Mortages

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plumber_greg
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Re: Mortages

Postby plumber_greg » Sat Feb 17, 2018 8:32 am

640k was a gross on plumbing.
Reason you sometimes can't go local is interest rates offered. Bank we used gave 30 year fixed at 3.90 rate. No pre pay pentaly.
Local bank was 6 for 15 years.
Every thing done. Spent last night at new house.
Can now officially retire. Will still work here with my son and at home, but try to hold down hours and enjoy life a little more. Gs
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TexasBred
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Re: Mortages

Postby TexasBred » Sat Feb 17, 2018 9:40 am

Brute 23 wrote:
TexasBred wrote:
Brute 23 wrote:
That is the real problem. Your loan was not re-sell-able so it did not fit in their cookie cutter system (there was not box for the "banker" to click on :lol: ) so they would rather just turn you away.

Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.


Actually I exaggerated to make a point and a joke. :roll:

Yes you are correct TB. (Every one give him a round of applause) Any thing can be bought and sold but some are a lot more marketable than others. Metal homes are not near as marketable as cookie cutter houses in the burbs.

Mine actually can't be sold. It's in the contract.

Considering where CB's house is located the metal frame and the wind rating should have made it even more valuable and desirable. No way in he// you can look at CB's home from the outside and even think about a metal frame so that shouldn't be a hindrance to selling it if he ever decides to sell it and the lender should have no concern either. As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.
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TexasBred
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Re: Mortages

Postby TexasBred » Sat Feb 17, 2018 9:40 am

plumber_greg wrote:640k was a gross on plumbing.
Reason you sometimes can't go local is interest rates offered. Bank we used gave 30 year fixed at 3.90 rate. No pre pay pentaly.
Local bank was 6 for 15 years.
Every thing done. Spent last night at new house.
Can now officially retire. Will still work here with my son and at home, but try to hold down hours and enjoy life a little more. Gs

Congrats greg. Enjoy your new place. Send pics when you get them. ;-)
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Caustic Burno
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Re: Mortages

Postby Caustic Burno » Sat Feb 17, 2018 12:55 pm

TexasBred wrote:
Brute 23 wrote:
TexasBred wrote:Yep your personality came out. "I'm bigger than you guys so I'll just show you sob's". CB if you ever really made a formal application that was processed by the mortgage company they have to furnish you with a written letter of approval or denial. What did the letter say??? Brute, don't keep showing your ignorance. Any complying loan can be sold in the secondary market.


Actually I exaggerated to make a point and a joke. :roll:

Yes you are correct TB. (Every one give him a round of applause) Any thing can be bought and sold but some are a lot more marketable than others. Metal homes are not near as marketable as cookie cutter houses in the burbs.

Mine actually can't be sold. It's in the contract.

Considering where CB's house is located the metal frame and the wind rating should have made it even more valuable and desirable. No way in he// you can look at CB's home from the outside and even think about a metal frame so that shouldn't be a hindrance to selling it if he ever decides to sell it and the lender should have no concern either. As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.


Got that right I’m in the burbs feels like. The county road I live on is about five miles long had one house besides mine on the last three miles when I built.
Today the timber companies have completely sold off holdings on the south side of the road. The tracts range from fifty to four hundred acres.
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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Sun Feb 18, 2018 10:02 am

J&D Cattle wrote:
Brute 23 wrote:
J&D Cattle wrote:Definitely not the way I loan money. We see lots of self employment income around here. Most of the time I don't even ask for more than 1 years worth of tax returns.


Do yall keep your mortgage loans in house or resell them?


We keep our conventional loans in house. We do have a market for USDA, VA, and FHA type loans as well and those are sold.

I worked for a mortgage company like that in Kansas when I met my husband (back in 1965). I was a disbursal loan officer. Made sure all the "t"'s were crossed & "i"'s dotted and all the VA & FHA requirements were done, and balanced all the money. It was a great job.
Greg - congratulations on "retiring". Will you split your time in Florida & keep your farm?
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Re: Mortages

Postby TexasBred » Sun Feb 18, 2018 2:49 pm

Jeanne - Simme Valley wrote:
J&D Cattle wrote:
Brute 23 wrote:
Do yall keep your mortgage loans in house or resell them?


We keep our conventional loans in house. We do have a market for USDA, VA, and FHA type loans as well and those are sold.

I worked for a mortgage company like that in Kansas when I met my husband (back in 1965). I was a disbursal loan officer. Made sure all the "t"'s were crossed & "i"'s dotted and all the VA & FHA requirements were done, and balanced all the money. It was a great job.
Greg - congratulations on "retiring". Will you split your time in Florida & keep your farm?

Don't envy you one bit dealing with VA and FHA loans all the time. I'm surprised one ever makes it to closing unless things have changed. :lol:
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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Sun Feb 18, 2018 4:42 pm

they were extremely PICKY, but I worked on the outskirts of Kansas City, so there were a lot of repo homes. Now remember, I said 1965 - loooonnnnggg time ago! I really loved my job. Love details & bookkeeping.
Back then, realtors did everything. They earned their commission. When we moved here & dealt with a realtor, they did NOTHING except show us the properties.
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Re: Mortages

Postby greybeard » Sun Feb 18, 2018 6:21 pm

TexasBred wrote:
As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.


I've been there.
It's still in an isolated area.
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Re: Mortages

Postby TexasBred » Sun Feb 18, 2018 7:48 pm

greybeard wrote:
TexasBred wrote:
As a lender I would have questioned location as I think at that time it was in an isolated area and not necessarily the most desirable location. Seems the market and now totally changed the makeup of the location and it's a much more desirable place to build and live.


I've been there.
It's still in an isolated area.

Been a while since I've even passed through your neck of the woods GB.
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Re: Mortages

Postby TexasBred » Sun Feb 18, 2018 7:59 pm

Jeanne - Simme Valley wrote:they were extremely PICKY, but I worked on the outskirts of Kansas City, so there were a lot of repo homes. Now remember, I said 1965 - loooonnnnggg time ago! I really loved my job. Love details & bookkeeping.
Back then, realtors did everything. They earned their commission. When we moved here & dealt with a realtor, they did NOTHING except show us the properties.

I started in 1971. VA loans especially were very picky to the point you wanted to just quit offering them. And yes realtors earned their money. WE closed our own loans and when it was time to close I would make the realtors sit in the lobby. After closing I'd take them their commission check. :lol2:
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Re: Mortages

Postby plumber_greg » Mon Feb 19, 2018 7:28 am

Jeanne,
Never selling the farm while I'm alive. Couldn't stand seeing fences tore out, buildings tore down and soybeans planted. Don't want to live anywhere else. Gs
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Jeanne - Simme Valley
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Re: Mortages

Postby Jeanne - Simme Valley » Mon Feb 19, 2018 7:33 am

Greg - that's good to hear. My grandsons live in Vermont & have a life there. They are not interested in moving & running this farm, so it will pass down to my nephew, Phil. Hard to think of "no Simme Valley".
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Re: Mortages

Postby Brute 23 » Mon Feb 19, 2018 8:44 am

plumber_greg wrote:I recently retired, leased my cattle on a 60 40 split, he pays all expenses, and bought a second home in Florida.
First time ever getting a mortgage. What a pain.
They didn't even know what a 1099 was for. Wanted me to prove that the 640k that I reported on my taxes was real.
Why would anyone pay 26k in taxes if they didn't have to.
Closing this morning but issue was in doubt until about 4pm yesterday.
Couldn't prove we were in business, because I had no advertising budget and no website. They said no one could have ran a business like that and been successful. Wrong.
Oh, well new experience for the old guy. Is this the standard for borrowing money now days. I've always just called the local bank and said I need an x amount dollars and they say come in and sign when I got a chance. Gs


After re-reading this post part of the problem is your gross may be $640k but your net is more like $100-125K. Depending on the size of house in Florida that could have been an issue.
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Re: Mortages

Postby plumber_greg » Tue Feb 20, 2018 7:20 am

Yeah, brute that was the problem. Kept fall calves, and a bunch of spring heifers, preparing for leasing of cows. Farm came out a loss in 16, and east coast banks don't understand farming.
It's not a fancy house, I ain't a fancy person, and the payment with taxes and insurance is only 835 a month.
What I couldn't figure out was, we were showing enough cash on hand to pay for it
Didn't want to use all our cash money, so wanted a mortgage.
Is it common to not count any cash or equity when processing a loan ? Gs
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Brute 23
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Re: Mortages

Postby Brute 23 » Tue Feb 20, 2018 7:24 am

Sounds like you just got some idiots then.
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