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On 2/5/2021 at 6:49 PM, Forge said:

Reached out to my LO that I bought my house with 3 years ago. "Hi, I want to refinance. Give me numbers on 20 and 30 years please, 750+ credit. I estimate that I am under 80% ltv. Please get income docs from the work number. I do not want to have an appraisal, please get a waiver. Fannie should be fine with it"

2 days later, I'm basically done lol with no docs provided and just have to go in and sign. 

I thought about pushing back to 30 years. It would have lowered my monthly payment about $500, added 3 years back on but still saved about 55K in the long run. Was really tempted to go this route to open some cash flow to perhaps buy a second home. But cutting 7 years off my loan and my payment stayed the same and all told I would save over 170K was just too tempting. 

Welcome to the club bro! 

We refinanced last year...TWICE :) 

We ended up landing on a 15, but a 20 would have been great with either of us as well.

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2 minutes ago, MWil23 said:

Welcome to the club bro! 

We refinanced last year...TWICE :) 

We ended up landing on a 15, but a 20 would have been great with either of us as well.

I think if I had been five/ six years in rather than 3, I would have went 15. My payment is the same just cutting off the 7 years, which is just insane.

Was really tempted to push back to 30 to go the second home route though

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Just now, Forge said:

I think if I had been five/ six years in rather than 3, I would have went 15. My payment is the same just cutting off the 7 years, which is just insane

Oh, no doubt! We went from a 5-1 ARM 30 year construction loan to a 15 year (we knew we wanted to refinance a year ago, but since it was a construction loan and we were carrying the interest plus the rent/mortgage on our other place, blah blah blah we saved money).

A buddy of mine just refinanced to a 20 year from a 30 year and literally saved $400 a month on his mortgage. Yes, you read that right.

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16 hours ago, titansNvolsR#1 said:

Friend is in King County Washington trying to buy a house. They've now been outbid on two houses by nearly $300,000 over asking price. Housing in Western Washington is bananas. 

That's insanity. IT's tough to get financing at that much over asking unless the appraisal values are just nuts.

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I'm a mortgage broker licensed in 9 states and can attest the lack of inventory is crazy right now.

I have a client I picked up today making their 9th offer tomorrow in Colorado.

And agent in Salt Lake told me they are in a panic at the lack of stuff to sell. That there is only 2 weeks of moving inventory currently.

Some advice.....ask your LO to run a big over ask calculation for you if want to get aggressive. Find an LO who knows how to sell you as a client. 

I reach out to the selling agent for every client before the get our offer. Let them the offers coming, how I qualified it and maybe something personal because nice to have a little story of the new owners.

Most LOs are lazy. Find one that is an advisor to you, not just a salesman order taking. 

Happy hunting. 

 

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1 hour ago, big_palooka said:

I'm a mortgage broker licensed in 9 states and can attest the lack of inventory is crazy right now.

I have a client I picked up today making their 9th offer tomorrow in Colorado.

And agent in Salt Lake told me they are in a panic at the lack of stuff to sell. That there is only 2 weeks of moving inventory currently.

Some advice.....ask your LO to run a big over ask calculation for you if want to get aggressive. Find an LO who knows how to sell you as a client. 

I reach out to the selling agent for every client before the get our offer. Let them the offers coming, how I qualified it and maybe something personal because nice to have a little story of the new owners.

Most LOs are lazy. Find one that is an advisor to you, not just a salesman order taking. 

Happy hunting. 

 

Colorado has been insane for about 4 years now. Washington too. Some markets are just silly stupid. 

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