Anyone here use natural gas for heating?

Ah, on a side note I found this page interesting:

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index


[Edited on June 28, 2013 at 12:07 PM. Reason : /]

6/28/2013 12:01:45 PM

Yeah I know its the voice of reason and I should just accept that. Had a long day before that post and checking in to the rate apps caught me off guard for how high they could jump in a week. I thought I read somewhere it hasnt increased that high in one week since 1987.

[Edited on June 28, 2013 at 1:36 PM. Reason : ^wrong thread?]

6/28/2013 1:34:57 PM

i'm sitting in limbo waiting for 60 days out till the closing date, meanwhile rates keep going up and up

6/28/2013 7:09:36 PM

^ i assume you locked in your rate? penfed locked mine in with the only stipulation that closing happen within 90 days...i assume it's like that for most lenders

6/28/2013 7:58:15 PM

Is the MPI/PMI tax deductible? I can't seem to find a straight answer on it. Seems like you can though.

6/29/2013 1:12:42 AM

Quote :

"Is the MPI/PMI tax deductible? I can't seem to find a straight answer on it. Seems like you can though."

First result: https://www.google.com/#gs_rn=17&gs_ri=psy-ab&tok=YhLmCKiIF0YG101S-21jAg&cp=5&gs_id=i&xhr=t&q=is+pmi+tax+deductible&es_nrs=true&pf=p&output=search&sclient=psy-ab&oq=is+pm&gs_l=&pbx=1&bav=on.2,or.r_cp.r_qf.&bvm=bv.48572450,d.dmg&fp=a0cd3a08af3ac6c6&biw=1600&bih=775

6/29/2013 1:35:18 AM

No we haven't locked in yet. Both our potential lenders only do 60 days out and we're looking at probably another 1-2 weeks for that

6/29/2013 8:26:02 AM

Quote :

"penfed locked mine in with the only stipulation that closing happen within 90 days...i assume it's like that for most lenders"

Which loan product offers the 90 day lock? I was looking at their 30yr convention fixed and it says the interest rate lock period is 60 days.

6/29/2013 7:02:15 PM

^ their 5/5 ARM special...locked in at 2.5%

i don't think they offer the special anymore, though

6/30/2013 9:25:33 AM

it was 2.75 last time I looked

6/30/2013 11:39:07 AM

An ARM would make me too nervous right now.

Seems likely that rates will be higher 5-10 years from now and that home prices will be lower (certainly inflation adjusted if not nominal dollars as well).

And if that's the case youre getting deep dicked. High risk, low reward strategy imo

6/30/2013 11:58:04 AM

Quote :

"An ARM would make me too nervous right now. Seems likely that rates will be higher 5-10 years from now and that home prices will be lower (certainly inflation adjusted if not nominal dollars as well). And if that's the case youre getting deep dicked. High risk, low reward strategy imo"

okay, so my mortgage is at 2.5% right now...and realize that there were NO closing costs AND they covered the first month's payment...AND i got 1% of the loan amount (in points) applied to the penfed credit card

so, in 5 years, let's say it goes up the maximum of 2%...now i'm at 4.5%...which isn't much worse than what's available now (though it's a bit high, i admit)...but i had FIVE YEARS at 2.5%, plus the advantage of it costing me virtually nothing to refinance

after 10 years, i'm still coming out ahead over a 30-year fixed...and if i'm here in 10 years, i'll just refinance

6/30/2013 1:47:17 PM

Quote :

"they covered the first month's payment...AND i got 1% of the loan amount (in points) applied to the penfed credit card "

Where do you see that? The max the 5 yr arm could adjust to would be 7.75% and it would take 15 years. The 5 yr ARM with PenFed is a tempting product.

The thing is I don't plan on selling the home and would likely want to convert it into a rental. So a 30 yr fixed at 4.25% would make more sense long term.

I wonder what the savings would be on a $200k loan with the 30 yr conventional fixed vs the 5 year ARM as they stand now amortized out through PenFed.

6/30/2013 11:33:05 PM

If you are going to convert to rental definitely get fixed, your options to refinance are all crap once it becomes an investment property.

6/30/2013 11:44:59 PM

Quote :

"Where do you see that? The max the 5 yr arm could adjust to would be 7.75% and it would take 15 years."

i don't know what their offer is right now...i locked my product/rate in back in april and closed may 1st

and i agree with str8...if you're planning on keeping the house that long and want to make it a rental, go with a fixed

i'm not claiming ARMs are always (or even mostly) better...just that it works well for us

7/1/2013 7:15:04 AM

Can anyone recommend their lender to a first time homebuyer? We are looking for a conventional fixed or ARM (preferably 7/1).

Thanks.

8/5/2013 11:59:35 PM

all i can tell you is BB&T is mostly a bunch of incompetent retards

8/6/2013 6:05:26 AM

I had a easy close using BB&T, I'm guessing with a company that big it depends mostly on who you're working with.

8/6/2013 7:22:46 AM

their good faith estimate was extremely difficult to understand (i think they do this on purpose). they couldn't or didn't want to answer any of my questions when i asked where some of the numbers were coming from. they got all tore up and pretty much told me i should stop asking questions and just pay them. my wife works for BB&T and couldn't even make heads or tails of their bullshit.

but, yeah, if i had've just took their word for it, it would've been super easy.

8/6/2013 7:38:33 AM

^^^^ pm sent

8/6/2013 10:34:27 AM

http://money.cnn.com/2013/08/22/real_estate/wells-fargo-layoffs/index.html?hpt=hp_t2


Wells Fargo makes billions per year, mortgage rates rise, they lay off thousands.


They have the most horrible mortgage department ever. They NEVER are ready to close on time, lose paperwork, request the same thing over and over, and are generally belligerent.

8/22/2013 3:21:41 PM

So conventional wisdom is rates are going to continue to rise right?

8/22/2013 3:35:03 PM

^^ friend had almost all of those issues when buying a foreclosure that WF owned...she said they were a huge pain to work with

^ yeah

8/22/2013 3:42:56 PM

shit i better get on it then

8/22/2013 3:43:32 PM

http://www.cnbc.com/id/100983583

Interesting

8/23/2013 10:04:37 AM

Does anybody know the best deal out there right now for a 30 year fixed mortgage?

Best I've seen is PenFed @ 4.5% with a 1% origination fee. Trying to close on a property within 30 days.

9/11/2013 9:46:43 PM

That's who I was going to use, but ended up going with a LPMI from a local loan broker for almost the same rate. I ended up using PenFed mainly to check the best spot price over several weeks before seeing it dip a bit and then calling the broker in Chapel Hill to lock mine in, he could basically match/meet PenFed's rate at any given time. For a tight closing having someone local and for way less hassle I will say this, I tried to give PenFed and several other banks/ credit unions where I'm a member a chance but I could never get a response quickly and had to close in less than 30 days as well. The only thing they did fast and on the spot was the prequal. It irritated me that my application was handed off to three different people without notice; after I had just closed the third person called out of the blue wanting to know if I was still interested in using them as the lender. If I had a longer closing time I possibly would have dealt with it but I just didnt get the warm fuzzies like I thought I would after reading people's success stories here.

9/12/2013 6:52:07 AM

I closed on my house back on May 22. I got 30 year FIXED money at 2.95%. Let me buy more house than I was planning on.

My $417K loan only costs $1,723/month (not including property taxes).

9/12/2013 8:46:50 AM

How do you go about shopping around for a home loan? Just call up different banks? What's the best way TWW.

5/14/2014 4:47:13 PM

do not sign up for lending tree. dear god i made that mistake a couple of years ago and I STILL get the occasional call from a bank.

5/14/2014 5:09:41 PM

^ ha that's why i seeks out this thread. I just signed up for it, and literally within 2 seconds of pressing the submit button, i had 3 phone calls (didn't answer them). I'm now in the process of trying to figure out how to stop these emails. Had 10 of them in the past 30 minutes.

Their commercial grossly misrepresents the process... I'm not pleased.

5/14/2014 5:17:31 PM

Quote :

"I closed on my house back on May 22. I got 30 year FIXED money at 2.95%. Let me buy more house than I was planning on. My $417K loan only costs $1,723/month (not including property taxes). "

Is anyone else going to call bullshit on this? Did you pay points to buy the rate down w/seller paid closing costs? Was this part of some other elaborate banking deal. Its a bit silly to post crap like this without posting the "catch". Fixed money has never been at 2.95% for a 30 year mortgage (not in our lifetimes at least).

5/14/2014 9:24:17 PM

^ I too will call bullshit...though jumbo rates are usually a little less than regular rates.

Quote :

"My $417K loan only costs $1,723/month"

Isn't it $1,746 (+ tax and insurance). I assume no PMI right?

5/14/2014 9:44:38 PM

My 5 year ARM on $417k and 3% is $2k with taxes and ins

5/14/2014 11:01:06 PM

Quote :

"30 year FIXED money at 2.95%"

The payments are what they are, and can be calculated with a simple mortage calculator. I am specifically calling horse shit on the above. There is NO fixed 30 year money at this rate unless (i) you buy down the rate, or (ii) it isn't really fixed and this was some sort of initial teaser rate, (ii) this is some special promotion where you had to order 3 credit cards, have 100k on deposit with the bank, jump on one foot, and rub your belly at the same time.

With regard to the comment about Jumbo rates. The fact that jumbo rates are lower (if they even currently are) is a total anomoly. Jumbo rates are almost ALWAYS higher than non-jumbo or standard mortgage rates.

5/15/2014 12:47:41 PM

Looking to enter the housing market for the first time here in the next year or so. The search for lenders is on!

5/15/2014 12:55:08 PM

The $1,723/month is the principal plus interest. Taxes are an addition $450/month, HOA is $70/month (paid separately) and insurance (liability and protection of assets in house) is $125/month.

I was talking explicitly about the rate for P&I.

Regarding buying down the rate - I did not. There may have been a 0.5% origination fee or something similar, but no other non-standard closing costs. I believe that most mortgages have 0.5% - 1% fee for origination.

There is no PMI, as i put a little over 20% down. Tax value of the house was $635K and we bought it for $527.5K. I just challenged the tax value and lowered it to $595K to reduce my taxes by $500 for the next 3 years...

5/15/2014 1:46:13 PM

Better check the fine print and make sure there isn't a balloon on that note player. Something sounds fishy, and I'm just not buying it. The bank could have amortized it over 30 years, but there is some catch to that rate: (i) an adjustable period (ARM), (ii) teaser term, or (iii) baloon, and you would be wise to go back and read the fine print. 2.95% for 30 year fixed money doesn't exist.

Alright, now see this? This is a four-way road, okay? And dead in the center is a crisp, new, hundred dollar bill. Now, at the end of each of these streets are four people, okay? You following?

Over here, we have a male-affectionate, easy to get along with, non-political agenda lesbian. Down here, we have a man-hating, angry as fuck, agenda of rage, bitter dyke. Over here, we got Santa Claus, and up here is a 30 year fixed rate mortgage at 2.95%. Which one is going to get to the hundred dollar bill first?

No, I'm serious. This is a serious exercise. It's like an SAT question. Which one is going to get to the hundred dollar bill first? The male-friendly lesbian, the man-hating dyke, Santa Claus, or the 30 year fixed rate mortgage at 2.95%? The man hating dike, because the other three are figments of your fucking imagination!

5/15/2014 3:35:23 PM

I'm highly confident that I know what my loan says. I am a commercial real estate broker and do investment real estate for a living. A simple house loan is extremely straight forward.



^^^^^^ P&I was $1,746 when I looked into it...

$2,320/month covers mortgage (P&I), property taxes, HOA dues and Homeowners Insurance.

Also, there was a 0.75% origination fee, but no discount points.

Perhaps it is too good to be true or perhaps I'm a bad ass mother fucker. I like to think I'm a bad ass mother fucker (who just got really lucky when I bought my purdy house ).


My humble abode.

[Edited on May 15, 2014 at 4:24 PM. Reason : Copied off my HUD statement]

5/15/2014 4:10:12 PM

The rates dipped below 3.5 ~ 4/2013 so I don't get why it's crazy to think he got 2.95

5/15/2014 6:23:03 PM

With that said, don't understand why people don't believe it is possible. Got a buddy of mine that rate too...small community bank raised $5M to lend out at 2.95% (new purchases only, not re-fi's) and I bought this. Didn't have to be a new house.

Mortgage broker I was going to go with before I found this was at 3.375%

5/15/2014 8:40:09 PM

Sedgemoor is a nice street.

5/15/2014 9:23:15 PM

^stalk much?

Love the street.

5/16/2014 8:40:55 AM

Quote :

"How do you go about shopping around for a home loan? Just call up different banks? What's the best way TWW."

This question is relevant to my interests. Just entered contract on a place so the shopping must begin.

5/16/2014 9:16:14 AM

Yes. I asked for referrals here too and went through one bank via work.

5/16/2014 9:21:20 AM

I'd call the banks, as well as a mortgage broker or two...last go around I had used Patrick Stoy - don't remember who he's with, but google him and find him. He is based out of Charlotte.

5/16/2014 10:06:10 AM

if you are using Wells Fargo do not expect to close on time or anywhere near on time.

5/16/2014 10:36:12 AM

We closed with a max conventional - 417k - 2 months ago. Because the house did not qualify for FNMA, government backed loans, we had to go through a portfolio/investment loan.

Ended up getting 7 yr arm at 3.125, putting our total payment at 2100 including escrow.

We were panicking because we only found 3 places that would be willing to even take a look at us.

USBank, Tidewater Mortgage, and some place out in Smithfield (which wanted to charge us 4.125%)


We are closing today (finally) on our prior home which we just now moved out of and sold FSBO. They are using Bank of America and the communications/delays have been horrendous ... just glad its closing now though. Got or target price with NO commissions!!

If anyone is looking for a regular loan, go to CIMG, Marcus Martin. The guy has been able to beat EVERYONE I have comp'd against and I have done so 5 different times. Low fees and great rates. And if you want to go refinance later, he'll have all your info on file and just be able to reprocess things quickly for you.

[Edited on May 16, 2014 at 11:10 AM. Reason : .]

[Edited on May 16, 2014 at 11:12 AM. Reason : .]

5/16/2014 11:09:02 AM

Why would your house not qualify for gubment backed loans?

I assumed any standard loan would conform unless the house did not appraise.

The rate you got isn't bad, but the 7 year balloon sucks. I'd continue shopping it until you got a perm loan.

5/16/2014 11:16:32 AM

because the "best use" for the land is commercial/investment (5.5 acres on Davis Dr.).

It appraised for more than we paid, but there is a clause that looks at the ideal use in the case of a foreclosure ... as the likely buyer would be commercial/investor, not resident.

5 bids were on the place, 3 of them cash investment bids ... so anyhow ... it threw us big time.

5/16/2014 11:49:44 AM