Mortgage Hackr?

Good…because it is 100% propaganda and ads.

Go through your closing documents. There was a first payment coupon that you missed.

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I honestly don’t know what this means. Tried googling it but can’t find much beyond a Wells Fargo site link about paying a mortgage through them. Sorry, our first house so a bit uneducated about it.

Call em first thing in the morning and they will help you out. Odds are they waive that late fee and won’t report it.

Yep that’s the plan. Just had a mini-freakout and wanted to reach out to someone ha. I haven’t had a derog on my credit in a decade.

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You signed a bunch of documents that was around 100 pages when you finally completed getting your mortgage. A notary took your fingerprint. Remember that?

I do. I just unfortunately didn’t see anything that said coupon. I did see an amortization schedule that stated 10/1 as the first payment date. I’ll give SoFi a call in the morning to sort it out. I’m mostly just annoyed by the late fee as I’ll just make the payment either way.

Correct. The payment won’t report as late on your credit until it’s 30 days past due.

For right now your only impact is the fee.

Good call. I spoke with them today and they said they’d waive the late fee. I’ll just make my payment. Slightly annoying but at least I’m a month ahead on paying this thing off.

I wouldn’t make that assumption. :slight_smile:

Double check me, but…

I just pulled out the docs from our last mortgage, and as I expected the amortization schedule doesn’t appear to be part of the Note (which is the legal instrument that you sign which establishes indebtedness and the terms of repayment).

It’s more like several pages accompanying the Note, like various other disclosures that detail what we got ourselves into at the time.

Look at it this way, though, you’ll pay less interest by making the first payment in September vs. October.

Across the pond but…

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Also, many lenders are now quoting 7%+ interest rates on 30 year mortgages today.

And there it is: 7.08%

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GIF by Amazon Prime Video

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wild… this is definitely putting more demand in the SFH rental market… My rentals are now leased out within 1-3 days now with max 2 weeks before move in. Used to take 1-2 weeks to fill + 1-4 weeks for move in. Not surprising though, monthly cost to buy with 20% down is easily $1k/mo more than renting the markets we invest in now

I wonder how many potential homebuyers are paralyzed right now. They don’t want to buy with rates at their highest levels in 20 years, but also don’t want to get burned by waiting and see rates only climb even higher.
My BIL was in the market back in April/May when rates were around the ~4.5% mark and I told him maybe he should wait it out till things cool down. Guess it’s a good thing he didn’t listen to me. Lol

Has to be a ton… tough spot for them - Housing market is still very high compared to precovid, now interest rates are high and rents are at record highs (Houses that used to be $2k are now getting $2800-$3200 all day long with multiple qualified applicants). Most tenant applications I get now have household incomes of $200k+ vs $80k to $120k being most common last year. This is in a moderate cost of living area.

We bought a primary residence at 5% in June expecting to refi at some point (very glad we did fixed rate!)… Not too hopeful of doing that anytime soon… at least we’ll get a decent tax deduction on mortgage interest?

You can always refinance when interest rates fall but you can’t adjust your purchase price when home prices fall

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The high interest rates are also going to constrain supply, because if someone currently as a 3-4% mortgage, a discretionary trade-up to a more appealing home likely means a dramatically higher price for the home AND comes with a much higher interest rate on the new loan.

So the homes owned by this segment of potential sellers, for the most part, just won’t go on the market.

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Home builders, OTOH

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