All Forum Posts by: Daniel Hennek
Daniel Hennek has started 0 posts and replied 217 times.
Post: Debt to income ration at razor thin margin
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Don't believe the loan officer about the DTI calculation. Most get it wrong by a long shot and very few get it right on the dot. Get a second opinion as your first step.
Post: Lender signoff on lot split
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Here's the applicable guideline section for Fannie Mae. It's possible but you have to meet the 60% LTV threshold. Click the following link then scroll down to the section "Evaluating A Request For The Partial Release Of Real Property". I'm pretty sure that Freddie is very similar but didn't check their servicing guide.
Post: DTI: car, HOA, IRS payments
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Originally posted by @Chris Mason:
Honestly, if you're that far into the weeds, it's probably time to get off of Web MD and go talk to a real doctor. Good chance the issue isn't actually the back ache you've been focused on, it's something else you aren't thinking of and may not have known about, maybe even with a super quick and easy fix not even on your radar, because you're down the wrong rabbit hole.
lol
Post: DTI: car, HOA, IRS payments
- Lender
- Lewis, CO
- Posts 218
- Votes 159
The loan officer you speak with will be able to talk to you about what makes up your DTI if you're that interested in it. It's their job to calculate DTI so why don't you let the professional do it after giving them all the information they need...
Yes all of those things are included but you're still probably not going to do it right so let the professional do their job.
Post: Lending in Orlando, FL
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Generally speaking, any loan under $75,000 is a much smaller market because there isn't much money to be made on the deal for the amount of work put in. $75,000 is barely high enough for many lenders and is my company's minimum loan amount. A small local bank is probably your best option as they are required to serve the community they are in.
Post: Earnest money refund
- Lender
- Lewis, CO
- Posts 218
- Votes 159
The lender is not very good if they didn't explain this to you. It's pretty simple. They are basing LTV on the appraised value not the purchase price. They use whichever is lower, typically. Doesn't your contract have an appraisal contingency as well as a financing contingency? Read your contract, it's all there for you to see if you just read.
Post: What are Current Rates and Closing Costs For a Rental Mortgage?
- Lender
- Lewis, CO
- Posts 218
- Votes 159
That's really high. Laughable.
Find a broker, they can cover the spread much better. The spread with investment properties is huge these days. You can find something in the low 3's, conventional with 700+ credit and 30% down on 1 unit SFR. 25% down probably puts you in the mid 3's. That's with a roughly $1,000 lender fee and no points. 4 unit with 30% is also around mid 3's with a good broker. I'm not quoting rates as I'm not licensed in your state, but just giving you an idea of what you should be able to find because generally speaking rates don't change based on what state you're in.
When you're shopping for a mortgage just focus on the lender fee and the rate. That's all the lender has control over.
5.25% is way out of range.
Post: Considering a cash out refinance, looking for opinion on quotes
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Originally posted by @Chris Mason:
Originally posted by @Daniel Hennek:
Originally posted by @Chris Mason:
See link: https://www.housingwire.com/ar...
Most lenders, clearly including the one referenced by OP, were running at 10% or 14%. Far above the new 7% cap. So they have jacked up their rates/fees for rental properties taper down to 7%. If I own a Burger King franchise, and corporate tells me to sell less Whoppers (let's say they cap my burger sales at 7% Whoppers, or they fine me), I'm going to do 2 things: 1) Put less signs up about Whoppers, more signs about other burgers. 2) Jack up my Whopper prices. That's what most lenders are being forced to do right now WRT rental property mortgages.
You need to find someone that can quickly and efficiently identify lenders that aren't tapering down, ones that weren't running at 10% or 14%, but were previously running at 4% or 6%, ergo no need to jack up rates/fees to taper down that type of business. But, concurrent to that, the lender that hasn't always been 10% to 14% rental loans, it needs to not be due to incompetence at that particular loan type.
Find a mortgage broker dot com is a 3rd party directory of local mortgage brokers. Note that there is a difference between mortgage bankers and mortgage brokers.
FINDAMORTGAGEBROKER.COM is definitely NOT a 3rd party directory! Come on man! You took the blue pill obviously...
I'm pretty sure you know that's a directory from UWM, United Wholesale Mortgage and you'll only find brokers who work with UWM on that directory. Furthermore, UWM's pricing sucks lately. When the CEO flat out says he doesn't want to be the best priced then guess what you're not getting...
"3rd party" means "not a party to the conversation." IE, I do not work for that website, the company that owns that website, etc. I know some folks who have never sent a deal to UWM that are listed there, so that "only" isn't accurate. I don't know where they source their data from, but it's certainly not just folks that send them business. Yelp and Google would also be 3rd party websites (since I also do not work for Yelp or Google) but they don't know broker from banker, so not necessarily super useful in this context. Similarly, you can find businesses on Yelp and Google that don't give (advertising) business to Yelp and Google.
But if we want to balance out the force, sure, here's Darth Vader's mortgage broker directory (which also lists folks who do not send business to the parent-lender that sponsors the particular directory in question):
https://www.rocketmortgage.com...
If you know of something like that, that knows broker from banker (in California and some other states, that's concurrently also the difference between a fiduciary and a salesperson), that isn't run/maintained/etc by a major national wholesale lender, I'll happily plug that instead when this comes up in the future.
So it's semantics then... "3rd party" to most people I know means more generally "not one of the principals", or more specifically in this case that the website was run by someone who was "not one of the principals of a lender, any lender". The phrase 3rd party is attempting to denote a separation between the website and a lender is it not?
Don't mind me man! I'm just a 2 person operation and nobody else to give crap to!
Post: Considering a cash out refinance, looking for opinion on quotes
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Originally posted by @Stephanie P.:
Originally posted by @Daniel Hennek:
Originally posted by @Stephanie P.:
Those are the about the Fannie Mae rates right now.
Whether to do it or not is really a math question. Can you make the cash out pay for itself and if the answer is a comfortable yes at those interest rates, then do it. In Newport News, check out Towne Bank and see what they're doing. You may be pleasantly surprised. I'd also look into a HELOC.
Investment property 4 unit with 70% LTV cash out and 740+ credit can get you a convention loan for 3.375% at ZERO points APR 3.483%. So take that point away and drop the rate 1%. So no that's not what "Fannie Mae rates" are right now. For some lenders yes they are that bad with pricing but that's pretty much the top of the range, which means the least competitive. If you can't find something better than 4.375% for a point then maybe you have 680 credit? I re-ran my search with 680 and it would be 4.375% with no points, APR 4.412.
This is not an advertisement, just quoting rates from my pricing engine to help ya'll out.
Those rates you're quoting are super low.
Congratulations. Not at all what I'm seeing.
Best of luck
That's just pulling pricing from Loan Sifter...But hearing that I've got awesome rates never gets old :)
Post: Considering a cash out refinance, looking for opinion on quotes
- Lender
- Lewis, CO
- Posts 218
- Votes 159
Originally posted by @Chris Mason:
See link: https://www.housingwire.com/ar...
Most lenders, clearly including the one referenced by OP, were running at 10% or 14%. Far above the new 7% cap. So they have jacked up their rates/fees for rental properties taper down to 7%. If I own a Burger King franchise, and corporate tells me to sell less Whoppers (let's say they cap my burger sales at 7% Whoppers, or they fine me), I'm going to do 2 things: 1) Put less signs up about Whoppers, more signs about other burgers. 2) Jack up my Whopper prices. That's what most lenders are being forced to do right now WRT rental property mortgages.
You need to find someone that can quickly and efficiently identify lenders that aren't tapering down, ones that weren't running at 10% or 14%, but were previously running at 4% or 6%, ergo no need to jack up rates/fees to taper down that type of business. But, concurrent to that, the lender that hasn't always been 10% to 14% rental loans, it needs to not be due to incompetence at that particular loan type.
Find a mortgage broker dot com is a 3rd party directory of local mortgage brokers. Note that there is a difference between mortgage bankers and mortgage brokers.
FINDAMORTGAGEBROKER.COM is definitely NOT a 3rd party directory! Come on man! You took the blue pill obviously...
I'm pretty sure you know that's a directory from UWM, United Wholesale Mortgage and you'll only find brokers who work with UWM on that directory. Furthermore, UWM's pricing sucks lately. When the CEO flat out says he doesn't want to be the best priced then guess what you're not getting...