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Chadstroma

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About Chadstroma

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  1. Closing costs or points? The answer is.... it depends. Largely on area and amount of your loan. First, you need to make sure you are looking at things correctly. Closing costs: Actual costs of doing the loan, can include points, lender fees, transaction taxes, misc fees like credit report, title work, etc Prepaids: daily interest, escrow funding for taxes and insurance. On an LE (Loan Estimate) the prepaids can get lumped in but these are not 'costs' being that they are things you would pay anyways. Origination Points: As noted above, is part of closing costs but a lot of times lenders will advertise great rates and then add in points.
  2. You seem pretty hard leaning towards the reserving cash side right now in your answers. The last question is always the sleep well at night factor... if having the cash helps you sleep well at night and spending keeps you up- then save the cash and sleep well at night regardless of what any numbers say.
  3. I would want to know some more info to make a good decision.... Here are things I would think through... Where is that money going to be? Will I expect a higher return of 3.125% on it plus $1500 on it? Or is it going to sit in a bank account making next to nothing? Is this money that is extra padding to your personal reserves or is this your reserves (meaning, do you have 3-6 month emergency fund with or without this money)? What is the likelihood of me needing to tap into the cash? If low, then maybe setting up a HELOC to act as that backdrop if needed makes sense. Also, no pricing difference on 80% vs 90% LTV on the rate?
  4. Commercial is a whole different animal. I do not deal with them often at all. I believe my new brokerage has the capability to do them and there is no licensing issues with commercial, so if you wanted to, I could look into it more for you. If so, message me and we can talk through the details.
  5. Scratch the above... it broke the all time low for 10 year treasury.
  6. A quick update: Literally, "historic" lows. Just missing the ALL TIME low on the 10 year. The 10 year is the single biggest factor to influencing mortgage rates. What I am seeing in shopping lenders as that they are in general hesitant to follow the bond market lead right now. That is largely due to capacity. The good lenders will use their rates as a way to keep quality control and not overextend themselves. The crappy lenders will drop their rates and let God figure it out on the backend as they blow through locks and drop the ball on deals. This is a trifecta of sorts for mortgage lending. Low rates, a healthy real estate market (going into buying season) and strong job market. Rates are low, housing is strong and people can qualify for loans. UWM, the largest wholesale lender in the country and fastest growing lender period, has been on a hiring spree. Between them and the devil.... er, I mean, Quicken, I think half of Michigan works for either of those two companies right now. If you haven't refi'd recently, now is the time to do it. If you are in the process and are floating, now is a good time to lock. Is it possible to go lower? Yes. How much lower? I have no freaking clue. We are close to uncharted territory here. Bad news news is good mortgage news and good news news is bad mortgage news. If the virus gets worse, that will drive the stock market down and bond yields down. I don't want to get political in here but with Sanders looking to be the front runner for the Democratic nomination, if he were to win, I would expect a stock market implosion on historic levels which would drive bonds down as well. And this is all in healthy economy. When we hit a recession that will further drive market pressures towards good mortgage rates. But.... tomorrow we could get news that the virus is contained mostly or not all that bad or someone other than Sanders is President or we continue to have a healthy economy.... if I had a crystal ball, I wouldn't be typing this in my living room of my modest house in the burbs of Chicago but on a tropical beach looking at girls in bikini's run by as I sipped a fruity girly drink with an umbrella in it.
  7. NFL Network's Tom Pelissero reported on Monday's edition of NFL Now that Burfict was reinstated last month.
  8. Yea, I got a Michigan guy for sure. A few. Send me a PM with your contact info and I will get you in touch with one to dive into the situation for you in more detail and see what options there may be.
  9. It is hard to play the timing game on rates. I expected rates to drop today but no way for me to know for sure. I am a little gun shy of telling clients what to do with locking, even though I am right more times than I am not, no one has 100% forward vision. If you like the rate, then lock the rate and don't fret over it. You could have easily not locked and rates go up.
  10. You want to protect cash flow for sure. BUT that difference in rate makes a big difference in savings. If you are not SURE you will need the extra cash flow, one thought would be to go with the 15 yr and then get a HELOC down the road to help fund the kids college stuff as needed. That all said, there is no 'right' answer. There is the right route to take for you after considering all your options.
  11. I had Williams as a great number 2 and going into the season not knowing AB was a complete nutjob expected great things. I was concerned on how he could perform once pressed into the #1 role. He played a great first game and decently following that up to his foot issues. I expect, as does most everyone else, for the Raiders to select their #1 WR. I expect them to either have their choice of all WR's or the second choice at worse. A rookie #1 will need to grow but it will help take pressure off of Williams. Along with a Renfrow who was visibly making great strides in growing into his role to close the season and an elite TE in Waller with a solid offensive line and effective running game, Williams is a buy now option.
  12. BTW 10 year treasury is flirting with all time lows right now. AKA if you haven't refied, do so now.
  13. Attention all Vets and those who know Vets... A Marine Vet Loan Originator shared with me a thread in a Facebook post where a vet asked about the best places to get a VA loan. The responses from Vets turned my stomach. The reason it did was over and over again these vets were listing companies that as a way of standard procedure overcharge vets on rates and/or fees and origination points. The list was a who's who of lenders that take advantage of vets. Among the worst: Quicken, Veterans United, and New Day. Some places that have stellar reputations and do a lot of good in other areas like insurance or car loans but consistently over charge like USAA and Navy Federal Credit Union. Even banks who are just plain not competitive at all in any government loan. I will tell you a dirty little industry secret. Brokers are capped on what we can charge on VA loans. In fact, we are capped on all loans. However, if you are a "bank" (and by bank I don't mean your Chase or local Savings and Loan but you can be a non-depository Bank aka all you do is mortgage loans like Quicken, Fairway, LoanDepot, etc) you can charge more! In fact, when I get recruited by these places (and it happens often) that is what they lead with "Hey! We are a bank, so we can charge more on the govy's and you make more money!" (Govy's is industry talk for VA, FHA and USDA loans). PLEASE- if you are a Vet and ever want anything to do with a mortgage or know of any Vets; join this group: https://www.facebook.com/groups/Vettedva/ It is full of professionals like myself committed to helping Vets get good information and help them make the best decisions while protecting their wallets from companies who see them as piggy banks to break into. There is a strict no solicitation rule in the group. If a Vet wants help they can get it but no one sells anything or they will get bounced out of the group. Too many vets are going to these places and have no idea that they could otherwise keep more of their money rather than handing it over to some of these scum bag lenders. It turns my stomach every time I hear about a Vet using one of these places because I know they got taken for a ride and abused but they have no idea and smile, say thank you and tell their buddies to go to the same lender to get abused as well.
  14. Reports are that we will go hot and heavy after Littleton. I hope it is true. The Rams won't be able to keep up with us even without considering California taxes vs Nevada no income taxes.
  15. He is either trying to drum up interest or in his head he is talking to voices whom he thinks are from teams.... the dude needs help.