All Forum Posts by: Alan Lacey
Alan Lacey has started 0 posts and replied 170 times.
Post: How investers usually check mortgage rate?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
Someone mentioned bankrate but Their display is terrible and always defaults to options with points. I would look at Zillow or nerdwallet rate tables as better alternatives
Quote from @Chris Wang:
Hi BP,
I'm a new joiner recently from <the book on rental property investing>, I'm glad I can find a great forum to discuss property investment.
I do have a question about how investors usually check today's/this week's mortgage rate. I know a couple of loan officers who are all friendly and responsive. While I have the need to check the rates relatively frequently before making an offer because I like to get the numbers calculated roughly before making an offer, the issue is I don't want to bother the loan officers every day or every week checking the rates, and then may not applying for a loan because of the deal is not ideal or offer not to get accepted.
So I'm wondering if there is some self-serve method to check some realistic/practical rates in real-time. I know there would be bunches of results is I "google" mortgage rates, but I'm not sure which of them are reliable and practical.
Thank you, BP.
Post: Closing TOMORROW - Emergency Replacement Mortgage Needed
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
your best bet is to go to sales manager of former LO and understand why that is a issue need for a 2 year history for part time income is only when it is secondary income not primary job. Now if your spouses hours have been jumping around then the issue is that it is not consistent. The closing disclosure is separate and irrelevant to final approval. Loan could have had this issue for weeks and they could have still sent out CD. Poor service to not make you aware until the last minute.
Quote from @Chris U.:
Hey BiggerPockets,
Didn't think I'd find myself in this situation. We've been working with a mortgage lender the last few weeks and have already signed the closing disclosure on a $170K investment townhome. Our closing date is supposed to be tomorrow Aug 2nd @ 2pm. The long story short is that our cash-to-close is set to increase anywhere from $15K - 20K due to the lender completely changing our terms.
We cannot make this work. Can anything be done to help us in this situation - other brokers or lenders? We're in the process of trying to contact a few right now too.
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Explanation: Our usual trusted loan officer is no longer with the company, but stayed on long enough to make it to our closing disclosure. However, now the lender is completely disregarding my wife's income due to her being part-time for less than 12 months (approximately 9 months). She voluntarily made this change and can increase her hours on request with no issue (sets her own schedule). Her hourly rate is >$35. There have been no previous issues raised with our bank statements, pay stubs, W2s, or any other document that we've submitted. Both of our credit scores are 760+
The closing disclosure had our cash-to-close at $31,980 on a $170K townhome. The terms were 20% down 7.125% with 1 point. Increasing our down payment no longer makes sense for our personal or investment financials.
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Post: Seeing Same Mortgage on 2 Different Banks?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
I would guess they sold the loan, and not reflecting on all three bureaus yet so seeing both names. If you get a servicing transfer notice in next couple of weeks that would probably be it.
Post: Will HOAs disclose how many rentals there are in community?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
Almost all hoa’s will at least have info on what percentage of homes have mailing address as primary. If it is a pud might be less commonly asked for but condo they will definitely have because it is part of standard condo questionnaire that lenders require. Most site condos will as well.
Post: To: Portfolio Lender, what if you can't sell MBS
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
most non am residential goes to Wall Street etc and is sold off and lender gets paid etc . Same with anything they call "portfolio" that they sell. In mortgage portfolio typically is what you call loans that they keep on their own books. And pricing based on cost of funds with margin for risk and projected prepay speed. So no one really plans on it being on the book to term, and they have to lend out money even i. Low rate environment to make a return. It will cut into their ROI and ROE numbers but they won't be losing money.
Post: Is this loan product a good idea?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
Many time the rate adjustment for those programs offsets most of the payment reduction from going interest only. Just have to compare. Other than that there is nothing wrong with the product.
Post: Rates keep rising over the next couple years?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
Well first thing ask both lenders for their quotes at those rates so you can make a apples to apples comparison. Rates are probably likely to go down, but what does it matter if you have already broken even. If financing the points make sure to not just compare interest savings to discount fee, but just the payment difference vs the discount fee.
Post: DSCR Loan marked as "conventional"
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
that is what it is supposed to be. If it said something else that is what you would need to nit pick.
Post: Do I refinance to HIGHER interest rate?
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
I wouldn’t refi until you have to, and I would take to lender about what the max amount you can qualify for using your va supplemental benefit to have more than 1 va loan.
Post: BRRR in the midst of interest rate jump
- Lender
- Grand Rapids, MI
- Posts 174
- Votes 82
Heloc’s are a fine product, but with projected increase in fed fund rates, and thus prime rate, of roughly another 1.75 to 2 percent in next 18 months you will see a big move in short order. Really depends on what you owe on first relative to amount you are cashing out, and of course max line amount you can get.