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48 minutes ago, stbugs said:

I envy people who don’t really pay taxes. It sucks to be on a W-2 and know you have to actually pay what you owe.

www.fairtax.org 

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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

5 hours ago, Chadstroma said:

 

All real estate is local and there are some crazy things going on. But just because home values are increasing similar to how they did in 2006 does not mean that now is a similar situation. There could be some market corrections in the not too distant future but I don't think there is any reason to expect home values to crash down like they did in 2008. I am not saying you must buy now but I am saying that waiting for home values to come way back down may end up resulting in you waiting a very, very, very, very long time.

Those that managed to sit out this RE cycle renting and stock market cycle lost a generation of wealth.  Never have so many people been left behind with no real manner to catch back up.  

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I’ve now refi’d my mortgage twice in the last year and wanted to check back in here and share my experiences.  

Quick background, last year I did a cash-out refi to make some home improvements. I did some rate shopping online and landed at credible.com. Super easy process since everything was online, took about four weeks IIRC from start to finish. The loan was from Rocket/Quicken, but there were no issues from my perspective. I got the rate and the terms I wanted with no hassle. When I mentioned it in the thread a while back @Chadstroma remarked:

On 1/24/2021 at 12:04 PM, Chadstroma said:

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

 

Fast forward to about a month ago and I noticed rates had dipped even lower than they were when I refi’d last summer, so I figured why not? and started shopping around online again. This time I landed at better.com, but remembering Chad’s advice I reached out and he quickly put me in touch with a broker in my state. 

I shared the loan estimate from Better with and he said he’d be able to beat it. But when I got the loan estimate from him it was actually about $2k higher than what Better had quoted. When I pointed this out, he claimed his price was in fact lower and asked me specifically what was cheaper on the Better estimate. The answer was pretty much everything (and it felt silly to have to answer that question in the first place since he already had a copy of Better’s loan estimate). The only thing that was cheaper on the broker’s estimate was the points (I opted to pay a little for the lowest rate since I have no plans to move and the savings will pay for themselves before the end of next year), but the difference was more than wiped out by what appeared to be about a $3,500 commission (!!).

Went back and forth a little bit but long story short, Better's estimate was always substantially less than the broker. Just closed the middle of last week, was maybe three weeks in total from start to finish.

I have to admit up front I was skeptical that going through a broker would work out much better. But I was intrigued by Chad’s advice and figured it was definitely worth a shot. Not sure if my experience is typical but I have to say from my two times through the process now, these online companies are tough to beat. They make the whole process so easy and both times I've gotten the price I wanted with very little hassle or haggling.

Most importantly though I have to thank Chad - he’s doing amazing work in this thread and I am really appreciative that he very quickly put me in touch with someone as soon as I reached out. I ended up not making a deal with his guy but it definitely was good to get another set of eyes on things and I am truly thankful for that and for all the advice that has been shared in this thread. 👍 

 

 

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On 5/7/2021 at 7:34 PM, culdeus said:

Those that managed to sit out this RE cycle renting and stock market cycle lost a generation of wealth.  Never have so many people been left behind with no real manner to catch back up.  

I know quite a few people who have missed out on unbelievable gains because of being timid of the stock market and just keeping cash in their savings account. I can’t even imagine. 

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1 hour ago, Capella said:

I know quite a few people who have missed out on unbelievable gains because of being timid of the stock market and just keeping cash in their savings account. I can’t even imagine. 

This asset appreciation cycle will grow the wealth gap considerably.  I'm not advocating for lower asset prices (well OK, more moderate and steady growth would be better) but it's a shame that many will miss out on this and be further behind.  Especially if coupled with commodity and retail price inflation without commensurate wage growth, as purchasing power will decrease without asset appreciation. 

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3 hours ago, Capella said:

I know quite a few people who have missed out on unbelievable gains because of being timid of the stock market and just keeping cash in their savings account. I can’t even imagine. 

I'm legit at the point where I really just have to get the kids out of the house and I can downshift.  I'm surrounded by people that aren't even clear of student loans and have 401k loans behind that.   Even a monster pullback in stocks won't hurt me much now.  

Yeah things can go completely apocalypse sideways but even a black swan event I might live thru.  

It takes all my self control to just not write a check for this mortgage I got and stay liquid in the market. 

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4 hours ago, Desert_Power said:

I've been using the same broker here in NC on the last few refis we've done across our home and former rental. If I were to buy a rental in another state, would it be best to find a broker in that state? Can you get a mortgage after buying a place in cash easily?

Just watch out for them charging a higher rate by a bit because it's a cash out refi at that point.

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5 hours ago, Desert_Power said:

I've been using the same broker here in NC on the last few refis we've done across our home and former rental. If I were to buy a rental in another state, would it be best to find a broker in that state? Can you get a mortgage after buying a place in cash easily?

If you just bought (or will buy) you can do delayed financing. I believe off the top of my head that you can do that for an investment property as well but not 100% sure.

Brokers are licensed by state. Some brokers are licensed in a couple of states. As an example, I am licensed in CA, IL and VA (FL is pending my fingerprints) and my brokerage is in a few more states. That is why I refer to other brokers for FBG's who wanted connections in other states. I have connections with many of the best brokers in the country and can refer to all states and even Puerto Rico. I am happy to connect anyone with a broker or you can use www.findamortgagebroker.com to search. If you want me to give an intro, just shoot me your contact info and the state you were wanting a loan in and I will have them reach out.

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