Search found 69 matches

by bholm83
Fri Mar 05, 2021 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Anyone here work with Sebonic Financial? Asking because I was working with someone and he didn't respond to my emails or call for 8 days. Had to call Sebonic and they got a hold of my loan officer and he got back to me and said compliance team cancelled the locked rate (2.5%) because of inactivity. Frustrated because it seems like the loan officer just didn't want to deal with me so ignored my emails and call and waiting for a lock to be cancelled. He never mentioned this could happen. Rate was locked through March 29. Called up to get a different loan officer but I doubt they will honor the 2.5%.
by bholm83
Tue Feb 23, 2021 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Has anyone done a refi with True Mortage (truenow.com)? They are advertising rates for 30 yr fixed at 2.25% (low closing costs apparently since you don't pay for appraisal or titles fees). I saw a commercial on TV regarding the company, but honestly seems a little too good to be true.
by bholm83
Thu Jan 28, 2021 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

So in talking to a loan officer at Sebonic, he said that when I refi, and if my home appraises for more than what I bought it for my LTV would go above 80% and therefore I would be paying mortage insurance. Isn't there a way to avoid this by simply paying more upfront so my LTV gets to 80%? Right now I'm about about 81% (because of closing costs are rolled in). I suspect you mean appraises for LESS, instead of more. Assuming that is the case, I would focus on seeing if they waive the appraisal when checking your property in Fannie's desktop underwriting tool. If they don't get approval to waive it and then require an appraisal, it is something you need to consider if the cost of the appraisal (typically around $500) would be worth the risk...
by bholm83
Thu Jan 28, 2021 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

So in talking to a loan officer at Sebonic, he said that when I refi, and if my home appraises for more than what I bought it for my LTV would go above 80% and therefore I would be paying mortage insurance. Isn't there a way to avoid this by simply paying more upfront so my LTV gets to 80%? Right now I'm about about 81% (because of closing costs are rolled in).
by bholm83
Wed Jan 27, 2021 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I'm talking with a loan depot rep today and he says rates were at an all time low in August but mortage news dailys shows rates at 2.75 for 30 year fixed rate (as of today). Were they really lower back in August? He said he could 'beg' for a 2.625 30 year fixed refi but just curious what you guys are getting. I'm looking at a 465K loan, 790 credit score. LTV is 80%. http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx Loan Depot rep yesterday indicated that he would "beg" for a 2.50, but he couldn't get it. He ended up at 2.625 with no lender credits. yeah my guy is trying to get me into 2.625 no cost. If he can get me in I will take it to better.com and see if they can beat that. From what I understand if they can't I get ...
by bholm83
Wed Jan 27, 2021 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I'm talking with a loan depot rep today and he says rates were at an all time low in August but mortage news dailys shows rates at 2.75 for 30 year fixed rate (as of today). Were they really lower back in August?


He said he could 'beg' for a 2.625 30 year fixed refi but just curious what you guys are getting. I'm looking at a 465K loan, 790 credit score. LTV is 80%.


http://www.mortgagenewsdaily.com/mortga ... daily.aspx
by bholm83
Fri Jan 22, 2021 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I was recently denied a refi for 30 year 2.5% fixed at no cost. Loan Depot lender said he just couldn't do it but would have been able the first week of January. Rates since then have dropped close to early Jan. lows. Should I reach out again? He made it sound like he would reach out to me if it was viable though...

I use this website to track rates:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx
by bholm83
Fri Jan 08, 2021 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Talked to loan depot rep yesterday and he doesn't think he can get me into a 2.5% 30 yr fixed no cost loan (I'm currently at 2.75%). He said he could have if I called at the beginning of the week :( I'm bummed, but 2.75 is still really good considering it was a full % higher a year ago.

Also, I'm not entirely convinced rates are going to hold steady or climb a little. With covid cases and deaths climbing and hitting records, and unemployment rate not getting much better, there is a possibility I believe rates could go down again.

also, is this website the best place to get current rates:
http://www.mortgagenewsdaily.com/mortga ... daily.aspx

It seems like it is updated daily...
by bholm83
Thu Jan 07, 2021 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

bad few days as rates have increased...

Called loan depot and they are trying to get me into a 2.5% loan (no cost) but they are saying it might be really difficult :(

Anyone have success with a 2.5% 30 year fixed loan with no costs?
by bholm83
Fri Jan 01, 2021 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1849
Views: 215605

Re: My LenderFi refinance is going well

Applied with lenderFi just now and the 2.5% rate I see comes with $3000 in closing costs. I have a conforming loan amount of 465K, excellent credit and a LTV of 80%. Sounds like some people are getting closing costs covered at 2.5. I filled out the online form, so imagine they will contact me. Hopefully I can cut out those closing costs or at least most of them. In in WA state if that matters.
by bholm83
Fri Jan 01, 2021 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Loan will be 465K regular refi. I’ll have to dig around in this thread and the lenderfi thread. A no cost 2.5% loan would be sweet!
by bholm83
Fri Jan 01, 2021 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I’m in WA state and was curious how to tell which lenders are licensed in my state so I don’t waste time applying to lenders not licensed in my state... All lenders have a “Licensing” link on their website - usually on the bottom of the home page - that lists the states. Found it. Thanks! Loan cabin and interactive mortgage not licensed in WA :( Sebonic financial is though and someone else recommended them for a refi. Might start there I'm in WA. You should get an estimate from LenderFi, then shop that to Loan Depot. Thanks for suggestion. Lenderfi online quote has me at 2.5% with $3000 closing costs and loan depot doesn’t give quotes online but filled something out so they will contact me. I might also shop with better.com and see if they...
by bholm83
Fri Jan 01, 2021 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

presto987 wrote: Fri Jan 01, 2021 7:58 pm
bholm83 wrote: Fri Jan 01, 2021 7:31 pm I’m in WA state and was curious how to tell which lenders are licensed in my state so I don’t waste time applying to lenders not licensed in my state...
All lenders have a “Licensing” link on their website - usually on the bottom of the home page - that lists the states.
Found it. Thanks! Loan cabin and interactive mortgage not licensed in WA :(

Sebonic financial is though and someone else recommended them for a refi. Might start there
by bholm83
Fri Jan 01, 2021 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I’m in WA state and was curious how to tell which lenders are licensed in my state so I don’t waste time applying to lenders not licensed in my state...
by bholm83
Thu Nov 26, 2020 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

cost.basis wrote: Thu Nov 26, 2020 5:07 pm I completed a VA no cost refinance with Loan Depot at 2.25% with in Northern California. No costs covers lenders fees and I was responsible for recording and escrow costs. Do you think rates will go lower than this? Has a anyone obtain a no cost refinance lower than 2.25%?
Well done. How quickly were you able to close after applying for a refi with loan depot? I doubt rates are going to go lower especially if covid vaccine news stays positive.
by bholm83
Thu Nov 26, 2020 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I just needed my builders approval before switching lenders and they wouldn’t give it to me because they needed to close by the 29th and amerisave (the lender I wanted to go with) couldn’t guarantee that.
by bholm83
Thu Nov 26, 2020 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

I have a credit union giving me 2.85 where I’m adding 4 K to my 280K loan to cover closing and a few months escrow. I know these guys are reliable and I could lock in now. Should I do that and refinance after with an online lender. Loan depot currently is giving me 2.5 but I’m weary of being able to close in time. What happens if I lock in my rate but it takes them 61 days to close? I’m also nervous about the stimulus & the dec 1 fees impacting my ability to get me a good deal. Please advise. I'm locking in at 2.75 with the majority of closing costs covered ($3700). I was told by my seller/builder I couldn't change lenders this late in the game (I close on Dec. 29) because online lenders can't guarantee they can close on time. I'm usin...
by bholm83
Mon Nov 23, 2020 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Then if it were me, yes, I would start shopping for a new loan like around December 10 (or maybe no one will deal with you until there actually is a mortgage out there--but you could make a list of targets based on this thread). On the current loan, try to zero out A, B, and C by paying a higher rate. Congratulations on the new house. Thanks! This is what my lender just emailed me and said in regards to trying to roll my closing costs into the loan with a higher interest rate. So based on the below, it sounds like I shouldn't go this route, correct? "with a purchase you can’t add the closing costs to the loan in the way that you can with a re-finance. However, there MAY be an option to “Finance” them through the seller. What this enta...
by bholm83
Mon Nov 23, 2020 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today. I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and can close on time, while there are no guarantees of that with an internet lender. Then if it were me, yes, I would start shopping for a new loan like around December...
by bholm83
Mon Nov 23, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today. I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and c...
by bholm83
Mon Nov 23, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

So I'm about to close on a home purchase and made the dumb mistake of not shopping around for a cheaper lender (looking like I will get 2.625% on a 30 year fixed). Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? I know rates could go up, I would have to pay closing fees with the new lender, but I think I could have gotten .25% off if I had used an internet lender :( I locked with a local lender right before rates fell down a bit more. My motivation to go with a local lender versus an online lender is high confidence to close on the agreed closing day for the home purchase. FWIW I have locked on 30 yr 2.75% with -0.45% points ...
by bholm83
Mon Nov 23, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? If you mean pay a higher rate in exchange for a lender credit that zeroes out Line D on your Loan Estimate, my vote is yes. If you mean include the fees in the principal amount of the loan, no. In the latter case just shop for a better loan now, and don't close this deal. Or just quickly shop fast for a better loan today. I should've noted that I close on Dec. 29 and my homebuilder/seller won't give me permission to change lenders at this point. They basically said they need my home off their books before the end of the year and Caliber home loans is their preferred lender and c...
by bholm83
Mon Nov 23, 2020 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277114

Re: Refinance Mega Thread

So I'm about to close on a home purchase and made the dumb mistake of not shopping around for a cheaper lender (looking like I will get 2.625% on a 30 year fixed). Does it make sense to ask them to quote me a rate that rolls the closing costs into the loan, and then after the home closes, just refinance with a cheaper lender? I know rates could go up, I would have to pay closing fees with the new lender, but I think I could have gotten .25% off if I had used an internet lender :(
by bholm83
Thu Nov 19, 2020 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

So I found out I need to choose a lender ASAP since I close on 12/29 and probably can't afford to take the chance another lender will close in by that date.

Caliber came down and said I could lock at 2.62% with a 1K credit. Most likely will go with them but am curious is it a smart move to lock now or wait to see if rates come down? Anyone have a crystal ball that can tell me the right decision here? :) Seems like rates are going up a little especially with the covid vaccine news as of late....
by bholm83
Wed Nov 18, 2020 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

Purchased a home in Everett, WA which will be closing on Dec. 29. I'm currently getting quotes from multiple lenders including Caliber Home Loans, Finance of America, New American Financial, a few credit unions. I have excellent credit (over 800) and am trying to secure a 30 year fixed loan. I'm a bit new to comparing all the loan details including closing costs, so can anyone suggest other resources and/or companies to check out? I just how to decode the real estate lingo they throw at me :( Also, the marketing seems to be strong with mortages with all the low rate quoting, but I'm guessing your are paying a lot up front in closing costs if you are getting fixed rates around 2.5% correct? Appeciate the help! I locked a 2.35% on Monday wit...
by bholm83
Wed Nov 18, 2020 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

My only concern with Amerisave was the guy I talked to on the phone yesterday really wanted my business but couldn't tell me that the transfer taxes are paid by the seller in WA state. Amerisave comes in almost 2K less than Caliber on total loan costs (origination/application fee is only $500) BUT the 'other costs' on the loan estimate are quite different than caliber. For instance, aside from the transfer tax (which thankfully I won't be paying) they quoted me at $360/month for homeowners insurance while caliber quoted me at $60. This is something I shop for though so confused why the discrepency between the lenders. Do they just throw an estimate in there? Why would there be such a difference between lenders? I don't entirely understand ...
by bholm83
Wed Nov 18, 2020 11:05 am
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

I applied and talked with someone at Amerisave today and they quoted me at 2.5% (no discounts or points) but the total closing costs were $20,000. I compared to caliber home loans (who quoted me at 2.75%) and Caliber doesn't have transfer taxes and their closting costs are about $10000. Amerisave had a $9,300 transfer tax and the lender tried to tell me this is a requirement of the lender, not something I can shop for. These fees are so confusing. Not even sure who to believe. It can be a bit confusing, and the "quickie" quotes you get from lenders are not always super accurate when it comes to state fees and taxes. I've seen errors that I had to chase and correct. Amerisave is right, though, you can't shop for fees that go to th...
by bholm83
Tue Nov 17, 2020 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

Planner01 wrote: Tue Nov 17, 2020 12:37 pm Today I locked at 2.375% for a 30 year loan with Mutual of Omaha. No points paid. Conventional loan.
How were the closing costs on this loan?
by bholm83
Tue Nov 17, 2020 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

I applied and talked with someone at Amerisave today and they quoted me at 2.5% (no discounts or points) but the total closing costs were $20,000. I compared to caliber home loans (who quoted me at 2.75%) and Caliber doesn't have transfer taxes and their closting costs are about $10000.

Amerisave had a $9,300 transfer tax and the lender tried to tell me this is a requirement of the lender, not something I can shop for. These fees are so confusing. Not even sure who to believe.
by bholm83
Mon Nov 16, 2020 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

I assume you would have a conforming loan. (If it is a jumbo, then my advice would change.) Definitely get a quote from LenderFi. Note that you can get a quick quote from their website, but their actual rates once you apply are usually significantly better than what the website says. Lots of people have had a good experience using them for refinancing, and they give good rates upfront, often with all or most of the closing costs covered by lender credit. Better.com has a good platform, but their initial quotes may not be great. They are good about price matching though, and sometimes they show good rates on Bankrate.com, which you can ask them to price match as well. Basically once you have your best offer, you can ask Better to beat it. L...
by bholm83
Mon Nov 16, 2020 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

Purchased a home in Everett, WA which will be closing on Dec. 29. I'm currently getting quotes from multiple lenders including Caliber Home Loans, Finance of America, New American Financial, a few credit unions. I have excellent credit (over 800) and am trying to secure a 30 year fixed loan. Just a data point for you. I'm also in the Pacific Northwest. One month ago I closed on a 2.55% 30 year with Caliber. The only closing cost specific to Caliber was a $1295 origination fee. My wife and I both have mid 700s credit. When I let them know I was shopping my loan around, they covered 3 points on my behalf. Closed quickly with no hiccups, and I could always get my loan officer on the phone. Really great to work with. Looks like they quoted my ...
by bholm83
Mon Nov 16, 2020 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

Re: find a mortage company for new home purchase

Looks like they quoted my origination fee as $2935.
0.375% of loan amount (points) = $1740
committment $1195.

2.55 is a great rate. Wish I could get that.

These are my quotes from them right now...

2.80% - with a $2000 Lender Credit toward closing costs
2.75% - using your $2000 Lender Credit toward buying down the rate
2.65% - using your $2000 Lender Credit toward buying down the rate and will cost an additional .521% or $2417.23

They know I'm shopping around, so not sure what else I can do...
by bholm83
Mon Nov 16, 2020 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: find a mortage company for new home purchase
Replies: 29
Views: 2210

find a mortage company for new home purchase

Purchased a home in Everett, WA which will be closing on Dec. 29. I'm currently getting quotes from multiple lenders including Caliber Home Loans, Finance of America, New American Financial, a few credit unions. I have excellent credit (over 800) and am trying to secure a 30 year fixed loan.

I'm a bit new to comparing all the loan details including closing costs, so can anyone suggest other resources and/or companies to check out? I just how to decode the real estate lingo they throw at me :(

Also, the marketing seems to be strong with mortages with all the low rate quoting, but I'm guessing your are paying a lot up front in closing costs if you are getting fixed rates around 2.5% correct?

Appeciate the help!
by bholm83
Thu Aug 06, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: best way to get pre qualified for a home mortage
Replies: 15
Views: 2062

Re: best way to get pre qualified for a home mortage

Appreciate everyone's feedback here! I got a preapproval letter from better.com when I applied online yesterday (they said they do soft pulls so not too concerned it will affect my credit score), and they said they would connect me with an agent. I plan on applying to some big banks today (Chase, BoA, Schwab) and possibly some credit unions. Better.com says they can beat any competitors offer by $1000 or they will give you $1000. Sounds like their closing fees are low as well ($3600 in third party fees on avg.), but I haven't shopped around enough yet to know for sure. They also quote me at the lowest rate of 2.7% if I pay close to $10000 in points up front. If that is accurate that seems really good. How important is it to find an agent to...
by bholm83
Wed Aug 05, 2020 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: best way to get pre qualified for a home mortage
Replies: 15
Views: 2062

Re: best way to get pre qualified for a home mortage

Great know. Thanks. I should say I’m looking in Seattle area (bothell Area to be more exact) And what I’m finding on Zillow and Redfin is listings being sold sometimes with a few days to a week or so so the market around here is hot.

I just went through the prequalifcation process with better.com but after given my numbers they said I could afford a home way out of my range. Obviously I wouldn’t take on a loan out of my price range but am curious how accurate these prequalification numbers are. Looks like to go through the preapproval process with better they want you to be more specific about what homes(s) you’re looking at.
by bholm83
Wed Aug 05, 2020 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: best way to get pre qualified for a home mortage
Replies: 15
Views: 2062

Re: best way to get pre qualified for a home mortage

ResearchMed wrote: Wed Aug 05, 2020 1:36 pm What is your reason for getting "pre-qualified"?

The reason I'm asking is that there might be value in getting "pre-approved" instead.

RM
I'm still confused on what the difference is. If I get prequalified, I basically have to go back and get preapproved right before I close on a home, correct? I think the reason I want to get prequalified first is because they need less info from you and therefore it is a quicker process when I'm prequalifying with mulitiple lenders to compare rates.
by bholm83
Wed Aug 05, 2020 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: best way to get pre qualified for a home mortage
Replies: 15
Views: 2062

Re: best way to get pre qualified for a home mortage

Awesome. Thanks so much for the advice! Definitly going to check out your recommendations :)
by bholm83
Mon Aug 03, 2020 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: best way to get pre qualified for a home mortage
Replies: 15
Views: 2062

best way to get pre qualified for a home mortage

Hi, I'm in the process of trying to get prequalified for a home mortage and was wondering what is the best route to go, as I have never owned a home and therefore had a mortage before. Can this all be done online? I understand I should be getting quotes from multiple lenders, so any idea on where I can research best lenders and then apply for a mortage? I'm currently banking with a few places (Schwab, Chase and Cit (<--just have a CD with Cit), so would it be best to see what they offer me first? I should note that I'm a public school teacher in the Seattle area, have a credit score over 800, am planning on putting 20% down, so am hoping I can get an interest rate of around 3% for a fixed 30 year loan. I've been hearing though some people w...
by bholm83
Sat May 23, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: taking loan from 401K rollover to IRA
Replies: 7
Views: 513

Re: taking loan from 401K rollover to IRA

So I could conceivably withdraw up to 10K from an IRA, and All my contributions from my Roth? I don’t plan on going this route but just curious if there is a limit to how much I can withdraw from a traditional and Roth IRA
by bholm83
Sat May 23, 2020 9:11 am
Forum: Personal Finance (Not Investing)
Topic: taking loan from 401K rollover to IRA
Replies: 7
Views: 513

Re: taking loan from 401K rollover to IRA

Sorry I misspoke and looked into this further. I am a first time home buyer, and from what I understand I can withdraw (Penalty free) up to $10,000 from an IRA to pay for the home. I’d only pay income taxes on that amount, correct? Does it matter that the IRA I would be taking a loan from was rolled over from A 401K?
by bholm83
Fri May 22, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: taking loan from 401K rollover to IRA
Replies: 7
Views: 513

taking loan from 401K rollover to IRA

When I left one of my previous employer, I opted to have my 401K balance rolled over into an IRA into my Schwab account. Are the fees to take funds out of the account the same as if I withdrawed money from a 401K? I only ask because I plan to purchase a home within the year, and while I realize it generally isn't a good idea to take a loan from a retirement account, I now have a guaranteed pension with my current employer so not too concerned about saving the money in that 401K/IRA. There is about $10,000 in it.

Appreciate the help!
by bholm83
Fri Apr 24, 2020 3:05 pm
Forum: Personal Investments
Topic: transferring money from Schwab to Cit Bank
Replies: 3
Views: 436

Re: transferring money from Schwab to Cit Bank

I had to go the micro deposit route which takes longer but the CSR at Cit said since I opened my account with Cit I would have 10 days to fund my CD and still get the current rate. Appreciate the help!
by bholm83
Fri Apr 24, 2020 1:39 pm
Forum: Personal Investments
Topic: transferring money from Schwab to Cit Bank
Replies: 3
Views: 436

transferring money from Schwab to Cit Bank

I'm trying to open a CD with Cit bank (not citi), and when I try to link the Cit account with my Schwab account (for the transfer) I put in my login credentials on Cit's site, but then it says they need more info from Schwab (they don't specificy what that info is though). Schwab says I have given my account third party access (which I verified in settings) but they have no idea what info I would need for Cit to link to my Schwab account. I'm on hold with Cit right now, but imagine they won't be able to help me out either. Anyone know what the issue is? From schwab I can link to an external account like Cit, but I don't have an account with Cit because I'm simply trying to set up only a CD with them. So confused why this process is so diffi...
by bholm83
Fri Apr 17, 2020 3:00 pm
Forum: Personal Investments
Topic: best place to put down payment money...
Replies: 3
Views: 386

Re: best place to put down payment money...

Thanks for the tip! Is it just me or have money market fund yields dived large? I thought I saw some for around 2% yield not even a few weeks ago but I can’t find anything close to that large. Always thought they would beat cd rates...
by bholm83
Fri Apr 17, 2020 1:35 pm
Forum: Personal Investments
Topic: best place to put down payment money...
Replies: 3
Views: 386

best place to put down payment money...

I'm looking for the best place to put my $$$ I'm saving up for a down payment on a home that I most likely will need within the year. Right now, I'm looking into CDs, no penalty CDs as well as money market funds. My question is: What do you guys think is the best investment option for $80,000 in cash with minimal risk and high liquidity (I might need it sooner than a year)? Cit no penalty CDs (11 month; 1.65 APY) seem like the best bet right now, but am open to listening to other ideas you guys would do with the cash.... https://www.cit.com/cit-bank/bank/cds/no-penalty-cd/ I realize CDs payout a little higher and possibly money market funds as well (though after fees not sure if there is much of a difference with money market funds) though ...
by bholm83
Tue Mar 31, 2020 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Chase Saphire $1000 bonus expired?
Replies: 3
Views: 482

Re: Chase Saphire $1000 bonus expired?

Yeah I saw that but the link is no longer valid...

https://accounts.chase.com/consumer/ban ... rechampion
by bholm83
Tue Mar 31, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Chase Saphire $1000 bonus expired?
Replies: 3
Views: 482

Chase Saphire $1000 bonus expired?

Was just about to open a Chase Saphire bank account and fund it the 75K to get the $1000 bonus but I believe the offer expired? Can anyone confirm?
by bholm83
Wed Nov 06, 2019 9:38 am
Forum: Personal Finance (Not Investing)
Topic: best bank bonus (savings/checkings) for $75K
Replies: 12
Views: 2124

Re: best bank bonus (savings/checkings) for $75K

So if I open a Vanguard Prime money market fund VMMXX, won’t the expense ratio eat up all the income I would make with the fund? 75000 invested in a stable income fund costs money...
by bholm83
Sun Nov 03, 2019 12:03 am
Forum: Personal Investments
Topic: Chase $750 for depositing 75K
Replies: 92
Views: 18441

Re: Chase $750 for depositing 75K

I’m confused. Can’t I just open the savings/checking account and link it to a you invest account all online? Do I have to go to a chase branch to do any of this?
by bholm83
Sat Nov 02, 2019 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: best bank bonus (savings/checkings) for $75K
Replies: 12
Views: 2124

Re: best bank bonus (savings/checkings) for $75K

Great deal. Thanks! So what are you guys putting your money into once it’s in the account? Interest rate is .01%....