I use http://AimLoan.com! Every detail right is there for you to see including closing costs for whichever interest rate you decide to go with.
Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
101–110 of 175 posts
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#102Earlier quoted context omitted.
>they can collect pricing info on houses, run analytics AFAIK house sale prices (ie. property transactions) are open in many (most?) jurisdictions. >and swoop the deal with a slightly better offer How does that even work? The winning bidder is presumably someone who gave the highest offer. Why would another company pay above and beyond that, considering that there's probably several other serious buyers who aren't wi…
The deal isn’t always about the price. For example, a $1M house bought with $100K down and $900K mortgage is a worse deal for the seller as compared to $500K down and $500K financed. Assumption here is that it is more likely to get a $500K loan irrespective of the appraised value of the house. A lower all cash offer (say $975K) is likely a better offer for the seller because it reduces the risk for them and closes th…
> a $1M house bought with $100K down and $900K mortgage is a worse deal for the seller as compared to $500K down and $500K financed.
Do sellers in the US know how large your down payment is? AFAIK that's not a thing in Canada. Offers either have a financing condition, or don't. If the offer doesn't have a financing condition, the buyer might be paying cash. But they could just be trying to present an offer with better terms, gambling that they'll definitely find financing somewhere or the other.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#103This is great. Really good work. This looks really useful, and I think you did a great job on the interface and site in general. I hope you aren't discouraged by the other commenters, keep hacking!
Was going to say the same. I ran into the same problems when I bought my first house and spent tens of hours trying to untangle and reduce costs. Thank you for tackling this
Your welcome, thank you for the message.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#104Hey. I ended up with an error saying my PDF could not be processed? But it’s my final loan disclosure form… Also, I’m not entirely sure what costs this avoids? Inspection fees are already paid at this point, notary fees are paid to your broker, and transfer tax happens months later.
I ran out of anthropic credits, I just refilled and the service works well now
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#105Earlier quoted context omitted.
The most common scams around home buying are wire fraud - contact the buyer pretending to be the title company and steal their money. The data in a mortgage is exactly what you need to enable these scams and you're getting people to hand it to you and at the same time tell you they are about to wire money.
I have never done a wire transfer at a residential closing. I come to the closing at the title company office with a cashier's check from my bank for the amount they told me to bring.
Cashier's check was only accepted for amounts less than $10k at our closing by our title company. This seems common to require wire. The title company contracted with a 3rd party escrow service so the money was required into the title company's account at the escrow service. I assume a cashier's check would need to be mailed to the escrow company
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#106this is great!!! Thanks so much for making this! How are you handling the distribution?
hacker news, reddit, and other communities. Hopefully there will be a strong incentive in the future for real estate agents or mortgage brokers to recommend the tool. Also I think the name closing.wtf will be good for distribution.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#107What's the PDF parsing like?
Extract all the text from the PDF, turn the pdf into images, send the text for each page along with the image to an LLM with a desired output strucutre.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#108Good job on the product and launching @aaln! I can see it being useful for many home buyers. I’m curious if AI tools like this are just wrappers around ChatGPT? Do they use their own LLM? If you upload mortgage documents directly to ChatGPT can you get similar results?
Thank you @aoppaol!
AI tools like this don't generally need their own models or fine tuned LLMs. Uploading mortgage documents to ChatGPT may get some useful results but it really won't be comprehensive, it most probably won't take into account jurisdictional laws and mortgages rate data, and would be hard(er) to trust because of hallucinations without guardrails.
Technically this is an LLM wrapper but it utilizes around 5-10 prompts to extract and structure data from the document and ~15 prompts to analyze.
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#109Earlier quoted context omitted.
That...is not how mortgage servicing companies operate.
People aren't concerned about giving their details to a mortgage servicing company, they're concerned about giving their details to a random website called "closing.wtf", which promises to provide mortgage advice for free with no other obvious revenue source.
Lol no revenue source and a promise to never sell or share their data.
Gotta figure this one out...
Re: Show HN: Free mortgage analysis tool to avoid getting screwed by closing costs
#110Earlier quoted context omitted.
The most common scams around home buying are wire fraud - contact the buyer pretending to be the title company and steal their money. The data in a mortgage is exactly what you need to enable these scams and you're getting people to hand it to you and at the same time tell you they are about to wire money.
Yep. When we closed on our house we got a whole lecture from the title company about how frequently data breaches lead to wire fraud and to not trust anyone. Mortgage originators are constantly under attack to try to get at the information that OP is asking people to just casually upload. Their aggressive dismissal of the concern is not a good look.
I am not dismissing the concern, I was stating the tool solves an even larger concern. I'm doing everything I can to setup it up to be secure, private, and worthy of trust and addressing the feedback points.
If you have suggestions more than "don't trust this random internet tool even if it gives you free advice, regardless of the value it offers", please let me know [thanks emoji]