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ElectricRCAircraftGuy / ElectricRCAircraftGuy.github.io

My github pages website at gabrielstaples.com
https://gabrielstaples.com/
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https://gabrielstaples.com/loan-shopping-tips/ #48

Closed utterances-bot closed 1 year ago

utterances-bot commented 1 year ago

Loan/Mortage shopping and refinancing tips for your new house or property! | GabrielStaples.com home

I’ve bought 2 houses in the last 4 years, and refinanced one of those in that time. So, that’s 3 times going through the mortgage process in the last 4 years, shopping around and talking to lenders, brokers, and loan officers. This is what I’ve learned. The most recent purchase I did was just 6 months ago, so I need to write this down before it totally fades away from my memory. Here you go.

https://gabrielstaples.com/loan-shopping-tips/

ElectricRCAircraftGuy commented 1 year ago

TODO (notes to self):

  1. [ ] mention that the "par rate" is the rate with no buy-down points.
  2. [ ] mention 2 example brokers for anyone looking for a broker
  3. [ ] add a full example LE of mine (blacked-out where necessary), with my personal notes on it to point out what I'm looking for
  4. [ ] watch out for super low rates: a lender can finagle the interest rate up or down within a range of 1%\~2% or so (ex: they might be able to give you any rate from 5.00%\~7.00%). The way they do that is by increasing or decreasing "buy down" points or lender credits or loan origination fees. Ex: maybe the 7.00% rate has $2k in lender credits, the 5.00% rate has $7k in buy-down cost, and the $6.00% rate is the "par rate" with no buy-down points.