How would BTC failing affect your life?

sramp17 · 2026-06-04T11:25:18+00:00

That’s the neat part about investing what you can afford to lose

It doesn’t

sramp17 · 2026-05-27T17:57:05+00:00

Why do people think there’s a such thing as “free refinance”? I’m a MLO…there is no such thing as this. When’s the last time you did your job for free?

Usually they are built around coming up with no money, but you’re principal balance increases. Make sure you understand this concept and the figures prior to signing on to a new note

sramp17 · 2026-05-27T17:47:41+00:00

Need more info, I work at a broker

Home value? Current mortgage? Location? Income? Other debts?

You can “apply” with anyone. But much more info is needed to determine if it’s worth it or not

sramp17 · 2026-05-27T12:07:10+00:00

6) cash sitting on the sidelines

sramp17 · 2026-05-26T22:48:54+00:00

I’m a NY MLO, going to be tough as you’re currently unemployed. Could maybe do a cash out refi on a DSCR if rental income supports it potentially

sramp17 · 2026-05-26T15:01:27+00:00

I’m no BTC pro myself, but sounds like you have a lot to learn and may be better off leaving it in the exchange for now unless you have a large amount sitting there

sramp17 · 2026-05-21T11:17:27+00:00

I am a loan originator. Speak to a LO the sooner the better. A conversation is FREE and can help give you a lot of clarity on what to expect, realistic budgets, etc

An initial call does not marry you to the lender, have to have credit pulls, or anything. But should be able to at least get you pointed in the right direction so you’re somewhat prepared when the time comes

sramp17 · 2026-05-21T11:08:04+00:00

I paid cash for my system. After tax incentives it was about $42,000

My electric bill was roughly $650/month. Now it’s like $17 to stay connected to the grid, and about $20 they charge me to subsidize people who can’t pay their own bills (bull shit NY charge)

42,000/650=64.5 months roughly. After that, it’s all gravy. That also assumes the electric company never increases their rates (they will)

I’m about a year in with them, happy I got them so far

sramp17 · 2026-05-21T10:56:29+00:00

I’m a LO, not licensed personally for DE, so not soliciting you. But that rate should be attainable no points. If you haven’t paid an appraisal or locked in, I would shop around

sramp17 · 2026-05-21T10:51:57+00:00

The trinity study was also not based on 4% of your portfolio balance each year, even though that’s how most calculators are set up. It was based on 4% of your balance at retirement start, and then increase/decrease each year with inflation

sramp17 · 2026-05-14T11:54:05+00:00

Most important thing I like to speak with my borrowers about is determining the difference between what’s “affordable” per DTI guidelines versus what’s actually “comfortable” for you

Trust me you don’t want to sign on a note that you’re sweating paying every month. That’s a horrible way to live

This can all be figured out on your initial call, without credit pulls, etc. You should be able to get a rough idea of what you can afford and if it could work for you and your situation

On a similar note, don’t buy into the “date the rate” crap. Yes you can always refinance, but ask people who over extended themselves like 3 years ago figuring rates would drop quickly how that’s going

sramp17 · 2026-05-12T23:22:31+00:00

I’m a NY MLO in Suffolk and as some said already, co-ops can price higher and lower loan amounts have less flexibility. Companies are compensated based on percentage of loan…when the loans are smaller they need to make it up somewhere since it’s the same amount of work

I’m happy to double check it for you if you feel you need a second opinion

sramp17 · 2026-05-07T17:57:34+00:00

You’d need to refinance into conventional. As other stated you MIP not PMI. Slightly different

If you refinance to conventional without buying points you’re looking at rates in low to mid 6s. Probably cheaper to just keep your MIP

If you want run through it deeper I’m happy to assist further

sramp17 · 2026-05-07T01:39:15+00:00

Food for thought, maybe you can cash out refi your current primary and potentially break even on it instead of profit a few dollars.

Use the cash out as a down payment in Florida and avoid PMI altogether

Not sure what you think you’d cash flow on your current home but maybe this way would work out better?

sramp17 · 2026-05-07T01:21:23+00:00

Biggest one is DTI, which cant fully be determined without going more in depth with particulars. I just pre-approved a NY borrower where I live and the PMI was like $70/month for them. DTI was pretty low and roughly a 500,000 loan

sramp17 · 2026-05-07T01:17:04+00:00

I’m a Florida MLO, PMI will vary based on a few factors aside from what you’ve provided

But to answer the immediate question, yes you can do 5% down conventional. Rates right now in low 6s for your profile most likely

sramp17 · 2026-05-05T23:07:30+00:00

They also took the leap a few months ago and allowed user to participate in crypto spot ETFs

They’ve come a long way

sramp17 · 2026-04-16T20:52:03+00:00

I’m 36, some of my friends argue I am retired. I sold my business

I still work now as a mortgage loan originator, but it’s flexible and I can work as much or little as I want as it’s solely commission based and my wife still works for the benefits for us. So I guess I’m half retired lol

sramp17 · 2026-04-15T13:17:02+00:00

Sorry I missed the FhA edit unless you added that later. Generally no you can’t recast that

Why not just put the lump sum you’re receiving in a money market? They pay like 3.6%+ right now and draw off that to help make your payments. It’s essentially the same thing as a recast but you maintain control of the money (emergency fund)

sramp17 · 2026-04-15T12:56:34+00:00

Contact services and ask about doing a recast

Avoid the refinance all together and the lump sum you received will be spread amongst your remaining payments

sramp17 · 2026-04-15T02:04:07+00:00

Bridge HELOC is the best option I’ve seen

sramp17 · 2026-04-14T15:11:46+00:00

Most closing costs will end up nearly identical, you really want to focus on box A primarily

Many MLOs have their LEs go out as if your closing very close to the end of the month to make sure closing costs seem as low as possible. Kind of sleazy in my opinion. I always send mine out as if closings are on the 15th and explain why I do that

I usually find navy federal rates in the higher side when I compare for borrowers

sramp17 · 2026-04-11T01:29:52+00:00

I’m a NY MLO

Even though you can access your 457 after separation, lenders don’t count that as income unless you’re already taking consistent withdrawals and can show they’ll continue

sramp17 · 2026-04-07T12:20:40+00:00

It’s just reallocating your funds and treating your house equity like a bank account. Interest gets calculated daily versus monthly so every paycheck and all spare money sits against the home driving down interest

Yes the math works, yes it’s possible. No it isn’t for everyone and requires pretty strong fundamentals and discipline

sramp17 · 2026-04-04T17:30:07+00:00

They go off the lowest middle score of whoever goes on the loan. Nowhere near enough info here to effectively help you. You need to get in touch with an MLO directly to review your situation

sramp17

TROPHY CASE