How low can we go? 30 yr fixed at 3.75% with no fees...

Soylent Green Is People said:
The difference between pure AUS approval - Agency Only Guidelines - VS Bank Overlay Underwriting.

Curious who is servicing these Owning loans. Anyone made more than 6 payments on an Owning funded loan yet? (the usual length of time before a funded loan gets sold is 6 payments - sometimes sooner)

My .02c
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My first payment is due next month. The servicer is Specialized Loan Servicing.
 
Irvinehomeseeker said:
Soylent Green Is People said:
The difference between pure AUS approval - Agency Only Guidelines - VS Bank Overlay Underwriting.

Curious who is servicing these Owning loans. Anyone made more than 6 payments on an Owning funded loan yet? (the usual length of time before a funded loan gets sold is 6 payments - sometimes sooner)

My .02c
Click to expand...

My first payment is due next month. The servicer is Specialized Loan Servicing.
Click to expand...

I had SLS too after refi'ing with some random zillow lender.  I got pretty scared when I read their reviews.  I never faced any issues, but it was pretty worrying after doing a google search on them.
 
Soylent Green Is People said:
The difference between pure AUS approval - Agency Only Guidelines - VS Bank Overlay Underwriting.

Curious who is servicing these Owning loans. Anyone made more than 6 payments on an Owning funded loan yet? (the usual length of time before a funded loan gets sold is 6 payments - sometimes sooner)

My .02c
Click to expand...

I re-fi'd with Owning and the loan got sold within a week. SLS is the servicing company now.
 
Kings said:
locked 2.25% 7/1 purchase with wells last week (includes 0.5% relationship discount)
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That's a good rate.  So they do the relationship discount if you move over money for ARM loans too?
 
Kings said:
locked 2.25% 7/1 purchase with wells last week (includes 0.5% relationship discount)
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.5% relationship discount requires moving 1M in assets.  Impressive!  What were your closing costs like (minus impounds).
 
woodburyowner said:
Kings said:
locked 2.25% 7/1 purchase with wells last week (includes 0.5% relationship discount)
Click to expand...

.5% relationship discount requires moving 1M in assets.  Impressive!  What were your closing costs like (minus impounds).
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We aren't done yet with the China tariffs heartburn so I think I'll watch and be ready to pull the trigger on this WF special next time rates dip.  I'd love to get a 2-2.25% 7/1 ARM but I have 3.5 years left on my current 7/1 ARM so I got time to be patient.
 
woodburyowner said:
Kings said:
locked 2.25% 7/1 purchase with wells last week (includes 0.5% relationship discount)
Click to expand...

.5% relationship discount requires moving 1M in assets.  Impressive!  What were your closing costs like (minus impounds).
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current estimate shows around $10k. paying taxes/insurance outside escrow
 
Compressed-Village said:
Non-owner occupy 5.7 %. Unless, you can find a way to declare it as a secondary primary homes, it will be somewhere in this range.
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I just refi'd one of my investments to 4% 30 fixed last month. 5-7% seems a little excessive.
 
yes2 said:
I was able to lock at 3.75% for non owner occupied with 0.875 points, 30 yr fixed, 25% down
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Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
 
Mety said:
yes2 said:
I was able to lock at 3.75% for non owner occupied with 0.875 points, 30 yr fixed, 25% down
Click to expand...

Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
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Technically yes. It?s called Mortgage Fraud.

If your caught by the bank:
The lender might raise your interest rate, entire loan due imediately, foreclose on property, contact the feds which might include financial penalties, prosecution/prison time.

(Any of those options doesn?t sound appealing. Do the right thing.)
 
Mety said:
yes2 said:
I was able to lock at 3.75% for non owner occupied with 0.875 points, 30 yr fixed, 25% down
Click to expand...

Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
Click to expand...

You normally need to wait 12 months to rent it out.  If you applied for owner occupied knowing it would be used as a rental right away, that's an open-and-shut case of mortgage fraud.  Lot's of people do it, but I don't think it's wise, and obviously it's not ethical or legal.
 
Liar Loan said:
Mety said:
yes2 said:
I was able to lock at 3.75% for non owner occupied with 0.875 points, 30 yr fixed, 25% down
Click to expand...

Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
Click to expand...

You normally need to wait 12 months to rent it out.  If you applied for owner occupied knowing it would be used as a rental right away, that's an open-and-shut case of mortgage fraud.  Lot's of people do it, but I don't think it's wise, and obviously it's not ethical or legal.
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I see. Didn't know people actually do it. I guess it's better to live a year at least then rent it out if you really want to stay clean. We're not currently into doing this kind of investment, but just wanted to see how others handle this in case of emergency like job relocation and stuff.
 
Mety said:
Liar Loan said:
Mety said:
yes2 said:
I was able to lock at 3.75% for non owner occupied with 0.875 points, 30 yr fixed, 25% down
Click to expand...

Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
Click to expand...

You normally need to wait 12 months to rent it out.  If you applied for owner occupied knowing it would be used as a rental right away, that's an open-and-shut case of mortgage fraud.  Lot's of people do it, but I don't think it's wise, and obviously it's not ethical or legal.
Click to expand...

I see. Didn't know people actually do it. I guess it's better to live a year at least then rent it out if you really want to stay clean. We're not currently into doing this kind of investment, but just wanted to see how others handle this in case of emergency like job relocation and stuff.
Click to expand...

Please read my post regarding this topic. Trust me I?m. Super genius and I gave the ramifications if you fail to let the bank know that the property is not owner occupied.
 
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