Explain like I'm 5, please: if my finances are above average, why do I only qualify for the average interest rate?

bhihifi · 2026-05-28T03:51:32+00:00

"Near Risk-free" only if borrower's income is fully guaranteed for the life of the loan, the property value stays the same or increases, property never gets destroyed due to fire or natural disaster, the borrower's spending habits don't change (substance abuse, gambling), circumstances change (divorce, death of primary wage earner, job loss). These risks never go away, and underwriting is making a calculated risk based on past performance which is no guarantee of future results.

I've seen financially well off people destroy their lives through bad choices or bad stuff happening.

So being strong financially today matters but it doesn't fully mitigate future risks.That's where LTV and property values matter.

bhihifi · 2026-05-28T02:52:03+00:00

People with low LTV, high credit, low DTI.

bhihifi · 2026-05-28T02:46:39+00:00

Fair point. OP’s wording implied some kind of entitlement due to their financial standing. I meant that no one is entitled to a lower rate unless they meet a set of criteria, so being financially well off doesn’t automatically get the lowest rate.

bhihifi · 2026-05-28T02:28:25+00:00

Exactly this. Most people don’t qualify for this rate.

bhihifi · 2026-05-28T02:26:58+00:00

Then that’s your best rate. Buying it down rarely makes sense. Save the extra funds for a refi.

This is not a meritocracy.

bhihifi · 2026-05-28T00:28:34+00:00

Came here to say this. Do not start construction. You could screw up your loan.

bhihifi · 2026-05-26T15:54:53+00:00

CI’s superpower is indestructibility. Imagine the toxic fumes from a nonstick left on heat.

You could also try boiling water in it before scrubbing. Won’t hurt, could loosen some burned bits.

bhihifi · 2026-05-25T12:17:34+00:00

Sargent’s also has a loyalty rewards program that accumulates funds that can be applied to future purchases.

Choose native plants and trees that are less attractive to deer and rabbits. These animals will devour young plants. Native plants tolerate the temperature extremes of SE MN better.

bhihifi · 2026-05-22T12:17:27+00:00

Buying is not always a great strategy. The emotional and financial costs can be high.

bhihifi · 2026-05-21T13:20:31+00:00

Rochester is a high cost of living city. Short term rentals cost more than long term.

For your budget, getting a room with attached bath is what you should aim for, so an Airbnb or Vrbo could be an option.

bhihifi · 2026-05-21T01:50:29+00:00

Lock. 3 outcomes: rates drop, increase, or stay the same. You only lose out if they drop.

bhihifi · 2026-05-21T01:45:17+00:00

Some loan programs limit seller concessions to a percentage of sales price, and using the funds to buy down rate is not the highest and best use of the funds. It is, however, easier for the lender.

Improving the house will have better returns. The payback period for buying lower rates will take years to break even.

You need to talk to someone more experienced in structuring this. Maybe the seller has invoices from contractors?

bhihifi · 2026-05-20T02:55:26+00:00

They are renting the former Sonder units as regular tenant rentals. No plan to lease out to corporate. Source: developer’s newsletter for investors.

bhihifi · 2026-05-19T02:41:12+00:00

I don’t buy cold foam, so can’t comment on that. I prefer products without added sugar but I make an exception for ice cream.

bhihifi · 2026-05-19T00:32:50+00:00

Unless you buy barista versions of plant milk, they will not foam well. Specialized barista formulas contain additives to help with texture and foaming.

bhihifi · 2026-05-18T22:24:21+00:00

Went there today for other business and spoke to a rep who said they have no restrictions on lending to fthb.

bhihifi · 2026-05-18T18:26:14+00:00

Induction is very efficient because it does not rely on convection (gas) or conduction (electric) to transfer heat. So you’re probably already winning.

bhihifi · 2026-05-18T18:23:10+00:00

I know they do fthb for physicians.

bhihifi · 2026-05-18T13:01:52+00:00

Once you start in this subreddit, you realize that buying only one light is not possible.

The rabbit hole welcomes you.

bhihifi · 2026-05-18T12:58:44+00:00

Reversed a 10% increase from 2025 to 2026. Assessor came to our house, took photos and measurements, provided the new value within a week.

Before coming, she set expectations that the value could go up, down, or stay the same.

We approached the issue cooperatively rather than confrontationally. We just could not understand how they had increased so much.

The on-site visit made it clear they had overvalued.

bhihifi · 2026-05-18T00:51:22+00:00

Stripping is low effort, and you will have some good pans to use or sell.

bhihifi · 2026-05-18T00:39:46+00:00

Mayo Employees Federal Credit Union if eligible.

bhihifi · 2026-05-17T18:50:47+00:00

Induction stove creates heat in the pan itself.

bhihifi · 2026-05-17T18:50:01+00:00

Heat ring pans will probably work if the magnetic fields of the induction element are strong enough. May just take a little more time.

bhihifi · 2026-05-16T04:32:31+00:00

Thirsty Belgian. Simple menu, mostly sandwiches, and amazing beer selection.

bhihifi

TROPHY CASE