Real estate question. With Porn

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I want to do a cash out refinance for 50k.

Trying to get 3 quotes to shop around

Pennymac
Rocket mortgage
One local lender

Where can I find the latest cash out refi apr and I interest rates?

Anything I type in sends me to lenders to get a quote from them rather than showing me today's rates.

And porn updating in a sec for your trouble








 
Last edited:
I guess I was thinking the government sets the rate so it would be the same on a given day no matter what lender you use.

But I guess that's wrong and the lender can charge whatever?
 
I guess I was thinking the government sets the rate so it would be the same on a given day no matter what lender you use.

But I guess that's wrong and the lender can charge whatever?
Re: "... the lender can charge whatever?" True! Although the FHA caps some loan costs -- fees -- costs -- Pts (prepaid interest) vary widely with conventional lenders who have to disclose them to buyers. Smart buyers get a GFE ("good faith estimate") from various lenders so that they can compare costs of loans!
Most reputable mortgage lenders will provide buyers with a GFE without the buyer signing on the dotted line!
If a lender hesitates to do so -- cross them off the list! :itsawrap:
 
Re: "... the lender can charge whatever?" True! Although the FHA caps some loan costs -- fees -- costs -- Pts (prepaid interest) vary widely with conventional lenders who have to disclose them to buyers. Smart buyers get a GFE ("good faith estimate") from various lenders so that they can compare costs of loans!
Most reputable mortgage lenders will provide buyers with a GFE without the buyer signing on the dotted line!
If a lender hesitates to do so -- cross them off the list! :itsawrap:

Thanks for this. How many quotes should I get?

I heard you can mortgage shop and only one counts as a hard pull of your credit if it's within 6 months.
 
Rocket charged my card 500 and said they give it back at closing but if you don't go with them or close in 30 days they keep a portion of it. Not sure if they all do that or what.
 
Rocket charged my card 500 and said they give it back at closing but if you don't go with them or close in 30 days they keep a portion of it. Not sure if they all do that or what.
Rocket -- like most lenders -- want to charge upfront for an appraisal which 99.9% don't refund if you don't get the loan. However --they will apply it to your costs at closing. They want to ascertain the loan-to-value ratio -- otherwise it's a waste of time!
But if you know that the equity/value of the house meets the loan-to-value ratio -- you should be able to get a GFE (good faith estimate) without paying for upfront appraisals. You and Zillow or Redfin can do for free what lenders want to charge for before giving you a GFE.
How to figure loan-to-value? Add the balance of your mortgage -- say $40K to what you are trying to borrow $50K -- divide that total by the Zillow or RedFin $$value$$. For instance -- $90k divided by say $450K = 20%! Your loan-to-value ratio is 80% which is good for most lenders.
 
Rocket -- like most lenders -- want to charge upfront for an appraisal which 99.9% don't refund if you don't get the loan. However --they will apply it to your costs at closing. They want to ascertain the loan-to-value ratio -- otherwise it's a waste of time!
But if you know that the equity/value of the house meets the loan-to-value ratio -- you should be able to get a GFE (good faith estimate) without paying for upfront appraisals. You and Zillow or Redfin can do for free what lenders want to charge for before giving you a GFE.
How to figure loan-to-value? Add the balance of your mortgage -- say $40K to what you are trying to borrow $50K -- divide that total by the Zillow or RedFin $$value$$. For instance -- $90k divided by say $450K = 20%! Your loan-to-value ratio is 80% which is good for most lenders.

You know your shit.

So I'm taking cash out to use as a downpayment on a duplex. Gonna section 8 it.

If that goes well I want to use the funds for a downpayment on a larger place like a quadplex and keep leveling up to apartments.

I already have a duplex for investment but this is my first investment purchase under my name. Eventually wanna put it in a business name but I need to move on it before someone else gets it now.
 
I want to do a cash out refinance for 50k.

Trying to get 3 quotes to shop around

Pennymac
Rocket mortgage
One local lender

Where can I find the latest cash out refi apr and I interest rates?

Anything I type in sends me to lenders to get a quote from them rather than showing me today's rates.

And porn updating in a sec for your trouble









Not sure exactly…..but I get a lot of info fr.



Carry on…..
 
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