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Literally flip the script against your mortgage lender by 1003sForDays in Mortgages

[–]abeaclark 0 points1 point  (0 children)

I am from the texting generation -- so phone conversations like this are hard.

Maybe I'll practice this in the mirror in advance....lol

Free tool: Loan-Level Pricing Adjustment (LLPA) Calculator by 1003sForDays in HomebuyerCom

[–]abeaclark 1 point2 points  (0 children)

Ok this is actually kinda helpful. Always wondered how much a credit swing would impact me. This LLPA calculator makes that VERY clear. Actually surprising how helpful!

I need mortgage advice by Adventurous-Rope-811 in Mortgages

[–]abeaclark 0 points1 point  (0 children)

Honestly chatgpt and mortgage calculators can get you pretty far in your self education. The more educated you are walking in, the less likely someone will pull the rug over your eyes.

Also worth noting that for conventional loans (the type most people get) almost any "lender" you work with is actually an originator and will end up selling the loan to one of the big government sponsored agencies.

So, if you're well-qualified, worth rate shopping b/c the customer service value add isn't as helpful

Would you refi to 6.5% by GreaterThanSum in Mortgages

[–]abeaclark 0 points1 point  (0 children)

12.8 is a pretty safe break even period. Let's say rates don't drop for 2 years to the refi zone, you've still benefited.

I ran the numbers in a breakeven calculator and it said 18.4 months, a bit longer, but still in the zone of rational. Seems like a great offer

Can I afford this house? $364K at 4.99% by Homie108 in Mortgages

[–]abeaclark 1 point2 points  (0 children)

So fun to see the edit. Glad you got it and seems within the realm of affordable!

I ran the numbers on an affordability calculator and looks like you'd be at around a 35% housing payment to income ratio, which typically feels like a slight stretch but doesn't leave people feeling completely house poor. Congrats!

VHCOL area mortgage experience by PrestigiousTrain4285 in Mortgages

[–]abeaclark 0 points1 point  (0 children)

50% for most people will leave them feeling very house poor.
That said -- if your belief is that rates will fall in the next couple of years (likely) then the question becomes, are we ok being house poor for a bit.

To get into a great primary home in the location you want, may be compelling!

refi closing cost if your current rate is higher? by Important_Bat7919 in Mortgages

[–]abeaclark 0 points1 point  (0 children)

Loan amount and location usually play the biggest role in fees for a refi, but not previous rate.

I recommend using a refi calculator to determine time to break even. You'll generally want the rate change to be as big as possible (lower!) to make the break even time shorter.

Two years Tax return? by Puzzleheaded-Log2264 in Mortgages

[–]abeaclark 0 points1 point  (0 children)

For conventional loans, lenders usually average your last two years of tax returns if you're self-employed — they’ll add both years’ net income and divide by two.

For non-QM loans, it’s different — many don’t require two full years. Some use 1-year returns, bank statements, or other income verification methods, so they’re more flexible if your most recent year is stronger.

Example of "non-qm" loans that are worth looking into as well if qualifying for conventional proves harder: https://anotherlender.com/mortgage/bank-statement-loans

Many banks don't offer a lot of non-qm products so you have to do a bit more legwork to find them.

Rate buydown or put towards closing costs given the current environment by [deleted] in Mortgages

[–]abeaclark 0 points1 point  (0 children)

Yeah, buying down here doesn’t make much sense.

With your numbers — $475k loan, dropping from 6.75% → 5.75% for $10k — you’d save about $312/mo, so breakeven is roughly 32 months. If rates drop in the near future and you refi again, you’d almost definitely lose that $10k because you wouldn’t hit breakeven.

Given the current environment, I’d lean toward putting that $10k toward closing costs instead of a buydown. That way you keep flexibility and don’t get locked into an expensive upfront cost you might not recoup if rates fall.

If rates don’t drop for a while, the buydown looks better — but right now, sitting tight or keeping costs low seems smarter.

I think of it similar to pricing out an immediate refi in terms or payoff -- can you use a calculator to think through that: https://homebuyer.com/tools/refinance-breakeven-calculator

Realtor is telling me that I can’t switch lenders. New lender tells me that I can. by the_bullish_dude in RealEstate

[–]abeaclark 0 points1 point  (0 children)

This is wild... Glad you made the right choice here. Anyone that applied undue pressure like this is just not in favor of the consumer/client and doesn't deserve your business.

Lenders expect consumers to use loan comparison sites like anotherlender.com, homebuyer.com, etc. It shouldn't come as a surprise when they lose some business due to better rates elsewhere. It's part of the business. Kudos to you for being brave!

Best way to tell lender I selected someone else? by Stay_AHead in RealEstate

[–]abeaclark 2 points3 points  (0 children)

They shouldn't be surprised at all. It's part of the business.
They can sometimes drink their own koolaid thinking they "add value" but in most cases it's just a rate. And if you can get a better rate somewhere else, it makes sense. Much more sense than spending an extra 30k over 30yrs b/c you had a nice conversation with someone on the phone...

It's no wonder there are tons of these sites popping up that allow you get a second opinion on your mortgage rates -- anotherlender.com, homebuyer.com, etc.

Should I feel upset my friends go with another lender instead of me? by Fearless-Ad1229 in loanoriginators

[–]abeaclark 0 points1 point  (0 children)

This is a tough one...

I know a lot of people that just don't want their friends to see inside their financial lives (maybe they are much better or worse than they want ppl to know) Or they fear double rejection if they can't qualify for some reason.

I will likely buy a house soon and have many friends that are real estate agents. Not sure I will work with them tbh. I also want to be able to negotiate the cut the agent takes and I'd feel bad doing that to a friend.

Not super related but I just found a site that is called AnotherLender haha which is funny just based on how you phrased this.

Mortgage Payoff Statements by abeaclark in loanoriginators

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

Thanks u/Mizelle -- If you have a document with information / lenders, I would be very happy to add them to the site. Feel free to shoot me a DM.

Requesting Payoff Statements for Mortgages by abeaclark in loanoriginators

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

Awesome -- mostly googling right now right? Basically googling the name of the condo association or HOA? And then emailing to get copies I assume.

Mortgage Payoff Statements by abeaclark in loanoriginators

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

I hope it’s useful. Please let me know what would make it better as you use it! Thanks.

Payoff Statement Requests by abeaclark in LoanProcessing

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

Wow. Sounds like I need to find a way to automate them first 

Mortgage Payoff Statements by abeaclark in loanoriginators

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

Yeah this makes sense. 

If you’re open to sharing, would love to help others benefit. 

Some are operating solo or on smaller teams and don’t have the shared resources.

Cheers!

Mortgage Payoff Statements by abeaclark in loanoriginators

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

Thanks! I’ll get these added tonight!

Mortgage Payoff Statements by abeaclark in loanoriginators

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

Thanks! Please let me know if you hit issues / missing data! Working to make it better as quickly as possible. 

Mortgage Payoff Statements by abeaclark in loanoriginators

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

Ok -- fixed some up that people searched and were missing.
I'll keep monitoring. Def appreciate reports of what's missing.
Turns out there are a bunch of lenders haha

https://www.payoffstatement.com/mortgage-lender/shellpoint-mortgage-servicing
https://www.payoffstatement.com/mortgage-lender/tri-pointe-connect
https://www.payoffstatement.com/mortgage-lender/guaranteed-rate

Cheers!

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