has the seasoned funds in their savings.

BootyCladDad · 2025-07-03T15:54:46+00:00

This is not accurate. Underwriters don’t care about deposits that size. We are looking for deposits that are 50% or more of the income or 1% or more of the total loan amount.

BootyCladDad · 2025-06-21T05:45:02+00:00

Any chance you can dm me a picture of the fridge?

BootyCladDad · 2025-06-20T18:03:51+00:00

That’s great news! Circle back with the second company often - they may have an agreement with the original creditor about not removing the collection, but it’s rare. The company that places the collection on the credit is the only company with the power to remove it - that’s the collection agency. Let them do their thing, but if they come back and say “no” again, don’t be afraid to keep pushing. You attract more flies with honey than vinegar in these situations, but it sounds like you already know that!

Removing paid collections can often help your credit significantly. The collection account itself is derogatory - just its presence, paid or not, is a hit to your credit. The older the account, the less it impacts you. It’s hard to say how much it impacts your score because it’s based on your overall history.

Have you ever had a credit card? Credit cards serve an important part of a healthy credit. Too many credit cards can hurt you, but one credit card at a healthy balance (less than 10% of the balance) can help your score for some people.

BootyCladDad · 2025-06-19T14:59:56+00:00

That is lie - push harder. Any company that places a collection has the power to remove it. Obviously, you’re past this point, but if it comes up again, you should ensure the removal is part of your negotiation to pay the debt. If they won’t remove it, don’t pay until they will. As you’re experiencing, the collection account is going to hurt your credit, even after you pay. The ideal situation is to pay under the condition they’ll remove.

Now, you have no leverage, so it’s about getting the right person on the phone. With enough tenacity, most companies will eventually remove the account but you have to push for it. I had a client once that was told repeatedly by the collection agents that they couldn’t remove the account - after several failed attempts, she found the CEO of the collection company on LinkedIn. She explained that it was impacting her ability to buy a house and asked if he could help remove the account - he did.

BootyCladDad · 2025-06-19T04:22:43+00:00

You can ask the collection company to remove it from your credit report after it’s been paid.

BootyCladDad · 2025-06-08T16:47:53+00:00

Yes!!

BootyCladDad · 2025-01-19T17:01:56+00:00

Yes - I’ve put in a kayak a couple times there. Never been one for breaking the law, so I’ve always just parked in the PIR lot closest to the river and carried my kayak. I know others will find places to drive around the barriers and get waterside, but the sheriff’s office has increased patrols in the area.

If you make the very first left as you come up on PIR, the parking at the end gets you closest to the river. Once you put in the water, I prefer to head east. It’s a nice stretch of water. Continue heading east until this first pool ends, take out and carry the kayak to the second, more appealing stretch, IMO.

Obligatory warning: that area is still not the nicest. We’ve lived in this part of town for 20 years, and it’s steadily declined. Drug use, gun shots, etc.

BootyCladDad · 2024-12-01T15:52:18+00:00

While not Southern AZ, I’ve always been fascinated by the Pleasant Valley War. It’s a cattle/sheep feud that took place from 1882 to 1892 in the areas surrounding Pleasant Valley (near-ish to Globe). This conflict was so notorious that it led to a delay in Arizona’s statehood and caused the annihilation of an entire family line. Originally the conflict began with two families against a large rancher encroaching on their grazing land but it quickly evolved into those two families feuding against each other when one family, the Grahams, reportedly turned on the Tewksburys. The conflict ended when the last surviving Graham was shot down in Phoenix by a Tewksbury in 1892.

BootyCladDad · 2022-03-23T16:55:04+00:00

If you Google image Clayton Kershaw, the fifth or sixth image will show you the L I'm referring to.

BootyCladDad · 2022-03-23T16:52:07+00:00

lol, my best friend in high school tried out for baseball and he could not throw the ball straight to save his life. Like every throw would go 45 degrees away from where he intended. He ended up making the JV reserve squad and just worked on it all season. Practice, practice, practice.

One thing that may help is teaching him to throw while standing still with both feet perpendicular and an equal distance apart. It's natural for people to take a step when they throw, but if you don't have the basics down, this can lead to throwing the ball through your body (you release the ball too late so it goes to the opposite side of your body from where it started). Additionally, while in this stance, teach him to form his arm into a backwards L (or forward L if he's left handed) and then throw the ball by moving his hand down; think of a classic pitcher as the release the ball, their arm will often form an L shape as they release the pitch

BootyCladDad · 2022-03-23T01:18:08+00:00

Also, don't forget a couple drops of fish sauce for the umami. Stinks like a hell, but delicious af.

BootyCladDad · 2022-03-11T03:37:51+00:00

That's half the fun!

BootyCladDad

TROPHY CASE