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PhilKenSebben

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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

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

IMG_20220524_103118554_HDR.jpg
 

venividivicibj

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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

 
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Omega Male

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Omega Male

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This is all starting to look like a trend …

 

Gibonius

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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

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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

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They make their money on volume.
 

cross22

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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

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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.
How Pyramid Schemes Work.jpg
 

ValidusLA

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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.
 

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