All Forum Posts by: Elias Halvorson

I would recommend personal loan. Way less fees, you could stretch it over 6-8 years, etc. 

Sean, everything Pat said above. 1st you need to have a clear plan on what you’re going to do with the place. Secondly, 1% is a good target but just as Pat wrote above it does depend on the loan amount. On larger loan amounts saving .5-.75% might be a solid deal. I would also generally agree with Pat’s two years or less comment. I would qualify it with in today’s seemingly rate decreasing environment, I might look to trying to recoup costs in 12-18 months (or less) 

All lenders have fees, those that don't just roll those fees into the rate ie offer higher interest rates. I would contact a mortgage broker in your local area, a credit union, and maybe a mortgage bank. Get quotes from all three and go with the one who offers the best combo of rates and service. 

Cheers! 

Bob, I answered this in a previous post. Do you think the answer will change? You CANNOT assume a conventional loan. Period. Maybe you could get seller financing at less than 4%? But that isnt assuming a loan. 

FHA goes to at least 50. Some conventional programs go up to 50% DTI as well. The problem you're going to encounter is your income is not stable, and you just started doing it. I have never lent to an athlete, but I have lent to a few entertainers. I think the government (FHA) and conventional side will require at least a year, if not two of this type of income. There is no stability and it is seasonal.

I would say Corby makes a really good point with regards to the MI that you pay with FHA.

1) I definitely would refinance into conventional (if that is an option). Conventional rate would be higher, but you could potentially lose your PMI.

2) What state are you located in? I assume most of those closing costs are the FHA UFMIP? That is another reason I would look to conventional.

3) I would ask your lender to give you a conventional refinance quote? I would also shop with a local mortgage broker as currently United Wholesale Mortgage is running a 125 bps special on Government refinances through the end of September meaning if you did go FHA streamline then you should be getting a rate of around 5% (borrower paid)

4) If you havent asked, at 700K+ loan tell your lender you want to go Borrower Paid and you expect them to only charge a 1% origination charge fee. He/she might balk, but Im sure some lender (wherever you are) would do it. That should reduce your cost/interest rate as well.  

Sorry, government loans are USDA, FHA, or VA. Conventional are not government loans ie not assumable. For government loans you would have to live in them.

You can assume any government loan as long as you meet the requirements. For VA loans, I think I can speak for almost all of us in stating no veteran is likely going to let you assume the loan unless you also are a veteran and can use your VA loan entitlement. The VA loan benefit is one of the biggest perks of being a Veteran.

The only buydowns I currently recommend are seller financed (from seller credits) 1-1 or 2-1 buydowns. This temporarily lowers your payment as if your rate were 1% less or 2% less. In this time of expectations of rate decreasing I dont recommend buying points. Is this all from one lender? If so, Id recommend shopping with at least 3 lenders/brokers with at least one of them being a broker (brokers typically have better rates). Let them all know you're shopping and have them give you their best offer. 

Not necessarily a rip off, but they often they will promise anything and not deliver. Best to get multiple quotes ie 3-4 different lenders. If you have good credit you should be able to get in the 5.5-5.75% range for your refinance.