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Home loan Education and Interest Rate Quotes.Free 4 Preppers

Discuss Finances Here. *Note, this is not a replacement for Professional advice and should not be used for such.

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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby DR1VENbyKNOWLEDGE » Tue Feb 21, 2017 10:51 am

IceFire wrote:When we purchased our current property, we went in with our daughter on it...the deed was done up as 'joint tenants with right of survivorship," so we all share the property, and when any of us kicks off, it goes to the 'survivors', with no inheritance taxes.



Great way to do it....Even avoids probate.

The only better way is having it in a Living Trust.

Make sure the property is specifically named in the Trust AND titled as such if you go that route.....I cant tell you the amount of people that think just putting the trust name on title protects them. It must be specifically named in the trust or amended to do so if the trust already exist.

(Legal disclaimer...I am not a title agent or Trust attorney and as such with my real estate licensing I must advise you to talk to an attorney or title officer for any advice)
In honor of RebNavy...RIP buddy. You made me smile. :)

Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
Reb"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862
Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby JayJay » Tue Feb 21, 2017 11:06 am

Sorry: it was not obvious, nor can I imagine such a life. Swamp

oh, it happens..maybe you don't know any but my only relative is a 82 year old BIL..these neighbors of 9 years do Not care to socialize with other neighbors and treasure their privacy..which is why I am saving for a down payment for a smaller house in the country and then sell this house.

I have too much stored food and will be robbed if TSHTF.
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby DR1VENbyKNOWLEDGE » Wed Feb 22, 2017 10:56 am

Soooo.....For general info on purchases since that came up.

VA is always your first choice for a Primary residence if you're a vet. Unbeatable rates, 100% financing available, and if you have a 10% service related disability or more the VA funding fee can be waived. If not it can be added to the loan amount even on a $0 down purchase.

Conventional loan will have the next best program if you have a good down payment....You can do as little as 5% down and be in a conventional loan with private Mortgage insurance(you can do "LPMI" or Lender Paid Mortgage Insurance Vs. "BPMI" or Borrower Paid Mortgage Insurance and save a lot of payment monthly but you will want to compare the two options for what you think is best for you. The more down you put, the better the rate and lower monthly MI you'll have to pay...Once the Loan to Value ratio(LTV) is lower than 80%(20% down), no MI will be needed....You need a 640 middle credit score to qualify for a conventional loan.

An FHA loan has its benefits but there's drawbacks as well...IMHO these are a last resort, but just Vs. the other programs for a purchase or refinance.These loans are designed for poor credit(Under 640), less than 5% down(Min 3.5% down required), foreclosure/Loan mod/Bankruptcy history/ etc. that has happened within the last 4-7 years....If you have less that 5% down but everything else is good, an FHA loan is a good option to make you a homeowner. Rates are typically just a smidge lower than a conventional loan but the mortgage insurance is a killer. There is a "UFMIP"(Up-Front Mortgage Insurance Premium) a large dollar amount added to the loan or due at closing AND there is also an annual MI that you pay monthly on top of the normal monthly payment for insurance against default on the loan to the mortgage insurance provider(This insurance does not stop a foreclosure if you default)....FHA Mortgage insurance is for the life of the loan no matter what you do. It used to drop off under 80% LTV but no longer. FHA insurance cost are very expensive compared to other MI programs but they recently were going to drop the cost but then Ben stopped the program change while our current administration looks things over.

There are additional programs that I've very fluent in as well but don't have the time to type out right now....contact me directly if you would like some other free advice/info.

For now I have to scramble....I have 2 different new home owners that signed their closing docs yesterday that will be happy to hear their loans funded this morning. :clap:

Have a great day all.....
~DR1VEN
In honor of RebNavy...RIP buddy. You made me smile. :)

Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
Reb"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862
Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby IceFire » Wed Feb 22, 2017 9:32 pm

There is one other financing method you did not mention, and it is VERY common around here..."Owner Carry". It is common around here, ESPECIALLY on properties with acreage, since most of the existing homes on the acreages in my area are Manufactured Homes. FHA and conventional loans are NOT made for pre-fabs, and for VA loans, they require a particular type of tie-down that is much more costly, so typically NOT used. Owner Carry is how we financed our current place. The old house in town (that we are going to try to rent out, since we are currently unable to sell it for what we owe on it, much less what we paid for it) was financed with a VA loan.
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby DR1VENbyKNOWLEDGE » Thu Feb 23, 2017 2:17 am

IceFire wrote:There is one other financing method you did not mention, and it is VERY common around here..."Owner Carry". It is common around here, ESPECIALLY on properties with acreage, since most of the existing homes on the acreages in my area are Manufactured Homes. FHA and conventional loans are NOT made for pre-fabs, and for VA loans, they require a particular type of tie-down that is much more costly, so typically NOT used. Owner Carry is how we financed our current place. The old house in town (that we are going to try to rent out, since we are currently unable to sell it for what we owe on it, much less what we paid for it) was financed with a VA loan.



Yes indeed IceFire. :) You are correct as you so often are...

Manufactured is indeed the toughest loan to get. I can actually do manufactured but the criteria involved in the wholesale arena for manufactured is so hard and often unsuccessful I wont touch them just for the reason that the loans so often fail thru no ones fault that I don't want my name to attached to the loan.(has to be built past a certain year, permanent foundation, double-wide, engineer reports needed, Well and septic testing, compatibles for the appraisal needed, etc......Nightmare.) We've been hearing lending on them is going to loosen up but we've also been hearing that for 2 years. Nothing so far there but you are starting to see alternate income allowances for self-employment roll thru that's promising.(No tax returns needed).....If TRUMP does indeed loosen Dodd-Frank regs, some folks that have been hurt by the government takeover in 08 might finally get some leeway to qualify again for wholesale rates.

I handle everything except manufactured as I stated in the intro of this thread. All loan types (Except manufactured) an for residential loans including rural and up to 25 acres. I also only work in the wholesale market where the best rates are possible so owner carry I will not chime in on since the rates are so much higher and don't work with that product.

***Purchase, refi, cash out refi, conventional, super conforming, High balance, Jumbo, 5/1-7/1-10/1 ARM's, Interest Only, FHA, VA, Multi-property(over 4 homes financed) for all different loan terms, on Any SFR, 2-4 Units, condo, townhome, PUD, rental properties, Investment and the like...Then I'm your man if you're already not fluent in the loan and underwriting criteria needed. ;)
In honor of RebNavy...RIP buddy. You made me smile. :)

Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
Reb"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862
Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby DR1VENbyKNOWLEDGE » Thu Mar 09, 2017 7:16 pm

Rates are continuing to increase in todays markets..... Here's an example of the best possible pricing today....These rates are climbing quick lately.


Loan senario...

$300,000 1st mortgage...No cash out or 2nd leins.
SFR/Primary res/740+ FICO/Under 60% LTV
Specifics above matter VERY much for your personal rate.


Keep in mind, if you're getting the absolute best pricing, it will change with the market----Hourly sometimes
The rate will still be available, but the FEES will change for the same rate.

30 Year Fixed Conventional
Rate --- Payment --- Points ----FEES

3.625 ---$1,368.15 --- 2.009---- $10,653.06
3.750 ---$1,389.35 --- 1.083 ----$7,739.09
3.875 ---$1,410.71 --- 0.230 ----$5,104.23
3.990 ---$1,430.52 --- 0.000---- $2,912.17
4.000 ---$1,432.25 --- 0.000 ----$2,770.52
4.125 ---$1,453.95 --- 0.000 ----$494.50
4.250 ---$1,475.82 --- 0.000 ----FREE including all cost everywhere and a full appraisal refund.(Nothing added to loan amount or hidden.)



The "FEES" should include ALL cost from the lender, points, title, escrow, recording, notary, appraisal, etc. etc., etc., etc........Look for a single figure for all cost combined. Thats the only way to protect yourself....The APR #'s CAN BE MANIPULATED...***BE AWARE***
In honor of RebNavy...RIP buddy. You made me smile. :)

Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
Reb"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862
Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby contrarian » Fri Mar 10, 2017 8:42 am

rickdun wrote:What Swamp said, we put our home in the kids name, with a memorandum of understanding that we live in it, keep it up and pay the taxes until we are both dead. We had an attorney do the paperwork, only cost me $150.00, that was done abut 5 year ago. Now the kids, after we're dead can do what they want with it and not pay any inheritance taxes.

There are down falls to this method, if one of the kids gets in a bad accident and they are sued for big time money, well you know the rest. If they would separate from their spouse, not a problem, that was put in the memorandum, inlaw doesn't count and they signed paperwork to that affect.


Another tool we can use to manage our estate with much lower risk to all of us from law suits, government confiscation, and such is to use Limited Liability Corporations (LLCs) to own your property. If you have multiple members (the kids) it becomes much more difficult for those assets to be stolen by the government.
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Re: Home loan Education and Interest Rate Quotes.Free 4 Prep

Postby DR1VENbyKNOWLEDGE » Sat Mar 11, 2017 2:39 pm

contrarian wrote:
rickdun wrote:What Swamp said, we put our home in the kids name, with a memorandum of understanding that we live in it, keep it up and pay the taxes until we are both dead. We had an attorney do the paperwork, only cost me $150.00, that was done abut 5 year ago. Now the kids, after we're dead can do what they want with it and not pay any inheritance taxes.

There are down falls to this method, if one of the kids gets in a bad accident and they are sued for big time money, well you know the rest. If they would separate from their spouse, not a problem, that was put in the memorandum, inlaw doesn't count and they signed paperwork to that affect.


Another tool we can use to manage our estate with much lower risk to all of us from law suits, government confiscation, and such is to use Limited Liability Corporations (LLCs) to own your property. If you have multiple members (the kids) it becomes much more difficult for those assets to be stolen by the government.



It is an EXCELLENT tool....... be aware though I know of no lenders(in the wholesale market) that will refinance any residential residence held in LLC anymore....I run into that problem on a few of my high profile clients in the entertainment industry.

If you refi or purchase, and then put back into LLC and they notice, they WILL demand removal out of LLC again or order demand of payment in full...This is in CA properties, but with National lenders.....I am NOT an expert in this area but see it happen quite a lot.....Just a footnote to make sure you research this option for your specific lender and state.
In honor of RebNavy...RIP buddy. You made me smile. :)

Postby rebnavy1862 » Fri Apr 07, 2017 4:00 pm
Driven, are you sure you are from Kalifornia? You make a lot of sense.
Reb"Then call us Rebels if you will, we glory in the name, for bending under unjust laws and swearing faith to an unjust cause, we count as greater shame". Richmond Daily Dispatch May 12 1862
Semper Fi, Sic Semper Tyrannis, Remember The Alamo, and Aide'toi et Dieu T'aidera!
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