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sumfoo1
soup du hier
41038 Posts
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yeah i think the income was 53k/yr in charlotte

ohh and i live in a nice part of downtown but it was ghetto 20 some years ago so i got approved.


[Edited on November 29, 2006 at 6:59 PM. Reason : .]

11/29/2006 6:58:55 PM

David0603
All American
12704 Posts
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I really don't understand why people use escrow. Loaning someone hundreds of dollars for free each month doesn't seem too swift to me.

12/1/2006 2:04:39 PM

DonMega
Save TWW
3967 Posts
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^ i believe mortgage companies require it (for insurance & taxes)

[Edited on December 1, 2006 at 2:14 PM. Reason : ]

12/1/2006 2:14:03 PM

David0603
All American
12704 Posts
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That seems kind of fucked up if it's true.

12/1/2006 2:16:06 PM

twolfpack3
All American
2573 Posts
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Uh, that's just how it is, if you have a mortgage. It's a requirement. Get used to it. At least if you go with SECU though, they give you some interest on your escrow account. Most others do not.

It makes sense when you think about it. Mortgage companies don't want to lose their investment because you didn't pay your taxes or you don't have insurance & the house burns down. This is just their way of making sure their investment is protected.

[Edited on December 1, 2006 at 6:39 PM. Reason : ]

12/1/2006 6:37:47 PM

David0603
All American
12704 Posts
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Quote :
"Uh, that's just how it is, if you have a mortgage. It's a requirement."


I just found out that it is not required. Why the hell are people always commenting on subjects which they know nothing about?

Quote :
"It makes sense when you think about it. Mortgage companies don't want to lose their investment because you didn't pay your taxes or you don't have insurance & the house burns down."


I'm still paying taxes and insurance, just not 1/12 of them each month.

[Edited on December 1, 2006 at 6:56 PM. Reason : ]

12/1/2006 6:55:55 PM

bous
All American
11214 Posts
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IT IS ABSOLUTELY NOT REQUIRED.

HOWEVER, INDUSTRY STANDARD YOU WILL BE CHARGED 0.250 POINTS OF LOAN AMOUNT TO WAIVE... SOME WILL SAY FREE BUT BUILT INTO YOUR PRICE

12/2/2006 11:24:11 AM

David0603
All American
12704 Posts
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Go ahead. Someone try to correct the loan officer. I know one of you fuckers want to.

12/2/2006 12:08:19 PM

OmarBadu
zidik
25007 Posts
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bttt for bigman

i recommend daylightdiscountmortgage.com again

1/4/2008 8:42:20 PM

David0603
All American
12704 Posts
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Yeah, they had the best rate, followed by countrywide, and then Coldwell

1/4/2008 10:11:04 PM

bous
All American
11214 Posts
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we win!

locked a 30 year fixed today at 5.500% with 0 points, 0 origination fee, and $880 in total lender related APR fees.

market is hot fellas.

1/4/2008 10:36:58 PM

BigMan157
i miss ddk
103200 Posts
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hmm

i thinki just need to sit down with someone and have them explain all this stuff to me

1/5/2008 3:36:21 PM

drtaylor
All American
1969 Posts
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^^ who was it? 5.5 is my magic refi number and that origination fee sounds about right.

tell them i'll take one!

1/5/2008 4:33:45 PM

David0603
All American
12704 Posts
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http://www.daylightdiscountmortgage.com

1/5/2008 5:27:09 PM

Kainen
All American
3507 Posts
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where bous?!

1/5/2008 8:14:24 PM

jackleg
All American
170841 Posts
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i got you covered in NC SC FL and MD

[Edited on January 5, 2008 at 9:12 PM. Reason : side job, i work in my garage on the weekends]

1/5/2008 9:12:10 PM

robster
All American
3545 Posts
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Go with Marcus Martin at Equity Services Inc.

I looked up many many referrals, and this is the guy my 60 year old buyers agent has used for the last 10 years. He doesnt normally find anyone who can beat his rates, and he has almost ZERO fees, and thats what it comes down to.

When I went to closing, the attorney I used said that ESI is the best he knows of in the area as well, and used him for his own mortgage. 259 commitment fee, no points, no origination, and a great base rate.

1/5/2008 9:21:42 PM

Mike79
Veteran
425 Posts
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Quote :
"Could be close since your PMI payment would be pretty small. But you also have to consider that the PMI you pay is not tax deductable, whereas your payments for the "20" part of the 80/20 loan would be.
"

Not true anymore: http://www.consumer-action.org/press/articles/private_mortgage_insurance_pmi_tax_deduction/

1/6/2008 5:59:53 AM

Smath74
All American
93216 Posts
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so what's the deal with http://www.daylightdiscountmortgage.com ? it sounds sketchy as hell. is it legit?

1/6/2008 1:29:43 PM

BigMan157
i miss ddk
103200 Posts
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i was thinking rates would go down with the FED rate drop

[fail]

[Edited on February 29, 2008 at 8:01 PM. Reason : any idea if they are going to continue to keep going up or what?]

2/29/2008 7:58:11 PM

David0603
All American
12704 Posts
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Some of the rates did go down.

2/29/2008 8:09:08 PM

Smath74
All American
93216 Posts
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we locked in our rates right at the bottom of this spike:

3/1/2008 10:48:52 AM

slut
All American
8357 Posts
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Quote :
"so what's the deal with http://www.daylightdiscountmortgage.com ? it sounds sketchy as hell. is it legit?"


doesn't sound sketchy at all to me

3/1/2008 11:20:42 AM

David0603
All American
12704 Posts
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It's legit. Talk to bous.

3/1/2008 12:57:38 PM

OmarBadu
zidik
25007 Posts
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DDM is legit and one of the best options out there for the states that they are licensed in

3/1/2008 1:41:06 PM

qntmfred
retired
39925 Posts
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bump

10/3/2011 5:13:11 PM

synapse
play so hard
59354 Posts
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So I was thinking about getting out of my 4.75% 2-year ARM from SECU (circa 2008).

I was hoping to get into a 20 or 15 year fixed, and so far it looks like Coastal Federal Credit union is in the lead with 3.875% and 3.25% interest, respectively (about $2k required at closing, for both). They do require $40/month in PMI until I hit 20% equity, but I'm not too worried about that.

1 - Any other lenders I should be looking in to?

2 - Should I gamble a bit and wait a little longer? Seems like we've been at historically lowest rates for a long time now, and from what little bit I pay attention to those thing it seems like there's a solid chance they may head even lower.

What say you TWW?



In case anyone is wondering, here's a breakdown on that $2k:
Orig fee - 148
Underwriting fee - 400
Appraisal fee - 400
Tax service fee - 60
flood cert - 11
Attorney fee - 500
Title insurance - 352
Recording fee - 85
Escrow prepaids - 450
"Appraisal fee paid" - minus 400 (not sure whats going on here)

10/3/2011 5:30:36 PM

pilgrimshoes
Suspended
63151 Posts
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there are calculators on the internet for this

10/3/2011 5:35:38 PM

David0603
All American
12704 Posts
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I used coastal to refi. They had the best rate and things went fine, but I really had to stay on top of them. Why not go with the 30 yr fixed at your age though?

10/3/2011 6:22:04 PM

synapse
play so hard
59354 Posts
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Quote :
"there are calculators on the internet for this"


No shit? There are calculators that recommend lenders based on personal experience AND predict future mortgage rates? Fuck man, quit being coy and link that shit up already.

10/4/2011 9:32:48 AM

wolfpackgrrr
All American
39759 Posts
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It's pretty nuts reading through this thread. We just closed on a house with 4.0%. Glad I didn't close on a house in 2006.

10/4/2011 9:52:53 AM

synapse
play so hard
59354 Posts
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Quote :
"Why not go with the 30 yr fixed at your age though?"


1 - The amount that's going towards principal every month is pretty pitiful, and wouldn't be much improved with a 30 year.
2 - Lower interest rate with the 15/20.

I don't have the exact numbers in front of me, but it seemed like I could double the amount going to principal with only a small increase in payment (compared to my current 30 year 4.75 ARM)

10/4/2011 10:35:00 AM

pilgrimshoes
Suspended
63151 Posts
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david will argue against paying off principle.

10/4/2011 10:37:14 AM

wolfpackgrrr
All American
39759 Posts
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Couldn't you just make an extra mortgage payment each year applied directly to principle?

10/4/2011 10:50:54 AM

synapse
play so hard
59354 Posts
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^^ i had a suspicion that's what he was trying to say. so the idea is instead of putting that $100-$150 extra into my mortgage put that in a money market or something? thing is i'm really trying to get the lowest interest rate i can...so not getting a 15/20 would be counterproductive to that.

^ sure i could get a 30 and do that, but the interest rate would be higher.

10/4/2011 10:51:19 AM

wolfpackgrrr
All American
39759 Posts
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I kind of just meant in general. Whatever your loan is, if the goal is to pay it off faster, it would seem that an extra payment applied to the principle would help speed the goal along. Guess it really depends on the terms of the loan though.

10/4/2011 10:54:57 AM

David0603
All American
12704 Posts
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Quote :
"david will argue against paying off principle."




Nah, I wouldn't put it in a money market. Doubt you'll be able to get a better rate there. I'd buy some mutual funds or something with a higher roi.

10/4/2011 11:47:39 AM

BigMan157
i miss ddk
103200 Posts
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I too think it's time to refinance

anyone done a mortgage with Corchiani?

[Edited on October 4, 2011 at 7:55 PM. Reason : guess I'll check out coastal federal too]

[Edited on October 4, 2011 at 7:57 PM. Reason : what about pen fed or usaa?]

10/4/2011 7:53:17 PM

synapse
play so hard
59354 Posts
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^ I checked out Corch and co (actually the email came from austin herbert) but their rates weren't as good coastal...even if i paid closing costs. forgot about usaa...im going to have to check them out.

10/5/2011 11:22:25 AM

Money_Jones
Ohhh Farts
11465 Posts
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I’m looking to take advantage of these rates and refinance, anyone got any more up to date suggestions/recommendations? (In Raleigh)

[Edited on March 4, 2020 at 7:38 PM. Reason : $$$]

3/4/2020 7:36:09 PM

synapse
play so hard
59354 Posts
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Why do they have to be local?

3/4/2020 8:45:04 PM

Money_Jones
Ohhh Farts
11465 Posts
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They don’t! but that’s where I am

3/4/2020 9:11:47 PM

Douche Bag
Fcuk you
4863 Posts
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I’m getting 3.125% on a 30 year with $1400 lender credit (covers my closing cost). Locked 2 days ago. Missed a 3% par rate by minutes.

3/4/2020 10:17:32 PM

Money_Jones
Ohhh Farts
11465 Posts
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^yeah, so who are you using?

3/5/2020 7:26:05 AM

synapse
play so hard
59354 Posts
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Can't remember the site I used when I got my 15 year fixed but it was *like* lending tree where you enter property information and are presented with the days best mortgage rates and companies offering them...but don't use lending tree. they seem to require allll you personal info to present companies and rates.

edit pretty sure it was https://www.bankrate.com/

[Edited on March 5, 2020 at 1:12 PM. Reason : ]

3/5/2020 1:10:11 PM

Douche Bag
Fcuk you
4863 Posts
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Provident Funding or Wyndham Capital

Wyndham has slightly better rates but is not as quick to review requested materials. Had all my shit together from a new purchase just a few months earlier and just got it done in time.

Provident was negligibly higher but the dude was on the spot. He was offering 3.25% with 0.875% lender credit. That said, I owe below 60% on my castle and have near perfect credit (best rates)

[Edited on March 5, 2020 at 8:31 PM. Reason : ]

3/5/2020 8:31:28 PM

Geppetto
All American
1966 Posts
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I'm just locked a rate with Bank of America last week, but based on what ^ said, I just put in an application at his recommendations. I was at 3.875% for a cash out refinance with 0.661 in discount points paid to lender, but Provident is advertising 3.5%. That may not sound like a lot, but it is basically $80/month.

3/6/2020 3:23:51 PM

Douche Bag
Fcuk you
4863 Posts
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at 3.5%, they may be paying u points...seems high in today's environment....I'm refinaning from 3.5% to the 3.125% and missed 3% by a day

3/8/2020 2:19:55 PM

dmspack
very mediocre
20054 Posts
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I’m currently buying a house and using Angel Oak Home Loans. 3.375%, 30 years.

3/9/2020 4:25:55 PM

bbehe
2019 Egg Champ
17602 Posts
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Refinancing from 3.625 to 2.875

3/9/2020 5:59:41 PM

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