All Forum Posts by: Min Kim

@Stephanie P. Thank you! So I learned that as long as you have time before you close, you can always change your lender!

@Stephanie P. We were able to work out a deal to float down to 3.625% at 0.0 points!

I talked with my lender and they mentioned there will be no fees I would have to pay if I was to go with someone else. Only thing is it would’ve been a huge waste of time, which I agreed and told them I would like to work with them if they were willing to work out a better rate. Still waiting to hear back

Hey everyone,

So currently we’ve been in the process with a lender who has been difficult at times. One thing that bothers me is that they won’t do a “float down” unless it’s a whole percent, but other lenders allow it one time. With the mortgage rates decreasing, is it too late to get a new lender even though we’ve pretty much turned in our paperwork and “locked” in at 4%? If we back out with them, what kind of fees could we be looking at?

@Bill Brandt good to know about not adding my name!

In the end, after 20+ years, the house is going to my brother and I. We’re just doing it sooner rather than later.

Appreciate your time sir!

@Lynnette E. Thank you for the input!

@Lynnette E. My parents don’t want to go with the trust route. My father believes that a TOD should suffice?

Essentially, I would take over the payments. my mother wouldn’t want to live in the home all herself and would want to live in a smaller home. I would renovate and begin renting out the home and whatever profits come from the rent, would go to her.

Are there any flaws to this plan?

@Bill Brandt so it’s best not to put my name on the current loan? What are the neg and pos of doing that?

I really appreciate the information you’ve provided

@Bill Brandt I want to say that’s what he did? I believe he went to legal on base and that’s what he filled out. Then he had to file it with the city?

That being said, what’s the process after the TOD takes in affect? Do I have to be approved and obtain a new loan for the remainder of the mortgage that’s owed?

@Bruce Lynn what else would you recommend?