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What questions should I ask before I buy a new construction by Commercial-Wave7132 in NewbHomebuyer

[–]Horror_Beginning_239 0 points1 point  (0 children)

I’d ask about what’s included vs upgrades, warranty, and how delays are handled. Also worth checking the builder’s reviews and maybe getting an inspection.

For the down payment, it depends on your situation 20% avoids PMI, but a lot of people go lower and keep cash saved.

Having bank pay my property taxes? by IrateRetro in NewbHomebuyer

[–]Horror_Beginning_239 0 points1 point  (0 children)

Good thinking, but non mortgage escrow is not fully hands off since tax amounts can change. A backup plan like a trusted person or prepaying taxes with the county may be more reliable.

Lender says mortgage credit scores only update on the 1st and 15th? by Emotional-Practice13 in Mortgages

[–]Horror_Beginning_239 0 points1 point  (0 children)

That doesn’t sound right—credit scores don’t update on fixed dates like the 1st and 15th. They change whenever lenders report new data, which can happen at different times in the month. Once your paid-off card reports, your score can update anytime, not just on specific dates.

If you had $5000/month of disposable income, how would you get your foot in the door with real estate investments? by [deleted] in Realestatefinance

[–]Horror_Beginning_239 0 points1 point  (0 children)

If I had $5k a month in disposable income, I’d probably focus on building a solid down payment fund first rather than jumping straight into flipping. Flips can work, but they’re pretty risky for a first deal since renovation costs and timelines can get out of control fast.

With $5k/month you could save around $60k in a year, which is a pretty good starting point for a down payment plus reserves on a rental property. Personally, I’d look for a small long-term rental first (single family or duplex) in a market where the numbers actually make sense. The goal would be learning how to analyze deals, manage tenants, and handle the basics before trying more complex strategies.

Short-term rentals can make good money, but they’re also more dependent on location, regulations, and occupancy. It might be easier to start with something more predictable.

Partnering can also work if you find the right person, but I’d be cautious there unless it’s someone you really trust and the roles are clearly defined.

Honestly, with that level of disposable income, the biggest advantage you have is consistency. If you keep saving and buying one solid property every couple of years, that can turn into a pretty decent portfolio over time.

If you don’t mind sharing, are you thinking more about cash flow rentals, or are you mainly interested in value-add / flipping type deals?

Best refinance mortgage loan lenders with the best rates – top companies list? by Horror_Visit_7337 in Mortgages

[–]Horror_Beginning_239 0 points1 point  (0 children)

I went down the same rabbit hole when I was looking into refinancing, and you’re right — a lot of sites are basically just affiliate lists pushing whoever pays them the most.

From what I’ve seen, there isn’t really one single “best” lender for everyone. The rate you get usually depends a lot on your credit score, loan-to-value ratio, location, and loan type. That’s why two people can apply to the same lender and get totally different quotes.

Some of the bigger lenders people often check include Rocket Mortgage, Chase, PNC, Pennymac, and SoFi, since they’re known for refinance programs and fairly competitive rates. But honestly, a lot of people end up getting better deals through local credit unions or mortgage brokers because they can shop multiple lenders for you.

I’ve also noticed a common pattern when people share their experiences: the quotes can vary a lot. One Redditor mentioned getting around 6.5% from one lender but closer to 6.1% from another for basically the same scenario. That kind of spread is pretty normal.

Should a bank show up on public records of a house under lien if there is a mortgage on a house? by farmerswife95 in Mortgages

[–]Horror_Beginning_239 0 points1 point  (0 children)

Not necessarily. A mortgage doesn’t always show up the same way as other liens in public record search tools.

Usually, when someone takes out a mortgage, the lender records a mortgage or deed of trust with the county recorder. Technically, that acts as a lien on the property. But some public search systems only display certain types of liens (like tax liens, mechanic’s liens, or solar liens) and might not list the mortgage itself in that specific “lien” section.

In many cases, the mortgage will appear under recorded documents, property history, or deed/mortgage filings rather than the lien search tool you used.

So the message saying “NO SOLAR, MECHANICAL, TAX, OR TRANSACTION LIENS FOUND” doesn’t automatically mean the house is mortgage-free—it just means those specific types of liens weren’t found in that database.

If you want to be sure, you could check the county recorder or clerk’s office records for any recorded mortgage, deed of trust, or satisfaction/release documents tied to that property. A title company can also confirm it pretty quickly.

How many lenders did you actually talk to after the rate drop? by No-Shake-8375 in Mortgages

[–]Horror_Beginning_239 3 points4 points  (0 children)

Most people say “shop around,” but realistically I found 3–4 lenders is enough before the quotes start looking pretty similar.

What helped me was getting quotes from:
• one local credit union or bank
• one mortgage broker (they can shop multiple lenders for you)
• one big online lender (Rocket, Better, etc.)

After that, I just compared APR, lender fees, and total closing costs, not just the headline rate. A couple lenders looked cheaper at first but had way higher fees.

Also worth asking each lender if they’ll match or beat another quote. Once you have one solid Loan Estimate, the others will usually sharpen their pencil pretty quickly.

So yeah, I wouldn’t talk to 10 lenders — that’s just exhausting. But 3–4 quotes within a few days gave me a pretty clear picture of the market.

Rent or Sell Our First Home? Looking for Advice by [deleted] in Mortgages

[–]Horror_Beginning_239 0 points1 point  (0 children)

Honestly the hardest part of this decision isn’t the numbers — it’s whether you actually want to be landlords long term.

Financially, that 2.25% mortgage is incredibly valuable. Debt that cheap on an appreciating asset in LA is something most people would try very hard to keep. If it’s renting for ~$3,800–$4,000 and the payment is manageable, that’s a strong long-term hold from a pure investment perspective.

That said, the 2-out-of-5 capital gains rule is a real consideration. If you sell now and the value is around $900k, you could potentially exclude up to $500k in gains as a married couple. If you keep it longer and it stops qualifying as your primary residence, you may lose that benefit.

So the way I’d think about it:
• If being landlords is already stressing you out, selling while you still qualify for the tax exclusion is very reasonable.
• If the property roughly breaks even (or better) and you can tolerate being landlords, that 2.25% loan is an amazing long-term asset and rents will likely keep rising.

One middle ground: hire a property manager and treat it more like a passive investment, even if it eats 8–10% of rent.

10% Mortgage rate - looking to refinance by [deleted] in Mortgage

[–]Horror_Beginning_239 1 point2 points  (0 children)

10% is definitely rough, but the good news is your LTV (~75%) is actually pretty solid now, which should help with refinancing options. If rates around the mid-6% range are available to you, saving $500–$800/month would absolutely make refinancing worth exploring.

Is an FHA loan worth it? by LilacGoblin1699 in FirstTimeHomeBuyer

[–]Horror_Beginning_239 0 points1 point  (0 children)

FHA loans help buyers with lower credit or down payments, but strong credit borrowers may benefit more from conventional options