Real-Time Housing Data & Opinions🏘️ Financial Crisis Survivor 📉 Exercise 🥜🏃♂️🚴🏼💪 Spirited Girl Dad
Sep 26 • 6 tweets • 4 min read
A #Refinance Solicitation: True story from a client call yesterday.
"They told me I'd save about $300 per month and it would only cost me $1,219. Sounds like a good deal to me! Can you tell me what you can offer before I proceed with them?"
The Devil is in the details!
1/n
Here is the 1st page of the estimate. The $1,219 referenced was the cash-to-close, not the real cost of the transaction.
The real cost is also not $8,335 because there are fees for escrows and daily interest which need to be excluded. So what are the costs?
2/n
Feb 16 • 15 tweets • 3 min read
#Mortgage #LoanOfficers - it is quite possible that the economic model of mortgage lending has changed and past experiences will be nothing like future results. That begs the question, should you change careers?
In my 25 years, income has been mostly predictable. But...
1/n
The past may be just that, the past. Over my career, one could assume the following:
A real #RealEstate story the RE Bros won't tell you.
To keep this short, it is the story of a house hacker who now owns 5 houses since beginning his journey in 2020. All strategic, low down payment, underwriting acceptable move-ups using owner-occupied financing.
1/
Two of the home purchases experienced juicy, quick appreciation. Prior to departing the residence, a 95% CLTV HELOC was taken on one property, and when credit was very easy, a 100% CLTV HELOC was taken on another. These funds were used to acquire the final two properties.
2/
May 11, 2023 • 10 tweets • 4 min read
#LoanOfficers and #Realtors continue to butcher the #TaxSavings conversation regarding having a mortgage. When they do, they usually make it appear bigger than it really is which misleads the buyer.
You might want to bookmark this!
Here is how the calculation really works:
The Standard Deduction means you do NOT pay income tax on the first $13,850 earned as a single taxpayer or $27,700 for a married couple.
If your write-offs exceed those limits, you receive an additional tax refund, as your payroll providers do not consider this.
May 10, 2023 • 9 tweets • 4 min read
A better solution doesn't exist, but here is a short 🧵on why looking at "Average Mortgage Rates" can be misleading in today's world.
#HomeBuyers or wanna-be #HomeSellers - pay close attention! Don't get discouraged running payments on your computer...talk to a professional!
Conventional Loans are tough to price out these days. The #FHFA has a complicated pricing grid that requires points (upfront $$ - one point = 1% of your loan amount in a cash fee) to be collected based on certain loan parameters, LTV, Credit Score, etc singlefamily.fanniemae.com/media/9391/dis…
May 9, 2023 • 12 tweets • 6 min read
@LoganMohtashami has often talked about the structural decline in housing inventory that has been going on for quite some time. There are many arguments for why - too many landlords, STRs, population⬆️, etc.
🧵analyzing the DC Metro Real Estate using @AltosResearch Data.
The charts I will use mirror how @mikesimonsen shows national data. I call my report the "#Realtor and #LoanOfficer Misery Index" as I show new pending contracts compared to active inventory.
It is truly shocking the decrease in transactions on a weekly basis!
