All Forum Posts by: Robert Michelen

Can’t be 100% sure but it seems like your realtor is getting a cut from the mortgage broker.

if this is a primary residence, go on the online sites and see who can give you the best rate. You should be able to find something a lot cheaper.

If you are afraid of loosing the deal, look at getting a loan the quickest and then refinancing into cheaper loan. Yes, it will cost more overall but if the deal is worth it…..

That's very possible, something that I've wondered myself. Could you DM me any online sites you recommend?

Wife & I have applied to 2 lenders now, now sure how many dings are acceptable but I'm willing to take a third for someone that will shop around.

0 Votes

San Diego, California

Quote from @William Spekhardt:

Love the house hack idea. Did you already submit an offer and are scrambling for funding? I'm not too educated on Jumbo loans but I have a lender that would know some more info. If you're working with just NFCU then that limits the net you're casting. Lenders typically will search around for the best fit. I have a lender I can refer if interested. Keep your search open. I initially lost funding on my last deal only to scramble and find a new lender just to close on the last day of escrow.

No offer yet, so we're not scrambling, but San Diego is really hot and getting inspections/appraisals timed right is pretty important (I'm told). We want the best rate but also someone who won't delay the closing process and I'm wondering if I should working with a broker for this.

0 Votes

San Diego, California

Looking for advice or recommendations on finding best funding for our situation in San Diego.

Goal: Purchase a duplex or SFR w/ ADU for sub-1MM in La Mesa or surrounding rentable areas.

Us: 750 + 800 credit married couple. 200k combined annual salaries and 150k (or 15%) ready for down payment. Clean backgrounds but confused first time homebuyers looking to owner-occupy and supplement with rental income.

Current lending experiences:

1) NFCU (not a vet) . Hooked with low rates and no PMI. Loan officer was on vacay for first 1.5 weeks. Told we couldn't do a jumbo conventional duplex but could do a 5/5 ARM or a non-jumbo conventional (under 647K) both no PMI. My realtor says they are slow and could lose the deal for us given this climate.

2) Direct lender recommended by realtor. Gave us a 15% down, 5.875% interest rate plus PMI. I was a bit thrown back at the rate, but maybe this is where were are for late-April 2022?

It's' tough to watch our buying power wither away weekly. We were eye-balling 1.3MM places a couple months ago. Hence why I'm here trying to figure out the best path given our experiences. Thanks in advance.

0 Votes

San Diego, California

All Forum Posts by: Robert Michelen

Robert Michelen has started 1 posts and replied 3 times.

Post: Help finding funding for a San Diego Duplex or SFR w/ ADU

Post: Help finding funding for a San Diego Duplex or SFR w/ ADU

Post: Help finding funding for a San Diego Duplex or SFR w/ ADU