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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

9 hours ago, Steeler said:

Haven't been following rates closely but BOA is advertising a 15 year at 2%! Anyone refi at 15 years recently?

PM sent to @Chadstroma

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

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1 hour ago, Chadstroma said:

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

I sent another PM - looking to potentially refi - thanks Chad!

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For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

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Just now, Shatner! said:

For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

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On 1/17/2021 at 5:48 PM, Chadstroma said:

That is a purchase rate with a point. Likely more stips too. 

I didn't get a PM 

I tried to add you on LinkedIn, but you haven’t accepted yet. I’m that weird guy who’s business is nothing like yours and is named Steve. :lol:

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Just now, Osaurus said:

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

Yeah, never happened before. First loan was in 2010 with Provident Funding. Refi in 2013 with same broker who again used Provident. Refi again in 2019 to a 15 again with same broker but they went with Quicken as it was a little better terms than Provident. Now Quicken sold to PHH.

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Just closed on my refi reducing my 15 yr 3.625% to 15 at 2.5%. We'll make same monthly payment and finish 9 months sooner. Maybe got lucky but it was completely painless, 6 weeks start to finish. And the lawyer is quarantined so they dropped paperwork off at my house this morning - did it all by Zoom in less than 30 min. 

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Chad.... We closed back in April, I can't remember how long we had to wait to refi, but I started getting offers from my current holder (UWM) to refinance again.  Looks like 20 year rates have gone done since we refi'd... Not sure if it's too early to look at it again or not.  

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1 hour ago, Osaurus said:

Just one? You’re lucky. Mine has been sold 4 times in 14+ years, but two of them happened in the first 2 years of a 30-year fixed. It could be worse..maybe just a little worse. 

 

I had 3 different holders on my mortgage in the first 9 months I had the house. 

Then when I refi'd, the notary said when we were going through the mountain of docs to sign... "... and this one is an acknowledgment that they have the right to re-sell your mortgage to someone else... and, oh, looks like they already did..." and yeah before it closed and before the first payment was due I was already with a different company.

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1 hour ago, Shatner! said:

For the first time ever it looks like my mortgage has been sold. Quicken is sending my refi from last year to PHH Mortgage whoever that is. Google search brings up lots of links to lawsuits so that's reassuring.

Never heard of them. 

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1 hour ago, Osaurus said:

I tried to add you on LinkedIn, but you haven’t accepted yet. I’m that weird guy who’s business is nothing like yours and is named Steve. :lol:

Ohhhh, I was like, this guy looks like a crazy serial killer, no way am I accepting that request!

Just kidding. I didn't see the request. 😁

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1 hour ago, Shatner! said:

Yeah, never happened before. First loan was in 2010 with Provident Funding. Refi in 2013 with same broker who again used Provident. Refi again in 2019 to a 15 again with same broker but they went with Quicken as it was a little better terms than Provident. Now Quicken sold to PHH.

Ugh... a broker sending loans to Quicken. Makes my stomach turn. 

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1 hour ago, blend said:

Chad.... We closed back in April, I can't remember how long we had to wait to refi, but I started getting offers from my current holder (UWM) to refinance again.  Looks like 20 year rates have gone done since we refi'd... Not sure if it's too early to look at it again or not.  

Dude... I kid you not, I thought earlier today that I needed to touch base with you. My day got away with me today and my head hurts now but let's touch base tomorrow. 

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15 hours ago, blend said:

Chad.... We closed back in April, I can't remember how long we had to wait to refi, but I started getting offers from my current holder (UWM) to refinance again.  Looks like 20 year rates have gone done since we refi'd... Not sure if it's too early to look at it again or not.  

United is marketing to you directly to refinance? If so, that's going to piss a lot of brokers off. 

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1 hour ago, CR69 said:

United is marketing to you directly to refinance? If so, that's going to piss a lot of brokers off. 

Funny thing, when I tried to contact UWM to refi, they forwarded me back to my original broker. I didn't realize UWM was only available through a broker.

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3 hours ago, CR69 said:

United is marketing to you directly to refinance? If so, that's going to piss a lot of brokers off. 

No, they don't. They don't even have a retail side. It is either A) Marketing from a third party that dresses it up to confuse people into thinking it is from their current lender or B) UWM is very active in getting business back to brokers. They will be doing much more advertising for www.findamortgagebroker.com for example. 

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1 hour ago, -OZ- said:

Funny thing, when I tried to contact UWM to refi, they forwarded me back to my original broker. I didn't realize UWM was only available through a broker.

It is one of the many reasons brokers love UWM and have grown them to the largest wholesale lender in the country.

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13 minutes ago, Chadstroma said:

It is one of the many reasons brokers love UWM and have grown them to the largest wholesale lender in the country.

Makes sense. I have no objection as they seem to have had the best rates.

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Some lenders piss me off. 

Talked to a guy looking to do a VA IRRRL today. Through talking he tells me he has a 4.5% rate credit is 660. Based on that I assumed from that info he had the loan for a while... bad assumption. It was a decent assumption because a VA purchase at 4.5% has been a long time... well over the 210 days from first payment you need to wait in order to do a VA IRRRL. 

Further in the conversation I asked value and balance and found he had very minimal equity which is odd being a CA property, so I dig in more and find out he just bought the house and has two payments made.

4.5% rate on a VA purchase just a few months ago!!! How do those bastards sleep at night? I have no idea. Basically financially raped this veteran. 

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Apparently I am not getting some DM's (a couple of FBG's have let me know).... so anyone who wants to reach out to me to do a loan or connect them with a broker, please email me at cmasters@marketplacemortgage.com 

If you have DM'ed me and I have not responded, then definitely email me. I have responded to all DM's I have had to date. 

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Also.... if you did a loan with me... I am going to ask a favor.... I sent out a mass email but uploaded it by hand and don't trust myself to not have missed some people as well as I know that email sometimes gets overlooked but FBG never does! 

You may have done a review for me on Facebook, Google or Yelp. If you did- THANK YOU! But I need another one. If you didn't.... here is your chance! There is a website that helps people connect with mortgage brokers recently newly broken it down into the individual loan officers. This means instead of reaching out the my brokerage, potential clients could reach out directly to me. In order to help me stand out and gain more business, I need to get reviews into this site. If you could do me a big favor and write a review for me here and tell everyone why you think they should use me, I would GREATLY appreciate it. You can use the following link to complete the review. If you have any questions, please let me know.

 

https://findamortgagebroker.com/Profile/ChadMasters64483

 

From the bottom of my heart, thank you for taking the time to do this! It really makes a difference to me.

UPDATE: I just found out from some other brokers that the reviews do not help much. So, if you are inclined to write a review, please do so on Google, where it actually does help. 

https://g.page/chad-masters--home-loans/review 

 

Thanks!!!!

 

Edited by Chadstroma
I am an idiot and don't know how things work
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1 hour ago, Chadstroma said:

Also.... if you did a loan with me... I am going to ask a favor.... I sent out a mass email but uploaded it by hand and don't trust myself to not have missed some people as well as I know that email sometimes gets overlooked but FBG never does! 

You may have done a review for me on Facebook, Google or Yelp. If you did- THANK YOU! But I need another one. If you didn't.... here is your chance! There is a website that helps people connect with mortgage brokers recently newly broken it down into the individual loan officers. This means instead of reaching out the my brokerage, potential clients could reach out directly to me. In order to help me stand out and gain more business, I need to get reviews into this site. If you could do me a big favor and write a review for me here and tell everyone why you think they should use me, I would GREATLY appreciate it. You can use the following link to complete the review. If you have any questions, please let me know.

 

https://findamortgagebroker.com/Profile/ChadMasters64483

 

From the bottom of my heart, thank you for taking the time to do this! It really makes a difference to me.

 

Done. I think you’ll recognize my review ;)

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Thanks guys... it looks like it isn't all that important though. I was told that it ranked based on reviews but now I am finding out the rankings are not based on that at all. So... no worries, it sure doesn't hurt. LOL Thanks again

If inclined to write a review, please do so here: https://g.page/chad-masters--home-loans/review  

Google actually does take reviews into account. 

Edited by Chadstroma
I am an idiot and don't know how things work
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1 hour ago, joker said:

Done - whether it helps a lot or not, I'm happy to do it! By all means post a link that you can get to work :P and I'll do that review as well :thumbup:

Aaaaaaand I just had a conversation about the with the Account Executive at UWM that is doing that site... it DOES help. It is the third factor involved but will certainly help. They are still working out the bugs but will start to do heavy advertising for it as they just went officially public today. So, THANK YOU.

Now for the Google... sonuva... maybe that is why I haven't been getting as many Google reviews as I would like. I will try to figure out what the issue is. Thanks for the heads up.

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I'm looking to re-fi as well. Wife and I did early last year and I know you have to wait at least 6 months to do it again. Our current rate on a 30 year is 3.5% no points or PMI.  However, I'm seeing that rates for 30 year are mid 2s- lower 3s.  And 15 year are lower 2s.  Am I right on that?

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14 minutes ago, Swaymoney said:

I'm looking to re-fi a well. Wife and I did early last year and I know you have to wait at least 6 months to do it again. Our current rate on a 30 year is 3.5% no points or PMI.  However, I'm seeing that rates for 30 year are mid 2s- lower 3s.  And 15 year are lower 2s.  Am I right on that?

Well loans are most expensive than home loans. (Sorry, couldn't resist... when I first read it I was so damn confused being slow mentally.... "A well loan? Like where they get water from well? What?" And then it dawned on me... type missing the 's'... like I said, slow mentally)

There are a ton of factors to rates but yes, you are in the general understanding of where things are. 

As for the 6 months. I strongly encourage that when you previously dealt with a broker as brokers are financially hurt if the loan is paid off before. If there is an EPO (Early Pay Off) then the broker has to pay back the full amount of their commission which in the end means they not only did the loan for free but it cost them money to do it. If you did the previous loan with a bank or credit union, they generally do not hold the loan officer accountable for that and many times even encourage them to do them faster if they can for the fee income. Direct lenders are a hit and miss. I generally try to respect others in the industry if it is going to hurt them financially... unless they piss me off for some reason. Like the guy I mentioned above with the VA loan. I wish I could refi him now because if it hurt the previous lender it would just make me happy since they took advantage of him. (That rule is VA specific rule). Fee free to reach out to me and we can walk through your specific situation a bit. 

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1 minute ago, Chadstroma said:

Well loans are most expensive than home loans. (Sorry, couldn't resist... when I first read it I was so damn confused being slow mentally.... "A well loan? Like where they get water from well? What?" And then it dawned on me... type missing the 's'... like I said, slow mentally)

There are a ton of factors to rates but yes, you are in the general understanding of where things are. 

As for the 6 months. I strongly encourage that when you previously dealt with a broker as brokers are financially hurt if the loan is paid off before. If there is an EPO (Early Pay Off) then the broker has to pay back the full amount of their commission which in the end means they not only did the loan for free but it cost them money to do it. If you did the previous loan with a bank or credit union, they generally do not hold the loan officer accountable for that and many times even encourage them to do them faster if they can for the fee income. Direct lenders are a hit and miss. I generally try to respect others in the industry if it is going to hurt them financially... unless they piss me off for some reason. Like the guy I mentioned above with the VA loan. I wish I could refi him now because if it hurt the previous lender it would just make me happy since they took advantage of him. (That rule is VA specific rule). Fee free to reach out to me and we can walk through your specific situation a bit. 

Damn "s" changes everything!  LoL

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Wasn't in our plans but selling our dream home this summer and moving out of state due to work. Will buy another home in the next 2 to 3 years. Renting until then.

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15 minutes ago, flapgreen said:

Wasn't in our plans but selling our dream home this summer and moving out of state due to work. Will buy another home in the next 2 to 3 years. Renting until then.

Why sell the dream home and move out of state? (if the reasons are shareable)

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1 hour ago, Chadstroma said:

Why sell the dream home and move out of state? (if the reasons are shareable)

I work in private Healthcare and the field is collapsing. Took a government Healthcare job on a military base, so had to move to where the job was. The goal is to get back to Florida on a base there in a couple years and buy a home again. 

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4 hours ago, flapgreen said:

I work in private Healthcare and the field is collapsing. Took a government Healthcare job on a military base, so had to move to where the job was. The goal is to get back to Florida on a base there in a couple years and buy a home again. 

Healthcare is collapsing? How is that? 

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On 1/21/2021 at 1:52 PM, Chadstroma said:

Wahhhoooo! My Virginia license finally went through! 

Chad interested to get your thoughts on rates the next couple years.....can rates really rise significantly without crushing people at this point not to mention what it would do to our country’s debt/deficit? I know we’ve had a small pop since the election but hard see that continuing....but I know nothing. 

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10 hours ago, Chadstroma said:

Healthcare is collapsing? How is that? 

Massive cuts in my field about a year and a half go.  Six months later, Covid hit. The entire field is corporate run now. Physical therapy was once a stable and constantly growing field. Now, there are very few jobs and most of what you get to do is a waste of time. I could go on for days about what's happening in the medical field right now. Total disaster. 

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On 1/19/2021 at 4:35 PM, Osaurus said:

I tried to add you on LinkedIn, but you haven’t accepted yet. I’m that weird guy who’s business is nothing like yours and is named Steve. :lol:

Notebook

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16 hours ago, GoBirds said:

Chad interested to get your thoughts on rates the next couple years.....can rates really rise significantly without crushing people at this point not to mention what it would do to our country’s debt/deficit? I know we’ve had a small pop since the election but hard see that continuing....but I know nothing. 

Hard to tell... I have a hard enough time figuring out what rates will do tomorrow let along a longer forecast but the general consensus is for this year and into the next is a steady rising interest rate. 

Outside conditions always can change things. Overall, there isn't a lot of room to go down (though I have said that before) and plenty of room to go up. 

Economy and inflation are always the biggest factors, so of there are big swings with either unexpectedly then rates will jump. Also, when the Fed stops buying, then rates will go up but that will happen just based in an announcement let alone actually stop buyijg bonds. 

 

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@Chadstroma  getting a 404 error on the google links above, to leave a review for you.  Left one review, where I could  

 And my in-laws in HI are looking into a refi.  Know anyone?  And can they send you their docs, in case they go with someone else?

 

thanks dude. 

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54 minutes ago, DA RAIDERS said:

@Chadstroma  getting a 404 error on the google links above, to leave a review for you.  Left one review, where I could  

 And my in-laws in HI are looking into a refi.  Know anyone?  And can they send you their docs, in case they go with someone else?

 

thanks dude. 

Yea, I know someone or know of someone in all 50 and even PR. 

Yea, sure, no problem. It doesn't take me long to look over a locked Loan Estimate to make sure it is in-line and not screwing someone over. 

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56 minutes ago, DA RAIDERS said:

@Chadstroma  getting a 404 error on the google links above, to leave a review for you.  Left one review, where I could  

 And my in-laws in HI are looking into a refi.  Know anyone?  And can they send you their docs, in case they go with someone else?

 

thanks dude. 

Can you try Googling Chad Masters Home Loans and see if that works. The Google business page isn't working on my phone and when I try logging in online it looks like it is having me set up a new one. ARGH!

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On 1/19/2021 at 6:23 PM, Chadstroma said:

Never heard of them. 

I got the same letter the other day - I refi'd with Quicken last year and now the loan is being transferred to PHH Mortgage Services.  Dumb question, but other than making my monthly payments on a different website, is there any reason I should really care about this?

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42 minutes ago, Ignoratio Elenchi said:

I got the same letter the other day - I refi'd with Quicken last year and now the loan is being transferred to PHH Mortgage Services.  Dumb question, but other than making my monthly payments on a different website, is there any reason I should really care about this?

PHH is known. 

No, no reason to care. 

But if you refinanced with Red Rocket last year you are due to talk to someone good and look at your refi options. 

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On 1/20/2021 at 2:45 PM, Chadstroma said:

Some lenders piss me off. 

Talked to a guy looking to do a VA IRRRL today. Through talking he tells me he has a 4.5% rate credit is 660. Based on that I assumed from that info he had the loan for a while... bad assumption. It was a decent assumption because a VA purchase at 4.5% has been a long time... well over the 210 days from first payment you need to wait in order to do a VA IRRRL. 

Further in the conversation I asked value and balance and found he had very minimal equity which is odd being a CA property, so I dig in more and find out he just bought the house and has two payments made.

4.5% rate on a VA purchase just a few months ago!!! How do those bastards sleep at night? I have no idea. Basically financially raped this veteran. 

I am not well versed in the process but the guy could likely file a complaint with the CFPB and/or higher legal help to sue them. Sounds like a pretty open and shut case of predatory lending.

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On 1/25/2021 at 10:21 AM, Buckna said:

I am not well versed in the process but the guy could likely file a complaint with the CFPB and/or higher legal help to sue them. Sounds like a pretty open and shut case of predatory lending.

If it was from a broker, yes. From a bank or direct lender, no. They have that ability to charge more. 

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