We will have a live chat about mortgages on Monday, and you are invited.
The chat, titled "Trying to buy or refi," begins at 2 p.m. eastern time Monday. Mortgage reporter Polyana da Costa and I will answer questions.
Loan officers and brokers are welcome to listen in and comment and help answer tough questions. I've done these chats before, and people ask questions that stump me. You professionals can help. Here's a query I fielded on Boston.com last year:
"I have been renting my condo for just over a year while I was unemployed and couldn't refi because my condo was considered an investment property. I am employed now and planning to move back in soon and I'm wondering if it will immediately be considered a primary residence again after I move back?"
No freakin' idea -- but I'll bet that's an easy one for the loan officers in the house.
Sometimes I kinda-sorta know the answer but I'm tentative about replying. I'm talking about questions like these (also asked at my most recent session on Boston.com):
"I was recently (formerly) working with a broker who told me that because my home's appraisal isn't what it used to be (and therefore no longer had the equity I once had) that I would be stuck with PMI on any refinancing I did. Is that true or are there other options?"
And: "What about no points no closing cost refis, aren't those just like free money you can save?"
A lot of questions -- probably the majority -- are from people who either want to know where I predict interest rates will go, or they need help translating their question into numbers that can be plugged into a mortgage calculator. I'm bad at predicting the direction of mortgage rates but I'm always glad to teach people how to convert those mean ol' mathematical word problems into numbers that can be entered into a mortgage calculator.
We're not going to answer questions about investment properties. Nor will we answer tax, probate, estate planning or legal questions.
Short, straightforward questions get priority. Don't make me reply, "TL;DR." My 14-year-old son has dared me to do that.