Home Buying & Real Estate Thread

[slaughterx]

WHO WE ARE

The National Association of Real Estate Brokers, (NAREB), is a Real Estate Professional trade organization. We have local chapters across the country who embrace our ideals and mission of “promoting democracy in housing”.

www.nareb.com

Any members here?

 

[SuperQ]

ksteezy that is FLAMES bro! Simply beautiful! Congrats, my man!

 

[crownedhead]

That's a really nice looking crib ksteezy

 

[jrp44]

Gonna finally start this refinancing process today. Quick question...is it better to go through a mortgage company, or just start everything online right through a banks website? I used a local mortgage company when I bought my house in 2014, but wasn't sure if it costs more money that way to refinance.

 

[monstar]

Gonna finally start this refinancing process today. Quick question...is it better to go through a mortgage company, or just start everything online right through a banks website? I used a local mortgage company when I bought my house in 2014, but wasn't sure if it costs more money that way to refinance.

Shop around to see who will offer you the best rates

 

[freshpairs]

Gonna finally start this refinancing process today. Quick question...is it better to go through a mortgage company, or just start everything online right through a banks website? I used a local mortgage company when I bought my house in 2014, but wasn't sure if it costs more money that way to refinance.

Get multiple quotes from better.com and see if your current lender can beat it.

 

[lazyj10]

That .50 rate surcharge Freddie Mac is throwing on re-financing really not cool

I'd echo a broker/other source than just a bank. A bank, depending on, may charge higher because they're keeping on their balance sheet or keeping it on for a while before securtizing it.

 

[thenewjs23]

Gonna finally start this refinancing process today. Quick question...is it better to go through a mortgage company, or just start everything online right through a banks website? I used a local mortgage company when I bought my house in 2014, but wasn't sure if it costs more money that way to refinance.

If you can, find a broker, my broker found me a lender that closed my loan 10 days early. My relator was so impressed that she refers him for all her clients.


If your're a vet join VettedVA on Facebook and they will hook you up with a broker in your area.

If you're in DC McKay Mortgage is the man.

 

[yogetoffmykickz]

I know it's never this black and white, but if someone with knowledge on the matter could chime in with some ballpark figures..

How much should a refinance cost.?
Dropping from a 5% down to a 2.875%
Home appraised for $290k current balance of $237k.
No money out. FHA loan.

Asking for a friend... thanks in advance.

 

[keko jones]

Congrats bro! I can’t wait to finally close man dealing with UnderWriting is an absolute nightmare!

home is practically finished at this point y’all

Dope .. where's this at? Moving away from the city?

Anyhow, whats the lowest interest rates available now on a Jumbo?

 

[turbospartan]

I know it's never this black and white, but if someone with knowledge on the matter could chime in with some ballpark figures..

How much should a refinance cost.?
Dropping from a 5% down to a 2.875%
Home appraised for $290k current balance of $237k.
No money out. FHA loan.

Asking for a friend... thanks in advance.

The cost of the refi itself should only be $1500-3k, I'd guess. Sometimes its more, depending on if you have to pre-fund the "new" escrow account (and then wait for a reimbursement of your current escrow from the "old" mortgage).

 

[nachobroadweezy]

I know it's never this black and white, but if someone with knowledge on the matter could chime in with some ballpark figures..

How much should a refinance cost.?
Dropping from a 5% down to a 2.875%
Home appraised for $290k current balance of $237k.
No money out. FHA loan.

Asking for a friend... thanks in advance.

We just refi'd down to a 2.75% 30 yr fixed.
Closing costs were around $2k.

 

[206to813]

Gonna finally start this refinancing process today. Quick question...is it better to go through a mortgage company, or just start everything online right through a banks website? I used a local mortgage company when I bought my house in 2014, but wasn't sure if it costs more money that way to refinance.

what’s your current rate? Like people said I’d go thru a broker who has multiple lenders, and check the websites that shop rates

We just refi'd down to a 2.75% 30 yr fixed.
Closing costs were around $4k.

What was your rate before refi?

 

[nachobroadweezy]

what’s your current rate? Like people said I’d go thru a broker who has multiple lenders, and check the websites that shop rates

What was your rate before refi?

Update, loan costs were $2k, $4k with escrow. Better.com had $0 origination fee.

Before was a 4.8% from Dec 2018.

 

[206to813]

Update, loan costs were $2k, $4k with escrow.

Before was a 4.8% from Dec 2018.

That’s dope. I love people doing small things that make big impacts on their finances

I have 26 years left on my loan @3.375... not sure if I should refi, I don’t want to just lower my monthly but get another 30 year and end up paying more overall, plus pay fees to do it.
I guess I should just talk to a broker and see what they say.

 

[nachobroadweezy]

That’s dope. I love people doing small things that make big impacts on their finances

I have 26 years left on my loan @3.375... not sure if I should refi, I don’t want to just lower my monthly but get another 30 year and end up paying more overall, plus pay fees to do it.
I guess I should just talk to a broker and see what they say.

thanks, helped us save $300 a month.

You've got a solid rate. Use an online mortgage calculator, plug in an interest rate and costs to see if it's worth it. Also take into account if you're going to stay in that home for the next 30 years. But you've got a great rate and with the costs may not be worth it.

 

[townbidness]

3.375 is pretty low.

i see better.com offer a 2.500% but you will end up paying about 10k in closing costs.
They wont add it to your loan also.

 

[flyerthandelta]

Do you guys know any sites you'd recommend on checking the state of the real estate market?

 

[Chopper]

3.375 is pretty low.

i see better.com offer a 2.500% but you will end up paying about 10k in closing costs.
They wont add it to your loan also.

They offered to add it to mine, as did Quicken.

 

[keko jones]

Pre Approved for 2.375% on a 15 yr fixed with 20% down.

 

[yogetoffmykickz]

Thanks guys, for the replies...
My friend got worked.! Paid about 15k for the refi. #feelsbadman
Whatever, live and learn. It was a first time for him and hes ultimately still saving money overall aside from the $300+ a month. He reset his mortgage from 29 years back to 30 lol.
Will advise him to seek a 2nd/3rd opinion next time.

 

[BR0 MONTANA]

My wife and I just put a down payment on our first home. They accepted the offer and now just waiting for the house to finish being built. After losing my job back in 2016 and going through some legal issues it feels good to bounce back and stronger than before.

 

[wallstreetnke]

Just signed a contract to build again as we built our first townhome 2 years ago and have about $70k in equity already with only 3.5% down initially. I was hesitant to build again so soon, but the Nashville metro area market is so hot it would have cost me $700k to build in a couple years instead if $550k now.

Here are Pics of the house we are building -

 

[sole searchin]

Got 3.875% back in 10/2017 on a 30 YR so was set to be done 2047 but we’ve paid extra throughout.

Refi down to 2.75% on a 30 year now but will pay the same we have been paying.

 

[htg designs]

Thinking about getting my license.