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HLS
ParticipantWithout knowing what you qualify for, it is impossible for anybody to quote you a rate that is accurate.
IF you qualify, AT THE MOMENT, 30 YR fixed rates on a single family house are around 4.875% with no points, on loans below $417,000. (Condos are higher)
If you aren’t putting at least 20% down, you will have mortgage insurance added.Rates can (and do) change at any time. Contact me privately if you would like to know what you qualify for. My office is in Carlsbad and I do loans anywhere in CA for 1 to 4 unit properties.
5YR and 7YR ARMS start at 3.50% these days.There is no such thing as one rate that fits everybody. It’s never been more difficult to qualify for a loan and as many people are finding out, banks have higher rates today. Until you are locked in, approved and underwritten, quotes mean nothing. HLS
ParticipantThe stock market has the potential to make poor fools out of the average American worker.
QCOM is still not a cheap stock. $60 billion market cap with $10 billion in sales. Depending on profits and the general market, this could be a $15-$20 stock.401K’s are biased towards bull markets. Millions may end up with very little to retire on as a result of what could turn out to be the largest scam ever dealt to the general public, a larger scam than the housing bubble.
Stocks are basically a Ponzi scheme. You CAN make a lot of money if/when you are right. The average worker who has money taken out of every paycheck and thinks that it a secure path to retirement better have their fingers and toes crossed and hope that their prayers come true.
Money in the stock market isn’t investing, it’s speculating/gambling.
ParticipantThe stock market has the potential to make poor fools out of the average American worker.
QCOM is still not a cheap stock. $60 billion market cap with $10 billion in sales. Depending on profits and the general market, this could be a $15-$20 stock.401K’s are biased towards bull markets. Millions may end up with very little to retire on as a result of what could turn out to be the largest scam ever dealt to the general public, a larger scam than the housing bubble.
Stocks are basically a Ponzi scheme. You CAN make a lot of money if/when you are right. The average worker who has money taken out of every paycheck and thinks that it a secure path to retirement better have their fingers and toes crossed and hope that their prayers come true.
Money in the stock market isn’t investing, it’s speculating/gambling.
ParticipantThe stock market has the potential to make poor fools out of the average American worker.
QCOM is still not a cheap stock. $60 billion market cap with $10 billion in sales. Depending on profits and the general market, this could be a $15-$20 stock.401K’s are biased towards bull markets. Millions may end up with very little to retire on as a result of what could turn out to be the largest scam ever dealt to the general public, a larger scam than the housing bubble.
Stocks are basically a Ponzi scheme. You CAN make a lot of money if/when you are right. The average worker who has money taken out of every paycheck and thinks that it a secure path to retirement better have their fingers and toes crossed and hope that their prayers come true.
Money in the stock market isn’t investing, it’s speculating/gambling.
ParticipantThe stock market has the potential to make poor fools out of the average American worker.
QCOM is still not a cheap stock. $60 billion market cap with $10 billion in sales. Depending on profits and the general market, this could be a $15-$20 stock.401K’s are biased towards bull markets. Millions may end up with very little to retire on as a result of what could turn out to be the largest scam ever dealt to the general public, a larger scam than the housing bubble.
Stocks are basically a Ponzi scheme. You CAN make a lot of money if/when you are right. The average worker who has money taken out of every paycheck and thinks that it a secure path to retirement better have their fingers and toes crossed and hope that their prayers come true.
Money in the stock market isn’t investing, it’s speculating/gambling.
ParticipantThe stock market has the potential to make poor fools out of the average American worker.
QCOM is still not a cheap stock. $60 billion market cap with $10 billion in sales. Depending on profits and the general market, this could be a $15-$20 stock.401K’s are biased towards bull markets. Millions may end up with very little to retire on as a result of what could turn out to be the largest scam ever dealt to the general public, a larger scam than the housing bubble.
Stocks are basically a Ponzi scheme. You CAN make a lot of money if/when you are right. The average worker who has money taken out of every paycheck and thinks that it a secure path to retirement better have their fingers and toes crossed and hope that their prayers come true.
Money in the stock market isn’t investing, it’s speculating/gambling.
ParticipantReceived this today, I don’t know if these are F/F updates or just this lenders requirements..
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Update for self employed borrowers..When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
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Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.ParticipantReceived this today, I don’t know if these are F/F updates or just this lenders requirements..
*****************************
Update for self employed borrowers..When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
***********************************
Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.ParticipantReceived this today, I don’t know if these are F/F updates or just this lenders requirements..
*****************************
Update for self employed borrowers..When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
***********************************
Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.ParticipantReceived this today, I don’t know if these are F/F updates or just this lenders requirements..
*****************************
Update for self employed borrowers..When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
***********************************
Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.ParticipantReceived this today, I don’t know if these are F/F updates or just this lenders requirements..
*****************************
Update for self employed borrowers..When self-employed income is used to qualify, in addition to 2 years tax returns, verification of the existence of the business is now required in underwriting with one of the following:
Letter from the business’ CPA, regulatory agency or professional association
Business listing or yellow page ad for the business
Business license
Internet website printout (acceptable sources include Borrower’s business website, government, union or professional association website)
***********************************
Update on condos:
Attached condo projects with 5 or more units may not have more than 10% of the total units owned by a single entity. If the project has fewer than 10 units, a single entity may not own more than 1 unit.ParticipantFor non-owner loans, I don’t think that mtg ins is available at all. You need at least 20% down for a non owner purchase, but 25% down will get you much better pricing.
On any loan, per F/F having 40%+ equity and a middle credit score of 740 or above gets the best pricing.
Having an 800 score and or 70% equity makes no difference.There is also a pricing hit when doing a “cash out” refi. Paying off a 2nd or HELOC *IS* considered cash out. With a credit score above 680 and at least 40% equity, you may avoid extra costs.
It is very difficult to just refinance an existing 1st and leave the 2nd in place.
Buying a legit 2nd home offers the same pricing as a primary home.
Loan limits are higher than $417K on 2-4 units.
5 units or more is considered commercial financing.
F/F do not buy these loans and none of the above applies to more than 4 units.I don’t think that you can qualify for a refi if you have had a mtg payment more than 30 days last in the last 12 months.
Mortgage payments that are due on the 1st and incur a late charge on the 16th, are normally NOT considered 30 days late on a credit report until they are paid in the following month.There is no advantage to paying a standard mortgage payment prior to the 15th. You aren’t saving anything in interest. It really is a grace period. (HELOCS charge daily interest)
ParticipantFor non-owner loans, I don’t think that mtg ins is available at all. You need at least 20% down for a non owner purchase, but 25% down will get you much better pricing.
On any loan, per F/F having 40%+ equity and a middle credit score of 740 or above gets the best pricing.
Having an 800 score and or 70% equity makes no difference.There is also a pricing hit when doing a “cash out” refi. Paying off a 2nd or HELOC *IS* considered cash out. With a credit score above 680 and at least 40% equity, you may avoid extra costs.
It is very difficult to just refinance an existing 1st and leave the 2nd in place.
Buying a legit 2nd home offers the same pricing as a primary home.
Loan limits are higher than $417K on 2-4 units.
5 units or more is considered commercial financing.
F/F do not buy these loans and none of the above applies to more than 4 units.I don’t think that you can qualify for a refi if you have had a mtg payment more than 30 days last in the last 12 months.
Mortgage payments that are due on the 1st and incur a late charge on the 16th, are normally NOT considered 30 days late on a credit report until they are paid in the following month.There is no advantage to paying a standard mortgage payment prior to the 15th. You aren’t saving anything in interest. It really is a grace period. (HELOCS charge daily interest)
ParticipantFor non-owner loans, I don’t think that mtg ins is available at all. You need at least 20% down for a non owner purchase, but 25% down will get you much better pricing.
On any loan, per F/F having 40%+ equity and a middle credit score of 740 or above gets the best pricing.
Having an 800 score and or 70% equity makes no difference.There is also a pricing hit when doing a “cash out” refi. Paying off a 2nd or HELOC *IS* considered cash out. With a credit score above 680 and at least 40% equity, you may avoid extra costs.
It is very difficult to just refinance an existing 1st and leave the 2nd in place.
Buying a legit 2nd home offers the same pricing as a primary home.
Loan limits are higher than $417K on 2-4 units.
5 units or more is considered commercial financing.
F/F do not buy these loans and none of the above applies to more than 4 units.I don’t think that you can qualify for a refi if you have had a mtg payment more than 30 days last in the last 12 months.
Mortgage payments that are due on the 1st and incur a late charge on the 16th, are normally NOT considered 30 days late on a credit report until they are paid in the following month.There is no advantage to paying a standard mortgage payment prior to the 15th. You aren’t saving anything in interest. It really is a grace period. (HELOCS charge daily interest)
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