All Forum Posts by: Bobby Maynor

What are the unemployment terms now specifically due to covid?  Will lenders look at facts or just blanket unemployment?  A lot of people are unemployed right now but may be recieving 100% compensation for the time being and will be right back at work when shelter in place plans end.  Would it be different for a loan in process vs starting a new loan.

What I read was they were going to push those deferred payments till the very end of your loan. But also unemployment is going to pretty much pay up to the equivalent of 52k per year. Everyone should theoretically be approved so why are people not going to be able to pay mortgage payments unless they just flat out dont apply for unemployment? 

Heloc or cash out refi of your primary residence would be your best bet.  

I have a question along these lines but I have a seller trying to back off of what contract we signed.  So this is our first investment property and we got hooked up with a supposed investor's agent so you'd think he'd know the ins and outs. Signed a contract for 80k with the seller signing off on 3k in concessions for closing.  That doesn't meet the 2% cap and I probably should have bothered to do the math but the realtor in my opinion should have mentioned it.  My mortgage broker came to me and my realtor and said hey let's drop the price to 78500 and the concessions to 1500 and call it a day.  Seller is now being an asshat saying he never agreed to the 3k towards closing and simply agreed to pay the attorneys fees.  Dude you signed the contract so I don't care.  You can pay the 1500 or be in breach in my opinion.  If he refuses what all compensation am I entitled to. I would like ernest money,  my cost for inspection and additional money for inconvenience but how much should I ask for when telling him ill take him to small claims if he doesn't comply? 

Heloc rates are dropping for now as well. We got 3.74% and our company has already dropped to 3.24%

Here's my dangerous breed.  Anything can pretty much be tagged as an acceptable mix if they aren't a purebred 

look at this monster

I have a pit/husky/doberman mix. He is the biggest cuddle bug and scaredy cat.  Pits get a bad rap for sure.  You can teach anything to be mean.  Awesome of you to cater to those owners. 

I've never done a refi but do have a heloc. The pros on the heloc are not paying the money for a refinance and getting cash out (you eliminate that pro by refinancing prior and are only left with the con of the variable rate). It seems to me I would do one or the other but not both. If you are already paying for the refi might as well cash out the equity. If your rate isnt that much higher than you'll get now just do the heloc and save the cost of refinancing. I'm no where near an expert and I would let someone else who knows more than me explain benefits but it just seems like overkill to do both and negating both options pros and being stuck with the cons of both (high cost on the refi and the variable rate on the heloc) 

If you are refinancing why wouldn't you just take cash out in the refinance?