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Morning Briefing: Mortgage lender upsets Twitter following Super Bowl ad

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Mortgage Professional America | 08 Feb 2016, 06:19 AM Agree 0
Mortgage lender upsets Twitter following Super Bowl ad…Here’s why millennials may not want to buy a home… New Arizona brokerage combines some top producers… Mortgage credit availability dropped in January…
  • SY | | 08 Feb 2016, 08:38 AM Agree 0
    Renters will save more money than home buyers once mortgage rates go up AND if we also took into account other expenses such as property tax and savings such as income tax?
  • tmortgan | | 08 Feb 2016, 08:48 AM Agree 0
    Still too soon, I guess...
  • Millionaire Homeowner | | 08 Feb 2016, 08:53 AM Agree 0
    Buy a home early, pick location first, get a 30-year fixed mortgage, and you will be worth more than you ever imagined in a few years. Buy in South Florida if you want to get rich on your home.
  • Phen | | 08 Feb 2016, 08:59 AM Agree 0
    Perhaps in 5% of the markets you can break even on a house in less than two years, but in most places, I wouldn't expect a "true" break even in less than 4-5 years. If you figure that mortgage fees and real estate transaction costs will run you 7% or more and inflation is running less than 2% (over the long term, housing prices generally follow inflation pretty closely, in aggregate), 1.9 years for a break even seems unrealistic.
  • the bird | | 08 Feb 2016, 09:00 AM Agree 0
    I tried to use rocket mortgage a month ago, but the app couldn't approve me directly... credit score 800 asking for a refinance amount lower than my annual income... They wanted me to call, which I found irritating. I thought it was suppose to be easy.

    I went to my bank last week and they initiated the refi paperwork in under 10 minutes. 15 years at 3.55%. I am happy.
  • | | 08 Feb 2016, 01:50 PM Agree 0
    Not sure how this Rocket Application would work. Without verification of w-2's, paystubs, credit applications. The mortgage process is anything but easy these days. This is just there way to drum up business.
  • Anonymous | | 08 Feb 2016, 01:53 PM Agree 0
    @the bird - please do yourself a favor and get another quote from an independent broker, not your bank. I locked in two 15-year refinances on Friday with 780 to 800 ficos at 2.99% and 3.0%. That's with me not charging a single penny and the borrower only paying a nominal amount in discount to the lender. I think you will be pleasantly surprised if you obtain a 2nd opinion from another source. That's my good deed for the day.

    RE: Rocket Mortgage - what a joke. Completely irresponsible. There's a reason why you choose licensed professionals to guide you through legal, financial, or medical decisions. What's next? Rocket Diagnosis? Who needs to see a doctor when you can rocket diagnose yourself with our flashy app.

    Ironically, Quicken Wholesale would disagree with this approach, and they are the same parent company. In fact, we were getting better pricing on the wholesale side than they offered for retail. Progressive is the same way with insurance. Even with their flashy commercials telling you to call, working through an agent clients can save SIGNIFICANT amounts on premiums by getting Progressive wholesale vs Progressive direct. On homeowners policies it can be nearly double going direct to the company for the same policy. They don't advertise that part, though. Just call Flo, lol.
  • Mojo S | | 12 Feb 2016, 10:57 AM Agree 0
    Love your post! Most of those online mortgage ads are just to generate leads that they sell to multiple companies who all pull your credit and then call the crap out of you. Most are far away so they have no accountability when your mortgage goes south and you have already spent money on appraisals, etc.
    Deal with someone local! Support your community and not the big n rich company.
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