All Forum Posts by: Daniel Hennek

Don't believe the loan officer about the DTI calculation. Most get it wrong by a long shot and very few get it right on the dot. Get a second opinion as your first step.

Here's the applicable guideline section for Fannie Mae. It's possible but you have to meet the 60% LTV threshold. Click the following link then scroll down to the section "Evaluating A Request For The Partial Release Of Real Property". I'm pretty sure that Freddie is very similar but didn't check their servicing guide.

https://servicing-guide.fannie...

 lol

The loan officer you speak with will be able to talk to you about what makes up your DTI if you're that interested in it. It's their job to calculate DTI so why don't you let the professional do it after giving them all the information they need...

Yes all of those things are included but you're still probably not going to do it right so let the professional do their job.

Generally speaking, any loan under $75,000 is a much smaller market because there isn't much money to be made on the deal for the amount of work put in.  $75,000 is barely high enough for many lenders and is my company's minimum loan amount.  A small local bank is probably your best option as they are required to serve the community they are in.

The lender is not very good if they didn't explain this to you. It's pretty simple. They are basing LTV on the appraised value not the purchase price. They use whichever is lower, typically. Doesn't your contract have an appraisal contingency as well as a financing contingency? Read your contract, it's all there for you to see if you just read.

That's really high.  Laughable. 

Find a broker, they can cover the spread much better. The spread with investment properties is huge these days. You can find something in the low 3's, conventional with 700+ credit and 30% down on 1 unit SFR. 25% down probably puts you in the mid 3's. That's with a roughly $1,000 lender fee and no points. 4 unit with 30% is also around mid 3's with a good broker. I'm not quoting rates as I'm not licensed in your state, but just giving you an idea of what you should be able to find because generally speaking rates don't change based on what state you're in.

When you're shopping for a mortgage just focus on the lender fee and the rate.  That's all the lender has control over.

5.25% is way out of range.

So it's semantics then... "3rd party" to most people I know means more generally "not one of the principals", or more specifically in this case that the website was run by someone who was "not one of the principals of a lender, any lender".  The phrase 3rd party is attempting to denote a separation between the website and a lender is it not?    

Don't mind me man! I'm just a 2 person operation and nobody else to give crap to!

That's just pulling pricing from Loan Sifter...But hearing that I've got awesome rates never gets old :)

FINDAMORTGAGEBROKER.COM is definitely NOT a 3rd party directory!  Come on man!  You took the blue pill obviously...

I'm pretty sure you know that's a directory from UWM, United Wholesale Mortgage and you'll only find brokers who work with UWM on that directory.  Furthermore, UWM's pricing sucks lately.  When the CEO flat out says he doesn't want to be the best priced then guess what you're not getting...