All Forum Posts by: Derek Brickley

Hey Saed!  Definitely case-by-case here.  How outside of your field would it be? Salary? Hourly? Feel free to reach out, but typically you can relate your time in school to a line of work in some way, shape, or form.

Yes we do! Feel free to reach out if we might be able to help there

Hey Adonis!  On conventional loans we're seeing around the 50k range minimum but nonqm would be 75k loan amount minimum.

Hey Hyeonji!  

You are 100% on the right track. 2-1 buydowns are attractive options offered by sellers/builders to help improve monthly affordability but in all reality you aren't saving anything.  Temporary buydowns are best for when the seller is covering all of your closing costs already and you want to use additional funds from the seller.  Actually you might see a slight additional cost on your rate when using a temporary buydown.  

Temporary buydowns are a better option than a permanent one with today's market, but you are better of using those funds to cover as much of your true costs as possible.

Every lender and option will be different!  No cut and dry calculation for it.  Some might be 1% of the loan amount, some might be as high as 5%.  That's why understanding the terms will be important.

Don't think that exists in the market for most of us.  Investors are well into the 7's on average still, I'd make sure to check any prepayment penalties and fees on that but if it is your buddy go for it don't think you'd find much better.

Depends on what you are looking for! Chances are if you're buying something turnkey rinse and repeat won't be a viable option. Unless you are forcing equity in some way, you would be rather restricted on what cash would be available. In today's market, HELOC rates could be a dealbreaker on trying to do that so be sure to look through all your options first. My thought would be househack with minimum cash contribution, force some equity, then do a rate/term refinance roll in costs and get refunded your escrow balance and another $2k at closing. Depending on the property could be around $7-9k back. Won't be all of what you need for another househack most likely but this is what I have done recently.

Ditto to everything above haha that is standard but unfortunate it wasn't set up correctly for you in the first place.

Hey Ethan, of course we are going to be biased here but some of the pros and cons:

Pro: In a cut in dry answer, credit unions can offer lower rates some of the time.  They also might be local and if you bank with them there might be incentives for lending with them

Con: A credit union is restricted on the lending options they can offer (they have limited money to lend) and they might not have another alternative that could be better for you.  Credit unions are not in the mortgage business - so on unique situations including househacks you may be more likely to come across issues during the process.

Either way, once you have a property under contract, speaking with various lenders will give you the best idea.  Ask for everything in writing as well.

Hey Davin!  Yep you can, congrats on the marriage!  As long as it makes sense that you are "moving up" it's good.