Search found 150 matches

by Bogle_Bro
Wed Aug 05, 2020 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage refinance with K1 income
Replies: 3
Views: 357

Re: Mortgage refinance with K1 income

Generally need 2yr history of k1 income to use it to qualify I was hoping there is exception? Very unlikely. There needs to be history of consistent earnings for variable income. Thats an industry standard guideline for conventional mortgages. Someone, somewhere, may have a product that does not fo...
by Bogle_Bro
Wed Aug 05, 2020 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Can I Refinance While Buying a Second Home?
Replies: 1
Views: 217

Re: Can I Refinance While Buying a Second Home?

If you get under contract for a new home prior to closing on your current home, you will need to disclose that to the current lender so they can recalculate your dti. Also, keep in mind that when you refi a primary residence you generally have to attest in the closing paperwork that you plan to live...
by Bogle_Bro
Wed Aug 05, 2020 12:50 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage refinance with K1 income
Replies: 3
Views: 357

Re: Mortgage refinance with K1 income

Generally need 2yr history of k1 income to use it to qualify
by Bogle_Bro
Thu Jul 30, 2020 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Question: any reason NOT to put 15% down with no PMI?
Replies: 8
Views: 437

Re: Mortgage Question: any reason NOT to put 15% down with no PMI?

So the rate is the same for 15% down vs 20% down and no PMI? I assumed that I needed to put down 20% to avoid PMI, so I didn't even ask our lender if putting less down was an option. But after the appraisal came back a bit higher on the house we are buying I did ask if we had the option of rolling ...
by Bogle_Bro
Thu Jul 30, 2020 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can maternity leave impact mortgage? Curious1st time homebuyers
Replies: 1
Views: 384

Re: Can maternity leave impact mortgage? Curious1st time homebuyers

They'll generally use 18 & 19 w2s and most recent paystub, but they should divide the YTD numbers by weeks worked only in your case. You will need to explain the lower YTD average in writing and they will probably verify the gap directly with your employer. You many need to provide additional 2020 p...
by Bogle_Bro
Thu Jul 30, 2020 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Question: any reason NOT to put 15% down with no PMI?
Replies: 8
Views: 437

Re: Mortgage Question: any reason NOT to put 15% down with no PMI?

Usually in that case the rate is higher on the 15%, or the rate is the same and the fees are higher.

Ask for a quote on both and see if saving the difference is worth putting more down

It may or may not be
by Bogle_Bro
Wed Jul 01, 2020 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Question - Reloc to TX
Replies: 105
Views: 7926

Re: Question - Reloc to TX

rightdecisions wrote:
Thu Jun 25, 2020 2:17 pm
If job is in Frisco. Look for a place in Frisco for ease. All three cities are offer the same with a little difference.
Agreed. Frisco is nice, too. No reason to commute too far when your job is already in a suburb!
by Bogle_Bro
Thu Jun 18, 2020 6:42 pm
Forum: Personal Consumer Issues
Topic: Sellers agent not letting me view property without preapproval or "proof of finances"
Replies: 189
Views: 10484

Re: Sellers agent not letting me view property without preapproval or "proof of finances"

I wouldn't waste my time showing my house to someone who didn't have atleast a prequal letter. This is usually step one for serious home buying.

If I was a broker or agent, I wouldn't take on a client who was unwilling to get prequalified upfront
by Bogle_Bro
Mon Jun 15, 2020 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Borrow from family or sell equities for cash
Replies: 43
Views: 3693

Re: Borrow from family or sell equities for cash

How about a zero APR credit card? BoA approved me for 20k , 0apr for 18 months ("bankamericard")
by Bogle_Bro
Wed Jun 10, 2020 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford this mortgage
Replies: 24
Views: 2110

Re: Can we afford this mortgage

Best to do a 30yr if you're uncomfortable with the 15yr payment

30 fixed on 700k is only like $3500 and your take-home is what 20-25k/mo? I think you're fine.
by Bogle_Bro
Tue Jun 02, 2020 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding the Line Items of a Refinance No Closing Costs Loan
Replies: 43
Views: 2394

Re: Understanding the Line Items of a Refinance No Closing Costs Loan

A true no cost loan would be a credit to cover everything besides prepayments of interest, property tax, and home owners insurance
by Bogle_Bro
Sat May 16, 2020 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: How to complain about a lender/mortgage broker
Replies: 4
Views: 441

Re: How to complain about a lender/mortgage broker

Have you spoken to the loan officer's manager about your frustrations?

The bank fees (section a) should not change after lock. It's common for the third party estimated fees to vary by a few hundred dollars
by Bogle_Bro
Sat May 16, 2020 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Advice for first time homebuyer? Cheapest mortgages?
Replies: 9
Views: 1079

Re: Advice for first time homebuyer? Cheapest mortgages?

FHA loans are the most expensive loan type due to upfront mortgage insurance premium rolled into the loan & the fact you must refi out of the mortgage insurance once you have enough equity. 3% or 5% down conventional will cost much less because there is no upfront premium rolled in & the monthly pre...
by Bogle_Bro
Thu May 14, 2020 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Mulitple Locks for mortgage refi
Replies: 8
Views: 724

Re: Mulitple Locks for mortgage refi

Would you mind sharing the mortgage lender? I need to work on my negotiating skills, would need some tips as well. It's simple, really: provide a competitor's quote, ideally a formal loan estimate, and say "can you beat this?" Once you find a deal with satisfactory terms, lock. You can then keep sh...
by Bogle_Bro
Thu May 14, 2020 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Mulitple Locks for mortgage refi
Replies: 8
Views: 724

Re: Mulitple Locks for mortgage refi

As long as you are negotiating in good faith, don't feel bad about playing the deals off each other. It's more of a business etiquette issue than an ethics issue to give the original lender the opportunity to match. The proper action is certainly to give the original lender a reasonable opportunity ...
by Bogle_Bro
Tue May 12, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America unauthorized ATM withdrawal
Replies: 47
Views: 2391

Re: Bank of America unauthorized ATM withdrawal

Sounds like you withdrew the money over the weekend and it posted monday
by Bogle_Bro
Mon May 11, 2020 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage lender asking for copy of parents trust
Replies: 12
Views: 827

Re: Mortgage lender asking for copy of parents trust

Underwriting doesn't just look at credit reports, they search public record databases like lexisnexis which shows ownership interest associated with SSNs If your wife is on the mortgage your refinancing, and she appears to be the owner of another property, it's reasonable that the lender needs to co...
by Bogle_Bro
Mon May 11, 2020 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage lender asking for copy of parents trust
Replies: 12
Views: 827

Re: Mortgage lender asking for copy of parents trust

Hi all, I am currently refinancing my home and the lender said that my wife’s parent’s home came up on a fraud report. I’m not sure what the trust says but presumably my wife will inherit some assets when both her parents die (her father died last year and her stepmother is still alive). The lender...
by Bogle_Bro
Thu May 07, 2020 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3312

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

Why doesn’t brother just take on the loan? At least for part of it. Maybe 50%? Make him put some skin in the game, instead of just giving him free college. Yes, this. Your brother has a 40yr career ahead of himself. He can take out loans for whatever amount would make cash flowing the rest comforta...
by Bogle_Bro
Thu May 07, 2020 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

The 100k max is for cash compensation only, so it would include profit sharing, but not include benefits paid by the employer to employees like 401k match If the 401k contributions were employees regular comp that they chose to contribute toward their defined benefit plan, that would count as cash ...
by Bogle_Bro
Thu May 07, 2020 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I underwrote a lot of ppp loans, and what 2.5mo was in the clients minds OFTEN did not match our analysis of their paperwork for various reasons. common examples: sole props wanted gross receipts but we only approved them for line 31 net income Companies requested amounts for independent contractor...
by Bogle_Bro
Thu May 07, 2020 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

Wow, I was not aware you could profit share with this money. Please note that im talking about calculating and approving the initial loan amount, not the guidelines to assure a specific loan will meet the requirements for forgiveness at a later time, which is its own animal that I would hesitate to...
by Bogle_Bro
Thu May 07, 2020 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I underwrote a lot of ppp loans, and what 2.5mo was in the clients minds OFTEN did not match our analysis of their paperwork for various reasons. common examples: sole props wanted gross receipts but we only approved them for line 31 net income Companies requested amounts for independent contractor...
by Bogle_Bro
Thu May 07, 2020 11:04 am
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

MP123 wrote:
Thu May 07, 2020 11:02 am
We requested and received 100% of 2019 Form 940 box 3.
This is the simplest & most straight forward documentation scenario where expectations and results were generally cohesive
by Bogle_Bro
Thu May 07, 2020 10:57 am
Forum: Personal Finance (Not Investing)
Topic: PPP - For those getting approved, what was the % given to you out of possible total?
Replies: 19
Views: 905

Re: PPP - For those getting approved, what was the % given to you out of possible total?

I underwrote a lot of ppp loans, and what 2.5mo was in the clients minds OFTEN did not match our analysis of their paperwork for various reasons. common examples: sole props wanted gross receipts but we only approved them for line 31 net income Companies requested amounts for independent contractors...
by Bogle_Bro
Wed May 06, 2020 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Dealer won’t give back car titled in my name, how to proceed?
Replies: 71
Views: 5889

Re: Dealer won’t give back car titled in my name, how to proceed?

I would recommend you stop trying to fix your brothers ethically questionable and poor financial decisions.

It seems unlikely you can get the dealer to undo the deal without serious light being shined on your brothers role.

Chalk it up as a loss & walk away
by Bogle_Bro
Wed May 06, 2020 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable
Replies: 31
Views: 1033

Re: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable

Side note though, although 5% down conventional is a very common product, major institutions like BoA/Chase are being super conservative right now due to downside risk and are requiring more than that as of last month. Still, many places are offering 5% down conventional now, and even the major inst...
by Bogle_Bro
Wed May 06, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable
Replies: 31
Views: 1033

Re: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable

I would not recommend any FHA loan ever because they are the worst product available. The Permenant and upfront mortgage insurance associated with FHA loans are very expensive. The upfront premium alone is an extra few thousand rolled into the loan off the bat. Do 5% down conventional so there's no...
by Bogle_Bro
Wed May 06, 2020 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable
Replies: 31
Views: 1033

Re: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable

[ We're eThis week our agent contacted us to say sellers are being particularly generous in an effort to close deals that are falling through. I figured being greedy when others are fearful (or, sadly, unemployed due to COVID), applies to this arena as much as it does to any other. That salesperson...
by Bogle_Bro
Wed May 06, 2020 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable
Replies: 31
Views: 1033

Re: Maximum Interest Rate and Minimum Down Payment You Would Consider Reasonable

I would not recommend any FHA loan ever because they are the worst product available. The Permenant and upfront mortgage insurance associated with FHA loans are very expensive. The upfront premium alone is an extra few thousand rolled into the loan off the bat. Do 5% down conventional so there's no ...
by Bogle_Bro
Tue May 05, 2020 11:53 pm
Forum: Personal Finance (Not Investing)
Topic: Another Should I Refinance Thread
Replies: 13
Views: 770

Re: Another Should I Refinance Thread

No reason not to do a free refi unless you really want to bet the rates will drop further in the next 6 months

I would take the sure thing and refi
by Bogle_Bro
Mon May 04, 2020 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Score Dropping 2020
Replies: 17
Views: 2498

Re: Credit Score Dropping 2020

patrocity wrote:
Sat May 02, 2020 6:31 pm
I believe some lenders still use FICO 8, even though FICO 9 has existed since 2014. I don't believe I've seen Vantage used.
This is correct, atleast for mortgages, lenders generally all still use fico 8
by Bogle_Bro
Thu Apr 30, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Lease Enforceability for Mother-In-Law Unit
Replies: 8
Views: 937

Re: Lease Enforceability for Mother-In-Law Unit

Stopping short of legal advice, youre basically just renting a room in their house, right? I don't see how a kitchenette or something would make the contract unenforceable. Regardless of whether it's legal to rent out, it would be bad faith on your part to sign it and move in with the intention of p...
by Bogle_Bro
Wed Apr 29, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Quitting a job after two weeks: relocation expenses
Replies: 196
Views: 17947

Re: Quitting a job after two weeks: relocation expenses

Take a deep breath, try not to put so much pressure on yourself, & keep doing your best. Do not quit. If they aren't happy with your performance they'll let you go.
by Bogle_Bro
Mon Apr 27, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

Hi guys, Refinance newbie here. At what point during the process with the lender should you stop shopping or answering calls from other lenders when you decided to go with them? I haven’t paid Them yet but a lender just called saying he hasn’t seen rates this low. He originally gave me 3.375 rate b...
by Bogle_Bro
Mon Apr 27, 2020 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

Do you know what happens if closing doesn't take place within the rate lock window? Given the craziness in the world, I would expect them to honor the terms because a delay would most likely not be the customer's fault, but who knows? If it's not the buyers delay, lenders usually cover extension fe...
by Bogle_Bro
Mon Apr 27, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

I've spoken with a few lenders and a curious thing happened: I was not encouraged to lock in my rate(3.125 30yr fixed). I found this odd as other lenders try to get you to lock in, now. I was told about a week before closing I could lock in, that the rate would probably be lower by then. I think it...
by Bogle_Bro
Mon Apr 27, 2020 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

Hi guys, Refinance newbie here. At what point during the process with the lender should you stop shopping or answering calls from other lenders when you decided to go with them? I haven’t paid Them yet but a lender just called saying he hasn’t seen rates this low. He originally gave me 3.375 rate b...
by Bogle_Bro
Sun Apr 26, 2020 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Newly Moved to Community Property State and Student Loan Questions
Replies: 4
Views: 376

Re: Newly Moved to Community Property State and Student Loan Questions

If you file separate, half of your income will go on her return and her ibr will go up. No way around that. I know this from experience as im in a community property state but in the mirror opposite situation. I have high student loan debt and high income so we file separate so she takes half of min...
by Bogle_Bro
Sun Apr 26, 2020 3:28 pm
Forum: Personal Investments
Topic: How should I invest with 50k windfall
Replies: 12
Views: 1286

Re: How should I invest with 50k windfall

Thanks for everyone's thoughts! Very helpful. Based on the feedback, doing a little of everything seems to makes sense to get the best of all worlds. 1. Use 15k to beef up the emergency fund from 3 to 6 months immidiately, & put it all in high interest savings account for piece of mind. Is there a b...
by Bogle_Bro
Sat Apr 25, 2020 2:54 pm
Forum: Personal Investments
Topic: How should I invest with 50k windfall
Replies: 12
Views: 1286

Re: How should I invest with 50k windfall

Hmm ok, so what im hearing is there's really nothing safe that can beat inflation by much in the short term.

Got it
by Bogle_Bro
Sat Apr 25, 2020 11:19 am
Forum: Personal Investments
Topic: How should I invest with 50k windfall
Replies: 12
Views: 1286

How should I invest with 50k windfall

Hi, Just wondering what I should do with 50k gift from in-laws. We probably want to use it in the next 1 to 3 years to either start a small business or buy an investment property (multifamily). Don't want to put it all in stock market now, but maybe put some of it? Need a decent and relatively safe ...
by Bogle_Bro
Mon Apr 20, 2020 4:44 pm
Forum: Investing - Theory, News & General
Topic: JPMorgan Chase Stops Accepting HELOC Applications Due to Coronavirus Uncertainty
Replies: 17
Views: 2143

Re: JPMorgan Chase Stops Accepting HELOC Applications Due to Coronavirus Uncertainty

I don’t know if there is a connection, but an acquaintance of mine works for another mega bank and has been super busy dealing with the small business loans recently. He mentioned that they have drafted resources from all over the company into the effort - people who essentially had completely diff...
by Bogle_Bro
Tue Apr 07, 2020 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: 30 year mortgage under 3%
Replies: 301
Views: 46650

Re: 30 year mortgage under 3%

Locked 2.99% 30 fixed today! New construction purchase (Lennar)

Builder credits covered the points/origination. I'll pay third party fees out of pocket
by Bogle_Bro
Tue Apr 07, 2020 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

:arrow: Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we ...
by Bogle_Bro
Thu Mar 26, 2020 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

This is my first home purchase, and now my first re-finance. Does this seem fair? They are also waiving the appraisal / inspection. This would drop me from the current 4.05% and save a ton over the lifetime of the loan. However, not sure about the loan costs. $3,097 seems high for a re-finance? Rat...
by Bogle_Bro
Wed Mar 25, 2020 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: How are you going to use your stimulus money?
Replies: 222
Views: 13065

Re: Stimulus Payments

I hope it's 2018 agi, as thats the most optimal for me.

Also hoping my unborn daughter, due in a few weeks, counts.
by Bogle_Bro
Thu Mar 12, 2020 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

Yeah, the industry seems to be lining their pockets here under the guise of too much demand. LoanDepot told me straight up that they jacked their prices up to slow down demand and not in response to rates moving due to other variables. So they are essentially making a lot more on these deals. Very ...
by Bogle_Bro
Thu Mar 12, 2020 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

I was one of the unlucky who was quoted a 2.875% for a 30 year fixed rate by my credit union on Monday, only to accept an hour later and then be told that rate was no longer good. Quoted rates jumped to 3.25% - 3.375% since. However, I just received an email from my loan officer offering 3%, while ...
by Bogle_Bro
Wed Mar 11, 2020 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 4659
Views: 320268

Re: Refinance Mega Thread

Bwlonge wrote:
Wed Mar 11, 2020 10:46 am
How are people getting refi's without closing costs? Are those just rolled into the loan? I can't find anything local without minimum $3k closing.
They are taking a slightly higher rate and the lender is giving them credits to cover 3rd party costs.

Think of it like reverse discount points