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Mortgage Rates are DROPPING. I am a Loan Officer - Any Questions?

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I got a 30 year fixed in 2018 at 5%...


--- Quote from: ShyGuy on March 10, 2020, 11:32:27 AM ---I got a 30 year fixed in 2018 at 5%...

--- End quote ---

You're time had come my friend.
You are LONG overdue on a refinance.
Go get you a much lower rate right now before you miss out.

The lowest ones might be United Wholesale Mortgage.
Seriously, stroke while the iron is hot.

Your local big bank may price match them too, if you'd rather mortgage at the bank.

This is something I didn't know about you BlackNMilk2k1.   

Currently I am renting a duplex for about 750 here in Phoenix. It is an old 1950s house converted into a duplex.  Me and mom decided this year that we were going to try and make the best of things since our name haven't come up on the Mesa section 8 list since December 2016 when we intially signed up for the list.  I also have my name on multiple apartments but I haven't heard back from them.  So we are actually going to try and update the duplex to today's standards.  There is no dishwasher, garbage disposal, heat, perhaps update the swamp cooler to central air for the summers here, there might be termites and with wood beams on the ceiling that might be a problem, we also have tile floors so it can get chilly in the winter.  The idea is to upgrade the place and take the upgrades out of our rent so we can actually stay there and have someplace stable.  Any advice?

You're going to spend money to upgrade someone else's property to the way you like it, and expect them to allow you to take it out of the rent....?

I mean, if they allow it.... I guess.
But once it's upgraded, I'm sure he'll just up the rent since it's a nicer place now. But who knows....

I recently closed on a house (settlement is on 03/23). 30 year conventional loan, fixed at 3.375%. The mortgage is a little less than half of my monthly net pay. Not ideal, but it should be noted that:

* I had no debt. The loan officer literally asked me, "How do you have no liabilities?" I replied, "Painfully."
* I bought a new car in December. Paid in cash. I shouldn't have to worry about it breaking down any time soon. However, **** was falling off the car I replaced, and it was only like eight years old.
* I spend within my means, and I'm generally financially responsible. Just don't look at my games backlog.
* Even with the mortgage, I'm not living paycheck to paycheck. I'm still able to put money into my savings account monthly.
* I still have a decent amount of savings though I spent about $57,000 in the last three months on the car, house, and surgery. I started putting the wheels in motion several years ago.I've been renting since 2007. I wasn't planning on buying yet, but the market for rental properties in the city was and is not great. Rent is stupid high and many places do not allow pets. It was getting to the point where the cost of rent was basically as much as a mortgage. If I'm going to spend this much, I may as well build some equity.

I was starting in panic about my living situation in January. I emailed my realtor and asked how likely it would be to reach settlement before my lease ended on 03/31. She said we'd have to start looking immediately, but luckily this is a good time to buy because interest rates are the lowest they've been in years. That tracks with what BlackNMild stated.

The process was pretty painless comparatively to friends' experiences. I kind of lucked out because the housing market is kind of tight. I'll spare everyone the whole story. I may write a blog about it one day. I've budgeted to buy new furniture and do some small projects around the house. I'm starting with painting the stair risers and replacing the stair posts and balusters. The current ones are loose so I got a seller assist for that. I'd like to update kitchen sink and counters, but I need to do more research. I may have to wait until next year.


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