Search found 88 matches

by Bogle_Bro
Mon Jul 01, 2019 9:00 pm
Forum: Personal Investments
Topic: Investment Property Mortgage Rate
Replies: 7
Views: 682

Re: Investment Property Mortgage Rate

The higher rates are warranted since lending on investment properties is inherently risky. Significantly higher rate of default. Doesn't matter if your risk is near zero, the pool's is not, even with excellent credit. Lenders still do no closing cost mortgages, but they pay for it by premium pricing...
by Bogle_Bro
Sun May 05, 2019 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: First Home Purchase - request for guidance
Replies: 19
Views: 1417

Re: First Home Purchase - request for guidance

Hi there, For context, Im a loan officer at a Megacorp: 1. Is it a good idea to do so or any reasons to avoid requesting for a higher loan amount during pre-approval? Sometimes agents will say you dont want to "show your hand" by showing you could pay more. the flip side of that is that you also don...
by Bogle_Bro
Tue Apr 09, 2019 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Wife hates new job...wants to quit after 1 day
Replies: 195
Views: 20439

Re: Wife hates new job...wants to quit after 1 day

And? "You might not get the job" is the worst-case scenario for both putting it on your résumé and leaving it off. "The candidate didn't tell us about a one-day job, so we didn't hire her" is the same result as "The candidate quit a job after one day, so we didn't hire her" and is the same result a...
by Bogle_Bro
Sat Mar 30, 2019 8:01 am
Forum: Personal Finance (Not Investing)
Topic: Is it likely I can get a rental house at 22 with low income?
Replies: 8
Views: 583

Re: Is it likely I can get a rental house at 22 with low income?

Debt ratio is tight. Say 45% of 2k/mo = 900 total... 400 for your own rent and you're down to 500 total PITI for the rental 80k loan is gonna be like 400/mo... + taxes/inurance and you're probably right around 500... The other possible concern is credit depth. What do you think would be a realistic...
by Bogle_Bro
Fri Mar 29, 2019 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Is it likely I can get a rental house at 22 with low income?
Replies: 8
Views: 583

Re: Is it likely I can get a rental house at 22 with low income?

If you bought it as a primary you could do a PITI up to 900 & get a better rate.

120k loan = 600/mo and leaves 300 for tax/insurance
by Bogle_Bro
Fri Mar 29, 2019 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Is it likely I can get a rental house at 22 with low income?
Replies: 8
Views: 583

Re: Is it likely I can get a rental house at 22 with low income?

Debt ratio is tight. Say 45% of 2k/mo = 900 total...

400 for your own rent and you're down to 500 total PITI for the rental

80k loan is gonna be like 400/mo... + taxes/inurance and you're probably right around 500...

The other possible concern is credit depth.
by Bogle_Bro
Thu Nov 08, 2018 10:42 pm
Forum: Personal Consumer Issues
Topic: Best LSAT course?
Replies: 20
Views: 1075

Re: Best LSAT course?

Google top law schools forum That forum dives into the deepest lsat rabbit holes Bibles , then manhattan lsat books, plus several practice tests ... like 30... and you should be good. Spending Lots of time reviewing and going slow until everything clicks is important or else youre just burning throu...
by Bogle_Bro
Tue Oct 23, 2018 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: Does Paying Off Installment Loan Early Stop It From Helping Credit?
Replies: 3
Views: 497

Re: Does Paying Off Installment Loan Early Stop It From Helping Credit?

The answer to the thread title is yes, marginally.

It doesnt really matter though, unless youre applying for significant credit, like a jumbo mortgage or something, in the forseeable future. If not, theres really no difference between, say, a 769 and a 795
by Bogle_Bro
Tue Oct 23, 2018 8:24 pm
Forum: Investing - Theory, News & General
Topic: 'Smart money' bailing on the market, time to get out?
Replies: 92
Views: 12762

Re: 'Smart money' bailing on the market, time to get out?

Zero hedge has accurately predicted hundreds of the last 2 recessions this century
by Bogle_Bro
Thu Sep 13, 2018 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3425

Re: Father Wants a Home Mortgage (Bad Credit Score)

Thank you to everyone who shared their input. Just to let everyone know that no additional advice is needed. My father successfully found a bank willing to do a mortgage. The only condition was a 2.5% down payment plus closing costs to obtain a mortgage with an APR of 5%. Because he didn’t have eno...
by Bogle_Bro
Thu Sep 13, 2018 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3425

Re: Father Wants a Home Mortgage (Bad Credit Score)

I haven't seen my father's credit report and have only heard from him that his credit is low to mid 600s. I do think it's possible that enough for a down payment is all he will need, and he indicated that's something he will be investigating. fha is 580+, 3.5% down. Assuming no serious derogatory c...
by Bogle_Bro
Thu Sep 13, 2018 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3425

Re: Father Wants a Home Mortgage (Bad Credit Score)

I would get the opinion of an attorney to see if the verbal agreement could be considered a contract. But otherwise I would not buy the house - any relative who treated me like that doesn't deserve a penny and I would move and find another place, likely renting. Contracts over a year and contracts ...
by Bogle_Bro
Thu Sep 13, 2018 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3425

Re: Father Wants a Home Mortgage (Bad Credit Score)

I would get the opinion of an attorney to see if the verbal agreement could be considered a contract. its not an enforceable contract... but a good lawyer would play up UNJUST ENRICHMENT or EQUITABLE ESTOPPEL "Equitable estoppel is a defensive doctrine preventing one party from taking unfair advant...
by Bogle_Bro
Wed Sep 05, 2018 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Score [What changes your credit score?]
Replies: 42
Views: 3674

Re: Credit Score

mortgage lender here.

740+ generally gets you the best rates on conventional conforming mortgages

if its a jumbo loan, 20 point brackets (ie 741-759) matter up until 800+
by Bogle_Bro
Fri Aug 17, 2018 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Savings rate per month???
Replies: 68
Views: 6330

Re: Savings rate per month???

33%

50/150, maxed tax advantaged (married, 1 kid)

Roughly
by Bogle_Bro
Thu Aug 09, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Huge mortgage mistake
Replies: 58
Views: 8989

Re: Huge mortgage mistake

They are obligated to remove the pmi at 78% ltv and 24 pmi payments if you request it

Think of it as a 70 * 24 = 1680 finance charge to buy a home with 5% down

Not a big deal.
by Bogle_Bro
Thu Aug 09, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone taken out an online mortgage?
Replies: 42
Views: 4664

Re: Has anyone taken out an online mortgage?

Yes, LenderFi, easy, quick, and good rates. Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd. I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a hi...
by Bogle_Bro
Thu Aug 09, 2018 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone taken out an online mortgage?
Replies: 42
Views: 4664

Re: Has anyone taken out an online mortgage?

I refinanced with Sebonic / Cardinal Financial, getting their rates through bankrate.com. Once I started, the whole thing was done within about 10 days. I was actually a bit surprised at how easy it was; everything was online and I just needed to upload documents. On the day of closing, someone com...
by Bogle_Bro
Thu Aug 09, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone taken out an online mortgage?
Replies: 42
Views: 4664

Re: Has anyone taken out an online mortgage?

Yes, LenderFi, easy, quick, and good rates. Checked this and they seem to have a $100K minimum loan amount, which is more than I'll need. Odd. I honestly would shop for 100k because that is a typical cutoff for the best rates. Some banks will issue a mortgage for less, but the might charge you a hi...
by Bogle_Bro
Wed Aug 08, 2018 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed on final house negotiations
Replies: 37
Views: 2589

Re: Advice needed on final house negotiations

I want advice on what to do next, it sounds like the sellers are in an unreasonable mindset, what should be our next move? Shouldn't they at least meet us in the middle here? There is absolutely no requirement that they meet you in the middle or anywhere else. You can walk away. They can walk away....
by Bogle_Bro
Wed Aug 08, 2018 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Advice needed on final house negotiations
Replies: 37
Views: 2589

Re: Advice needed on final house negotiations

Appraisal reports are extremely subjective and are basically worthless for anything out side of determining the general ball park
by Bogle_Bro
Tue Aug 07, 2018 8:42 pm
Forum: Personal Consumer Issues
Topic: Your opinion on online courses?
Replies: 26
Views: 2408

Re: Your opinion on online courses?

I think theyre great for continuing education in the right circumstances I have a doctorate in law but am taking (employer reimbursed) accounting classes to learn a new skill. I highly recommend the online school, WGU, so far: Its an accredited nonprofit school that is insanely cheap (3 grand for 6 ...
by Bogle_Bro
Fri Aug 03, 2018 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Pay Down Question
Replies: 37
Views: 2266

Re: Credit Card Pay Down Question

Lots of 0 apr 6-12mo CCs out there your friend has a shot at as long as their credit isn't horrible (<640 tbh)

Discover it
Bankamericard
Citi simplicity
Cap 1 quick silver
by Bogle_Bro
Fri Aug 03, 2018 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Pay Down Question
Replies: 37
Views: 2266

Re: Credit Card Pay Down Question

patrick wrote:
Mon Jul 30, 2018 9:14 am
You can withdraw the basis in the Roth IRA whenever you feel like it without tax or penalty. There is still the issue of losing tax advantaged space though, so I'd think it's better to find a 0 APR balance transfer card.
This. Balance transfer for a one time cost of a few cents on the dollar
by Bogle_Bro
Thu Aug 02, 2018 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

OP must have got the answer he/she was (not) looking for already. A chain is only as strong as the weakest link. For mortgages it is the opposite. A mortgage is as secure as the most credit worthy co-signer. So, in a sense the underwriters would just overlook the cosigners with weaker credits. So f...
by Bogle_Bro
Thu Aug 02, 2018 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

Note that the phrase, "I co-signed my brother in law's mortgage," is not really the right way to think about it. It's really, "My brother-in-law and I co-signed a 30-year mortgage." OP must have got the answer he/she was (not) looking for already. A chain is only as strong as the weakest link. For ...
by Bogle_Bro
Thu Aug 02, 2018 9:37 pm
Forum: Personal Consumer Issues
Topic: New job commute
Replies: 64
Views: 3955

Re: New job commute

take the lower paying job. that's a lot of time and energy wasted on 30k pre tax & fica

Your quality of life will improve dramatically
by Bogle_Bro
Thu Aug 02, 2018 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

They want you to take your nest egg and spend it. That sounded super stupid to me and my opinion of those guys behind the desks went down even further. This sentiment, generally, seems misdirected. Congress, via legislation (CFPB laws, Dodd Frank) executed through the government sponsored entities ...
by Bogle_Bro
Thu Aug 02, 2018 8:58 pm
Forum: Personal Consumer Issues
Topic: ACT test - got 34, try for 36?
Replies: 61
Views: 6266

Re: ACT test - got 34, try for 36?

If anything, there's an almost unlimited supply of people with 34s, so the only way to set yourself apart and not have to rely entirely on unpredictable soft factors is to get a really top score. 1.010% of ACT test takers scored 34. Roughly 20,499 students. 99th percentile . Unlimited supply? Good ...
by Bogle_Bro
Thu Aug 02, 2018 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

Note that the phrase, "I co-signed my brother in law's mortgage," is not really the right way to think about it. It's really, "My brother-in-law and I co-signed a 30-year mortgage." OP must have got the answer he/she was (not) looking for already. A chain is only as strong as the weakest link. For ...
by Bogle_Bro
Thu Aug 02, 2018 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

That sucks given that the only way to replace you is to refi and there is no way your sister and BIL will find a 2.75% rate today, even if they had pristine credit. Do you need to get out so you have more credit available to you or do you no longer trust your sister and BIL to make good on the mort...
by Bogle_Bro
Thu Aug 02, 2018 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

Note that the phrase, "I co-signed my brother in law's mortgage," is not really the right way to think about it. It's really, "My brother-in-law and I co-signed a 30-year mortgage." OP must have got the answer he/she was (not) looking for already. A chain is only as strong as the weakest link. For ...
by Bogle_Bro
Thu Aug 02, 2018 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Co - signed a Mortage, Now wants out
Replies: 57
Views: 6413

Re: Co - signed a Mortage, Now wants out

They need to refinance you off if they qualify on their own
by Bogle_Bro
Tue Jul 31, 2018 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance/newly married question
Replies: 2
Views: 275

Re: Refinance/newly married question

Unless you have VA disability, VA refis are usually a bad deal compared to a conventional refi cause of the funding fee. If you have VA disability, there's no funding fee. Funding fee is usually several grand in addition to regular refi costs... Rates are up big time since 2017. Odds are refinancing...
by Bogle_Bro
Wed Jul 25, 2018 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to verify if seller is legally collecting sales tax (CA)
Replies: 11
Views: 1623

Re: How to verify if seller is legally collecting sales tax (CA)

Reminds me of my movers trying to rip me off by adding sales tax

Jerks.
by Bogle_Bro
Wed Jul 25, 2018 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Can I get a mortgage if retiring?
Replies: 37
Views: 5519

Re: Can I get a mortgage if retiring?

Yeah sorry for the ambiguity. I meant no one at the bank can get asset depletion loans done at all because the formula is weighed down by several catches and earmarks What are the catches/earmarks? Do you agree with them? I hate the formulas because they make the program overly complicated and disq...
by Bogle_Bro
Tue Jul 24, 2018 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can I get a mortgage if retiring?
Replies: 37
Views: 5519

Re: Can I get a mortgage if retiring?

I'm a lender at one of Chase/wf/boa. ... Written over 200 conventional mortgages in the last 12 months... Written Zero asset depletion loans. Very hard to get those done. Need several million to even have a shot. For a conventional investment property loan you need 20% down and debt to income ratio...
by Bogle_Bro
Mon Jul 23, 2018 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Merrill edge closing expat accounts
Replies: 12
Views: 2017

Re: Merrill edge closing expat accounts

BAML banker here...

Risk & liabilty managment

We dont even lend to our own VPs abroad because we dont want to be subjected to foreign law on many products/services
by Bogle_Bro
Mon Jul 23, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Large Variance in Credit Scores?
Replies: 6
Views: 579

Re: Large Variance in Credit Scores?

Those may as well all be the same scores. The difference is a margin of error

98th and 99th percentile of credit scores are going to be offered the same financing terms across the board

Even 740 and 815 receive the same offers on conventional conforming loans up to 450k....
by Bogle_Bro
Mon Jul 23, 2018 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Turned down for credit card
Replies: 35
Views: 3009

Re: Turned down for credit card

Credit scores with no credit are usless to lenders becuase they have no predictive qualities. No credit history is bad credit history. Set him up as an authorized user on some of your oldest cards asap Theyll appear on his report in a couple weeks, back dated with payment history. After that he shou...
by Bogle_Bro
Fri Jul 20, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Can I get a mortgage if retiring?
Replies: 37
Views: 5519

Re: Can I get a mortgage if retiring?

I know this information is sometimes verified closer to closing. If you are approved, I'd read the conditions carefully. If they verify employment after you're gone but before closing it will be a problem. The problem is mortgage fraud You are not required to disclosure your upcoming retirement, UN...
by Bogle_Bro
Fri Jul 20, 2018 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Can I get a mortgage if retiring?
Replies: 37
Views: 5519

Re: Can I get a mortgage if retiring?

I'm a lender at one of Chase/wf/boa. ... Written over 200 conventional mortgages in the last 12 months... Written Zero asset depletion loans. Very hard to get those done. Need several million to even have a shot. For a conventional investment property loan you need 20% down and debt to income ratio ...
by Bogle_Bro
Sat Jul 14, 2018 9:06 pm
Forum: Personal Investments
Topic: Inlaws need $50k loan for new home, hard time finding lenders
Replies: 17
Views: 2553

Re: Inlaws need $50k loan for new home, hard time finding lenders

Bank of America lends on any amount

Other big banks likely do too
by Bogle_Bro
Thu Jun 14, 2018 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Explanation of free credit scores
Replies: 16
Views: 2155

Re: Explanation of free credit scores

They can be very close or 100 points off They are best used for monitoring the info... Not the score. Source- Im a lender who has pulled over 1000 consumer credit reports in the last year... Where do you recommend to get a free FICO score? with the caveat that its technically "vantage", not fico......
by Bogle_Bro
Thu Jun 14, 2018 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: recommendations for HELOC? does it matter to pick the cheapest rate?
Replies: 11
Views: 1718

Re: recommendations for HELOC? does it matter to pick the cheapest rate?

depends on a lot of factors.

sweet spot for BoA heloc with 100k+ draw & line is like half a point below wsj prime...

1st year promo is a point and a quarter below wsj prime
by Bogle_Bro
Mon Jun 11, 2018 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Explanation of free credit scores
Replies: 16
Views: 2155

Re: Explanation of free credit scores

They can be very close or 100 points off

They are best used for monitoring the info... Not the score.

Source- Im a lender who has pulled over 1000 consumer credit reports in the last year...
by Bogle_Bro
Thu Jun 07, 2018 8:10 am
Forum: Personal Finance (Not Investing)
Topic: How to help 12 year old learn about business/investing
Replies: 14
Views: 1293

Re: How to help 12 year old learn about business/investing

Have him absorb these for math https://www.amazon.com/dp/1941234100/ref=sspa_dk_detail_4?psc=1 I apologize if I came off as a parent who thinks their child is beyond all others. He is not a prodigy. I have normal kids who happen to test well. I just was trying to make that point that he is more tha...
by Bogle_Bro
Wed Jun 06, 2018 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to help 12 year old learn about business/investing
Replies: 14
Views: 1293

Re: How to help 12 year old learn about business/investing

I know the above is kind of off topic of the thread title... But as a twenty something in finance now, those are challenging workbooks that i bet i would have really enjoyed when i was a young teenager You can also set him loose on market simulator games https://www.mirror.co.uk/tech/stock-trading-g...
by Bogle_Bro
Wed Jun 06, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: How to help 12 year old learn about business/investing
Replies: 14
Views: 1293

Re: How to help 12 year old learn about business/investing

https://www.amazon.com/10-Actual-Offici ... prep+books

Have him do the game sections in these..

4 analystical reasoning puzzles per test... ten tests per book.