Our last refinance we got PMI removed and did it without an appraisal but I know there is a specific formula they use to calculate that
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Mortgages - 101 and Pro-Tips |OT
- Thread starter Hokahey
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Our last refinance we got PMI removed and did it without an appraisal but I know there is a specific formula they use to calculate that
so, i've finally been making good money again in the last year, and was recently offered an even better paying gig as 1099/contract. beyond said, pay, the quality of work/commute/schedule etc would all be better, and this position would help pay down the last of my debt & get back to saving for said house, while seeing what the market does this year.
i know the 1099 change will complicate things a bit, but is there anything else to know here? realistically, i'd be looking to go in on something by the late fall/winter at the earliest anyway.
i know the 1099 change will complicate things a bit, but is there anything else to know here? realistically, i'd be looking to go in on something by the late fall/winter at the earliest anyway.
Congrats on the higher pay.
Is your contract guaranteed? Are you being paid as a Sole Prop or Corporation. Have you elected to have taxes withheld?
thanks! pretty sure it is not currently guaranteed, though the field is really steady. i believe i'd be a sole prop, and i'm speaking with my accountant about how best to handle taxes - is there anything to know about that, regarding applying for mortgage?
If you're in the same industry now as a contractor that you were W2 you're good to go you just have to be careful not to write off too much income on your taxes. If you made $100k for instance but write off $80k then the qualifying income would be only $20k. That's the biggest thing to keep in mind
I would absolutely not use a credit union. Turn times for an approval are long, escrow period is long, everything is just long. Find a broker in your area. You'll only need 1 approval and it will be good for every bank they have a license with. Just look up mortgage brokers on Yelp for your area. Where do you live?
Try this guy:
Christian Johnson - Caliber Home Loans - Dallas, TX
Specialties: Unique properties, luxury properties, condos, single family, townhomes in the in-town neighborhoods including: Uptown, Highland Park, University Park, Preston Hollow, Kessler Park, M-Streets, Lakewood, Lake Highlands. *Caliber cannot accept mortgage loan applications or inquiries...
yelp.to
I don't know him but Caliber is a strong lender right now. Great rates on conventional. If you're doing FHA I'll have to find someone connected to wholesale
Thank you. Do you mind if send a quick PM?Try this guy:
Christian Johnson - Caliber Home Loans - Dallas, TX
Specialties: Unique properties, luxury properties, condos, single family, townhomes in the in-town neighborhoods including: Uptown, Highland Park, University Park, Preston Hollow, Kessler Park, M-Streets, Lakewood, Lake Highlands. *Caliber cannot accept mortgage loan applications or inquiries...
I don't know him but Caliber is a strong lender right now. Great rates on conventional. If you're doing FHA I'll have to find someone connected to wholesale
Won't bother you too much.
I am going to be moving to the Phoenix, AZ area, and I'd rather not rent. I currently own a home in WI, I am planning on putting it up for rent. I am wondering how likely it would be to get a new mortgage around the time I start at my new job. Does anyone have recommendations for an organization contact in that area to see if what I want to do is feasible?
Ramius you know I got you why you posting message in a bottle style when I'm right here to pick up your question.
I'm going to give you the math behind it so you can figure it out.
ADD THE INCOME
First take what you think your total income is:
- Gross monthly income
- theoretical rental income X 75% (You can only count 75% of your rents)
MINUS YOUR DEBT
Take all debt and subtract including the current mortgage
Calculate your affordable mortgage.
Take that Income with the debt subtracted and that is now your qualifying income. Now multiply it by 45% that amount is the MAXIMUM your new mortgage can be for.
When you say DEBT is that loans and CC balance?
Edit: thank you as always! I figured someone else could benefit from an answer here.
Oh yeah sorry for not clarifying. Debt is broken down into 3 types:
Installment: Car loans, recreational loans, personal, HELOCs, Mortgages
Revolving: credit cards
Student: Da tru devil
So for you count your car loans, any student loans, credit cards(only if you don't pay them off every month and only count the MINIMUM required payment not the payment you make).
DO NOT COUNT - Utilities or any other personal expenses line cell phone bills or your Hulu account
Only from my mom but she told my uncle the same thing and he is a crack head so it means way more coming from you
Not sure if this is the right place to ask but I'm the in the middle of trying to purchase my first home and was initially working with 3 lenders, trying to get a good rate. There was an offer I tried to put in and needed to get a letter from someone. Since they were all comparable in terms of rate and monthly cost estimates I arbitrarily picked the first one that I could reach since I was on a tight deadline and pretty much ghosted the others when they tried to call me back since I was on a lot of other calls.
What's the etiquette here, especially if that offer fell through? Do I tell the lenders I didn't pick that I went with someone else on that offer? Did I burn some bridges by not returning the calls? Am I necessarily stuck with the one lender I went with?
What's the etiquette here, especially if that offer fell through? Do I tell the lenders I didn't pick that I went with someone else on that offer? Did I burn some bridges by not returning the calls? Am I necessarily stuck with the one lender I went with?
The pre approval letter has no strings attached. We also used the same letter for months knowing we were going to go with another lender. Tell them or not it doesn't matter ...there is no burning bridges they're used to getting ghosted. When it comes down to it they'll do anything to get your money if you go back to any of them.
Aren't rates most likely going to go up in the next year or two? Are you prepared for that? ARM seems risky right now.
As greepoman said, you can switch lenders for whatever reason. The pre-approval letter commits you to nothing. I highly recommend that you go through the full pre-approval process with several lenders so you can compare their final rates and fee disclosures.
You can also actually use a different lender even after your offer is accepted. Your financing is only finalized during the start of escrow. I did that myself last minute because my realtor recommended that I call a lender she knew, just to compare rates. I'm super glad I did because my final lender (Optimum First Mortgage) had a rate ~0.15% lower than everyone else I'd tried so far, and they had a promo going where they refunded the appraisal and some other fees.
Good luck!
not too worried, 7 years is a long time and I'm planning on making more money in 7 years for sure, plus I might want to move. I stayed in last house for 7. If rates move up my payment would max around 1000 more then what I would pay now. I would either just pay it till I moved or refinance for 15 years
Also 7 years the rate might have risen " like it will next year" then come back down by the time my 7 year lock is up
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Thanks guys. Good to know that a letter isn't a commitment.
I need help with this. I inquired about my lender dropping PMI and they dropped it right before the month ended. So they sent me a new statement on the day that I had scheduled my payment with pmi included and the additional principle that I do monthly. The transaction history on their website now has this funds held in suspense thing and it's been like that for over 10 days, it also doesn't include my principal only payment. Is this normal?