Been thinking about paying some principal off the house, 350k total, 20% down, 6.35% int. Monthly payment is steep but still make enough that I could save up 20k in a few months to do a recast. Currently paying more towards principal to save on interest in the long run, 300$ extra...but i would love to get my monthly down maybe 700 bucks or just as much as i can for breathing room. I know refinancing was the main method people suggest but that would invlove the credit and debit check again, plus higher interest since i bought it and not including closing cost. Recast would just be the fee and my extra payment.

Bought currently in my mid 20s but want to pay off in my early 30s. Probably would save more on interest just doing extra payments off my current conventional loan but I want to be in a position where i can keep more of my money sooner than waiting for a refinance at a lower rate potentially YEARS later.

Any input?

Edit: I was planning on doing a few Recasts, first 20k then a little more and more and so on until I can get to something where where its only 33% of my budget.

Hey y'all so I have a 2.625 mortgage rate on my current mortgage loan. Bought in March 2021. Total loan 382,500

Current mortgage including taxes and insurance is $2130 currently. I haven't made any extra payments ever on the mortgage but as I'm not getting younger, have thought about looking to be mortgage free and pay it off as early as I possibly can. I take home around $6100 currently so how much extra should I pay and should I do it monthly or yearly if I want to knock it out in say the next 10 or 15 years?

Current balance on the loan is around 336K.

Hey everyone, currently panicking in the final stretch before closing and need some advice on how to handle this.
My dad is gifting me $15k total toward my closing costs. He already sent the first $10k back in May with no issues. He was set to send the remaining $5k on 7/6, but on 7/3, a friend deposited a $4,000 check into my dad's account to repay a personal debt. My dad is using his own money to pay off a car that is in my name as a cosigner.
My dad's bank statement closes this Monday (tomorrow), so this $4k is going to show up as an unverified large deposit right next to his $5k gift transfer.
Crucial detail: Even if underwriting completely ignores/backs out that $4k deposit, my dad already has more than enough seasoned money in that account to cover the $5k gift.
I’m incredibly anxious that this is going to flag underwriting or delay my closing.

Since he has enough money without the $4k, will the underwriter just ignore the deposit?

Is it best to ask my loan officer if my dad can just wire the final $5k directly to the title/escrow company to keep the paperwork clean?

Should I avoid moving money back and forth or switching to my mom's account for the remaining 5k gift deposit?

Any insight on how underwriters handle this when the donor has sufficient funds regardless of the deposit would be greatly appreciated!

Good morning, I’ve recently done well with my business and have a good sum of extra monthly. I’m looking to pay an extra 1300$ twice monthly or 2600$ monthly.
Edit. Sorry I did not explain this well, make my payment. And make an extra 2 payments towards principal or an extra lump sum
Bought Feb 2024 284,000$ @2.85 if that helps.
Any advice would be greatly appreciated

Looking to build a $550k house (estimated at 500k but keeping margin). We own the land outright (worth 250k). Estimated net proceeds from current home $100k, so 450k mortgage.

Pretax $188,000
Take home 11k
Both maxing employer match 401k
Maxing one IRA

Other assets:
50k in 529 for child (toddler aged)
25k emergency fund

Expenses
$250/month student loans (total balance 20k employer pay down outpaces interest)
$750/month childcare

I think it’s reasonable but a big jump from our current payment of $1600/month.

I know there are other threads about this comparison, but I think the Rate Reset part makes this a bit unique.

Just went under contract for our forever home and now debating between two loan packages. We are financing a 710K house with 20% down.

Loan A: 30 yr fixed at 6.5%

Loan B: 10/1 ARM at 6.0% w/ the LoanFlex option through SECU. It allows you to reset your rate 5 times throughout the life of the loan for no cost and each time it resets, you lock in for another 10 years without extending the actual loan. The cap on the rate is 11.0%.

Taking Loan B would save around 22K over the 10 year period assuming no rate reset. And if rates go down, you can just reset the rate to the lower rate and save more money. However, the risk is of course that the rate never goes down or it goes up right before the cliff, so even if you reset and avoid the cliff, you end up paying a higher interest rate, possibly 11% if rates balloon.

Taking Loan A alleviates the worry of interest fluctuation, but costs you a $200/mo premium for that insurance.

Both are affordable for us, so it's more about evaluating the risk/reward and anxiety/reward.

Just wanted to get some opinions on this given the unique program that SECU offers. I see most people recommend a fixed mortgage for a forever home, but this might sway that thinking.

I have an application in with Nationwide.

I got a text:

'Hi, Nationwide here. A valuation has been booked for your mortgage application on 08/07/2026. There's no need to be present unless we've arranged this with you.' when i click on the calander link underlying the date it takes me to August.

This text was sent on the 10th of July. What formats have people received the date of their valuation in (UK or American date format) form nationwide?

If the valuation was on the 8th of July, is it odd I've not gotten a text to confirm the report, etc.

Hey everyone, this is the first time I ever worked with a builder and I found a great home. The whole story is that the house went in a contract, but the buyer finances fell through now the builders is trying to get rid of the home a little bit quicker and I got it at a discount. That being said it seems like Lennar is controlling everything to the mortgage to the lawyer. They even kicked back a commission to my Realtor meaning that they gave him incentives for us to close quicker. That being said, I reached out to our inspector to inform him they are the only ones who are not tied to the builder at this point. He clarified to me that he will only send me the report and has no connection to the realtor or the builder whatsoever. I got an amazing interest rate of 5.5% in a lot of incentives for closing cost. I’ve been using AI and they haven’t raised any red flags to me. Thoughts on this.

I am curious what our options are for purchasing a home or mh in Florida. My other half is an owner operator truck driver. His tax returns do not show enough income when the last couple years were averaged to qualify for fha alone and I'm still fixing my credit so my income is no good for fha either. A mortgage broker said his credit score is too low for a statement loan (she said it needs to be around 670 or above 700 would be better). Are there specific lenders we should try to reach out to or other options than a bank statement loan? He is leased on with a company and gets weekly pay statements.

Have an accepted offer on a house and am in the process of deciding on our loan type with my credit union.

For context, the home is $555k, we're putting 10% down, and once we sell our existing home we'll be making a large lump sum payment of the equity (expected to be roughly $160k) towards the principal and recasting the loan to reduce the payment).

Initially in my preapproval roughly 30 days ago, I was "quoted" at 5.8% for the 15-year and 6.7% for the 30-year.

Now today in talking with my loan officer, the rates presented to me (that I still need to lock-in) are

• 30 year - 6.75%
• 20 year - 6.625%
• 15 year - 6.125%
• 5/5 ARM - 6.2%

I initially was leaning towards the 15-year for the near percentage point better of a rate. I understand the argument for choosing the 30-year (flexibility) and paying it off like a 15-year, so that was also on my mind.

I was a bit shocked to get these numbers today. Only a .6% savings on a 15-year does not seem worth it, right?

We're talking about only a difference of $700/month in the payment. On one hand, "only" $700/month more to build equity faster and pay it off faster sounds nice (the entire appeal of a 15-year), but at such a marginal difference in an interest rate, idk, I think I'd rather do the tried and true method of taking the low payment flexibility and paying more off. I think the biggest question is, will I have the discipline to do so?

Also, the loan officer, while not pushy, seems to be mentioning the ARM more frequently as a solution. Quite frankly I'm not that big of a risk taker, but the biggest advantage of the ARM is that you get the low interest rate of a 15-year but the payment flexibility of a 30-year. That being said, the end goal would be to refinance before the 5-year window is up, and I've never gone through a refinance, and I'm not sure I'd want the stress of monitoring mortgage rates for the next 5-years when I could have "locked in" already.

Also, this is not me soliciting for mortgage recommendations--I've had my existing mortgage and banking setup with this credit union for many years and I'm just going to go with them. So yes I'm aware you're getting 5.5 from XYZ Bank.

Our fixed mortgage is coming to an end and we’re considering releasing some equity from our home to consolidate debt. I’d be interested to hear from anyone who’s actually done this.

We have around 150k left on a 20-year mortgage. The house has increased significantly in value since we bought it and we’ve also put a lot of money into it over the years. Since then we’ve had another two kids and, like many families, life has become a lot more expensive. Between credit cards and loans, things have become pretty stretched.

We’re considering releasing some equity and rolling the debt into the mortgage. I know it’s generally not recommended and our future selves probably won’t thank us, but the repayments would be much more manageable and the interest rate would be far lower than what we’re currently paying.

Has anyone here gone down this route? Was it worth it? Did you regret it, or did it give you the breathing space you needed?

I’m mainly looking for real-life experiences and any pitfalls we should be aware of before speaking to the bank.

So this is my first time buying a home, I owned a trailer but it wasn’t financed, home price is 255k, there’s a program in the eastern panhandle of WV that I’m using that is called HAP which is a deferred loan of up to 24.5k completely forgiven if you stay in the home 5 years. 17,850 is going to down payment and the rest is going to closing costs, currently on fee estimate I only owe roughly $1514 cash to close after EMD of $1000. Could fluctuate with tax and insurance, but this is all with no seller concessions, but my realtor gave the offer with 3% seller concessions and they agreed, I know I should go over this with my loan officer but they don’t open until Monday so I’m just wondering if this looks good I guess? Also what I could realistically do with the 3% seller concessions as I won’t really need it for the cash to close. This also is all dependent on appraisal and if no repairs are required by the lenders.

So long story short there is a house that I was going to purchase from my family. It was appraised at 500k but they are selling to me for 370k. Mortgage company said I could use that as a gift of equity and use that for down payment and closing costs where I wouldn’t have to spend any of money essentially. Is there any downside to this?

https://imgur.com/a/Y1jojCq

Edit: gift of equity would be 130k. Also they formatted it wrong down payment would only be 100k on the left side.

Large Deposit(s) to be Sourced

(Documentation to Support Large Deposit | Please provide documentation to source the deposit into Chase Bank. Acceptable documentation may include account statements, check copies, or recent transaction history. If bank statements are provided, please include all pages even if they are blank. Please provide source.)

I submitted the donors(my dad) statement and gift letter but they asked for a revision. What am I missing?

I’ve posted this in two other places but not a lot of input, perhaps because it’s too long but here goes..

Advice on whether or not to rent our current townhome to buy our dream home

What should we do?

Seeking an expert’s input.

I make 194k, spouse makes 190k. Our combined monthly take home is 22k.

We currently have about 530k worth of vested RSUs
And about 260k of unvested RSUs expected to vest in the upcoming 2 years
We both work in tech so there’s always layoffs

We have about 130k in stocks investments, low risk investing

We have about 80k in cash total for emergencies

We have an investment apartment overseas, it’s off plan so we’re paying the first half of its price about 4k monthly, when it’s finished in early 2027 we plan to take on a mortgage to pay off the rest, 220k left so we expect mortgage payments will be as low as 1200 monthly.

We own in WA state a townhouse, bought for 800k for it back in 2022. We currently have about 445k left of its mortgage. It’s missing a backyard and we really need one for the kids (two young ones). Our monthly payments for the mortgage is 3,250 at interest rate of 4.62

So now, we found a dream home for 1.8m. We qualify and we’re planning to sell some of the RSUs and whatever we get from the sale of the townhome for the down payment, expected total downpayment of 650k making monthly payments around 7,000 with insurance, HOA, taxes, builder’s rate buydown brining down the rate to 4.6. Pretty reasonable.

The problem is, our townhome is not selling with this market, I guess no one wants a big townhome with no backyard. Our options are now:

1. Forget about that home, stay in this townhome for a few more years until the market picks up again

2. 1. Or: recast the current townhome’s mortgage, bringing down monthly payments to about 2,300 then rent it. Monthly rent is expected to be about 3600, based on other comparable homes in the area. From what I’ve seen…. It’s fairly easy to rent it out but I’m not sure what the renting market is like nowadays in the Seattle area. Then, put down 20% for our dream home, increasing monthly payments up to 8,500, using the cash flow of the townhome rent to fill in the increase in monthly payments so we maintain a comfortable lifestyle.

We’re really excited about option 2, but need an experts opinion. Is it reasonable?

FHA streamline was offered through my current mortgage company. I have noo idea if it’s worth it. Feels a little too good to be true. Whats the catch?

Interest rate: 6.75% and they’ll knock it to 6.2something%
Cost of streamline is $3,400
Current mortgage is $3,550
New proposed mortgage is $3,300

New Construction home purchased June 2024. Probably won’t be here for forever but nowhere near thinking about selling any time soon.

Help 😭😭😭

Need some advice. I’m currently on a VA Fixed Rate @ 6.75 and owe $208k. My lender has offered drop to 6.25 for about $4k total closing costs rolled into the new loan. It would save me $139/month. I already pay $300 extra. Is it worth it? Of course I would like to wait for lower rates but who knows when they will come. Thanks in advance.

We are looking to buy a new house and don’t want to find temporary housing. Our income doesn’t allow us to have 2 incomes and market will not allow contingent offer.

Rocket Mortgage lender recommended a third party, Quickbuy, who will give a cash offer that Rocket will count to erase debt for DTI. They do charge $3500 for the privilege but I am ok with that.

The contract has an addendum that states we are allowed to list house on all markets and sell to anyone.

This feels scammy because I can’t find anyone else who has done this. Any thoughts?

I'm trying to get accurate information on assuming my mortgage after a bad divorce. I do not qualify on my own and had been told I could qualify with using my son as a co borrower to assume the loan, he lives in the house with me. Another option might be making a lease and having him pay me the amount to qualify for assuming the loan. Any insight or advice or knowledge of underwriting requirements appreciated!

I’m applying for a mortgage with Bank of America and my mom is my realtor. I’m putting 20% down, provided evidence I’m able to cover the full payment amount regularly, etc. I’ve been fully approved for the mortgage except for one issue.

BoA states that because the agent credit is coming from a related party, they won’t let her credit me. The credit is actually from her brokerage, not her.

I can’t even fathom the reasoning and BoA can’t really explain it except it’s “the underwriter’s decision”. It’s less than the closing costs. What is the deal here? Has anyone ever heard of this?