Mortgages - 101 and Pro-Tips |OT

whatsinaname · Oct 30, 2019

Thinking about refinancing looking at the rates (Got 4.125% last year April, think I should do much better now).

Does refinancing usually reset the payment term to 30 years?

What is a good rule of thumb for refinance closing costs (without buying points)?

Horns · Oct 30, 2019

Refinanced with a 30 year and got my rate down to 3.75 a few years back. Now I am looking to refinance with a 15 year. Have only $400k left which excludes me from a jumbo and no PMI. Am I reading rates right, just saw something saying they're at ~3.00?

Hokahey · Oct 30, 2019

whatsinaname said:
Thinking about refinancing looking at the rates (Got 4.125% last year April, think I should do much better now).

Does refinancing usually reset the payment term to 30 years?

What is a good rule of thumb for refinance closing costs (without buying points)?

I'd give it a few days to see where rates go before doing too much. Dependent on your loan amount, you probably want to be down to 3.65 before considering a refinance.

You do not have to be reset to 30 years but that is the standard. Most lenders can customize your amortization term.

Your rule of thumb for fees is to ensure that the amount you are saving per month by refinancing adds up to the cost of the refinance within a time period that you will remain in the house.

Hokahey · Oct 30, 2019

Horns said:
Refinanced with a 30 year and got my rate down to 3.75 a few years back. Now I am looking to refinance with a 15 year. Have only $400k left which excludes me from a jumbo and no PMI. Am I reading rates right, just saw something saying they're at ~3.00?

It depends on the institution, but yes, the average 15-year rate right now is 3%. I just locked one at 2.875 however.

Horns · Oct 30, 2019

Hokahey said:
It depends on the institution, but yes, the average 15-year rate right now is 3%. I just locked one at 2.875 however.

That's a rate that many will (probably) never see again in their lifetimes. I'm even more tempted to try if I can get it below 3.00.

whatsinaname · Oct 30, 2019

Hokahey said:
I'd give it a few days to see where rates go before doing too much. Dependent on your loan amount, you probably want to be down to 3.65 before considering a refinance.

You do not have to be reset to 30 years but that is the standard. Most lenders can customize your amortization term.

Your rule of thumb for fees is to ensure that the amount you are saving per month by refinancing adds up to the cost of the refinance within a time period that you will remain in the house.

Oh, I thought rates were down below 3.25% for 30 years? Maybe I was looking at 15 year rates.

By rule of thumb I mean for example "closing costs = usually x% of remaining mortgage". Just a ballpark I can put into the calculator for refinance cost vs planned length of stay.

Bruceleeroy · Oct 30, 2019

Hokahey said:
To be clear, this is what you can offer. There are certainly other rates available depending on the lender.

You may also want to be careful quoting rates in public without ar minimum an APR, Equal Housing disclaimer, and NMLS number as required by law.

Definitely just trying to give general baselines so they know kind of where they could be at.
Direct Lenders won't be close to that. Banks and Credit Unions should be close.

Horns said:
Refinanced with a 30 year and got my rate down to 3.75 a few years back. Now I am looking to refinance with a 15 year. Have only $400k left which excludes me from a jumbo and no PMI. Am I reading rates right, just saw something saying they're at ~3.00?

They can be sub 3% right now. Just watch for points from the lender. A lot love advertising a rate hidden behind the APR and the APR is a magical thing people are just supposed to just understand. I think the OP had a good breakdown of them

Syriel · Oct 30, 2019

Also, don't worry too much about the specific bank or lender if you're going for a conforming loan.

Non-conforming, you have to pick and choose the bank, because the bank can't easily sell it on.

With a conforming loan, you'll likely have the loan resold at some point (possibly before your first payment).

jeelybeans · Oct 30, 2019

Is now the time to buy or could interest rates go lower soon?

Was looking to buy during the second quarter next year. I doubt they go up between now and then right, only lower?

Bruceleeroy · Oct 30, 2019

jeelybeans said:
Is now the time to buy or could interest rates go lower soon?

Was looking to buy during the second quarter next year. I doubt they go up between now and then right, only lower?

No idea and frankly no one knows. At this point last year the prevailing thought was rates were going to rise and rise till 5% was the avg and the complete opposite happened. Too many factors can affect the rates for us to know. Right now though they are amazing. We all hope they stay that way. Your decision should be based on being able to afford the mortgage comfortably at this point in your life. More that then what rates are doing

Hokahey · Oct 30, 2019

Syriel said:
Also, don't worry too much about the specific bank or lender if you're going for a conforming loan.

Non-conforming, you have to pick and choose the bank, because the bank can't easily sell it on.

With a conforming loan, you'll likely have the loan resold at some point (possibly before your first payment).

This isn't necessarily true. Your financial situation, how you are paid, and a number of other factors can determine how easy a loan is to get. The dollar amount of the loan is almost irrelevant in this consideration. Some lenders are much easier to work with than others, and some do not sell your loan after closing. Also, whether or not your loan is sold is irrelevant to who underwrites it upfront and what their processes and procedures are. No matter how vanilla your loan is, there are things to consider. Case in point, I just brought a loan in that is as vanilla as it gets financially because it's a 3 week close of escrow and banks are notoriously slow at processing. They chose me over the bank that use for everything else simply because of my reputation for a quick closing.

Hokahey · Oct 30, 2019

Bruceleeroy said:
Definitely just trying to give general baselines so they know kind of where they could be at.
Direct Lenders won't be close to that. Banks and Credit Unions should be close.

Inaccurate. I'm a direct lender and I am below that.

I know several others that are as well.

Hokahey · Oct 30, 2019

whatsinaname said:
Oh, I thought rates were down below 3.25% for 30 years? Maybe I was looking at 15 year rates.

By rule of thumb I mean for example "closing costs = usually x% of remaining mortgage". Just a ballpark I can put into the calculator for refinance cost vs planned length of stay.

You would be very hard-pressed to find a 30-year rate at 3.25% right now that is not a VA loan.

Landy828 · Oct 30, 2019

I have a feeling this won't help me at all with my mortgage being 3.5%

It's not going to produce anything lower than that is it?

I'm not well versed in this stuff.

Bruceleeroy · Oct 30, 2019

Hokahey said:
Inaccurate. I'm a direct lender and I am below that.

I know several others that are as well.

Doubt it. Direct isn't competitive anymore. I've been with 4 different ones over my career. Since I went the broker route I've never seen not once a Direct be competitive. I figured you were direct when I looked at the OP again and saw you don't talk APR.

TarpitCarnivore · Oct 30, 2019

jeelybeans said:
Is now the time to buy or could interest rates go lower soon?

Was looking to buy during the second quarter next year. I doubt they go up between now and then right, only lower?

If people could accurately time the market we'd all be rich

Consider opportunity costs: rates YoY, how hot is your market, how much could you lose if you save X more, etc

Syriel · Oct 30, 2019

Hokahey said:
This isn't necessarily true. Your financial situation, how you are paid, and a number of other factors can determine how easy a loan is to get. The dollar amount of the loan is almost irrelevant in this consideration. Some lenders are much easier to work with than others, and some do not sell your loan after closing. Also, whether or not your loan is sold is irrelevant to who underwrites it upfront and what their processes and procedures are. No matter how vanilla your loan is, there are things to consider. Case in point, I just brought a loan in that is as vanilla as it gets financially because it's a 3 week close of escrow and banks are notoriously slow at processing. They chose me over the bank that use for everything else simply because of my reputation for a quick closing.

The bolded is what I was getting at.

When shopping for a loan, don't just stick to your local CU or local bank because you know them.

Go with the loan that is best for your situation, and don't worry about who ultimately holds the note.

Zhengi · Oct 30, 2019

Now that the Feds have cut interest rates again, time to see about refinancing.

Our interest rate is 4.625% and we live in the Los Angeles area. Any idea where to start to get some quotes? The credit union we work with still has our rate around 4.125% and that is with points being bought (~$6,000). Feels like we should be able to get below 4%.

Syriel · Oct 30, 2019

Zhengi said:
Now that the Feds have cut interest rates again, time to see about refinancing.

Our interest rate is 4.625% and we live in the Los Angeles area. Any idea where to start to get some quotes? The credit union we work with still has our rate around 4.125% and that is with points being bought (~$6,000). Feels like we should be able to get below 4%.

Send a message to OP to get his email info.

Would also recommend contacting this broker:

https://socialsurvey.me/pages/danielholloway

See who you gives you the best options for your needs and go from there.

Hokahey · Oct 30, 2019

Bruceleeroy said:
Doubt it. Direct isn't competitive anymore. I've been with 4 different ones over my career. Since I went the broker route I've never seen not once a Direct be competitive. I figured you were direct when I looked at the OP again and saw you don't talk APR.

Sorry friend. I'm often the best rate in the market, brokered or otherwise. No idea what you're talking about. Why would direct not be competitive? Just because a broker can pick from several options doesn't mean those options are going to be better than a direct lender. You posted several things in this thread that are questionable.

In fact, most experienced loan officers understand that it's hard to find anyone in the market that is not competitive. Everyone is pretty damn close to one another.

Zhengi · Oct 30, 2019

Syriel said:
Send a message to OP to get his email info.

Would also recommend contacting this broker:

https://socialsurvey.me/pages/danielholloway

See who you gives you the best options for your needs and go from there.

Great, thanks :)

Malleymal · Oct 30, 2019

Hokahey said:
No. You got in when rates were fantastic if that's a 30-year. It's not likely we will see that get any lower.

Also, there's no guarantee a recession is coming. And if it does, it's not going to impact housing the way the last one did. Regardless, the market and the economy fluctuates and there's not much you can do about it. Unless you are into real estate investing or think you will not be in your house very long, there's no great reason to worry about it.

What's up bro! Didn't see that you were back, I was looking for you a little while back and I think that you were banned. Glad to have you back.

I've been looking to make a decision for some time now. My wife and i are just taking forever to find the perfect place for us. We were looking at around 10% down

Hokahey · Oct 30, 2019

Malleymal said:
What's up bro! Didn't see that you were back, I was looking for you a little while back and I think that you were banned. Glad to have you back.

I've been looking to make a decision for some time now. My wife and i are just taking forever to find the perfect place for us. We were looking at around 10% down

What's up man? I'll send you a PM. How 'bout those CHIIIIIEEEEEFS?

Malleymal · Oct 30, 2019

Hokahey said:
What's up man? I'll send you a PM. How 'bout those CHIIIIIEEEEEFS?

gonna check now! Man, I'm missing Mahomes, but we should be good while he is gone!

Bruceleeroy · Oct 30, 2019

Hokahey said:
Sorry friend. I'm often the best rate in the market, brokered or otherwise. No idea what you're talking about. Why would direct not be competitive? Just because a broker can pick from several options doesn't mean those options are going to be better than a direct lender. You posted several things in this thread that are questionable.

In fact, most experienced loan officers understand that it's hard to find anyone in the market that is not competitive. Everyone is pretty damn close to one another.

"Pretty damn close."

Okay lets price out 3 scenarios:

1 purchase - Conventional
1 purchase - FHA
1 purchase - JUMBO

They will be priced at out 3 different mortgage banks:

Direct Lender
Retail Bank
Wholesale

All based on todays rates. All with NO POINTS. All at a Orange County zip code (Ill do your zip I just don't know where you operate out of)

QUICK NOTE. THE WHOLESALE LOOKS LIKE A HIGHER MONTHLY PAYMENT DESPITE BEING A LOWER INTEREST RATE. THAT IS BECAUSE UNLIKE THE OTHER RATE SHEETS THE WHOLESALE LENDERS ALWAYS FACTOR MORTGAGE INSURANCE INTO THE PAYMENT.

Scenario 1 - Purchase
Conforming 30 Year
$350,000 purchase
FICO 680
Downpayment: 3% - 97% LTV

DIRECT LENDER:
The Direct Lender I'm using for this is nationwide.

Parr Rate: 5.0% - To everyone looking at this sheet and trying to understand it the 5.00% in blue is what is called a PARR rate. That means the client is able to get that rate with NO COST. If they want to go below that rate of 5.00% there is a COST. For instance the 4.875% is a cost of $424.00. This is how you can read all the rest of the pricing sheets as well.

BANK:

THE BANK CAN'T EVEN DO THE 97% LTV. Might be an issue you have and why you thought the 3% down was such a rare thing.

WHOLESALE:

Scenario 2 - Purchase FHA
FHA 30 Year
$350,000 purchase
FICO 680
Downpayment: 3.5% - 96.5% LTV

DIRECT LENDER:

BANK:

WHOLESALE:

Scenario 3 - PURCHASE - JUMBO 1.2MILLION
Conforming 30 Year
$1,200,000 Value
$960,000 Balance
FICO 720
Balance/Loan Amount: 80% LTV

DIRECT LENDER:

BANK:

WHOLESALE:

Hokahey · Oct 30, 2019

Bruceleeroy said:
"Pretty damn close."

Okay lets price out 3 scenarios:

1 purchase - Conventional

1 purchase - FHA

1 purchase - JUMBO

They will be priced at out 3 different mortgage banks:

Direct Lender

Retail Bank

Wholesale

All based on todays rates. All with NO POINTS. All at a Orange County zip code (Ill do your zip I just don't know where you operate out of)

QUICK NOTE. THE WHOLESALE LOOKS LIKE A HIGHER MONTHLY PAYMENT DESPITE BEING A LOWER INTEREST RATE. THAT IS BECAUSE UNLIKE THE OTHER RATE SHEETS THE WHOLESALE LENDERS ALWAYS FACTOR MORTGAGE INSURANCE INTO THE PAYMENT.

Scenario 1 - Purchase
Conforming 30 Year
$350,000 purchase
FICO 680
Downpayment: 3% - 97% LTV

DIRECT LENDER:
The Direct Lender I'm using for this is nationwide.

Parr Rate: 5.0% - To everyone looking at this sheet and trying to understand it the 5.00% in blue is what is called a PARR rate. That means the client is able to get that rate with NO COST. If they want to go below that rate of 5.00% there is a COST. For instance the 4.875% is a cost of $424.00. This is how you can read all the rest of the pricing sheets as well.

BANK:

THE BANK CAN'T EVEN DO THE 97% LTV. Might be an issue you have and why you thought the 3% down was such a rare thing.

WHOLESALE:

Scenario 2 - Purchase FHA
FHA 30 Year
$350,000 purchase
FICO 680
Downpayment: 3.5% - 96.5% LTV

DIRECT LENDER:

BANK:

WHOLESALE:

Scenario 3 - PURCHASE - JUMBO 1.2MILLION
Conforming 30 Year
$1,200,000 Value
$960,000 Balance
FICO 720
Balance/Loan Amount: 80% LTV

DIRECT LENDER:

BANK:

WHOLESALE:

You did all of that to compare against one lender?

LOL

I have not lost a deal due to rate in 2 years. That's all I know. I'm clearly extremely competitive. I have buddies that work with brokers. We compare rates to one another all the time. I'm consistently lower or consistent with them. So jog on.

Do you not understand that different lenders have different rates? I don't even understand what you're carrying on about. I'm guessing you're a little young in the business?

Hokahey · Oct 30, 2019

Oh, and my jumbo rates are phenomenal. Probably the best out there. I win those by a mile.

zerocalories · Oct 30, 2019

Bruceleeroy · Oct 30, 2019

So to summarize between the 3 sources depending on product you can have rates off by as much as a 1pt.
On the JUMBO that is a monthly payment difference of almost $700.00

I used to be a direct lender. I'm used to the myopic view you have to have to stay in that industry. I will add the caveat that I only deal with California, Nevada, Utah, Texas, Florida and NY but I don't ever lose to a direct lender on any of them. I've never seen them come close to a Wholesale bank. Your situation might be different I don't know where you're at.

Even on portfolio products like Bank Statement and Stated they are getting phased out.

Bruceleeroy · Oct 30, 2019

Hokahey said:
You did all of that to compare against one lender?

LOL

I have not lost a deal due to rate in 2 years. That's all I know. I'm clearly extremely competitive. I have buddies that work with brokers. We compare rates to one another all the time. I'm consistently lower or consistent with them. So jog on.

Do you not understand that different lenders have different rates? I don't even understand what you're carrying on about. I'm guessing you're a little young in the business?

I do that for every loan. I want to ensure the people I'm working with get the best deal always. I broker with over 22 banks and have logins for about double that. All the banks compete heavily against one another and depending on the product they all have their strengths and weaknesses.

As for lenders having different rates of course I understand that thats why I priced them all out for you. You tried to assert they were all pretty similar but I'm sorry you are incorrect about that. You can try to hide behind age but the bottom line is this industry is becoming more transparent then ever before which is only a good thing for most of us. On the direct lending side not so much.

As for your JUMBO lets price out a scenario together. Send me a live photo of your rate sheet and Ill send you mine.

Hokahey · Oct 30, 2019

Bruceleeroy said:
I do that for every loan. I want to ensure the people I'm working with get the best deal always. I broker with over 22 banks and have logins for about double that. All the banks compete heavily against one another and depending on the product they all have their strengths and weaknesses.

As for lenders having different rates of course I understand that thats why I priced them all out for you. You tried to assert they were all pretty similar but I'm sorry you are incorrect about that. You can try to hide behind age but the bottom line is this industry is becoming more transparent then ever before which is only a good thing for most of us. On the direct lending side not so much.

As for your JUMBO lets price out a scenario together. Send me a live photo of your rate sheet and Ill send you mine.

I'm not getting in to a pissing contest with someone that thinks 3% is a standard down payment. You don't know what you're talking about in several ways and to a to anyone experienced you're embarrassing yourself. I compare rate sheets daily. I'm good my man.

Also, rate sheets mean jack shit when you're able to lock well below par. You're green bub.

Bruceleeroy · Oct 30, 2019

Hokahey said:
I'm not getting in to a pissing contest with someone that thinks 3% is a standard down payment. You don't know what you're talking about in several ways and to a to anyone experienced you're embarrassing yourself. I compare rate sheets daily. I'm good my man.

Also, rate sheets mean jack shit when you're able to lock well below par. You're green bub.

Lol.
Getting so defensive.
I love that you're bothered by the 3% down being standard. It is a standard loan. Did you want me to add that you have to be a first time home buyer? That loan was created to basically be a first time home buyer equivalent for conventional.
Its okay bro I was you once. Have a good one.

Hokahey · Oct 30, 2019

Bruceleeroy said:
Lol.
Getting so defensive.
Its okay bro I was you once. Have a good one.

I was you once too. Green. Working for a broker. Thinking I knew something. 12 years later...

Bruceleeroy · Oct 30, 2019

Hokahey said:
I was you once too. Green. Working for a broker. Thinking I knew something. 12 years later...

I swear you old guys are the worst. Like old car salesman. Let it go. Millennials are here and they know you're screwing them.

Since your OP isn't really all that educating and doesn't go into how to find the best rate, what is APR, how to tell if your lender is charging you points and such Ill make a much more detailed one for people. I would ask for your help but I don't think that is really your field anymore if it ever was.

Hokahey · Oct 30, 2019

Bruceleeroy said:
I swear you old guys are the worst. Like old car salesman. Let it go. Millennials are here and they know you're screwing them.

Since your OP isn't really all that educating and doesn't go into how to find the best rate, what is APR, how to tell if your lender is charging you points and such Ill make a much more detailed one for people. I would ask for your help but I don't think that is really your field anymore if it ever was.

So basically you're just a giant dick. I'm excellent at what I do, am extremely successful at it, and a lot of people have thanked me for this thread.

Explain why 3% down is a standard down payment. Your hubris is not expertise.

Syriel · Oct 30, 2019

Bruceleeroy said:
I swear you old guys are the worst. Like old car salesman. Let it go. Millennials are here and they know you're screwing them.

Since your OP isn't really all that educating and doesn't go into how to find the best rate, what is APR, how to tell if your lender is charging you points and such Ill make a much more detailed one for people. I would ask for your help but I don't think that is really your field anymore if it ever was.

That has to be disclosed. A lender can't charge points and not tell you.

Bruceleeroy · Oct 30, 2019

Hokahey said:
So basically you're just a giant dick. I'm excellent at what I do, and a lot of people have thanked for this thread.

Explain why 3% down is a standard down payment. Your hubris is not expertise.

I'm sure they thank you all day long with your 2pts built in and .5pts up front. Well done my man they are soooo thankful.
You got to let the 3% standard thing go. I don't even think you know what you're arguing at this point.

Syriel said:
That has to be disclosed. A lender can't charge points and not tell you.

It legally has to be on the LE but do you know how many lenders explain origination and what it is? Very very few and again to be frank origination never needs to be on a loan unless its to buy the rate down and then it will be added as a LOAN COST. It is just an added cherry on top for the loan officer. Kind of like the extra leather protection on your new car upgrade that is a necessity.

The most common question I get when doing a refinance is:
WHAT ARE POINTS? I THINK I HAD THEM ON MY LAST MORTGAGE I DON'T WANT THEM.

When I first came into this industry it was through a Direct Lender and I bounced to 4 different ones in 3 years because I hated the rates and the shadiness of it all. Adding origination as a standard "Loan Cost" was a common practice that was only removed if the client contested it or shopped the rate.

The second I looked at this dudes OP and saw not one mention of APR probably the most important single new thing to understand about your mortgage I knew he was a direct lender.

greepoman · Oct 30, 2019

Sorry to intrude on the lender wars. Not a mortgage question but since mortgage payments are usually tied to property taxes I thought you might have an idea.

Basically the house we ended up buying (Thanks for the info hokahey) was assessed (tax assessment) for 800k in 2018. We get the past year of 2019 where it assessed for 900k (probably cause they listed it in early 2019 for near there) even though we ended up buying it for 800k.

Is that normal to base tax assessments off list prices ? Should we try to fight it since clearly it was never worth that much (sat on the market for most of the year)? In closing the former owner paid their portion of the 2019 to us, but that was also based on the 2018 rate. Anyways I know it's not a mortgage question just wondering if you guys had any experience since you guys give good info and are responsive.

Edit: changed appraised to assessed to use more appropriate terms

Hokahey · Oct 30, 2019

Bruceleeroy said:
I'm sure they thank you all day long with your 2pts built in and .5pts up front. Well done my man they are soooo thankful

I only quote zero points. You have no idea what you're talking about. I'm embarrassed for you and also a little hurt that you would come in here making insinuations like this.

It legally has to be on the LE but do you know how many lenders explain origination and what it is? Very very few and again to be frank that unless its to buy the rate down is just an added cherry on top for the loan officer. Kind of like the extra leather protection on your new car upgrade that is a necessity.

The most common question I get when doing a refinance is:
WHAT ARE POINTS? I THINK I HAD THEM ON MY LAST MORTGAGE I DON'T WANT THEM.

When I first came into this industry it was through a Direct Lender and I bounced to 4 different ones in 3 years because I hated the rates and the shadiness of it all. Adding origination as a standard "Loan Cost" was a common practice that was only removed if the client contested it or shopped the rate.

So you worked for a few shitty places and are suddenly the expert?

Way to shit up a thread I created to try and help people.

And way to shit on someone that started this thread to be helpful.

You come in here swinging your dick around making inaccurate statements and being an asshole to someone that is trying to help people.

whytemyke · Oct 30, 2019

greepoman said:
Sorry to intrude on the lender wars. Not a mortgage question but since mortgage payments are usually tied to property taxes I thought you might have an idea.

Basically the house we ended up buying (Thanks for the info hokahey) was appraised (tax appraisal not a real one) for 800k in 2018. We get the past year of 2019 where it appraised for 900k (probably cause they listed it in early 2019 for near there) even though we ended up buying it for 800k.

Is that normal to base tax appraisals off list prices ? Should we try to fight it since clearly it was never worth that much (sat on the market for most of the year)? In closing the former owner paid their portion of the 2019 to us, but that was also based on the 2018 rate. Anyways I know it's not a mortgage question just wondering if you guys had any experience since you guys give good info and are responsive.

You usually won't see them base assessed value on an appraisal but just in general market trends. It's more likely they saw the house recorded a sale at 800k and think the value has gone up further.

That being said, if you get an appraisal that shows the house is valued significantly lower than where you're being taxed, you might be able to challenge the assessment. It's very much a "ymmv" situation though. Good luck! :)

whatsinaname · Oct 30, 2019

greepoman said:
Sorry to intrude on the lender wars. Not a mortgage question but since mortgage payments are usually tied to property taxes I thought you might have an idea.

Basically the house we ended up buying (Thanks for the info hokahey) was appraised (tax appraisal not a real one) for 800k in 2018. We get the past year of 2019 where it appraised for 900k (probably cause they listed it in early 2019 for near there) even though we ended up buying it for 800k.

Is that normal to base tax appraisals off list prices ? Should we try to fight it since clearly it was never worth that much (sat on the market for most of the year)? In closing the former owner paid their portion of the 2019 to us, but that was also based on the 2018 rate. Anyways I know it's not a mortgage question just wondering if you guys had any experience since you guys give good info and are responsive.

Which state? Is it listed explicitly as 900k tax assessed value? Was is the history when you look up the tax records?

For me (MI), my Assessed Value went up independent of my purchase price based on some formula my county has. I just lost the discount my previous owners had on the taxable value. It reset to 100% so I saw a large bump.

RoninChaos · Oct 30, 2019

Good time to refinance to a lower rate now?

Hokahey · Oct 30, 2019

RoninChaos said:
Good time to refinance to a lower rate now?

That depends quite a bit on your current rate and a slew of other factors. But it certainly could be.

whytemyke · Oct 30, 2019

Also, as another person who works in the industry, why the fuck are you two being twats to each other? (Hokahey and Bruceleeroy) You think you're fighting for leads on ResetEra? C'mon. Neither of you are writing a loan here so there's absolutely zero reason not to be civil.

Even if someone here was in either of your markets, they're just going to see you acting like fucking children on the Internet and take your info to their local bank.

Just chill and realize everyone is on the same side. This thread is here to help people out. Not have a dick measuring contest over rate sheets

Bruceleeroy · Oct 30, 2019

whytemyke said:
Also, as another person who works in the industry, why the fuck are you two being twats to each other? (Hokahey and Bruceleeroy) You think you're fighting for leads on ResetEra? C'mon. Neither of you are writing a loan here so there's absolutely zero reason not to be civil.

Even if someone here was in either of your markets, they're just going to see you acting like fucking children on the Internet and take your info to their local bank.

Just chill and realize everyone is on the same side. This thread is here to help people out. Not have a dick measuring contest over rate sheets

Fair enough.

greepoman · Oct 30, 2019

whatsinaname said:
Which state? Is it listed explicitly as 900k tax assessed value? Was is the history when you look up the tax records?

For me (MI), my Assessed Value went up independent of my purchase price based on some formula my county has. I just lost the discount my previous owners had on the taxable value. It reset to 100% so I saw a large bump.

Alabama. Yeah it's listed on the 2019 bill as appraised at 899k (the original listing price exactly). You can see the history online and it was appraised 800k in 2018 and slowing building up to it before that. Its just strange to see a jump like that. Last time we bought a house I didn't see this and it was set to the sale price for the next year

whatsinaname · Oct 30, 2019

greepoman said:
Alabama. Yeah it's listed on the 2019 bill as appraised at 899k (the original listing price exactly). You can see the history online and it was appraised 800k in 2018 and slowing building up to it before that. Its just strange to see a jump like that. Last time we bought a house I didn't see this and it was set to the sale price for the next year

Ok, it is rather odd that it is exactly the old listed price. If it was just in the ball park, there could have at least been a possibility that the city increase was coincidentally similar.

A $100k difference - I would put in an application to challenge.

Qwark · Nov 6, 2019

Potential first-time home buyer here. Sorry if this is a newb question that's been done to death. I've been told by a lot of people to look for a realtor first, before seeking out a mortgage lender, because they might have connections/recommendations? Is that accurate or I should be looking into that on my own as well?

Zoe · Nov 6, 2019

Qwark said:
Potential first-time home buyer here. Sorry if this is a newb question that's been done to death. I've been told by a lot of people to look for a realtor first, before seeking out a mortgage lender, because they might have connections/recommendations? Is that accurate or I should be looking into that on my own as well?

Nah, you should be seeking out your own. That doesn't mean you can't look into a realtor's recommendation, but they shouldn't be your only source.

It's a good idea to get pre-approved first so you can know what's realistic before you start searching.

Qwark · Nov 6, 2019

Zoe said:
Nah, you should be seeking out your own. That doesn't mean you can't look into a realtor's recommendation, but they shouldn't be your only source.

It's a good idea to get pre-approved first so you can know what's realistic before you start searching.

Thanks, just read through the OP and same advice there (I should've read that first, sorry). It's weird, everybody has been telling me to start with a realtor. I'll start calling around for rates.