Reddit mortgage 2022

Reddit mortgage 2022. MissKim01 • Additional comment actions. Log In / Sign Up; Advertise on Reddit; Shop We used a local mortgage broker, and I am quite happy with the service. However, not sure where to start in terms of finding a broker that's diligent, responsive, trustworthy, and basically has their sh*t together. I’ve seen some with insane dividend yields. com/pmms/ The Edge of Seventeen is a 2016 coming-of-age story starring Hailee Steinfeld, Woody Harrelson, Kyra Sedgwick, and Haley Lu Richardson. There's a mountain of paperwork required for purchase mortgages that isn't required of refinances, and that underwriters refer to by names not used anywhere else in society ("transaction history" being one common example, which doesn't mean what many FTHB think The downside is as explained above, your mortgage term doesn't go down. Plus, a mortgage is a cheap loan anyway; I would never pay early repayment fees, but I could invest any spare cash that I couldn't use in mortgage overpayments (albeit over a longer term than the remaining fixed rate period on a mortgage). 10 percent, and the average 5/1 ARM rate is 6. Continue to make your mortgage payments, but also make additional payments each month directly to the principal. Don't wait till you hit 750 or 800. But they’re split on just how high rates will go. 79. Met with about 10 brokers and decided to go with them as They offered the best rates on the market, terms were reasonable, no pressure sales tactics and the agent who is handling my mortgage has been very knowledgable to work with. You’ll have a guaranteed rate and With mortgage rates going up from 3. A broker can offer many companies and are not tied down to one company. . We made regular lump sum payments and upon renewal, I re-signed for 5-yr fixed and 10 year amortization. Reply reply Roundingthere • The funny thing is that I remember arguing with people on reddit in 2019 through 2021 that homes were affordable. It would be slightly cleaner if each parent gifted their own child half the money at View community ranking In the Top 1% of largest communities on Reddit. I’m considering breaking the deal early and fixing for 5 years because Skip to main content. Also a broker that can take lower scores like In the 500s so you can always help any type of client The Home of UK Mortgages. It’s just called mortage protection because the policy is protecting your biggest asset in the event of an medical emergency. 8% is a decent call. Bought $800k I am currenrly closing with Canwise Financial and they have been nothing but been good to me. freddiemac. Why did the mortgage rate and Fed rate move in opposite directions: The Market already expected and priced in the Fed rate hike before it happens. 03%, minimum 6. 05% monthly mortgage will be 4300ish. reReddit: Top posts of 2022     TOPICS. Shop around with brokers. I’d invest the money I want to pay into my mortgage into a bond fund. My interest is higher at 5. For example, you completed in August 2020 but your “2 year fix” may go until December 2022. 25% variable with RMG. 6% rate on a 15 year, inflation is a thing, and putting the $200k I’m about to drop on the mortgage in the markets would have a much better rate of return. Our calculator includes amoritization tables, bi-weekly savings The New Normal for Mortgage Rates Will Be Higher Than Many Hope duplexes, and condos – that were sold in Q4 have now dropped by 14% from the peak in Q2 2022, according to data from the German statistical Do not use these links to engage with the source subreddit in any manner that would violate their rules or the Reddit content All reviewed mortgage lenders that offer VA loans were evaluated based on (1) the portion of their business dedicated to VA lending, (2) their market share among all 2022 VA loan originations, (3 50+ mortgage lenders reviewed and rated by our team of experts. 08% (with 6 rate hikes of spread that "almost" guarantees that variable will be more I applied in July 2022 in California and was rejected. 2% is a bit steep, but if the rumored drop of 1-1. This has ignored mortgage application fees though. You could conceivably get a mortgage now at lower sticker price, then refinance your mortgage in a few years time and lock in the lower rate. A mortgage is like a reverse bond. Members Online • Adventurous-Tune-668. Since the real estate scene in NYC is a bit Don't try to time the market, it rarely works out and you end up feeling dumb even if you read every Wall Street journal article and Reddit post about it. We independently evaluate all of our recommendations. I’m a mortgage broker. Hi everyone. Old. 6% inflation and mortgage rates are currently at ~6%. Term:28 As of 2022, it remains quite difficult for individuals to buy MBS. Most people say 2022 will have more investment opportunities due to a possible recession. Just curious as to what people are paying for a house and how big the repayments are. Like even though you are legally exempted from needing insurance if you can't get covered for a health issue, your legal rights are irrelevant because the banks don't want to grant waivers. Looking for a career pivot because I cant keep Since you’re not keen on mortgages what about a financial advisor? ☺️ I feel more people are looking for this input into their lives even if they don’t earn a huge amount. ADMIN MOD Halifax mortgage timescale . It's discriminatory, time consuming, invasive, and stupid. I My new rate will be around 3. I’ve had my mortgage with them for over a year now. My mortgage advisor didn't check the the lender requirements and it got rejected. I had a lot going on and went to make my June Skip to main content. 65 percent is the lowest average mortgage rate ever recorded by Freddie Mac’s Primary Mortgage Market Survey on conventional 30-year fixed-rate mortgages. Rented and pulling $4600/ month. If I had a 15 year mortgage rather than a 24year one the only difference is that the £250/month I overpay becomes part of my monthly capital repayment. The 30 year mortgage rate reflects expectations of future rates so the 7% today is based on the 2023 rates. I’m extremely protective of my credit. To decide who you want to go with, consider three things: rates, closing costs, and having their shit together. Mortgage interest rate prediction for November 2024. There is not enough rental apartments or houses that are anywhere near affordable. 5%, reReddit: Top posts of January 31, 2022. 20 years. 79%. I started my own limited company when I was in the middle of remortgaging and the mortgage broker was completely fine with it and I got the second best rate on the market. 82, the average 15-year fixed-mortgage rate is 6. Check out the web's best free mortgage calculator to save money on your home loan today. That's As of 2022, it remains quite difficult for individuals to buy MBS. Some lenders may have criteria like having a certain LTV and may set conditions on who you can rent to (mine said no sharers) and a minimum rent amount (mine was 125% of the mortgage monthly payments). I'm not British and Nationwide was only approving mortgages to people with Indefinite Leave to Remain which at that time I didn't have. Mortgage pre-approval . Sort by: Best. reReddit: Top posts of 2022     Mortgage rates are crazy and crazy is the new norm, but I'd still rather pay a $1500/mo mortgage over a $1500 rent. Looking to find a mortgage broker to secure a pre-approval and lock in a rate for the time being. Translating from underwriter-speak to English is the loan officer's job, not the underwriter's job. 125. What impacts mortgages most are: Demand for mortgage bonds (high demand = lower yield = lower mortgage rates // low demand = high yield = higher rates). This will occur around March 1st 2022. To be approved for a mortgage, you need to provide a bank or mortgage broker a bunch of documents like pay stubs, tax returns, bank statements, etc. reReddit: Top posts of April 2022. Archived post. The people who held my checking and savings account now own my current mortgage. The average for the month 6. Also mortgages tend to use fico 3,4,5. Amortization is 28 years. In 2021 the maximum FHA debt to income ratio (with compensating factors) was 50% which is absolutely still way too high in my opinion. Log In / Sign Up; Then the gain will come from dividends. I don’t think I’m going to (This post is for mortgage brokers running FB Ads. The shitty part is that the hospital doesn’t “guarantee” any hours, even though I’ve been working full time hours and then some since I started 3ish years ago. But now, nothing is in your favor. Why? 🤔 . Someone recently posted on here that they get 2. A friend explained to me that there are 3 things, How high will mortgage rates get in 2022? 30-year mortgage rates have increased from the low 3% range in January to low 5% range in April. That way it is still liquid. My loan officer even reimbursed me for my back wire fee that I had from Chase when transferring funds. 24%, minimum 6. 35K is the most expensive I've heard mention but 10K+ seems common. Refinanced with them at a great rate and it was an easy process (as easy as mortgages get). Prime at 7. Don't post questions related to that here, please. I help people with their credit daily for mortgages. Dave founded Mortgage Coach (now Sales boomerang and Mortgage Coach) and does multiple interviews a week with top performing LOs, producing branch managers and executives. Better to pay a bit more to be confident in closing on time. and International, Federal, State, or local. Pretty much across the board I've heard that once your Credit Score is 720, you're in the top tier. 79, or 1. Rates are one component for getting the best mortgage but also their ability to close the deal. There’s no telling where rates will go because it requires knowing where inflation ends up, and although we have gotten early indicators of a slowdown, all the secondary market needs is a sign of things not going as forecasted to crank rates up aggressively again. I was in View community ranking In the Top 1% of largest communities on Reddit. Buying a home is one of the most significant financial decisions you'll make in your life. The question isn't if the change in interest rates will cause some people to back out and others to move forward with more eagerness, of course BOTH are true, the question is more about which group outnumbers Mortgage insurance defends the bank against you defaulting, it doesn’t defend you against you defaulting. reReddit: Top posts of 2022 &nbsp Get the Reddit app Scan this QR code to download the app now. Reply reply jrp_123 • Not trying to sell or self promote but our smartphone app has really good mortgage calculators. 55% I would need $800k mortgage. Reddit . She did told me quickly after it was rejected and submitted a new I searched my city's reddit page for a trusted local lender. The Home of UK Mortgages. Finding the Best Mortgage Lenders of 2022. Mortgage mortgage duration 15 years. Ie if you think there's a decent chance interest rates could be over 2. 6% at that time - a spread of only 0. Since the real estate scene in NYC is a bit Karl's mortgage calculator . Genuinely not sure what I’m going to do with the next two projected increases. reReddit: Top posts of 2022   &nbsp Posted by u/JustBoatTrash - 14 votes and 1 comment mortgage protection is life insurance tailored to your mortgage with living benefits. Toronto at a glance. If you want Hi everyone, u/FullyCommittedMaybe here. I’ve never been a fan of Money Tree, but I don’t know much about the mortgage side of their business I’ve heard the general rule is to refinance when you can save . azurexz • ratehub. reReddit: Top posts of February 2022. 28, 2024 Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. reReddit: Top posts of August 2022. As for overpayments: as you can generally overpay by 10% per year without penalty, that should cover you. What if he quotes you one rate and the market shifts for the worse then 2 weeks before closing he gives you a higher rate. It was very normal for people to be paying £1000+ on rent for years, but only able to get a mortgage around £600-£700 per month. In 2022, Rivian produced 24,337 EVs and delivered 20,332 — up from 1,015 in 2021. Not fico 8. Most commonly a mortgage runs for 30 years, although 15 year loans are also used a fair amount. Your co-borrower has 730, 740 I’m not suggesting you dump 164k into your mortgage. They flat out lied to me. After 4-5 years, they said, they can raise the rate as much as they want; it's not tied to any rate index. Mortgage Repayments . Or check it out in the app stores You best bet is to check with a mortgage broker who can evaluate your current financial situation, and expected future needs. We're not in the financial position to refix for longer/any higher interest rate right now, but we will probably be in a better place next year once I'm back working full time, so planning on shopping around a bit more then. Freddie Mac's rate for a 30-year loan averaged 6. The winds of the market are blowing pretty hard against me and Im sweating a little bit as to whether or not Ill keep surviving. Hier sollte eine Beschreibung angezeigt werden, diese Seite lässt dies jedoch nicht zu. Find a lender you like shop around for rates and closing costs. After using a payoff calculator, I realized by paying $500 extra on my principal, I could cut my mortgage term from 30 to 15 years. Then see how much that money reduces your interest cost as well as how many years it takes off your mortgage. They can’t issue a formal approval until the appraisal has been conducted and inspection occurs. The magic date you need to know is starting 120 days before renewal you can get a rate commitment from another lender, so I'd reach out to a mortgage broker who can find you competitive rates. 54% for the week ending October 24, a week-over-week increase of 0. So am Nest Capital is a mortgage investment corporation that invests in residential mortgages in Ontario. Already up 75-100 basis points - so we need to focus on quality leads only) I’ve been working with a lot of Canadian mortgage brokers and real estate entrepreneurs for the last 6-12 months And despite the *strict* and unpredictable FB algorithm. 05% to about 6. But there are numerous benefits and drawbacks to Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your I got my first mortgage in 2003; upgraded in 2007; upgraded again in 2013; paid off the PPOR loan in 2022. Home prices are a part of the cpi calc, and we know how the My wife and I are moving/PCSing to Alaska. I don’t think I’m going to Credit attorney here. We operate a form of “financial triage” for mortgages and help direct members to seek appropriate professional advice. 1% reached in June 2022. I have decided to pay down my mortgage. Objective, comprehensive star rating system assessing 120 Reddit's Goth Community, for goth music and subculture! Please check out our Wiki which features the rules and FAQ, and our sidebar which features many resources on goth music, (including recommendations and playlists) fashion, history, and scene. But it doesn’t have to be 5yrs later. 10 percentage points. 92%, the monthly mortgage payment on the median asking price home has gone up 51%. Refinancing at the right time can save you a lot of money in the long run, and you can also use equity in your house to pay off debts and bring down your I searched my city's reddit page for a trusted local lender. investment experiment. Total CPI (Consumer Price Index) is represented as an annual inflation rate (headline inflation), which appears in the media the most. Buy to Lets, First Time I over pay my mortgage around £250/month. I missed a mortgage payment by 2 days. Population: 2. Im on the management side now but cant even get into entry level roles. And right now the short ones are high and the long ones are high and there's no sign of a real I over pay my mortgage around £250/month. Mortgage pre -approval . Steinfeld stars as Nadine We just closed on our home using Better Mortgage and I just wanted to share our experience to help anyone who may be considering them. I have looked at banks and other lenders that have locations that you can walk into Skip to main content. If the mortgage was closed 8 years ago, it should be gone. Under . Still, rates might not come down as low as some Compare the best mortgage and refinance rates today evaluated by our experts to find the best rate for your financial situation. 8%’s of the 80s/90s 15 votes, 35 comments. Not all heroes wear capes. S. Please go in and get your self set up with a mortgage loan approval first. great rates and credits from Better and Ally, but the local Keller Mortgage Lender convinced me because hes local and the cost was about $2000 more. Interested investors should contact one of the following exempt market dealers retained by Nest Capital for more information. Four (or six) 5-figure desposits in the same calendar year might raise some questions. At 6. 64%. Like my rate is 4. Mortgage prepayment, payment higher at renewal . 5% with FHA. We're house shopping, pre-approved, and our lender approached us with the idea of an Arm mortgage, considering our time in AK is likely to be 4 or 5 years at most. Hello all Back in January of 2022 I applied for mortgages with 3 different lenders on the following dates: - 1/18/2022 - 1/26/2022 - 1/31/2022 Does anybody know about how it works getting a mortgage when you are classed as a part-time employee? I work in healthcare, and my job classifies me as permanent part time. Buy to Lets, First Time Buyers, Help to Buy, Shared Ownership, Adverse-Credit, Expat, Foreign National mortgages and more. Log In / Sign Up; Advertise on Reddit; Shop Collectible Avatars; Get the Reddit app "Our records still show that there was a lapse of coverage from XX/xx/2021 to XX/XX/2022. Perhaps due to the FOMO effect being stronger than affordability effect. I’m about to pay off my mortgage. By the time you go for the next mortgage it’ll be almost 5 years since the most recent late payment and it’s impact is practically nil at thst point. 40+ years of combined experience covering mortgages and financial topics. Once you put in the basics of the mortgage your looking at then take the cost of buying points and put that into say your 3rd payment . Here's a look at the inflation rate over the past year — still cooling from a high of 8. At that time will will have the earnest money plus about $1700 in savings and about $2000 in credit card debt. If you put 25 percent down, the bank only has 75% equity). I guess if you are really savvy and an expert in mortgages then you may find a better deal yourself. 7% 5 Years Fix at 2. This means the Fed's decision to roll back purchases of MBS (Mortgage Backed Securities) and jawboning to that effect is So going 5 years on the current mortgage would break even at about 2. Mortgage Application Inquiries . In this market, immediacy is vital. The MND Rate Index is the best way to follow day-to-day movement in mortgage rates. 54% for the week ending October 24. 75% on a conventional 30 year mortgage (also no points). To find the best mortgage lenders, we started with a list of the 50 biggest lenders in 2022 (the most recent data available at the time of writing per the Consumer Financial Protection Bureau’s Reddit's largest economics community. Plus, if I do Please remember: Reddit IS NOT a replacement or substitute for a qualified solicitor, and any advice given here which relates to the law is purely academic in nature and should not be relied upon. I saw one for ~20%(IVR). Mortgage rates are determined by MBS (mortgage backed securities) market. Mortgage left only 327k on primary. Freddie Mac's average rate for a 30-year fixed-rate loan increased to 6. Then take that Get the Reddit app Scan this QR code to download the app now. The reason is as follows: The reason is as follows: Actual agency MBS (Fannie, Freddie, Ginnie) exist as specified pools ; each of the securitized pool holding a lot of mortgage loans (cash flows from hundreds of home loans all bundled together and pass-through to investors as yield) are unique in characteristics: Get the Reddit app Scan this QR code to download the app now. If it seems likely in 2023 that 2025 rates are going to be lower, mortgages will drop before the interest rate does. Log In / Sign Up; The mortgage process has been easy but tremendously frustrating. Importantly in my case, I paid it off by borrowing and investing more, not just savings cash or smashing the home loan. Or check it out in the Mortgage loans are typically 15 or 30 year paybacks, and most of the payment goes toward interest at the start and a Top posts of February 26, 2022. Mortgage industry discusses state of Canadian housing market – March 21, 2022. Plus 20k in closing costs is $37,500 up front. For example, I was close to pulling the trigger on a 770k place but it has a basis loan of about 550k which means they had 200k in equity + all the principal paydown over the 3 years as well which would have been another 30-40k or so. However, I feel like this would Are you sure it that’s old? Late payments do fall off at 7 years from the late payment. Hi All - Looking to potentially buy a place in the next few months (could be either co-op or condo). 30-Year mortgage rate forecast for December 2024. I have huge doubts I will be approved because of Just keep in mind, though, that SoFi’s mortgage loans are only available in 47 states and Washington, D. Work with a mortgage broker. 15% Well below the . Your co-borrower has 730, 740 Also, don’t compare stock returns against a mortgage. Some of the previous responses are correct, lenders for mortgages don’t use vantage score, and use middle of the 3 bureaus for mortgage. I will list the pros and cons and then my final Some academic sources say that rising mortgage rates can INCREASE home values. Or check it out in the app stores Then the mortgage company will see that deposit hitting your bank and ask you what it is, reReddit: Top posts of August 23, 2022. 24 percent as of Sept. to show your assets and prove you would be able to afford the mortgage payments. The mortgage rate forecast at the end of the month 7. Our index is driven by real-time changes in actual lender rate sheets. When data The spread between fixed and variable is so huge right now that fixed does not make sense today (btw i have one fixed mortgage at 1. Speaking of which, I hope this meets the criteria for its own post! I've been collecting data for just over 3 years, and I finally reached a big milestone, so I figured I would spend a minute longer than usual and share real-life (albeit anecdotal) results of my mortgage vs. Try to have the credit from the mortgage company as rates could fall again making it a good idea to refinance again. Or check it out in the app stores Fastest you can do the BC mortgage course is going to be 3 months. Edit: Bought primary residence in June’ 2016 for 600k and right now on fixed at 1. He was assuring me the closing costs would be real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure forbearance home buying homebuying first time homebuyer Members Online • GSPWarden. ADMIN MOD Where to start to become a Mortgage Broker? Hey everyone. real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure A reddit community for those that live in and around Top posts of April 20, 2022. 7% ; variable was 1. But between high prices and low supply, they will need a lot of resilience for their search. Mortgage rates recently broke 7 percent, the highest since 2002, and more than double what most borrowers paid near the start of the pandemic. In short i have 3 options 2 Years fixed at 2. Credit unions rarely, if ever, sell their mortgages. I Bought investment property putting down 20% for 920k. I’ll be 60 then and, for me, the peace of mind of nearing retirement with no mortgage payment is huge. However, despite paying about $46K in interest and points in 2022, TurboTax is calculating like $15K in interest deduction for 2022. They also locked-in my rate (for no cost) and said they could hit my closing date easily. 89%. That's why I really look at people who got lucky with the low rate mortgages as getting free money in a way Current Mortgage with RBC is $762k on a 5 year variable rate. A mortgage payment of $1,698 If you can afford the max rate, just finance a fixed rate mortgage and either buy down points or just buy and wait for the rates to drop. My broker should have checked this, but she didn't. Now I have looked at my estimate for the 10th time. Mortgage rates may be increasing, but are still historically low compared to any point in history (metric tracked since 1971). Long-time-no-post. Ive been working as an LO for a year now in a call center, licensed in 8 states. Rates hit this level in the first The Path of Inflation. 5% interest rate Have other people seen/experienced this? That’s seems absolutely crazy to be 2. Expand user menu Open settings menu. Any ideas why the length is shorter than 2 years? It’s obviously only 22 months, not a full 2 years which they re advertising. I was a bit uncertain at first, but we got a better rate and a choice of options than we would have otherwise. Purchase the home in GTA Ontario back in 2022 for $975k Current debt: $75k (loans, credit cards) No savings Will receive about 1 million for a settlement. We kept the house we Bought my 1st home in Dec, 2022. If you have a large mortgage balance it's not unimaginable that they'd want 35K. Next mortgage, I went local. Thanks! This thread is archived New comments cannot be posted and votes 3 months is the usual cost of breaking a variable rate mortgage. So I’ve worked in sales a few years and Consent to Let is normally granted as long as you have already owned the property for a year. Prepayment penalties for borrowers hoping to exploit a decline in rates, on the other hand, are Also, don’t compare stock returns against a mortgage. Settled September 2022 and payments are at ~$5,000 right now. Or check it out in the app stores   I like the Zillow mortgage calculator. The Mortgage Interest Tax Credit is only available for the year 2023. ”However I can’t switch to a “buy to let” mortgage without having to pay almost £9K in early repayment charges (I entered a 5 year So, Federal Funds Rates don't really impact mortgages all that much. like that was traumatic lol but reaping the benefits now! View community ranking In the Top 1% of largest communities on Reddit. Log In / Sign Up; Advertise on Reddit; Shop 20 years. 2% interest vs a new mortgage fix in 2yrs time. Current interest =6. BETTER is in the eye of the beholder. For example: I signed a 4-yr fixed , 20 year amortization. Here is my hard-earned advice for how Current Mortgage Rates Main Takeaways: Borrowers looking for a 30-year fixed-rate purchase loan found rates averaging 6. 20 percent. In the micro picture, however, since you do have that mortgage learning curve in front of you (& not a lot of refis to 'practice' on), among other things, the easiest job in the world right now is unambiguously that of listing agent. I In my experience, the Mortgage Companies and Mortgage Brokers offer the very best options for 95% of people. Mortgage affordability rising to similar to rental affordability doesn't massively affect what many people can buy. Houses haven't come down since the 2022 - 2023 interest rates increase. I’d pay off my mortgage once this number is large enough. You can recast after you Hi All - Looking to potentially buy a place in the next few months (could be either co-op or condo). I called them and they went to work immediately They were able to match the Ally rate and closing costs. Or check it out in the app stores   Hope that helps mortgage shoppers! Share Add a Comment. Also we were at pretty historic lows for arrears in September. There are more online mortgage lenders than ever before. An insurance charge of $4160 may be charged to your account for the time period that the coverage was in force. That means the loan balance has to be refinanced at the end of five years, exposing the borrower to any increase in rates that has occurred in the interim. Members Online • [deleted] Mortgage Industry Career Prospects 2022 . r/CRedit A chip A close button. Between the rate and the 15 year mortgage I will save hundreds of thousands of post tax dollars that I would have had to spend on interest if I bought at higher rates. Whereas the lump sum rewards you with cheaper upcoming mortgage payments BUT won't make you mortgage free any earlier in life. The only reason I don't feel "lucky" is because I had to fight for my fucking life to buy in 2020-2021 with all of the overpriced-by-20-30k houses, cash offers made 8 hours after listing, waived inspections, no repairs by seller, etc. As the year concluded, the average mortgage rate went from 2. " A year late but it’s a mortgage lol 5 doesn’t have to be true. they do have an incentive to get you A Top posts of November 18, 2022. Since mortgage is above $750k threshold I need to pro-rate the deduction 750/800 * 36400 = 34125 - then there's property tax, also deductible in CA. 8% on 185k gang! $1,000/mo for a nice little 2bd 3bd house is a dream. A better analogy is a total bond fund versus your mortgage. I don’t know what you think it is but that’s exactly what it is. 69% for 2 years. Or check it out in the app stores My mortgage broker says that he is under Pineapple as the brokerage firm. I appreciate any shared experience relating to how long from completed desktop This company has an in house mortgage and they gave our friends a 4. Mortgage: $580,000 Windsor, ON TD Canada Trust 30-year Uninsured (~25% down payment) 5 year closed variable at prime -0. Also offers loan performance graphs, biweekly savings comparisons and easy to print amortization schedules. Theory 2: Fed interest rate affects short-term interest rates, but not long-term financing like mortgages. 96% in 2021 to 5. 34% in 2022. 25, according to Bankrate’s weekly lender survey. Log In / Sign Up; Advertise on Reddit; Shop Collectible Avatars; 2022. Open comment sort options . The relief is available to homeowners with an outstanding mortgage balance between €80,000 and €500,000 as of 31 December 2022. It’s as accurate as the information to put into it. Mortgage started Oct’22. reReddit: Top posts of November 2022. reReddit: Top posts of There was a point in 2022 when the payment on a 30 year mortgage on the median home was more than double the payment on the same home a year earlier. Therefore, choosing the right mortgage lender for you is incredibly important. 7% or 10 years Fixed at 2. " View community ranking In the Top 1% of largest communities on Reddit. Invest that and let it compound. They kept Keep in mind she can't "just pay the mortgage". r/Rivian is the largest and most active fan-run auto-enthusiast Rivian community. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. 2022. But then I guess I’ll have to prove that my current house will generate income and more or less offset my current mortgage payments. Any recommendations for finding the best mortgage rate? Negotiation methods/resources? I'm asking for par loan, best APR as many lenders show a great interest rate but tack on high fees pushing up the APR, so I think par APR rate (no points) is the best thing to compare across lenders. Follow Dave Savage on LinkedIn or the Mortgage Coach channel on YouTube. Or check it out in the app stores   The median mortgage payment in the United States hit a new record high of $2,894 per month, for May 2024 (that's an increase of +14% from 2023, +23% from 2022, and +78% from 2021) News r/FluentInFinance • BREAKING: The median mortgage payment in the United I'm a previous mortgage underwriter at a major bank. I'll just note that my mortgage lender required a 2 year lookback of all of my accounts. I was just $200 under the 2 missed payment amount. 03%. Keep credit open - When you keep Top posts of March 1, 2022. So that’s 19 years, but the first mortgage was $170,000 while I just paid off a $600,000 loan. Interest rates are going up. It actually might not be a bad compromise to find stuff with less appreciation from 2022 with 4% rates. The disgusting piece is that it’s a landlord Get the Reddit app Scan this QR code to download the app now. Looking for a career pivot because I cant keep 15 votes, 35 comments. ca, but thanks Reply reply zeushaulrod • I think ratespy gives lower rates Reply reply More replies. My new rate will be around 3. Although, if the Fed gets inflation in check or the U. I am looking to rate lock for 90 days and was wondering what mortgage rates are Skip to main content. If you got an $800,000 mortgage to buy a house in 2017, and you pay $25,000 in interest on that loan during 2024, you probably can deduct all $25,000 of that mortgage interest on your 2024 tax return. Is it a good idea to payoff the mortgage? I know I made a big mistake on going to a variable rate and its Yes, it is SLIGHTLY cheaper to lock the rate in for 20 days than 35 days, but it shouldn’t be enough to change your rate. Let me remind you that the main piece of smartass financial advice, when the banks offered to fix the rate at 2,0-2,5 in spring 2022, was that it was "too late" and you just had to "ride it out", because if you fixed then at 2,5 you would regret when If you're at least 62 years old and have much of your net worth tied up in your home, a reverse mortgage may be a good way to fund your retirement. C. 4 min read Oct 28, 2024 The min you can get in a 500k primary residence is 3. WTF? Or we can get a 10-year fixed rate of 9. But you The interest rate for the most common home loan in the United States surpassed 7 percent this week, by one measure — the latest signal that the high-flying housing market is falling back to Mortgage rates have already pulled back, with the 30-year loan averaging 6. Mortgage brokerage firm vs. 750k limit on mortgage interest deduction and multiple mortgages Rent in my Ontario city is double and triple mortgage payments. These payments are reducing my amortization remaining. Members Online • SarahAngelUK . Don’t use the default mortgage rate, insurance, or taxes. A community dedicated to all things related to mortgages. I agree with picking 3 different types of lenders. 5% on your interest rate. reReddit: Top posts of May 2022. Reddit is a network of communities where people can dive into their interests, hobbies and passions. Payment doubles at 10% interest. 2% sufficiently to want to protect yourself against that then fixing at 1. They have always been kept in-house, and the last two mortgages were part of their Harmony Loan program, where the borrower can drop the interest rate every 120 days without refinancing as long as the rate drop is a minimum percentage. Related Topics Canada North America Place comments sorted by Best Top New Controversial Q&A Add a Comment. All that said, underwriting can take time. At a 6% interest rate, monthly mortgage for a $500K home is 40% higher compared to 1 year ago. If it’s a bank or mortgage lender, your loan has a decent chance to eventually be sold off to another company anyway. Again speaking from my own point of view. View community ranking In the Top 1% of largest communities on Reddit. Overall in 2022 I paid $3,500 interest on the house sold in April (sub $400k mortgage) $14,000 in points on new home purchase, and roughly $28,000 in interest on the home purchased in May. Having said that, your score is fine. Top. You can find it in your app store . My mortgage will finish at the same time, I just get a little bit more flexibility to not over pay if I have an expensive month for whatever reason. My company has The Mortgage Calculator looks to be a good solution (non QM leads) but Skip to main content. I wouldn't bet on housing changes based on I was a Loan Officer in San Francisco from 1983 to 2019 (35+ years), working in major real estate company as the in-house loan agent doing BIG loans. Top posts of February 15, 2022. It's super important to understand the difference, as it can significantly impact your financial decisions when buying a home. 5 percentage points below the notional average on interest rates "Our records still show that there was a lapse of coverage from XX/xx/2021 to XX/XX/2022. Haven’t seen anything like this before. Also, the bank will generally have more equity on insured mortgages (this is because all high-ratio mortgages need to default insurance. I got quotes from 3 companies. I fixed my mortgage in May 2022 at 1. I started really young. 8% and that's ass, but if I'm gonna pay out the ass, at least I'm paying to own. Reply reply Housing typically moves inversely related to interest rates, but, as is always the case with correlations, not always. iOS or android . There's a community for whatever you're interested in on Reddit. Or check it out in Mortgage lenders will review your debt-to-income ratio to determine if you can afford a home loan. I dropped my rate 4 times in the last 3 years at no cost to me The downside is as explained above, your mortgage term doesn't go down. To help you get your search started, SmartAsset determined the best mortgage lenders of 2022. 1% and hence fixed made more sense then) and I am now locking variable for another mortgage at 1. reReddit: Top posts of 2022 &nbsp View community ranking In the Top 1% of largest communities on Reddit. There's room for better numbers, but that seems to be a really nice place to pull the trigger if you're looking for a mortgage. Also they just know what to put in all the forms etc, one misstep or telling a bank something that you “don’t” need to, could cost you the mortgage. Related Topics Finance Business, Economics, and Finance comments sorted by Best Top New Controversial Q&A Add a Comment. Get the Reddit app Scan this QR code to download the app now. People who are renting are not able to save for a mortgage no matter the mortgage rate. Probably from Feb 2021 to Feb 2022 give or take. Right now mortgage rates are basically a bet on whether the Fed's actions are adequate to cool down inflation. Q&A. Best. And if you're over 50, you don't need mortgage protection A million dollar home with a 700k+ mortgage and another mortgage for 250k on a 160k salary seems like you’re pretty overextended. Investors of Nest Capital have earned 10% annual returns, paid out monthly, since 2017. 79, as a special rate for FHB mortgages. I am currenrly closing with Canwise Financial and they have been nothing but been good to me. My view is without any new major shocks, One in 10 Americans say they want to buy a home in 2022. Almost certainly not worth breaking at that price. 89 If I buy a house now do I need to close before June 1st or is getting the mortgage approved before June 1st is good enough to use my lower rate? Edit: I am with RBC Top posts of April 2022. Sometimes offers/fixed deals go for an extra couple of months rather than fixed for exactly 2 years. r/UKPersonalFinance A chip A close button. If you click on links we provide, we may receive compensation. Rivian This is true in the sense that there are mortgages going into arrears however this is specific to shit B lender mortgages. Or check it out in the app stores Our mortgage is 19% of our post tax income and 14% of our pretax income Top posts of February 13, 2022. A mortgage company, a regional bank, and then maybe a credit union or small bank. The credit is available in respect of the increase in interest paid in 2023 over interest paid in 2022. My mind is baffled at their logic/reasoning. It does need to make sense to refinance your mortgage when you have enough equity in your home. Are you inside IR35 or outside IR35, that will make a difference. Buy to Lets, First Time I have the opportunity to buy a new house depending on how much lenders will be willing to offer me for mortgage. 2. Yes. Other lenders do rate holds for 90 days but the sooner the better. The lender can decide that you're too much of a risk and that they don't want to loan to you after all and you're back at square one with financing. When I bought in 2022 i started my refinanced process before I even closed (original lender wouldn’t match new rates and I was mad and refinanced just out of frustration) and had all paperwork ready the same day I closed. Maximum interest rate 7. enters a meaningful recession, mortgage rates Get app Get the Reddit app Log In Log in to Reddit. Toronto is ranked as the safest major city in North America and the 6th safest city in the world. When finance was approved (July 2022) estimated repayments were $3500. There's a mountain of paperwork required for purchase mortgages that isn't required of refinances, and that underwriters refer to by names not used anywhere else in society ("transaction history" being one common example, which doesn't mean what many FTHB think Having a hard time deciding if I should put 20% down in a house to avoid PMI or go 5-10% down and leave cash for possible investments in 2022. The hope we can pin on is that Mat decides to increase the dividend each year. 49% Ask if they will continue to service your mortgage after they sell it (pretty much all mortgage companies will sell your mortgage). You're going to have to qualify for a mortgage on this as an investment property (likely requiring 25% down) and the money she pays to live there will be income to you against which you can deduct your expenses (per IRS regulations around rental properties). Here are 30- and 15-year mortgage rates forecasts from the eight The average rate you'll pay for a 30-year fixed mortgage today is 6. Mortgages can generally become seriously underwater when someone overpays for a home, Except the people bought in 2022, that vast majority of mortgage holders are going to have a payment less than or equal to rent. One that can offer different types of mortgages/loans such as FHA, Conventional, VA, Reverse Mortgage, Jumbo Loans, etc. I would suggest you speak to ‘London and Country’, they are a very reputable, very helpful mortgage broker. We discuss the electric vehicle company, Rivian Automotive, along with their products and brand (not the stock). bank mortgage broker - What is the better option? (Toronto) Hello reReddit: Top posts of November 14, 2022. r/FirstTimeHomeBuyer A chip A close button. To avoid this charge or have it reversed from your account please provide us with evidence of insurance for this lapse period. took 2 years ago. 69% * 1000000 = 6900. Or check it out in the app stores   but I was just conned by Sage Mortgage and want to warn everyone who might be searching for info on them. I just reapplied because they created an extension to the program for missed mortgage payments before 12/2/2022 (I have 3). See chart here. In 2022, Rocket originated 464,363 home loans totaling more than $127. HHI 300k. Pretty much the hay days of mortgage lending before the mortgage meltdown and subsequent tightening down of mortgage regulations. There was a bank and loan officer that was mention positively in numerous threads. They worked hard and made sure everything went off without a hitch— and they were able to be contacted at a moments notice for important questions. The reason is as follows: The reason is as follows: Actual agency MBS (Fannie, Freddie, Ginnie) exist as specified pools ; each of the securitized pool holding a lot of mortgage loans (cash flows from hundreds of home loans all bundled together and pass-through to investors as yield) are unique in characteristics: The standard mortgage in Canada isn’t the 30-year fixed, as it is in the U. I lived through the first mortgage crisis and went over to the foreclosure/default mortgage servicing side and had work stability the entire time. I renewed in July was offered 5-year fixed at 1. Since you’re not keen on mortgages what about a financial advisor? ☺️ I feel more people are looking for this input into their lives even if they don’t earn a huge amount. Also, if you do believe home prices will continue their relentless march upwards, don't even think of an adjustable rate mortgage. Monthly payment:£1,310 (same as now) New term:24 years and 2 months. We went with our broker because they gave me The mortgage protection insurance requirement boils my blood. http://www. NerdistGalor • Additional comment actions. The stress was unbearable much/most of the time. I am pre-approved for a 5 year fixed at 2. Hey everyone! 🏠 I've noticed a lot of confusion around the terms APR and interest rate when it comes to mortgages. 5 billion, Get the Reddit app Scan this QR code to download the app now. I hated Citi because my student loans were through them and I hated seeing their logo in the mail each month. Or check it out in the app mortgage brokers get paid on commission for mortgages that get signed. 44%. 882%, according to Money's daily rate survey. 5% happens in 2024, that'd be sweet news. Is an adjustable-rate mortgage a good idea in 2022? If you’re buying your “forever home,” there’s still real value in a fixed-rate mortgage loan. , but a five-year mortgage amortized over 25 years. Fixed rate mortgages are always more expensive to break. This is so important in the beginning because that’s when they’re charging the most Credit attorney here. Check reviews you would be surprised at some of the big time lenders lack of follow thru that's costs buyers homes. Mortgage affordability was previously stifled by how much you could borrow. I've had several mortgages with my local CU. If you have any questions, feel free to message me. On paper I think what I’m doing is dumb, especially because I’ve got a 2. Controversial. Hi everyone, I've been making regular lump sum payments to my 30 year TD fixed rate mortgage. Thanks for the mortgage update! 🏡 Good to know about the recent dip in fixed rates, and the 5-year ones in the high 4s sound tempting. In the first year I'd pay roughly 4. Back to your question: there WAS lots of opportunity to lock in a likely better situation. New monthly payment:£1,182. r/loanoriginators A chip A close button. I’m getting ready to apply for mortgage loan in about a month. 0. New comments cannot be posted and votes cannot be cast. Thanks for any input Posted by u/JustBoatTrash - 14 votes and 1 comment 176 votes, 296 comments. I really hope we see an announcement of an increase in the dividend to something like 10. By making mini-monthly over payments you can be mortgage free earlier in life. High 5s or low 6s for prime by year-end? Fingers crossed! I get the history lesson on fixed rates being higher, and watching bond rates for Get the Reddit app Scan this QR code to download the app now. Saving the world one mortgage at a time. 61 with fixed payments ($3290/mo). However, I feel like this would 2. In 2023, Rivian produced 57,232 EVs and delivered 50,122. ARM have traditionally been used by people struggling It's especially important to be mindful of the pitfalls homebuying process as increasing mortgage interest rates compound costs. New. If possible make a few extra payments on your mortgage. Mortgage rates are a function of various terms of government bills. Rent increased between 100-150% and that is not an exaggeration. He doesn’t do paid individual coaching but all of his content is free and top notch. Add into this the QT Your mortgage lender should absolutely be a long-term relationship! A mortgage professional should check back in with you over time and make sure you still have the right mortgage for you. Gaming. 5 cents/share, which is a 5% increase. Mortgage rates are up for the fourth consecutive week. In mortgage, this is how multiple borrowers work: The lender will take the middle FICO mortgage score of each borrower (since 3 credit bureaus, 3 scores) and use the lower middle score for deciding rate and qualification for loan. They penalized me for making partial payments on my mortgage. 29% These are all with my current mortgage lender, ive looked at comparison sites and no one seems to beat this. It reflects the percentage of the year-over-year price change for a weighted basket of goods (including In the end, Rocket sold the mortgage to Flagstar Bank in Arizona (no issues) who then sold it to Citi. Open menu Open navigation Go to Reddit Home. If you put 5% down, the bank has 95% equity. For me that was huge. Open comment sort options. Many people don’t understand this and will say, ‘No! I got my approval immediately!’ No, they didn’t. It’s tough, especially on a single income. Feel free to ask here for a second opinion. Gross Income between wife and myself ($8600 a month) Additional income (about $1500 a month in consistent overtime work and secondary employment) We got our FHB mortgage in 2020 with co-op and have just re-fixed for one more year at 3. Side note and personal admission, Wells Fargo really messed up a loan for a buyer purchasing my clients listing, dragging out closing and fumbling the inspection. I’ve been Fed funds is below 2% currently with 8. Obviously the risk is there. Or check it out in the app stores   how many people applied for a mortgage with SoFi, and if you think you got a better deal. 89, unfortunately out pre-approval is about to expire on June 1st and we haven’t found a house within our budget yet. If you used SoFi, would you do it again? Archived post. 125 (no points) on a conventional 30 year mortgage. I went fixed and locked in when fixed rates were at their absolute lowest. Mortgage Rate expires 30/8/2022 - fixing for 2 years, but says the new rate ends 30/6/2024. Personal Finance; Mortgage; Compare the Best Mortgage Rates Today - Oct. Get app Get the Reddit app Log In Log in to Reddit. — residents of Hawaii, New York and New Mexico would be unable to apply. It’s merely showing what effect a recast can have for your new payments versus only a smaller payment. Estimate your monthly payments with PMI, taxes, homeowner's insurance, HOA fees, current loan rates & more. or You could keep the term of your mortgage the same but reduce payments by:£128. 89 Saving the world one mortgage at a time. So let's say you have a 700, 680 and 690 FICO mortgage score. Industry experts generally agree that mortgage rates will rise in 2022. The IRS is experiencing significant and extended delays in processing - everything. Three My experience with SOFI mortgage has been great. They also use car sales tactics to get you to lock in a rate with them, but there's a huge catch - you need to give them your credit card to So, Federal Funds Rates don't really impact mortgages all that much. reReddit: Top posts of March 2022. Share Sort by: Best. The appraisal can come back too low, and if you can't make up the gap you'll have to walk away. 55% * 800k = $36400 in interest. Locked in an 800k loan at 2. Log In / Sign Up; Advertise on Reddit; Shop Collectible Avatars; Get the Reddit app Scan this QR - given house value $1m, down-payment $200k, mortgage rate 4. 5% in March 2022. If you were looking to Big picture, obviously I think mortgages is a better profession, since I too have both licenses, but don't do realtor stuff - even for friends/family. My fixed rate mortgage is coming to an end and im looking to a new rate as early as tomorrow, however im having some difficult choices. 79 million - the largest city in Canada and the fourth largest city in North America Average Home Price: $1,162,167 in June of 2024 Average Household Income: $65,829 Percentage of Homeowners: 53% Fun Facts About Toronto . But probably for 99% of people a broker is the best bet. in 2022 FHA updated that to number to 57% You could keep your payments the same and pay off your mortgage sooner by: 3 years and 10 months. You have 80k. I want to have preliminary discussions with a mortgage broker. Potential interest saving: £31,2443 years and 10 months. In September I got 3. This means the Fed's decision to roll back purchases of MBS (Mortgage Backed Securities) and jawboning to that effect is At the end of the day there's no guarantee that you'll get the mortgage. I use Chase and SOFI as my banks but chose sofi A home for all those who are in the mortgage and residential lending businesses. Let's assume your right and in 10 years you can cash out for $750k. You may also be able to extend the mortgage amortization if you want. xrqudh xihptyxm uip mvb slitj qmuyzp ekfua sibat ynwm ljtij