What’s a CO?
Some won’t hassle you for second kitchens and some will make you remove a fridge or stove to qualify for it
Some won’t hassle you for second kitchens and some will make you remove a fridge or stove to qualify for it
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Refinance now??
- Thread starter Belchfire1
- Start date
Certificate of occupancy
The stove was the one thing they said might need to be removed or covered
Meanwhile, I though all Italians had an extra kitchen in their basement
When doing a refi, I've never had questions about property improvements or remodels. I think they're just worried about the property value and from what I've seen, most appraisals are just drivebys. Unless you are taking max cash out and claiming added value by disclosing these changes, I don't think they'll give it a second look. YMMV
I’m asking about a purchase, so pretty standard for lack of permits to be an issue
I went with a mortgage broker.
No appraisal necessary since I'm under 60% LTV. Dropping my payment about $350 per month.
I don't think that remodels, at least those that don't add more square footage and/or beds/baths, make all that much of a difference. It's mostly zip code , sq ft and beds/baths that drive the value.
It depends on the mortgage. If you put 20% down and your keep the LTV under 80% it doesn't matter.
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rates still soooper low, if you can afford a home, that is....
Checked out Costco lending and they quoted me way lower than anyone else. Filled out an app to see if it is legit. I've had good experiences with Costco so I'm hopeful.
I hate shopping around for rates. It is like buying a car. You have to cut through the sales BS and make sure you're not getting hosed.
I hate shopping around for rates. It is like buying a car. You have to cut through the sales BS and make sure you're not getting hosed.
I wonder if that varies regionally
Certificate of occupancy, legal permits for things like finished basement or attic, or deck can be a pretty big deal in New York
Ok, so I've got a few different quotes now.
Here is what I learned. You need to shop around. It's a pain because you'll have to get on the phone (most of the time) and fill out a couple different applications. Then you'll have your loan guy run your credit and lock in a rate.
Don't fall for the friendliness of brokers or loan officers. These guys get paid when you close the loan so they will do everything in their power to get you to close and pretend like they are giving you the best deal ever. Do some due diligence and apply at 3-4 places to see how competitive each bank is.
My first quote from a week ago was 2.99% and 8K in closing costs. I was just quoted 2.625%, no points, $3500 closing costs, and $5500 lender credit. So shop around.
Here is what I learned. You need to shop around. It's a pain because you'll have to get on the phone (most of the time) and fill out a couple different applications. Then you'll have your loan guy run your credit and lock in a rate.
Don't fall for the friendliness of brokers or loan officers. These guys get paid when you close the loan so they will do everything in their power to get you to close and pretend like they are giving you the best deal ever. Do some due diligence and apply at 3-4 places to see how competitive each bank is.
My first quote from a week ago was 2.99% and 8K in closing costs. I was just quoted 2.625%, no points, $3500 closing costs, and $5500 lender credit. So shop around.
@Muscles 'I was just quoted 2.625%, no points, $3500 closing costs, and $5500 lender credit. So shop around.'
what loan length was that for? 15, 30 year?
sounds like a pretty great deal to me. That lender will just sell the loan anyways and it will get serviced by another company. There is room for better pricing for sure, as noted in the difference of your quotes.
what loan length was that for? 15, 30 year?
sounds like a pretty great deal to me. That lender will just sell the loan anyways and it will get serviced by another company. There is room for better pricing for sure, as noted in the difference of your quotes.
@JBerry 30 year.
Two best quotes I received so far:
30 year, 2.625%, no points, $5500 lender credit, $3500 closing cost
or
30 year, 2.5%, no points, $3500 closing cost.
Decided to 2.5% since I don't intend to refinance and plan on holding this property for a long long time. The breakeven was at about 8 years if I went with 2.625%.
Two best quotes I received so far:
30 year, 2.625%, no points, $5500 lender credit, $3500 closing cost
or
30 year, 2.5%, no points, $3500 closing cost.
Decided to 2.5% since I don't intend to refinance and plan on holding this property for a long long time. The breakeven was at about 8 years if I went with 2.625%.
Update:
Locked in 2.5% no points with $3500 in closing costs. That's .49% lower than my first quote. Glad I called around.
Locked in 2.5% no points with $3500 in closing costs. That's .49% lower than my first quote. Glad I called around.
Last edited:
NKBC
Award-winning Online Bank & Mortgage Lender | nbkc
Looking for an online bank or mortgage lender? Choose nbkc, the 2022 KC Strongest Bank Award winner. View various checking and savings accounts, unbeatable rates & more.
www.nbkc.com
I found them by using Costco refinance. It's similar to lending tree or bankrate. You put in very basic information then receive generic quotes. You put in your contact information and then you'll get an email or phone call by the bankers.
It's a big sales pitch when they contact you but just fill out the application and apply with each one. Banks and brokers can't tell you the rate until they run your credit and you fill out an application. Once I did that I found the best rate with the lowest closing cost and went with them. 2.5% no points is really really good.
Once you go with a bank then email the others and say you decided to go a different route. You can apply at multiple places as long as it is all within 2 weeks and it won't hurt your credit.
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@grapedrink @DW2 and one other erbb all refinanced at least once, some twice in 2020. 2.375% 30 year fixed, zero fee/costs. It's a free loan
What's your loan amount? a 2.625% with zero fees is smarter move than paying a whopping $3500 for fees. Let's assume a $350k loan amount 2.625% 30 yr fixed is PI payment of $1405. If you pay $3500 that people usually bake into their loan, so loan amount of $358500. 2.5% 30 year fixed = $1416.. you're gonna waste $3500 and very bad move. $350000 loan amount and you pay $3500 out of pocket = $1383. $3500 to save $33. Recoup the costs in 106 months (8 year and 10 months). This is also a very bad move.
If need help, email me a current mortgage statement at eric.park@interactivemortgage.com. Ill guide you in the right direction and Im paid the same on every loan, so it's an unbiased opinion.
Stay away from big banks and giant lenders unless you want your refi to go through a long drawn out process of 1.5-2 months.
The best closing costs is none, which is what i offer in a majority of circumstances.NKBC
Award-winning Online Bank & Mortgage Lender | nbkc
Looking for an online bank or mortgage lender? Choose nbkc, the 2022 KC Strongest Bank Award winner. View various checking and savings accounts, unbeatable rates & more.
I found them by using Costco refinance. It's similar to lending tree or bankrate. You put in very basic information then receive generic quotes. You put in your contact information and then you'll get an email or phone call by the bankers.
It's a big sales pitch when they contact you but just fill out the application and apply with each one. Banks and brokers can't tell you the rate until they run your credit and you fill out an application. Once I did that I found the best rate with the lowest closing cost and went with them. 2.5% no points is really really good.
Once you go with a bank then email the others and say you decided to go a different route. You can apply at multiple places as long as it is all within 2 weeks and it won't hurt your credit.