All Forum Posts by: Curtis H.

@Huy Thai

Thanks for the suggestion about emailing. I just did that on 3 of my rentals and will wait and see what they come back with. The mortgage on my primary is requiring I pay it all back at once, which the way I see it is their way of saying "We aren't trying to help you, but by law we have to do this". Good to know. I'm guessing most mortgage companies will try this path first, and those who put in the work to keep communicating with them for other options have a chance to get it (like a repayment plan over several months or adding it to the back end of the loan).

If I can't get it tacked on to the end of the loan, I'm not sure I want the forbearance. Things will get worse before they get better in my opinion, so putting myself in a position to have to make lump sum payments on multiple properties is asking for disaster. I have reserves, I'd just rather not use them on mortgage payments if I can help it. Much like everyone else who has reserves. Especially knowing they will get bailed out anyway in the end. Or I should say bailed IN this time around. With our money...

@Keith A.

How did it end up working out for you? I have a rental in Round Rock with about $140K in equity and I'm trying to put that money aside to pick up another property. I don't want to cash out refinance, but will I that's the only option. Leaving $100K sitting there doing nothing just seems pointless to me. 

@Craig Jeppesen

Yeah that's the general answer it seems. If the rates are good just do it. I understand now that one does not necessarily have anything directly to do with the other timing wise. I appreciate the advice everybody. I'm going to move forward. 

@David Espinosa

I hear you but I've given this guy 3 loans totaling almost $800K, and I think he's called me twice total. Said "thank you" zero times. It's the easiest money he's ever made actually. Truth be told, I'd get much better service from someone fighting for my business. So I'm not worried about him knowing I'm "professional" in the least. I also don't think he would fight one second for me to get a loan in a non "cookie cutter" situation. But, he has all my info, he does his job efficiently, and it's hassle free. So I go back for my own convenience really.

It sounds like for the most part I should just move forward from what most are suggesting. I'll just tell him if rates drop between now and when we close, I expect to get the better rate with all the business I've given him. If it happens, great, if not, then no biggie. I just did the calculation and it's actually more important I refinance my primary home asap. I can save $250 a month on my mortgage! 

@Shaun Weekes

Rates are good. 3.4% or something but I don't want it going down a quarter point 3 days after I sign paperwork. 

Hello all, 

So I'm under contract for a property worth about $400K, and right when the loan agent sent the loan disclosures over to sign, I see the news about the rate cuts. So I held off signing anything. 

Naturally he's trying to persuade me to move forward, but I know there is no reason for me to rush. A couple days won't hurt while I get the right answers. When I asked about it he said there was a "insurance policy" like feature where if the rate goes down greater than a quarter point it will adjust the loan. But I said that sounds like trickery because if the rule is GREATER than a quarter point I'm protected, then that means there would have to be a half point rate cut, which will likely not happen.

Should I sign, shop for lower rates, or what? He says the mortgage rates are already accounting for rate cuts, etc. and that one doesn't necessarily mean it will affect the other.

Mortgage peeps, what are your thoughts on my holding off signing the loan disclosures in hopes for a quarter point better rate? 

@Ricky Sandoval Thanks Ricky, please keep me posted.

@Ricky Sandoval Don’t play with my emotions! I’ve heard this before only to read it wasn’t possible as a Heloc for one reason or another. It’s worth investigating though so thanks a ton for the heads up!

@Karl McGarvey I know! That’s exactly what I was thinking. Take my $125k in equity and 1031 that into a small complex in another state. My wife just wants that security knowing we have a place in Texas just in case. So I likely won’t ever sell. Or I have to trick her into letting it be her idea.

@Landon Whitaker Good question which brings me to another thing I despise about this property...the dreaded Texas property taxes. It’s practically half my monthly mortgage payment. Drives me nuts that even if I paid this thing off, I’m still on the hook for $500 month in prop taxes. On a house that’s worth less than $300k. That’s absurd. Pulling out the money and using it makes me feel less like I’m getting screwed. Mortgage is $1100. With all the updates I made I could rent for $1700-1750. RefI would probably bump me to $1400 mortgage.