Refinance now??

parkiteric

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Jul 3, 2010
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Not a refi question, but a mortgage question
When buying a house that’s missing CO for things like a second kitchen / illegal apartment, or a deck, I’ve heard smaller lenders will let that slide, as applied to banks that will not underwrite the mortgage

So if a real estate agent introduces the buyer to a mortgage lender, and the lender say they have no problem with the missing CO, I’d expect there’s a premium to pay for that flexibility

My questions ar
Is it true that major lenders will be more sticklers for COs
Should someone expect to pay more when missing COs
And assuming yes, how much more
@parkiteric interested in your thoughts
Also, not sure if being in NY makes any difference
And not sure if you do business in ny, but if you are, let me know
Thanks!

Whats CO? Im assuming co-op.
 

parkiteric

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Jul 3, 2010
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I went with a mortgage broker.

No appraisal necessary since I'm under 60% LTV. Dropping my payment about $350 per month.
Broker is simply just a middle man between you and the bank/lender. Be cautious as they cant guarantee pricing, nor lock rates until the lender approves.
 

parkiteric

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Jul 3, 2010
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Anyone looking to buy a house, dont get into suckered buying a house at the current peak of the market by a dumbass/hot realtor because rates are low UNLESS you know it's a forever home.
 
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Random Guy

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Whats CO? Im assuming co-op.
Certificate of occupancy. Basically permits on changes to the house
For things like adding a bathroom, converting attic or basement to living space, a deck, converting from oil heat to gas
That kind of stuff
I guess CO is a local term, but everywhere has permits, right?
 

Random Guy

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Jan 16, 2002
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Anyone looking to buy a house, dont get into suckered buying a house at the current peak of the market by a dumbass/hot realtor because rates are low UNLESS you know it's a forever home.
Yeah, agree
But I’m buying now because the timing is right. Not financially, but right for life reasons
 

Muscles

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Jun 1, 2013
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California/Hawaii
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 loan amount if $640K.

This property is something that I plan on leaving to my children and will own (hopefully) for a loooonnnngggg time. So getting the lowest rate possible was my main motivation.

I'm fine with it taking a long time to close. As long as it goes through.
 
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parkiteric

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Certificate of occupancy. Basically permits on changes to the house
For things like adding a bathroom, converting attic or basement to living space, a deck, converting from oil heat to gas
That kind of stuff
I guess CO is a local term, but everywhere has permits, right?
most lenders including me cant loan on those types of properties. SFR(single family residences) always get the best pricing compared to condo/townhomes, multi-unit etc.
 

parkiteric

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Jul 3, 2010
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The entire rate sheet is below. It's been the same for a week now.

20, 25 or 30 Year Fixed – Conventional 60% LTV, 720+ FICO, Primary home in CA, AZ, NV, CO. Don’t pay points

2.50% $350,000 - $548,250 1.25 points
2.50% $200,000 - $349,999.99 1.50 Points, $995 Admin Free Closer
2.625% $350,000 - $548,250 Free Closer
2.625% $200,000 - $349,999.99 Free Closer plus $995 admin
2.875% $548,251 - Max High Balance Free Closer

15 year fixed is 1.99% for free between $300-548k
 

parkiteric

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Jul 3, 2010
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I'm locked in at 30 year, 2.5%, no points, 60% LTV, appraisal waived.
still probably $1500-3k minimum in fees. Zeros fees is always better than zero points as there are still fees with a zero point in loan in many circumstances such as third party costs.
Please send me a the 3 page loan estimate and I'll tell you the good and the bad.
 
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parkiteric

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Jul 3, 2010
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just a heads up. our company is offering 1.75% 15 year fixed zero fees/points. Dont miss the boat. Any loan amount under that, is 1.99% 15 year fixed, zero fees/points

(720+ FICO, Owner Occupied, CA NV AZ CO, $350-548k loan amount, 60% or less LTV)