The Home Ownership Thread

[Texasmade]

But I'm still not calling a lawyer.

Definitely not alpha as phuck. Such a beta male

 

[SixOhNine]

This morning. I "went to sleep" at 8:30 pm and woke up at 4:30 am.

By "went to sleep" you do mean blacked out in a drunken stupor, right? You know we're all friends here and you don't have to resort to euphemisms.

 

[PhilKenSebben]

Join

Erm, bad math. If the house that is 25% smaller, unfinished backyard, etc. can sell for 4.5 times our purchase price it would be reasonable to assume we're looking at 6-8 times.

But I'm still not calling a lawyer.

Not bad math. The lawyer you are not calling would take at least 1-2x out of that

 

[Gibonius]

Weekend project. Three thousand pounds of Mexican beach pebbles. Making a dry creek bed in the yard. My back is going to hate me.

 

[venividivicibj]

Weekend project. Three thousand pounds of Mexican beach pebbles. Making a dry creek bed in the yard. My back is going to hate me.

View attachment 1795426

Mexican ‘beach pebbles’

Looks like you got the final shipment

Federal agents find sophisticated tunnel under US-Mexico border and seize almost a ton of cocaine

A recently discovered one-third of a mile-long tunnel under the US-Mexico border has a rail track system, electricity and a ventilation system, federal officials said Monday when they announced drug charges against six people in California.

www.cnn.com

 

[Omega Male]

Biggest drop in 9 years.

New home sales plunge as high prices and rising U.S. mortgage rates discourage buyers

Sales of new homes in the U.S. fell in April to the lowest level during the pandemic owing to high prices, soaring mortgage rates and a lack of homes for sale.

www.marketwatch.com

 

[venividivicibj]

American Mortgage Payment Costs Are Now 36% Higher Than a Year Ago

Higher mortgage rates are combining with an unrelentingly expensive real-estate market to push up costs for homebuyers.

www.bloomberg.com

 

[Omega Male]

This is all starting to look like a trend …

 

[Gibonius]

This is all starting to look like a trend …

lol I snuck in just in time. Thanks for paying me two grand to refi, Better Mortgage. The company imploded like two weeks after I refi'd.

 

[brokencycle]

This is all starting to look like a trend …

It looks like the drop off is almost exclusively from refis which makes sense. What I have never understood is how those places make money.
1. Why does Wells Fargo advertise rate x, and yet random mortgage broker sells me a mortgage at rate x - 75bp which Wells Fargo then buys a week after closing
2. Why is Wells Fargo or whoever buying up all these low interest rate mortgages from brokers in the first place? I understand they need mortgages, but collecting 3%/yr is near inflation level (or it was). That just doesn't seem like an attractive business.

 

[Piobaire]

They make their money on volume.

 

[cross22]

Maybe the cost to close mortgages is more than that 75pb/mortgage for WF so they buy them after they close by other brokers.

 

[PhilKenSebben]

It looks like the drop off is almost exclusively from refis which makes sense. What I have never understood is how those places make money.
1. Why does Wells Fargo advertise rate x, and yet random mortgage broker sells me a mortgage at rate x - 75bp which Wells Fargo then buys a week after closing
2. Why is Wells Fargo or whoever buying up all these low interest rate mortgages from brokers in the first place? I understand they need mortgages, but collecting 3%/yr is near inflation level (or it was). That just doesn't seem like an attractive business.

 

[ValidusLA]

WF also specifically sucks (at least in So Cal).
I originated through a non bank lender at 3.675% in 2017, who sold through until in landed at Chase.

Refinanced directly with Chase in 2020 and they gave me 2.625%. They charged me like $800, but that was like....1 months interest savings.

WF wasn't offering anything attractive.

 

[sugarbutch]

WF seems more focused on fraud than competitive offerings…