TokinAg said:

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Ah yes, all of us 100 millionaires who lurk on TexAgs.

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It was a joke. Lighten up.

jja79 said:

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How would they call your loan?

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A lot of mortgages have a call in clause if you stop using it as a primary residence

Do they ever really do that though? As long as payments are made?

I think Fannie/Freddie have you sign off on moving in within 60 days and occupying for at least a year.

I've never seen one and I've seen a lot.

I've have never seen a call due clause for converting to investment either. Just you declare it's your primary at closing.

FYI the monthly jobs report comes out in the morning. Wall Street has put particular emphasis on this as a predictor of .25 or .5 rate cut by the Fed. Mortgage rates could be more reactive than normal.

Owner of a mortgage brokerage here, the lending companies have a right to see if you are living in your "primary residence". If not, you have committed fraud. How often if ever do they do this, I haven't seen it, but don't be stupid and don't commit fraud is my advice, but do you boo

No one said do fraud.

The jobs report came in at 142k slightly lower than expected and unemployment dropped slightly as well.

Most economists consider 125-150k as neutral amount replacing jobs lost and population growth. Rates dropped to 6.27 lowest so far this year. Now we wait for the Fed.

Another low. CPI came in at 2.5% inflation rate so the market reacted as expected and moved down. See below

My son received a quote in St. Louis for 3% down and fixed rate of 5.875% for 30 years. It seems like he should float since closing would be in early October after an "expected" interest rate drop. Does this make sense?

Confidence inspiring.

jja79 said:

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Confidence inspiring.

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Makes me want to refi my 2.99 with him.

I'm disconnected from the rate market but still watch the major indices. With the 10 year up about 10% the last 30 days has that translated to the mortgage rate market as well?

Yes. It was sliding up until Friday and the jobs report blew up rates by a quarter of a point. It was a blood bath for anyone floating their rate.

Friday is the reason I never float. Too much downside.

yes, rates are up basically a half point since the day before the fed cut.

Ryan Weatherly said:

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Owner of a mortgage brokerage here, the lending companies have a right to see if you are living in your "primary residence". If not, you have committed fraud. How often if ever do they do this, I haven't seen it, but don't be stupid and don't commit fraud is my advice, but do you boo

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The only time I have seen it blow up on the landlord is when the same mortgage company that the landlord uses gets a mortgage request for the tenants buying a home. The current addresses match and it gets caught by their system.

The rate increase blew up my refinance. Oh well.

For the mortgage conversation....how can you hide it anyway? I mean you have to provide proof of insurance. So you'll either be overpaying (and committing fraud) by having primary insurance or you'll be sending them your updated landlord insurance.....

That's not a problem as long as the now landlord occupied the subject property at time of the original closing.

Our current 2.37% rate home will never get paid off early. Our forever home will most likely be purchased with cash and we'll rent this one out in perpetuity. Yes I understand the bank can recall the note if they find out and want to.

doesnt help that the market crashed the same day

I'm out of the loop. Where are rates now?

Here you go Jed. Most mortgage folks here can do a bit better

the strugglebus is here in my neighborhood

swimmerbabe11 said:

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the strugglebus is here in my neighborhood

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Yall offering decent buy downs to get folks to move on the new homes?

THAT'S A GREAT QUESTION AND I'M GLAD YOU ASKED!

lol we do have 3.99% and 4.5% in some communities. The problem for my community is that I sold everything that can close in time for those rates a long time ago. My soonest available home (great investment opportunity) is a late February closing, but I'm maxing seller's contribution, so you should be able to buy a point.

I'm feeling the stress, but tbh, I just haven't sold a home in 2.5 weeks and that is very slow for me. I only have 13 homes left in the community though, so it's been a pretty wild ride.

I was assuming things were going the wrong way. In my neighborhood sold signs were going up in no more than 2 weeks but now I'm seeing some houses that have been sitting for more than a month.