Comments for Getloans.com http://www.getloans.com/blog Just another WordPress weblog Wed, 17 Feb 2010 23:21:07 -0700 http://wordpress.org/?v=2.9 hourly 1 Comment on Home Equity Line Limits by brianm http://www.getloans.com/blog/archives/483/comment-page-1#comment-128 brianm Wed, 17 Feb 2010 23:21:07 +0000 http://www.getloans.com/blog/archives/483#comment-128 Another good thought, but the client did not necessarily want "cash out" at this point. He was just looking to refinance the $600,000 he owed and wrap in some of the closing costs. The client liked the idea of keeping the equity line as large as possible. So refinancing the 600k 1st trust, and taking the haircut on the equity line was the best bet for the client. He would have preferred keeping the equity line at $245,000, but cutting it back to $190,000 was acceptable to him, and we still got him a much lower rate on the 1st trust, which was the main objective in the first place. Another good thought, but the client did not necessarily want “cash out” at this point. He was just looking to refinance the $600,000 he owed and wrap in some of the closing costs. The client liked the idea of keeping the equity line as large as possible. So refinancing the 600k 1st trust, and taking the haircut on the equity line was the best bet for the client. He would have preferred keeping the equity line at $245,000, but cutting it back to $190,000 was acceptable to him, and we still got him a much lower rate on the 1st trust, which was the main objective in the first place.

]]> Comment on Home Equity Line Limits by brianm http://www.getloans.com/blog/archives/483/comment-page-1#comment-127 brianm Wed, 17 Feb 2010 23:16:49 +0000 http://www.getloans.com/blog/archives/483#comment-127 Thanks for the comment. A $793,000 refinance would have been over the "Conforming-Jumbo" loan limit of $729,250. This would have forced the loan into "Jumbo loan" territory, where the rate would have been much higher. So we could not have raised the loan to $793,000. Also, the client really wanted to keep his loan structured as it was, and did not want it altered. but thanks for thinking outside the box. One always needs to look at all the angles. Thanks for the comment. A $793,000 refinance would have been over the “Conforming-Jumbo” loan limit of $729,250. This would have forced the loan into “Jumbo loan” territory, where the rate would have been much higher. So we could not have raised the loan to $793,000. Also, the client really wanted to keep his loan structured as it was, and did not want it altered. but thanks for thinking outside the box. One always needs to look at all the angles.

]]> Comment on Home Equity Line Limits by John http://www.getloans.com/blog/archives/483/comment-page-1#comment-126 John Wed, 17 Feb 2010 22:27:38 +0000 http://www.getloans.com/blog/archives/483#comment-126 OTOH -- I think they should have considered a refi amount of the $653K owed on the 2 loans. I also assume your client would then have been eligible for a $140K equity line with an initial $0 balance. Would that have been a better financial option for them? OTOH — I think they should have considered a refi amount of the $653K owed on the 2 loans. I also assume your client would then have been eligible for a $140K equity line with an initial $0 balance. Would that have been a better financial option for them?

]]> Comment on Home Equity Line Limits by John http://www.getloans.com/blog/archives/483/comment-page-1#comment-125 John Wed, 17 Feb 2010 22:19:34 +0000 http://www.getloans.com/blog/archives/483#comment-125 Thanks for posting this great information. I'm wondering if there would have been any advantage to roll the $50K owed on the equity line into the refi. Would the cost/benefit for the $793K refi (including a cash out cost I assume) not have made economic sense in your clients case? Thanks for posting this great information. I’m wondering if there would have been any advantage to roll the $50K owed on the equity line into the refi. Would the cost/benefit for the $793K refi (including a cash out cost I assume) not have made economic sense in your clients case?

]]> Comment on Home Equity Line Limits by Mike in LA http://www.getloans.com/blog/archives/483/comment-page-1#comment-121 Mike in LA Tue, 09 Feb 2010 05:44:44 +0000 http://www.getloans.com/blog/archives/483#comment-121 wow those are some pretty stark numbers. I remember when I bought my house 3 yrs ago I splashed out more than the required 10% down payment. I thought, so what I can always borrow it back later. Hindsight is 20/20 , but now I think that was unwise. wow those are some pretty stark numbers. I remember when I bought my house 3 yrs ago I splashed out more than the required 10% down payment. I thought, so what I can always borrow it back later. Hindsight is 20/20 , but now I think that was unwise.

]]> Comment on HO6 Insurance Policy??? by brianm http://www.getloans.com/blog/archives/464/comment-page-1#comment-114 brianm Mon, 25 Jan 2010 12:48:08 +0000 http://www.getloans.com/blog/archives/464#comment-114 Hello Joel, most major insurance providers will write this type of insurance, for example State Farm, AllState, Geico, USAA, etc. If you want to consider insurance of this type call any of the above, or call the current insurance provider that you may have a "contents coverage" policy with. The contents coverage covers your personal belongings against damage or theft, the HO6 would be good to consider in addition, especially if you have done a renovation. I myself own a condo, and did an extensive renovation. The insurance provider that covers the dwelling (that the condo's board of directors choose and part of my condo fee pays for) says that part of the master policy's coverage will go towards rebuilding the interior of my unit, however that this coverage is basic and not extensive. That master policy would end up rebuilding walls, replacing windows, and basic cabinets and fixtures. But I have installed more expensive fixtures, cabinets, flooring, etc. So I chose to get this additional HO6 coverage to cover the cost that I think it would take to redo my place to its current level of finish. Hello Joel, most major insurance providers will write this type of insurance, for example State Farm, AllState, Geico, USAA, etc. If you want to consider insurance of this type call any of the above, or call the current insurance provider that you may have a “contents coverage” policy with. The contents coverage covers your personal belongings against damage or theft, the HO6 would be good to consider in addition, especially if you have done a renovation. I myself own a condo, and did an extensive renovation. The insurance provider that covers the dwelling (that the condo’s board of directors choose and part of my condo fee pays for) says that part of the master policy’s coverage will go towards rebuilding the interior of my unit, however that this coverage is basic and not extensive.

That master policy would end up rebuilding walls, replacing windows, and basic cabinets and fixtures. But I have installed more expensive fixtures, cabinets, flooring, etc. So I chose to get this additional HO6 coverage to cover the cost that I think it would take to redo my place to its current level of finish.

]]> Comment on HO6 Insurance Policy??? by Joel http://www.getloans.com/blog/archives/464/comment-page-1#comment-113 Joel Mon, 25 Jan 2010 11:34:26 +0000 http://www.getloans.com/blog/archives/464#comment-113 Who are the vendors that market insurance for the condo sector? Who are the vendors that market insurance for the condo sector?

]]> Comment on Getting A Condo Loan Gets Harder… by rick carrier http://www.getloans.com/blog/archives/184/comment-page-1#comment-48 rick carrier Thu, 29 Oct 2009 20:32:10 +0000 http://www.getloans.com/blog/?p=184#comment-48 Very nice information. Thanks for this. Very nice information. Thanks for this.

]]>