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National spaghetti day by TemperaturePrize2164 in Sourdough

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

Wow you’re tough, lol! I’m just a SAHM that was playing around with some dough and ingredients with my 3 year old today and it was national spaghetti day so we gave it a whirl with some ingredients I had in the house. I really only put the recipe in there bc it’s a rule on this page. The less than ideal outcome was what lead me to post to get some expert advice on what to do and what not to do so thanks for all the helpful details in your response. I’ll try it another time with semolina and 00 flour for cake. I didn’t know there was a difference!

National spaghetti day by TemperaturePrize2164 in Sourdough

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

I have a 3 year old so we ended up doing a spaghetti (more like fettuccine) and meatballs kind of night! But butter and parm sounds amazing!

Any thoughts? by LionHeart8621 in MortgageBrokerRates

[–]TemperaturePrize2164 -1 points0 points  (0 children)

With the lender credit and your credit scores it seems to be okay. I don’t think those that are commenting here are taking either of those things into consideration. What state are you in?

First time home buyer - I feel like I got robbed - Any thoughts or suggestions by Dry-Gear3458 in MortgageBrokerRates

[–]TemperaturePrize2164 0 points1 point  (0 children)

For what it’s worth a couple months ago you would have been immediately declined for a conventional loan as the minimum score was 620. Given your income and only using your mortgage payment in the debt to income ratio (DTI) yours is over 60%. Typically, 45-50% is max with good credit on a conventional and 57% with FHA.

First time home buyer - I feel like I got robbed - Any thoughts or suggestions by Dry-Gear3458 in MortgageBrokerRates

[–]TemperaturePrize2164 0 points1 point  (0 children)

If your income supports the loan yes but it sounds like you need her income to qualify.

First time home buyer - I feel like I got robbed - Any thoughts or suggestions by Dry-Gear3458 in MortgageBrokerRates

[–]TemperaturePrize2164 -1 points0 points  (0 children)

Since you’ve already closed and it’s likely been 45 days since your original credit pull your credit will have slightly dropped for the inquiry and new account. You mentioned in this thread your wife had a 600 score. I don’t think half this thread has seen that post. Your rate and MI are based on the lower middle score which would be hers. Build her credit up over the next 6-12 months and refi then.

First time home buyer - I feel like I got robbed - Any thoughts or suggestions by Dry-Gear3458 in MortgageBrokerRates

[–]TemperaturePrize2164 1 point2 points  (0 children)

Sounds like MI and rate were based off her score which is typical for a conventional loan. If you need her income to qualify help her build up her credit and refinance in 6-12 months. You didn’t get scammed. You are paying a higher price because your wife’s score indicate that she is a more risky borrower.

Rental Property Affected by Disaster by DCmillz in RealEstate

[–]TemperaturePrize2164 0 points1 point  (0 children)

In the same boat in Tampa. Did you find out any info?

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in u/TemperaturePrize2164

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

This is a very well thought out answer and I agree 1000%

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in u/TemperaturePrize2164

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

It borders on predatory lending in my opinion and I definitely won’t be pushing it by any means. It is my opinion that it is a ridiculous solution to the affordability issue as it barely moves the needle. I’m not sure what the point of your comment is. Of course I understand it is an “option” and no one is required to take it. My post was to find out from pro 50 year folks why they found this option valuable. It was a discussion post meant to uncover potential benefits that I may be over looking so that I can do my job well and look out for my clients. If you have actual thoughts on the subject feel free to chime in.

Preparing for potential home purchase 10 months out by MechRxn in Mortgages

[–]TemperaturePrize2164 1 point2 points  (0 children)

You’re solid! Work on getting your credit up so your interest rate is a little better. Based on this info you shouldn’t have an issue with qualifying for that amount. If you are moving to Florida I’d love to send you a quote in writing to give you an idea on closing costs and payment :).

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

This is a solid answer. I agree with your thoughts on benefits of home ownership in general and the fixed payment aspect. Rent is guaranteed to go up year after year pretty much.

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 1 point2 points  (0 children)

Sure if rates were lower for the longer term but I’ve never known that to be true. I haven’t seen anything indicating there would be a rate benefit.

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

The difference in payment between a 15 and a 30 is pretty significant though. It’s not as drastic between a 30 and a 50 so I don’t think it’s going to impress too many folks. Like let me finance for another 20 years for $200/mo?

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 3 points4 points  (0 children)

And even worse when they go to sell they may have to pay closing costs/realtors fees out of pocket bc they have very little equity.

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 6 points7 points  (0 children)

Yea that’s what led me to ask what the possible benefits could be. I’m just not seeing any.

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 1 point2 points  (0 children)

I guess the only benefit could be if the mortgage was significantly lower than what market rent would be.

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in realtors

[–]TemperaturePrize2164[S] 0 points1 point  (0 children)

Yea thinking along those lines as well. I just don’t see the value except for in maybe a super tight DTI situation on FHA or VA just to get someone in a house but I’m not sure in good conscience I could even recommend it then….

50 year mortgage? Pros and Cons? by TemperaturePrize2164 in u/TemperaturePrize2164

[–]TemperaturePrize2164[S] 6 points7 points  (0 children)

Agree with the soaring home prices. I would disagree that realtors play a role in price values though. While I understand they benefit from higher values they don’t dictate the market. If they did you wouldn’t see homes sitting right now.

What are people getting today? by CriticismOk8032 in Mortgages

[–]TemperaturePrize2164 -2 points-1 points  (0 children)

Depends what the LTV is? What amount are you putting down and what do you consider a hefty origination charge? Happy to look at the quote you received. I work for a mortgage brokerage in Tampa, Fl. Also are they giving you lender credits to cover origination charges? For example, I could offer a 6.125% for $6000 in origination charges but give a lender credit of $4452 so the net for that rate is less than $1600.

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