Finding best mortgage / home refi rates

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JD1967
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Finding best mortgage / home refi rates

Post by JD1967 » Tue Sep 12, 2017 1:16 pm

Hi everyone ... another fast question for the group ... haven't taken a mortgage or refinanced a home since the 20th century (1999) ... here goes

1. Have 2 modest homes ... no mortgage on either (house A + B)
2. May be selling one (B) to buy another (C) (smaller/cheaper)
3. I MAY put 20% down and mortgage 80% to buy House C ... AND ... MAY want to open a HELOC on House A

My questions

1. Does it make sense to bundle the mortgage and the HELOC request with one lender ...
2. How do you go about finding the best mortgage and HELOC rates now-a-days ... back in 1999 I literally visted 15 local banks ... guessing that's not the smartest way to go these days

As always, thanks in advance ... any all feedback is greatly appreciated

itstoomuch
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Location: midValley OR

Re: Finding best mortgage / home refi rates

Post by itstoomuch » Tue Sep 12, 2017 1:18 pm

You have to ask the MB/Banker, a couple of them.
You are not retired are you?
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

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JD1967
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Re: Finding best mortgage / home refi rates

Post by JD1967 » Tue Sep 12, 2017 1:22 pm

I am not retired .. I'm hoping a mortgage broker or banker might weigh in here (or anyone else for that matter) who has some insight ...

itstoomuch
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Re: Finding best mortgage / home refi rates

Post by itstoomuch » Tue Sep 12, 2017 1:29 pm

A HELOC will take +45 days
A 1st mortgage or refi will take 30 days.
Recent experience August for a purchased money: We abandoned Heloc path because it took too long on a wholely owned rental condo. We abandon a refi because it too took long at 30 days with no guarantees. We eventually went to purchased money, conforming loan, for the speed. We will refi in 6 months.
YMMV
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

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JD1967
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Re: Finding best mortgage / home refi rates

Post by JD1967 » Tue Sep 12, 2017 2:14 pm

Ok ... so are you suggesting that i pay cash for house C just to get in it ... then try and get the best heloc rate on house C and house a ... separately...

Sorry in advance for the stupid question ... just want to follow

Frankly... my goal is to perhaps invest the heloc money into something with a greater rate of return than the rate on the heloc

itstoomuch
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Re: Finding best mortgage / home refi rates

Post by itstoomuch » Tue Sep 12, 2017 2:46 pm

^ A possibility. You are asking a question and thus may be given choices. Don't discount choices until you know what they are.

We saw what we wanted. We had a HELOC in process, but the Banker (Chase) said that we had to jump thru some hurdles (we retired, showing low income) and A broker we were working with said the same. We did a conventional with the typical get-out-of-contract of able to find financing.
Be careful in your purchase if you want to use it as a rental.
Your situation could be very different than ours in that you can show income. We couldn't show income but we could show the ability to pay (they don't care).
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

itstoomuch
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Re: Finding best mortgage / home refi rates

Post by itstoomuch » Tue Sep 12, 2017 2:54 pm

JD1967 wrote:
Tue Sep 12, 2017 2:14 pm
Ok ... so are you suggesting that i pay cash for house C just to get in it ... then try and get the best heloc rate on house C and house a ... separately...

Sorry in advance for the stupid question ... just want to follow

Frankly... my goal is to perhaps invest the heloc money into something with a greater rate of return than the rate on the helocfrankly,
something that is you need to be careful with. On our 1st rental (inheritance $) we didn't want to further invest in the S/B markets.
Rev90517; 4 Incm stream buckets: SS+pension; dfr'd GLWB VA & FI anntys, by time & $$ laddered; Discretionary; Rentals. LTCi. Own, not asset. Tax 25%. Early SS. FundRatio (FR) >1.1 67/70yo

smitcat
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Re: Finding best mortgage / home refi rates

Post by smitcat » Tue Sep 12, 2017 4:32 pm

You do not say where you are but we have found that our current credit union offers very competitive rates and since we are already a customer the ability to move faster is built in.
With that said rules and offerings for owner occupied homes are very easy compared to a home that will be rented.
In our area (NY) we have used both BFCU and NFCU as sources of loans and mortgages in the past.
Our local newspaper compares mortgage rate offerings weekly and a few calls can conform those numbers.

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JD1967
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Re: Finding best mortgage / home refi rates

Post by JD1967 » Tue Sep 12, 2017 4:42 pm

Thank you ... I'm in PA ... and none of the houses I mention are rentals ... house A is a weekend place ... B is current primary ... if C is purchased, it will be new primary ... I was hoping there would be a website ... blog ... a super genius sitting on top of a mountain somewhere :D That could make the search efficient and maybe painless ... like I said ... the last time I did this was 1999 ... which may as well be 1499 ...

PugetSoundguy
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Location: Seattle

Re: Finding best mortgage / home refi rates

Post by PugetSoundguy » Tue Sep 12, 2017 5:42 pm

We just were approved for a HELOC from Third Federal in Cleveland. They issue HELOCs in many states and the application process is online. Our rate is prime less 0.260% for balances under $50k and prime less 0.510% for balances over $50k. Draw can be over 10 years, repayment can be as long as 20 years. Prime now is approx. 4.250% so variable rates at present would be 3.99% and 3.74% if I'm figuring it right. I saw them on bankrate.com and also saw mentions on this forum for Third Federal.

fortfun
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Re: Finding best mortgage / home refi rates

Post by fortfun » Tue Sep 12, 2017 8:43 pm

I have gotten good rates and no fees with provident lending. I'd give them a call and see what they can do for you. I got much better rates with them than the local brick and mortar. No closing costs with 3% interest.

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