[skerzz]

Application, submission of all loan documents (w-2s, bank statements, etc.), and signing of most initial loan docs was all done online to speed up the process. Box arranges a notary to come to your place of business of home to sign the final docs.

Shortly after I submitted my initial application online, a Box loan officer called me to confirm the info in the application (loan amount, type of property, loan length, etc.). I chose to lock while on the phone with my officer because rates were rising at the time. A lock fee was charged to my credit card and was refundable in the event Box did not approve the loan.

The fees I was quoted on the website were very close to what the actual fees turned out to be. Total fees were about $1700 which included title, appraisal, notary, etc. However, I only paid approximately $400 in net fees after the lenders credit (negative points). Depending on where rates are and what rate you select, your fees will vary.

My only complaint is that Box will do a refinance only once every 6 months. Rates have dropped 50 basis points since I last refinanced, so I may need to find a comparable lender in order to take advantage of today’s rates. I don’t think rates will stay this low for 5 more months.

What other lenders are you considering and how do the fees/rates compare to Box?

[skerzz]

I refinanced with boxhomeloans about a month ago and had an excellent experience with them. Box had the lowest rates and costs I could find and they were able to close and fund my refi in less than 18 days from when my initial application was filed. Highly recommended if you don’t need your hand held throughout the process. My immediate family has had similar positive experiences with them.

[skerzz]

Agreed… glad I purchased back in mid 2009 as well. Although not our preferred location, we purchased in San Marcos @ $160/sq ft and the house recently appraised for $208/ sq ft. With the FHA loan and $8K tax credit available back then, my wife and I were able to purchase our first home only a year out of college(and with 1 year job history) with approximately 1% down (net of the tax credit). Looking back it seems like a very risky loan for the bank to make, but it all worked out in the end. After a recent refinance out of mortgage insurance, we now have a property that can yield $500-700/month free cash should we choose to rent it out and find a “move-up” property.

Makes me want to quit my day job to become a full time speculator :). But commonsense prevails — timing is everything, the previous owner/speculator had purchased the home new from the builder back in 2005 at $257/ sq ft before being foreclosed on in 2009.

[skerzz]

Scarlett-

Here is an article about the North County, mostly San Marcos, housing market from a home builder/land development perspective. This particular organization is pretty optimistic about the San Marcos area.

San Diego Housing Market Continues to Rebound

[skerzz]

San Marcos is showing significant price improvement this year as well, I believe this to be mostly driven by tight inventory. Prices in my immediate area have gaped up significantly since December/January. I viewed this as an opportunity, while prices are artificially high, to refi out of an FHA mortgage into a conventional 30 yr. Don’t think I’d be a buyer at current prices. However, I did purchase under similar, but less extreme, market conditions ( limited inventory/ multiple offer bidding wars) back in mid 2009 and don’t think I could have found a better investment considering the combination of leverage, appreciation, and tax efficiency. I’ve seen 30% + appreciation (based on recent appraisal) in less than 4 years on a 320k house I purchased with effectively 1% down ($8K FTB tax credit and a 3.5% down FHA loan). This all seems a little too good to be true and makes me a little concerned that a new bubble is forming.

[skerzz]

My gut tells me there was political pressure to paint the February job numbers in the most favorable light; when the March numbers disappoint, the party on the left will blame fiscal conservatives and their failure act/reach agreement on the sequestration.

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