For context my fiancé (36M) and I (34F) bought our home back in March 2020. We are both on the mortgage and co borrowers. We are planning to get married in 2025 and I was curious if I get my name changed to his last name, would we have to refinance our mortgage? Or would it just be a simple name change since both of our names are on the mortgage?

I’ve been reading a lot of blogs and really it’s only giving opinions on if one of us had the house and was trying to get the other to join on it. But I wonder if it changes much because both of us are already on it.

Really don’t want to risk losing our 3.6% interest rate we sealed in in 2020.

Thanks in advance! Any advice would be appreciated.

Hi all. My employer is getting acquired come January by another large company. I've been employed since 2018. We were in the process of purchasing a home, but decided to hold off on pre-app until the sale goes through. How long after that do you think is the right time to get back in and get a pre-approval done? Any LOs that can weigh in on how this could affect approval? Anyone else been in the same situation before? Thanks.

Hello all I have a question I have a mortgage that my pay off quote is 108k the home value is estimated around 220k my current infest rate is 4.5ish % ….I’m kinda looking to refinance and take 20k cash out to pay off a car and some other debt I know my interest I put in my credit union calc had it around 7%. But seems my payments would still be a little lower than they are now and I could pay off other debts would this be a good idea. My credit score is around 640

Looking at $385 k home. Should net $170k from sale of current home after paying real estate commission.

Plan to put $150k down, keeping $20k reserve to move and some upgrades to new purchase.

Would I be better off to buy down my rate on $235k mortgage now with $4700 (2%) or put the cash back and hope to refinance in 2-3 years at a better rate and buy down at that time? This should be my final home purchase as I’m 4yrs/2months from retirement at age 63.

We have about $250k in equity across 2 properties - our primary and a rental property. We want to move into a bigger house that needs updating but good bones. A 20% down pmt puts us at needing $100k for 20% down. What’s the move? Only about $15k in savings.

AMT PAID TO OTHERS ON YOUR ACCT/PAID TO OTHERS ON YOUR BEHALF Appraisal Fee to Nationwide Property & Appraisal Services $605.00 Credit Report to Credit Plus $300.00 Hazard Insurance Premium (12 months @ $100.00) $1,200.00 HOMEOWNER’S INSURANCE RESERVES (3 months @ $100.00) $300.00 COUNTY PROP TAX RESERVES (12 months @ $233.00) $2,796.00 TITLE INSURANCE SERVICES Endorsements to Monroe Abstract Company $400.00 Document Preparation Fee to Monroe Abstract Company $25.00 Notary Fee to Monroe Abstract Company $10.00 SETTLEMENT OR CLOSING FEES Tax Search Fee to Monroe Abstract Company $20.00 Owners Title Insurance $200.00 Lenders Title Insurance to PLEASE FILL IN $1,880.00 TOTAL RECORDING CHARGES INCLUDES Recording Fees to Deed $96.75;Mortgage $168.75;Releases $0.00 $265.50 Recording Fees to E-Recording $9.50 TRANSFER TAXES INCLUDES City/County/Stamps $2,499.00 TOTAL AMT PAID TO OTHERS ON YOUR ACCT/PAID TO OTHERS ON YOUR BEHALF $10,510.00

ITEMIZATION OF THE PREPAID FINANCE CHARGE OUR ORIGINATION CHARGE INCLUDES

Processing Fee to XYZ Home Loans, Inc. $2,250.00 Flood Certification to First American Flood Data Services $14.00 FINAL INSPECTION to Final Inspection $200.00 Verification of Employment $140.00 INTEREST TO FIRST PAYMENT (15 days @ $46.34) $695.10 TITLE INSURANCE SERVICES CPL to Monroe Abstract Company $125.00 Overnight/Courier Fee to Monroe Abstract Company $45.00

TOTAL PREPAID FINANCE CHARGE $3,469.10

Hi Reddit,

Apologies if this is not the right place for this question (I can remove this post if so). But my wife & I have kind of have a lot of factors in our situation, and I was hoping to get some rough insight from mortgage folks before formally reaching out to banks.

So - I own a house and have about $170k of equity in. We would like to keep it as a rental (expected rental income would be ~$2,250/mo - PITI ($1,040/mo) - monthly repair fund ($250/mo) = $960/mo income). We would be self-managing the rental property.

We want to buy a house in the next state over, anywhere from 2-3 hours away. Our budget is anywhere from $400k-500k. We would have $50k (10-13%) to put as a down payment. My wife would qualify as a first time home buyer, we both have excellent credit scores. Say the assumed mortgage (PITI + PMI) would be anywhere from $2800-$3300/mo?

Income wise is where we would struggle I think. My wife makes $70k in a hybrid job she would keep amidst the move. I am planning on being self employed at the time we’d purchase. My income would be roughly the same ($~60-70k), but I will not have enough time and tax returns for it to likely qualify in the mortgage.

Our only debt is $18k in a truck payment, which would be closer to $10k in a couple years at time of home purchase (or we’d work to knock it out completely, therefore having no debt other than our existing mortgage on the “rental” property.

So, with all of that said, here are some questions I have:

• Is our plan generally workable considering my “lack of income”?

• Is our income too low, or would our DTI be too high to make this happen? Keep in mind my wife is debt free, the mortgage is in my name only so only I carry that debt on paper.

• Is that $960 in post-expenses rental income likely to qualify easily enough as “income” that would either deflate our DTI or bolster our income? Can the bank take into account our sizable equity in the rental to help act as collateral that eases the roughness of my self-employment?

Thanks for any insight. This is likely ~2 years out for us, but we want to be prepared and start making steps to be ready.

While shopping around for a mortgage, one lender (LoanDepot) made a big point about their Lifetime Guarantee. "LoanDepot will waive all lender fees when you refinance your home with us in the future"

I thought this was a very interesting benefit. Does this mean one could in principle refinance whenever the rates go down even a little bit and not worry about any refinance costs? Or ar there other costs besides "lender fees" that I would still have to pay for refinancing?

How should I treat this when comparing offers If LoanDepot doesn't have the best rate right now (but is in the ballpark) should this be a deciding factor?

This seems like a big perk. Is it something that can be negotiated with other lenders?

I recasted my mortgage last week with a large amount of money. They told me the effective date to see the new payment would be Feb 1st. This doesn’t make sense, am I paying all interest now for the next two months? Why is my payment still the same after the balance is significantly lower now for the next couple months? Is this normal in the industry to have your bill reflected after a couple months after you made the recast?

I currently go through freedom mortgage, I also recently reset up biweekly payments (to pay an extra payment at end of year). The first payment is about to be taken out but I noticed my mortgage due date in the 4th. Since I'm only paying half the mortgage by that time, will that go on as a late payment??

What do you think interest rates will look like in 2 or 5 years? I know it’s highly unpredictable right now. I’ve been holding off on renewing for the past six months, hoping rates would continue to decline, and they were—until last month, when they started rising again. Now I’m unsure whether to lock in for 2 or 5 years.

I know it's a common dilemma

I own a rental property that has been rented out to the same tenant for 2 years and we just signed another 2 year lease. Paid on time, rent covers mortgage, property taxes etc. and there is a small profit every month.

I don't own my own home though, I'm renting, and I'd like to buy. I have the down payment, but my income couldn't cover a new mortgage payment and the mortgage on the rental should something happen to the tenant.

Will this disqualify me from getting a home loan for my own primary residence?

Thanks

Hello everyone! Please forgive my lack of knowledge with the housing stuff. Have a few questions. I’ve owned my house since April of this year and just received several letters from Texana Bank about an FHA program. Supposedly they can lower my current mortgage by $500 a month. Is this a scam? What would happen with my current mortgage if I switch? Have any of you switched lenders? What happened when you did that? Thank you!

My partner and I are approved for a home, we have two lease vehicles from work. I know banks don't like seeing multiple big purchases, but because banks see leases as basically nothing of value to your income and maybe just as bad credit what would a actual vehicle loan be viewed as? Since it would be acquired during the same period as a home.

We locked this in with a builder preferred lender in Nov. Does this look like a fair deal or am I getting hosed?

closing Cost Details Loan Costs A. Origination Charges 1.625% of Loan Amount (Points) Processing Tax Service $6,734 $5,265 $1,391 $78 Other Costs E. Taxes and Other Government Fees Recording Fees and Other Taxes Transfer Taxes F. Prepaids Homeowner's Insurance Premium (12 months) Mortgage Insurance Premium ( months) Prepaid Interest ($56.59 per day for 14 days @ 6.375%) Property Taxes (12 months) Flood insurancePremium (12 months) $4,764 $462 $4,302 $5,494 $1,400 $792 $502 $2,800 B. Services You Cannot Shop For Appraisal Credit Report $918 $870 $48 G. Initial Escrow Payment at Closing Homeowner's Insurance $116.67 per month Mortgage Insurance per month Property Taxes $497.21 per month Flood Insurance $233.33 per month for 2 mo. for mo. for4 mo. for 2 mo. $2,689 $233 $1,989 $467 H. Other Title-Owner's Policy (Optional) $430 $430 C. Services You Can Shop For Title-All Endorsements Title-Closing/Escrow Title-Courier Title-Lender's Policy Title-Mobile Notary Title-Survey Title-Title Search Title-Wire Transfer $3,735 $213 $850 $50 $1,697 $200 $450 6200 $75 D. TOTAL LOAN COSTS (A + B + C) $11,387

1. TOTAL OTHER COSTS (E + F + G + H)

J. TOTAL CLOSING COSTS Lender Credits Calculating Cash to Close Total Closing Costs (J) Closing Costs Financed (Paid from your Loan Amount) Down Payment/Funds from Borrower Deposit Funds for Borrower Seller Credits Adjustments and Other Credits Estimated Cash to Close $13,377 $24,764 $24,764 $24,764 $O $36,000 $0 $0

• $11,920
• $1,600

$47,244

I am looking to possibly sell house in spring (Denver). Want to get top dollar, but house needs a little updating. My addition is settling and needs to be raised back up (12k bid). Needs new interior doors. Could use some curb appeal, i.e a new garage door. Do you think it’s worth taking out a Heloc to fix up house to get top dollar or sell as is with deficiencies?

Pretty much what the title says. I’ve been trying to find an entry-level underwriter position for nearly a year and have been unsuccessful. I’ve applied to multiple companies multiple times and even get rejected by the most entry-level requirement positions. I have sales experience & I have finance experience. I keep wanting to blame the job market and how bad it is right now but I can only do that for so long! I’m frustrated and really need an underwriting position, either in insurance and reinsurance or mortgages. Can anyone please point me to the right direction or give me an ounce of hope? Any tips or comments would be appreciated. Thank you.

My fiancé and I bought a $455k condo in the Denver area this last April. Earlier this year, our salaries jumped to a combined $160k and we finally felt like a mortgage was achievable. However, we were also getting married in September and had to put little down (3%).

We had a couple seller concessions, primarily a 2/1 buydown. The mortgage is a 7y ARM at 7.7% after the buydown ends.

I constantly feel stressed about our payments increasing over the next 2 years. I am always angry looking at the houses around me that likely have sub 3% rates. Maybe it’s just that the fun of buying our first house is rubbing off, but things don’t feel very good. Almost all our payment in just interest and I feel like we would have been better off just renting. Even though it’s fun making budget friendly upgrades and having a place to call our own, it’s a very costly privilege.

I know nobody forced us to do this and we are fully responsible, but did my (now wife) and I make a mistake? How do I deal with the anger of feeling like I missed out on the low mortgage rate periods? Should we just sell after 2 years to avoid the high interest rate if they don’t come down?

Sorry for the rant. Bottled up emotions.

Current loan

Standard 30yr.  
Original amount: 400k 
Current balance: 386k (about 1.5 years in) 
Percent: 7.125% 
Monthly: 3350

New Loan

(30yr): 364k 
Percent: 5.75% 
Monthly: 2600
No points

Loan Costs Page

Personal Details

800 credit score 
70k savings 
250k investment accounts  
240k yearly 
Central CA. 

The caveat is that I need to bring about 30k to close to cover the 80% Loan-to-Value for a local credit union loan. The attached loan info is outdated since that one was under a higher appraisal value, but it came in 5k lower than expected. 

Seems like I should do it since it brings the total principal down and not paying as much interest is a goal. Though losing ~half my savings will hurt.. emotionally. TIA.

My grandfather is 88 years old and has lived in his house since 1964. His deepest desire is to live the rest of his life there, but he’s out of money and recognizes that he shouldn’t be living alone. A few years ago my grandmother suffered a slow and expensive death leaving him with 115k in debt at the present and he just can’t keep up. He asked me to buy his house and let him live there until he passes away.

My brother, is recently making about 40k a year and is living at home with our parents at 27. I know this is common, but I can’t help but think this is his only chance at owning his own house. He does not have a down payment (only has saved 4k), but thinks he can carry most of the mortgage with periodic assistance from me, as the only one who has disposable income in the family.

It’s old but it’s a nice house, with over 2k square feet and a half acre lot, in a good area. With that in mind, I’ve decided that I’m going to buy it, if he can’t, just because it’s a smart financial decision.

I’ve toyed with a number of options:

• just gifting him the 20% down payment and he will have a 800/month payment, including escrow, that he can probably handle
• putting minimum down, and paying the 200 a month more and hope that over time he can grow his income to take over the rest
• financing the house and renting it back to him at cost
• liquidating stocks, paying cash and providing an interest free or low interest loan, likely missing out of a lot of gains
• liquidating stock, paying cash, doing a cash out refi to get my money back, or something else fancy that I don’t understand but might be advantageous?
• unsure of other options?

I’m basically looking for help deciding what approach is going to be the best for both of us, slightly prioritizing his affordability as this is probably his only chance of ever owning his own home, but also considering that I want the minimum investment possible since it’s not something I’m going to be profiting off of.

Thank you for your advice!

Can someone tell me what lender or bank is this one in the image?

https://imgur.com/a/JumtjnE

want to buy a house got aproved at 615,000 with 23%down at a 4.5 ARM loan 7 year term. no penalties if i refinance before the 7 year mark

only fear is if intrest will be much higher by then and i will be stuck with a high montlhy bill i would either have to sell the home before i hit 7 years if intrest is to high or refinance befor the 7 year mark

any suggestions ask any questions

Hi! I’m closing on a house next week with Better Mortgage and an FHA loan. I received my “conditional approval” for a verbal job verification and a soft credit pull. I also recently received my “closing disclosure” and the Better website has the “Approval” stage checked off as complete on the website. On Wednesday my loan officer said the underwriters are asking for a letter explaining a derogatory account from 2021. I uploaded the requested letter and my loan officer said she would call me today (Friday after Thanksgiving) and let me know the status of everything. As the day went on she didn’t call me so I sent her a text. She didn’t reply! I’m freaking out wondering if my mortgage will get denied this late in the game! Anyone have an experience like this?

hello i have a question i was preapproved through better.com but decided to get preapproved through a different lender a few weeks later, made an offer which was accepted. the rate they gave me was 7.4% credit score of 730, make 100k a year putting 20% down conventional. going ahead with inspection this weekend, is it too late to go back to better and lock in a rate or ask what the rate would be ? or would that mess up my chances entirely bc of the credit pulls?

Help me choose between the following mortgage options

I’m a first-time homebuyer trying to decide between these options:

•	FHA 30-year fixed @ 5.75%
•	$6,600 upfront PMI
•	~$150/month PMI

Conv • 5/1 ARM @ 5.88% • ~$147/month PMI

Details:

•	Purchase Price: $400k
•	Credit Score: 720
•	Down Payment: 5%
•	Current Rent: $2,400/month

Additional option:

•	Builder’s lender offering 6.8% FHA 30-year fixed with a $10k credit.

Which makes the most sense financially in the long run? Any advice would be greatly appreciated. Thanks!

As the title says I’ve worked with a lender a couple of times who charges a lender fee but always commits to having it credited at closing. What’s behind this and how do they profit off it? More importantly is it costing me somehow?

My grandparents own the house I live in. Currently I pay utilities but not rent and there is no formal lease or contract, just a verbal agreement. They have offered to keep the house off the market until I have enough money to buy it and are selling it to me for about $150k but Zillow estimates the house between $200k-230k. I have about $46,000 saved up, but I make about $35,000 a year in my field and at my previous job made significantly less so when I originally applied with about 20% down I was rejected. I was told I likely need about $60-64,000 to afford the house on my current income.

For my field I have a bachelors with no student loans and am working on my Masters and have some loans for that but I am not required to pay on them yet so I don’t believe they are showing up on my credit reports yet. I have no other debt and my credit score is about 740. In my field I am hourly and cannot get a salaried position until I finish grad school (plus pass the board certification exam, get state licensure, etc). For what its worth, I work in a therapy type field and since I am entry level and cannot move up with finishing grad school, my pay is partially determined by insurance so I have little wiggle room for raises as insurance will not want to pay me more when they can hire just about anyone since its entry level.

Other factors are my boyfriend and I are discussing our future and he lives about an hour away. My family can be fairly controlling and have told me he is not allowed at my house (no one lives with me, my grandparents own it but have their own place) and they believe we are not capable of being left alone before marriage. We both view this as insulting and demeaning, but understand that as long as I am living in their house rent free we have to agree to their rules.

We’ve decided that it’s preferable for me to move to his city, as there are more job opportunities there and I would likely get paid significantly more there even before finishing grad school. We also decided it’s best to have a little distance between my family as well.

The question: I am looking at possibly moving to his city next fall, so even if I am able to buy the house before moving and with the equity I’m looking at, is it even worth it to buy and then sell so quickly? With my family being somewhat controlling and very religious I would prefer not be tied to them too long,but at the same time if my boyfriend and I can start our life with a lot of money for marriage/paying off debts/buying our own place, it might be worth sticking out for a while.

I started the process of loan application with a lender who promised that they offer one-time renegotiation of the rate if the rate drops after you locked the rate. I locked the rate above 1 month ago and now I asked the lender about the updated rate for today and they answered was she need to check with lock group to see if there is improvement on the rate. Any word of advice if she is playing ? Thanks much

Anyone have any recommendations for someone in the TN area. Looking to relocate in the next 30-45 days thru work.

Thanks!