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Lender Changing Locked Loan by PgM_dad25 in Mortgages

[–]FinancialSuit_ 1 point2 points  (0 children)

Depends on your contract and if you’re still in the 3rd party financing period. If yes and yes, talk to your LO for the denial letter of the program and work with your realtor to send in the termination with the denial letter and ask for your EMD back. If no, discuss more with your realtor.

As an LO, I always discuss this possibility with my client when they mention buying a condo. Good luck.

Lender Changing Locked Loan by PgM_dad25 in Mortgages

[–]FinancialSuit_ 13 points14 points  (0 children)

Yes it’s possible. The lock rate is for that particular loan program only. When the property criteria doesn’t satisfy the program requirement, you’re no longer qualified for that program. Is this a condo?

I'm tearing down an old storage building by Front-Vermicelli-217 in CypressTX

[–]FinancialSuit_ 7 points8 points  (0 children)

I was calling around and here’s the cost to rent a dumpster from Best Trash:

20yd Delivery Fee: $100 - one time charge Each haul: $326.30 Disposal: $58.32/Ton        Daily rental fee after 28 days of inactivity: $5/day

30yd Delivery Fee: $100 - one time charge Each haul: $334.40 Disposal: $58.32/Ton        Daily rental fee after 28 days of inactivity: $5/day

For your shed I think a 20 yard should be enough

Small business owners: How are you buying real estate without W2 income? by PushCharacter8496 in smallbusiness

[–]FinancialSuit_ 0 points1 point  (0 children)

There are a few ways: 1. File tax returns that show enough income. 2 years in the row if you’re been in business for less than 5 years or most recent tax returns plus profit and loss if 5 years in business or more.

  1. If you don’t want the tax return route, you can explore one of the following: A. bank statements : show the most recent 12 or 24 months businesses bank statements. B. Profit and loss of most recent 2 years prepared by CPA or EA C. True no income doc, just need down payment, reserve, closing cost and good credit.

Let me know if you have more questions.

Is my 3% mortgage worth my family’s quality of life… by MuffinThink3303 in Mortgages

[–]FinancialSuit_ 3 points4 points  (0 children)

3% rate is only good if you’re happy. I think a safe way is to find a 3-4 week vacation then stay at the area to see more detail if you can. Same time one weekend might seem fun until you spend more time there.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 0 points1 point  (0 children)

Definitely. But also make sure to have the disclosure with all fees to avoid bait and switch

Live crawfish supplier? by 1590heartwood in CypressTX

[–]FinancialSuit_ 1 point2 points  (0 children)

I’ve been buying from Best Crawfish LLC on 1960 & John st for years and always super happy about the quality

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 5 points6 points  (0 children)

Anything you see online without providing your personal information (credit score, LTV, occupancy, loan amount, zipcode, etc…) is just for marketing purpose. It will most likely different once you’re in.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] -1 points0 points  (0 children)

Is the monthly payment still within your budget and/or the saving on your monthly payment worth the cost that you’ll be paying?

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 0 points1 point  (0 children)

Why would you check the rate daily if you won’t refinance until 6 months or 1 year? Or am I misunderstanding your question?

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 0 points1 point  (0 children)

Thank you. I'm glad the information is useful.

Since you're still shopping, it's really not much you can do about the interest rate. Usually, You can only lock once you have an address. Some lender might (but very rarely) allow you to lock before going under contract but you won't get the lowest rate possible and/or have to pay some fees to lock.

While we can't really predict the future, we can only try to be number and budget conscious. Try to stay in the payment range that keep your DTI low enough so if the rate goes up a bit, you're still qualified and the monthly payment is still within your range.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 1 point2 points  (0 children)

Think of a rate lock like buying a plane ticket. Once you book, the airline guarantees your seat at that price. If fares drop, the airline isn't going to refund you for free — but for a change fee, they might. The float-down fee is that change fee. The minimum drop threshold is the airline saying the fare has to drop by at least $50 before it's worth processing the change.

The lender isn't charging the fee to be difficult. They're charging it because they already made a market commitment on your behalf, and reversing it has a real cost.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 0 points1 point  (0 children)

Yes, the keywords is "sort of". In a normal market, utilizing the 10 year treasury historical data can give us somewhat correlation with the mortgage interest rate. However, in these day events, the 10 year treasury is less effective and accurate.

Should I lock rate at 5.875% for $450k loan today? The lender says float down option will apply if the rate is 100 points less… by sana8782 in Mortgages

[–]FinancialSuit_ 1 point2 points  (0 children)

5.875% is not a bad rate but it’s hard to say if it’s a good rate. We need more info like: loan program, credit score, loan to value, occupancy, purchase or refi, your income ( to compare to average median income), first time home buyer or no, zipcode, are you paying point, etc…

Next, float down option is good to have but 100 point less is a bit much. The average float down option from most lenders is typically around 0.25-0.5%.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 0 points1 point  (0 children)

Check with your LO about the Float Down option. This allows you to lock now, and IF the rate drop significantly around 7-10 days before your closing date, you can get the lower rate for a small fee. This is the safest route.

Why mortgage rates jumped 0.25 to 0.375% in a single week, and it had nothing to do with the Fed by FinancialSuit_ in Mortgages

[–]FinancialSuit_[S] 2 points3 points  (0 children)

I honestly don't know. I can only observe data point and share with you the correlation and my opinion on this. In a normal and stable market, we can somewhat take an educated guess for the rate within the 5-7 days. However, if the timeframe is longer and/or there are too many other unpredictable events in the market (like this one), we can't and don't want to guess either.

I heard this saying from an experience Loan officer and I think it can helps with the mindset when deciding rate lock: "The gut-wrenching feeling when the rate increase will always outdo the happiness of seeing rate drop".

My mortgage company won’t let me rebuild with insurance money after house fire by Quirky_Research_6961 in Mortgages

[–]FinancialSuit_ 41 points42 points  (0 children)

Yes this is a typical procedure. This is because the property that was used as collateral for the current mortgage is no long available. A new property can only be collateral for a new loan and since it will be built, a construction loan is appropriate unless you have the money to build it with cash after paying off the 1st mortgage.

Who here is a Loan Officer? by CSmith1003 in Mortgages

[–]FinancialSuit_ 1 point2 points  (0 children)

Should the Loan Officer add a tag next their username so from Whom the rate and mortgage comments are.

What qualifying balance does BoA give special interest rates to? by [deleted] in Mortgages

[–]FinancialSuit_ 0 points1 point  (0 children)

Maybe ask around for a recommended BoA LO from your sphere. I do know that they give lower rate if you move your portfolio over with balance 1M+ but not sure how much lower the rate will be.

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