I have 2 mortgages. The first is with the lender. The second was seller financed and is with a family member. I am trying to refinance, but i want to pay off the 2nd mortgage with my family before I refinance. Is there an issue with this? Thanks.

Big local bank as a lender,. It's been a nightmare throughout the whole process, for multiple reasons, like them losing papework, asking for more items every other week, not returning calls, passing calls off to other people, . But now it's 1 DAY after the original closing date they gave us and still no end in sight, they are now telling us they "don't think they can make a mortgage work" based on our numbers. Our numbers:

• House being bought, $410,000
• 3 applicants who will be splitting ownership of new house
• All 3 applicants 700+ credit score, one 800+
• $180,000 yearly income between all 3 applicants
• $120,000 down payment (bridge loan pending closing of 1 house)
• $200,000 of equity in 2nd house that will be sold later
• $150,000 in checking accounts as assets, plus another $40,000 in IRAs.

That leaves us with a $290,000, 30 year mortgage after the $120k down payment. But they "the underwriters" are basically insinuating we don't have enough money and income for that "large" of a mortgage... 60 FUCKING DAYS after we were pre-approved and now can't use another lender

Now I understand they can't count the equity of $200,000 in the 2nd house we will be selling because it's not on the market yet, but with basically $190,000 in cash/IRAs available as assets on $180,000 of yearly income how the fuck can we not get a $290k mortgage? I'm so lost. Is it really that hard to get a mortgage these days? The last 2 times I bought a house it was smooth and we closed on much less income and assets and only somewhat smaller mortgage

For reference in 2010 I bought my current home by myself for $135,000 on $15/hr income and only $5,000 in assets. So now like whaaat I'm being denied for double the mortgage on septuple the income with quintuple the assets with 3 applicants they can collect from. I'm just baffled has that much really changed in lending between 2010 and 2024?

Edit; thanks for the replies. Our DTI should still be acceptable but even if not I'm baffled why the bank waited 60 days, after we put in an offer, and strung the sellers along all this time to finally make the conclusion we don't make enough for the debt? They had all this information 60 DAYS AGO (more really, since they pre-qualified us weeks before we put in an offer) and never once gave us any doubts and kept saying we were good. Everything was fine until it went to "underwriters" for the 3rd time. They have been requesting papers every few weeks but it's basically just stuff verifying info we already provided. Wtaf. Also they have not told us the DTI is a factor they haven't even said that once, literally the best they can offer is "we don't think we can make this work... crickets"

I recently checked the title of my home and saw that it still lists an old mortgage lender, even though my mortgage was transferred to a different lender years ago. My current lender tells me that titles are not updated when mortgages are transferred. Is this correct? If so, doesn't that cause confusion?

First Republic was offering sub 3% mortgages to elite customers with millions in their accounts when interest rates were 6% + from other banks. Now that JP Morgan Chase has acquired them, they should offer similar (aka more than the 1% I'm seeing on their website). If they don't, what bank offers First Republic like interest rates in the 2's for elite members? Thank you.

My lender agreed to a buy down of my rate for the first year of the loan term from 7% to 6%. (30 year fixed conventional). After the first year I noticed my payments never increased. I checked the statements and sure enough, they hadn’t changed the interest back up to 7%.

It has now been almost an entire year of paying 6% rather than 7%. Am I liable for the 1% difference if they realize their mistake? How long could I be liable for this money? It’s obviously not a ton of money but I’d hate to be asked for it all in a lump sum at the end of year 30.

Anybody experienced this before?

I just recently started working at a startup company full time. I also have a full time job that is really flexible. I’ve been there for 2 years and I can work as low as 30 hours throughout the week. The startup company is more income for me. However, both companies are in the same industry. I have a meeting with a loan officer so what should I expect? This is my first home. I don’t know if she will tell me I have to wait for 2 years at my startup company to use that income or not. Also since the company is only 2 years old and not a major corporation will it be the same process as a big corporation or will it be a different process as far as getting w2 and paystubs. Or will they need additional information?

With the following information is it possible that there could be more lower price changes on this short sale home? Or is there a set time limit that lenders have for short sale before moving to foreclosure? Also, are counteroffers ever considered on them if paying cash?

Available price history from Zillow *10/7/2024 Price change $137,000 *8/27/2024 Price change $154,900 *8/16/2024 Listed for sale $174,900 *7/22/2021 Sold $147,500 *6/1/2021 Listed for sale $139,900

The house is directly nextdoor to my brother's house. He said they were military and pcs'd to a different state. Assuming they might possibly have a va loan if that makes any difference.

So I have a 5.6% rate on a conventional 30 yr mortgage. Does anyone think rates might drop next year enough for it to be worth refinancing my mortgage?

Is there an easy way to finder mortgage brokers that work with local banks and not just wholesale lenders? I've contacted a few mortgage brokers but they all end up selling the same product from the same wholesalers and I don't want to talk to each individual local bank

Hi all,

I am trying to buy a home asap in the state of Arizona - we have a baby on the way coming in February so we are hoping to accomplish this before then.

I have $20,000 reserved for the purposes of purchasing a home. I understand that I need to consider the down payment, closing costs, and real estate commission. I was informed that when purchasing a home, the seller will typically cover either the closing costs or real estate commission, but never really both.

My credit score is 769-770 according to Credit Karma. I make $35 an hour at my full time job (40 hours a week).

Is what I have enough to purchase a home in the $300,000 or less range? Does anyone have suggestions for how to make purchasing a home possible? Would you go conventional loan or FHA loan with these numbers, and why?

Appreciate any and all help. Thank you!

So, I applied for a mortgage refinance, with, let's say ABC company. I went through the entire process and less than 2 hours before closing, I got a call and said there was a problem with the paperwork and the closing was cancelled. The processor called me, and I worked with her to figure out what happened. There was part of my income that I had sent to the broker that they didn't have and that caused the problem, so I sent it to her. She told me that she had already sent two emails to her manager, and she would have one of them call me the next day (Friday). No call. Monday, I called the Mortgage Broker who didn't even know what happened. So, Tuesday goes buy, left messages, no call backs. Wednesday, I got a call from a competing company, XYZ company. By this time, with absolutely nothing from ABC since last Thursday, I went ahead and sent them all of my information, and they gave me an estimate with a slightly higher interest rate, but lower payments. And then, late afternoon today, the broker from ABC called me out of the blue and asked for more verification of the information they missed in the first place.

My question is, will there be any penalty for not completing the loan after they cancelled the closing? I paid up front for the Appraisal, but I sent it to XYZ and they said they could use it so I wouldn't have to pay for it again. Am I liable for anything from ABC closing since this was obviously their failure?

My bank withheld funds until I complete some work on my new house. But I haven't done the work and don't intend on it. What happens?

I've been self employed 14 years but 1.5 years ago I took an ongoing 1099 contact job for a lot higher pay. Went from 30k on 2022 tax return to 90k on 23 return(8 months in New job) to will have over 130k after deductions on my 2024 return.

My middle mortgage credit score(Fico 5, 4, and 2) is around 755. I want to buy a 350k to 400k(with 20% down) house next year and my apt lease ends in Jan 2025. 2 years in the new higher paying job is April 2025. Does it make any difference if I apply for a mortgage in February 2025 after I do my taxes or if I extend my lease 6 months and apply in July 2025 after my 2 years at the new job?

I have to decide in the next few weeks if I'm extending my lease. If it makes no difference I'd rather buy in Feb. What would you do? Thank you!

My current rate is 6.625%. I reached out to a lender to see what their rate was and got quoted 6.125% but it’s a “no-cost” refinance so it’s being sold that there’s no breakeven point, it’s just day 1 savings and I’ll have the ability to refinance again in 6 months if rates fall.

Here is my loan estimate. Seems like it’s too good to be true and it’s just free money but want to know if I’m missing something obvious. My understanding is the escrow payment will be a wash when we get our current escrow balance back.

https://imgur.com/a/V60AWYV

My job history isn’t the most consistent on paper, including a somewhat recent 3 year gap while I was recovering from a back injury.

I’m back to work now, should have my only CC paid off by the end of the month, and will have an ~800ish credit score again.

I previously had a mortgage while I was married, never missed any payments. I’m not sure if this will play into it at all.

Most everything I’ve read says you need 2 years at the same job to qualify for a mortgage, is that accurate? Or are there other exemptions?

Should only take me about 6 more months from here to have a 20%+ down payment again. (single, no kids, cheap rent, job making $80k+/year).

Am I going to be stuck renting for 2 years before I can buy again?

So I had a flood in my basement. The insurance company took almost 2 months to pay me. After I received a check it was made out to me and Carrington mortgage. Carrington has another department called lost track that handled their insurance. They gave me the option to overnight the check which cost me $80. I figured if I overnight it, it would expedite the process which it didn't. Lost track is a nightmare is a scam and they need to be investigated. They're supposed to send me a portion of my funds to start the repairs which they didn't. Every single step with them took about two weeks. They wanted to know what the fund is for. I told him that the insurance based it on my estimate I sent them the estimate. They needed to verify with Insurance Company that took them another two weeks after a month I decided to fix my basement with my own funds. Still the never release my partial payment I called them and requested an inspection. They informed me that that would take 5 to 7 days after nine days. I called him back. They said it's over time so I will. We will expedite it. The inspector should call you within five days after five more days. I finally get an inspection. The inspector came did my inspection. I called lost track a week later to get an update so they can release my phone, they inform me that the inspector hasn't sent the report yet and give it another 5 to 7 days. After another week, I called again. They said oh we finally received the inspection report. Will send you a check out within 5 to 7 days after two weeks. I called and said I never received my check. They said oh we're gonna have to put a stop for payments since you didn't receive your check, we didn't certify mailed The post office fault. It will take another five days before the fun can be released from the stop payment and then will mail it out to you. You should get it another Friday so they keep stalling us every step is two weeks long. So right now I'm still waiting my check. They receive my check since August 24 and right now it's October 30. They need to be investigated fraud. Carrington is a fraud. LossTrack is a fraud. They taking my funds and using it for whatever installing me out on my payment there's no way that I should be waiting over two months for a check that needed to be endorsed by them. My basement been flooded since June and now it's still and now is Almost November and nothing. Carringtonis the worst company ever. They can't send you a certified Letter for your check, but they can send you a certified letter when you're late on your mortgages

We're beginning a new construction process that's been estimated at 5 - 6 months to complete. I have pre-approval that got the process started, but at what point should I start seriously shopping? I don't want to hard pull too early but don't want to miss some standard window either.

I am under contract and currently shopping for lender with best rates and fees.

Can someone advise what will the lender need from me to provide me with an official Loan Estimate?

Thanks

Help please

Can anyone help me. We are currently in the process of buying our council property. We have a structural report done by the council who said there might be some subsidence from the trees around but he can't say for sure. We have had a survey done and they said the trestles aren't effecting it. For us to buy it we have to pay the mortgage broker £800 and then they will do a survey and then the lender will decide. Because the council said the property has issues I'm worried the lenders will say no. Is they anyway of asking a lender before we pay for the mortgage broker? Is there anyway of finding put first

Good afternoon,

My wife and I are purchasing our first home in upstate NY and she is currently active duty and I am a veteran. Our credit scores both sit at 760ish and we make $170k-180k a year together. We have no debt other than 1 car loan. The house we are looking to purchase is about $400k. What are rates usually for va loans? I look things up online and they are all sitting at 7% but I don’t know if it’s any different from a conventional loan. Like what are the chances of getting 5% or lower? I’m still tryna get educated on all this house buying stuff so any heads up or pointers before the closing would be greatly appreciated. Thanks!

my mom own the house i rent out of and she wants to sell it to me.

we agreed on the price, my downpayment and my rate (2% 🥳).

we agreed on 30 year but i am okay with 15 year loan.

i want to also make extra payments to pay off the mortgage as soon as possible.

how do i factor in the taxes per month as well as the amount of interest? should i keep track of this every month?

its a good deal and she wants to be relieved from the property. ive been living in it for a couple years so i am comfortable w it

how do i set up a payment method?

we will go over term agreements, get noterized ect. but i want to make sure all details are hashed out before i do this

Hi. Looking to get a fixer upper to remodel for $15,000.

My loan officer through Chase says I can’t go under $35,000. He said he is trying to redo it all and get it lower but probably won’t happen.

What can I do? I only need $15,000.

Hello,

I just finished refinancing my 30Yr loan from 7.75% to 5.625%.

I have close to 60k that I could put towards to house. Total balance is 264k. I am not sure what would be the best way to use it. Recast would lower my monthly payments and principal pay off would reduce the loan term and more of the monthly payment would go towards principal. What would be a better approach ?

Any other suggestions on using the cash would be appreciated as well

I'm having a tight week financially, so I think I might need to wait a few days before I make my mortgage payment this month.

Does anyone know if Loancare offers any kind of grace period for late payments? I saw a couple notes online that said they have a 15-day grace period, but that info didn't seem to come directly from Loancare, so I just want to make sure/

Hi all,

My mortgage was recently transferred to a different company. I’m a little confused, do I have to set up an account with the new company. It feels like it came out of nowhere.

Hi guys, my (24) dad bought a house late last year when the interest rates were at an all time high. We locked in at 7.99% (i know i try not to scream everytime i say that) but now the lender reached back out and said the rates lowered to 5.99 and that he should lock them in. Now when he got all the information and documents, the lender is saying the interest rates went up and that my dad should still lock them in at 6.64%. My dad thinks he should go through with it since it might lower the mortgage payment from $4,650 to $4,200. I think the rates are still a bit too high to try and refinance again at the moment. But my dad keeps getting pressured by the lender to move forward immediately.

I know very little about how the rates work but i think it’ll be better if we wait towards the end of the year or even early next year. But i know i would feel awful if i make him wait just for the rates to go even higher.

Please please help. My dad is old and we are immigrants so it’s very easy for him to get caught up in everything someone says. Should we wait just a bit longer?

More details: 30 year fixed, new build

On October 17th I locked in at 6.1 apr with 2k points with better mortgage. Everyone one else quoted me at 7.1 without points. The origination fee wasn’t too bad.

The online portal to upload my docs was a little clunky in that after I uploaded something I couldn’t go back and look at it, but other than that really easy.

I did have two brokers, the first that set me up with everything and the second that worked with me through the paperwork part. I still was able to contact either of them at a moments notice if needed. And then today, the 29th they say that I’m clear to close. 9 business days.

I’ve read on here that they haven’t done a very good job for other people, but I’m pretty impressed with them.

Edit: 6.1 with 2k points conventional 15%down