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Old 08-24-2010, 05:32 PM   #221
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what do you mean by your last sentence?
reserves.= cash in your bank account Let's say sbout 2-4 months of pricinpal and interest payments for both properties. DTI = debt to income ratio. Your income versus your debt.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

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Old 08-24-2010, 05:34 PM   #222
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what do you mean by your last sentence?
DTI = debt to income ratio. Your monthly income before tax needs to be 2x or more than your total recurring debt obligations, including the mortgage, prop tax, HOA, etc. Also, lenders will want you to have at least 3-6 months of cash left after you close for reserves.
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Old 08-24-2010, 05:35 PM   #223
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ok thanks. i am in good shape with reserves as i am a cheap bastard and have a lot saved. i can do 20% down no problem, my car is paid off, and i own 50% equity in my first home.
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Old 08-24-2010, 05:35 PM   #224
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would you include a bag of California's finest in my mortgage if I bought in Cali
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Old 08-24-2010, 05:35 PM   #225
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DTI = debt to income ratio. Your monthly income before tax needs to be 2x or more than your total recurring debt obligations, including the mortgage, prop tax, HOA, etc. Also, lenders will want you to have at least 3-6 months of cash left after you close for reserves.
much better than my response. been busy today. thanks.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-24-2010, 05:35 PM   #226
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reserves.= cash in your bank account Let's say sbout 2 months of pricinpal and interest payments for both properties. DTI = debt to income ratio. Your income versus your debt.
One of my buyers got an approval from US Bank for a 30-year fixed $417k mortgage at 4.25% at no cost today and locked....is that a competitive rate from what you see today?
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Old 08-24-2010, 05:36 PM   #227
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ok thanks. i am in good shape with reserves as i am a cheap bastard and have a lot saved. i can do 20% down no problem, my car is paid off, and i own 50% equity in my first home.
as, long as you equity in your current home is below 70% you can use the rental income. Looks like your in good shape.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-24-2010, 05:37 PM   #228
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One of my buyers got an approval from US Bank for a 30-year fixed $417k mortgage at 4.25% at no cost today and locked....is that a competitive rate from what you see today?
that is a great rate. I was offering your client the same rate
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Old 08-24-2010, 05:38 PM   #229
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would you include a bag of California's finest in my mortgage if I bought in Cali
I can sh1t in a bag for you at no cost.
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Old 08-24-2010, 05:39 PM   #230
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I can sh1t in a bag for you at no cost.
ok, ill keep looking then
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Old 08-24-2010, 05:41 PM   #231
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ok, ill keep looking then
that is Cali's finest. everyone knows that the good stuff is not from cali.
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Old 08-24-2010, 05:42 PM   #232
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that is a great rate. I was offering your client the same rate
He went with US Bank only because they will allow him to keep him HELOC open on his soon-to-be-rental and not require him to close it. I think their rate was 4.25% at a .25% fee but since he has a few US Bank accounts and a HELOC with them they provided him a .25% fee discount. When he asked about what the buydown was to go to a 4.125% rate they said something like 1.25% points which is nuts.
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Old 08-24-2010, 05:46 PM   #233
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He went with US Bank only because they will allow him to keep him HELOC open on his soon-to-be-rental and not require him to close it. I think their rate was 4.25% at a .25% fee but since he has a few US Bank accounts and a HELOC with them they provided him a .25% fee discount. When he asked about what the buydown was to go to a 4.125% rate they said something like 1.25% points which is nuts.
I sent him an email right after he told me he was going to look for another lender, stating I could do the loan without closing the HELOC. My underwritter told me false info. I checked with my branch mangaer and he was going to push it through. I was going to give him around 1500 credit towards closing. I can do 4.125% with a cost of .375%
sh!t I can do 3.875% for a 1.25% cost.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

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Old 08-24-2010, 06:49 PM   #234
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I sent him an email right after he told me he was going to look for another lender, stating I could do the loan without closing the HELOC. My underwritter told me false info. I checked with my branch mangaer and he was going to push it through. I was going to give him around 1500 credit towards closing. I can do 4.125% with a cost of .375%
sh!t I can do 3.875% for a 1.25% cost.
I just sent him an e-mail...I think keeping the HELOC to him was right up there with getting the a low interest rate. What's the cost to go to a 4% rate?
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Old 08-24-2010, 06:57 PM   #235
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I just sent him an e-mail...I think keeping the HELOC to him was right up there with getting the a low interest rate. What's the cost to go to a 4% rate?
Just sent you a PM, but the cost would be .875 for 4% fixed 30 year.
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Old 09-13-2010, 11:09 PM   #236
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Old 09-14-2010, 02:05 AM   #237
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Whew, that was a long, but educational read. I'm 22 and wrapping up college. What steps should I be taking now to be accepted for a mortgage in 3-5 years?
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Old 09-14-2010, 02:47 AM   #238
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save money, keep up good credit, land a consistent well paying job.
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Old 09-14-2010, 08:58 AM   #239
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save money, keep up good credit, land a consistent well paying job.
That is all it takes. But that is difficult for many people.
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Old 10-25-2010, 12:26 PM   #240
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so my bank is quoting me 4.875% on a 30 year fixed for an $88k mortgage ($110k, i am putting 20% down) with $605 for origination charge. no points and no other fees i can see. my credit score is like 770. can i negotiate on the interest rate? it seems too high.
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