Irvinehomeseeker
Active member
Soylent Green Is People said:
My first payment is due next month. The servicer is Specialized Loan Servicing.
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
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NEW -> Contingent Buyer Assistance Program
My first payment is due next month. The servicer is Specialized Loan Servicing.
I had SLS too after refi'ing with some random zillow lender. I got pretty scared when I read their reviews. I never faced any issues, but it was pretty worrying after doing a google search on them.
I re-fi'd with Owning and the loan got sold within a week. SLS is the servicing company now.
That's a good rate. So they do the relationship discount if you move over money for ARM loans too?
Good to know, thank you sir!
.5% relationship discount requires moving 1M in assets. Impressive! What were your closing costs like (minus impounds).
We aren't done yet with the China tariffs heartburn so I think I'll watch and be ready to pull the trigger on this WF special next time rates dip. I'd love to get a 2-2.25% 7/1 ARM but I have 3.5 years left on my current 7/1 ARM so I got time to be patient.
Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
Technically yes. It?s called Mortgage Fraud.
If your caught by the bank:
The lender might raise your interest rate, entire loan due imediately, foreclose on property, contact the feds which might include financial penalties, prosecution/prison time.
(Any of those options doesn?t sound appealing. Do the right thing.)
You normally need to wait 12 months to rent it out. If you applied for owner occupied knowing it would be used as a rental right away, that's an open-and-shut case of mortgage fraud. Lot's of people do it, but I don't think it's wise, and obviously it's not ethical or legal.
I see. Didn't know people actually do it. I guess it's better to live a year at least then rent it out if you really want to stay clean. We're not currently into doing this kind of investment, but just wanted to see how others handle this in case of emergency like job relocation and stuff.
My first payment is due next month. The servicer is Specialized Loan Servicing.
woodburyowner
Well-known member
Irvinehomeseeker said:
I had SLS too after refi'ing with some random zillow lender. I got pretty scared when I read their reviews. I never faced any issues, but it was pretty worrying after doing a google search on them.
bitmaster20
Active member
Soylent Green Is People said:
I re-fi'd with Owning and the loan got sold within a week. SLS is the servicing company now.
usctrojancpa
Well-known member
Kings said:
That's a good rate. So they do the relationship discount if you move over money for ARM loans too?
usctrojancpa
Well-known member
Kings said:
Good to know, thank you sir!
woodburyowner
Well-known member
Kings said:
.5% relationship discount requires moving 1M in assets. Impressive! What were your closing costs like (minus impounds).
usctrojancpa
Well-known member
woodburyowner said:
We aren't done yet with the China tariffs heartburn so I think I'll watch and be ready to pull the trigger on this WF special next time rates dip. I'd love to get a 2-2.25% 7/1 ARM but I have 3.5 years left on my current 7/1 ARM so I got time to be patient.
irvinebullhousing
Well-known member
Non-owner occupy 5.7 %. Unless, you can find a way to declare it as a secondary primary homes, it will be somewhere in this range.
yes2 said:
Is it illegal to get the loan as a primary resident home, which has the lower interest rates, then put it on a rental market? If it has a planned purpose like that, then it could be illegal I guess, but what if the buyer suddenly got relocated else where? Or what if the buyer doesn't like the home? etc.
Mety said:
Technically yes. It?s called Mortgage Fraud.
If your caught by the bank:
The lender might raise your interest rate, entire loan due imediately, foreclose on property, contact the feds which might include financial penalties, prosecution/prison time.
(Any of those options doesn?t sound appealing. Do the right thing.)
Liar Loan
Well-known member
Mety said:
You normally need to wait 12 months to rent it out. If you applied for owner occupied knowing it would be used as a rental right away, that's an open-and-shut case of mortgage fraud. Lot's of people do it, but I don't think it's wise, and obviously it's not ethical or legal.
Liar Loan said:
I see. Didn't know people actually do it. I guess it's better to live a year at least then rent it out if you really want to stay clean. We're not currently into doing this kind of investment, but just wanted to see how others handle this in case of emergency like job relocation and stuff.