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doingitwrong posted:We are moving because our landlord is selling the house. Our upstairs neighbor (who is a friend) is buying the house. On Friday, her realtor approached us and said they needed us to sign paperwork terminating our lease (they’d give us a new lease with identical terms to the end of June when our current lease ends) because our below market rent was impacting her lender’s analysis so the lender needed our current lease to officially be gone so they could evaluate on market rent not actual rent. This was delivered in a long wordy email that admitted that technically they couldn’t ask us about this. If I'm reading this correctly, the landlord's realtor wants you to sign a document vacating much earlier (April 22) than what was originally agreed to (June 30)? That's impressively terrible especially given your back and forth with the landlord's realtor.
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Apr 17, 2024 21:03
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BonoMan posted:today I learned the word "estoppel" ::puffing pipe as I flick through the days mail:: Eh heh yes I see I another perfectly routine estoppel for my review, very common indeed.
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Apr 18, 2024 01:02
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I have a loan "pre-approval" letter from a broker that's basically: I, the underwriter, have looked at a bunch of papers and will def give PRADA SLUT  after some downpayments and whateverBut nowhere in here does it list any fees, rate, or the like. Basically, not a standard form. Note that I didn't get a credit pull or anything, just a "let's look at some papers and figure out an amount you can shop with". I'm trying to compare my rate and Section A costs, but the doc lists none of them. Do I need a property "picked out" to get a standard loan estimate I can compare, or can I ask for an arbitrary estimate just to figure out what my rate and fees will look like?
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Apr 18, 2024 06:17
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A pre-approval rarely counts for poo poo, it's a ballpark of what you can afford to borrow that you can submit with your offers and that's it. Your lender probably won't provide a HUD-1 at this stage but they should be able to give you a ballpark idea of the costs, and if they don't then you should go somewhere else. You should be talking to several lenders so that you can dump paperwork on all of them once you get an offer accepted, and then you compare the HUD-1 values and pick whoever's best.
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Apr 18, 2024 07:11
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Part of the reason lenders don't want to give you a proper loan doc at this point is becuase the loan terms they offer change daily. Sometimes twice daily. That's not just the rate, which is usually a bit more stable than that, but the fees and credits and whatnot. When you are acutally ready to buy a specific house, you'll be shopping for a rate (hard pulls) from multiple lenders, none of which needs to be the one that gave you pre-approval, and the one you pick you will need to lock in that rate for a specified period, often 30 days. That lock is a contract on their part and they do not want to offer you that contract today, potentially weeks before you're ready to buy. In fact you cannot reasonably estimate exactly what the fees on your loan will be, because any HUD-1 you got today would be likely to be off by as much as multiple thousands of dollars either direction by the time you actually got a real quote in a month or whatever. This sucks of course. And ok actually you can probably get to some guesstimate back of the envelope range depending on your price you're shopping at and your credit score. Plus or minus a couple thousand probably. More than that if you're shopping for like a 900k house. Probably within 1k or so if you're shopping for an 80k house. One option that might help if the closing costs are really critical to you is to get a mortgage broker. The broker is paid by the lenders, not you, so they're effectively free; when you're ready to get a quote they get quotes from 20 or 30 lenders (but, typically, their "preferred" lenders) and this gets you the best or close to the best rate + terms + costs you could get. That broker can also give you a rough estimate of what people with similar budget and credit as you are seeing on their terms today. But not contractually.
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Apr 18, 2024 07:21
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Mortgage brokers are pretty rad Way better than going through a bank, often, probably
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Apr 18, 2024 09:38
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What are some mortgage brokers I should look at as a US buyer?
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Apr 18, 2024 11:19
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We found a local one near us and they were extremely valuable.
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Apr 18, 2024 12:00
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Reminder to go to OptOutPrescreen as soon as you are even thinking about applying for a purchase loan. Or don't if you love getting dozens of unsolicited phone calls.
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Apr 18, 2024 12:09
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Shifty Pony posted:Reminder to go to OptOutPrescreen as soon as you are even thinking about applying for a purchase loan. I've said it before in this thread, but it is very much worth getting a $50 prepaid cell phone from Walmart or wherever and using it for all of your loan needs. It's a drop in the bucket compared to even closing costs and very, very much worth it to save your sanity.
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Apr 18, 2024 12:41
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Cyrano4747 posted:I've said it before in this thread, but it is very much worth getting a $50 prepaid cell phone from Walmart or wherever and using it for all of your loan needs. It's a drop in the bucket compared to even closing costs and very, very much worth it to save your sanity. You can set up a secondary Google voice number on your same phone for free and then just stop using it when you want.
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Apr 18, 2024 13:02
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Hieronymous Alloy posted:You can set up a secondary Google voice number on your same phone for free and then just stop using it when you want. I had funky poo poo go on with google voice a while ago (like ten years ago - maybe they fixed it in the mean time) that made me not trust it for calls I actually need to be sure I get. Crap like calls silently not forwarding and then not getting the notification of the missed call for hours. Again, maybe they've fixed it since then. I dunno. It was just a bad experience when I was doing some job applications and I can't really trust them with things that I 100% need to know I'm getting any more.
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Apr 18, 2024 13:10
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The thing about opt out prescreen is that it will also prevent any banks you already have relationships with from being notified. They already know your actual number. It also prevents the credit reporting agencies from making extra money off of you.
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Apr 18, 2024 13:30
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Cyrano4747 posted:I had funky poo poo go on with google voice a while ago (like ten years ago - maybe they fixed it in the mean time) that made me not trust it for calls I actually need to be sure I get. Crap like calls silently not forwarding and then not getting the notification of the missed call for hours. This has been fixed, haven't run into this issue before, though I'm not a daily user.
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Apr 18, 2024 14:21
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So, if I want to compare rates/costs from different lenders, when do I ask for the "real" loan document detailing such? When I'm putting down an offer? The broker told me that the pre-approval is valid enough to put down an offer (at which point they'll run credit and the like to get "real" numbers). Right now I have all my paperwork together but I've only talked to one local broker, whom I have the pre-approval letter. I was going to hit my bank to get a comparison but I don't know the timing. At this point, should I just call my broker and ask them to ballpark me their rates and fees, or does it not matter until I place an offer? Should I shop offers now or wait until I have a place picked out and an offer down (from waving around the brokers pre-approval letter)?
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Apr 18, 2024 15:53
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The sequence is: 1. Get pre-approval 2. Submit offer 3. Offer is accepted, with a fixed closing date (typically 30 days in the future, to give time for the below steps to be carried out) 4. Go get actual loan terms 5. Go to other lenders to get competing loan terms 6. Pick a loan and go with it Your real estate agent should be familiar with all of this and can tell you when to do what.
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Apr 18, 2024 15:57
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Note that 4 and 5 can be done at the same time. The way we did it was 1) have offer accepted 2) go to basically every loan company we could find and apply 3) throw out the obviously poo poo ones or anyone who just bugged us for some reason, then we took the best offer and sent it to the others basically saying "here's what we've got from your competitor, can you do better?" 4) take the better counter offers, get the best one of those, repeat step 3. Dump anyone who says they can't beat it. 5) rinse and repeat until we finally get everyone saying "yeah we can't beat that." Go with the winter. It's loan thunderdome and pretty much the only time in this process you will have a ton of leverage and control.
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Apr 18, 2024 16:55
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Also whoever your loan is with will very probably sell it to another bank within like a month, so don't pick a worse rate/terms on the basis that you preferred that bank for any particular reason. And see the thread title: the banks' staff in charge of actually processing and delivering to you your loan will be stupid. There's no away around that.
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Apr 18, 2024 18:52
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Leperflesh posted:
Not just “stupid.” We’re not talking about normal every day laziness or incompetence. This process will redefine the meaning of stupid for you.
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Apr 18, 2024 18:56
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Hey, goon whose escrow officer dropped off the planet the day before closing, how are you doing? Was it solved?
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Apr 18, 2024 19:13
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There is one person who actually matters in the loan-making process: the underwriter. They live under a steel desk in a lightless subbasement of a fifty-story office building, have crippling OCD about financial documentation, can only be spoken to through five levels of handlers, and wield absolute authority over your loan. Everybody else is an empty suit.
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Apr 18, 2024 21:34
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We're doing the stereotypical Bay Area -> Austin thing (mostly to be closer to family though and have an indefinite timeline, so that's nice). I never thought I'd be wistful for the meat grinder that is Bay Area real estate, but the neighborhood we're primarily looking at is firmly in the "hot enough that A tier properties get a couple of offers" level and it's just the worst of all possible worlds: you have the short timeline of a multiple offer scenario, but none of the agents are actually good at dealing with multiple offers and Austin agents have extremely weird and, as far as I can tell, incorrect, ideas of the ethics of sharing information in multiple offer situations. Adding on to that, pre-inspections/waiving inspections isn't really a thing, leading to us offering on three houses and so far: 1) List clearly under market. Offered 110% of list price - informed that we got solidly beat by another offer and we said we were happy to be backup offer. When it went sold in MLS, it was for 85% of our asking price - under list (both parties were traditional financing). Everybody involved shrugged and said the inspection must have revealed something bad, which like - it was a house from the 70's that had basically been untouched. No poo poo? 2) List price was $X, had been on market for 2.5 months. We offered 90% of X. Informed that another offer came in shortly after (presumably listing agent telling everybody else they had an offer, which...fair) at slightly higher. Learned later that seller said no to slightly higher offer, they countered at list. Then seller said no to _that_ offer and pulled the house to rent it. 3) List price was $X, we offered $X basically immediately. They said they got another offer and did we want to raise but with no information. We raised 2% because shruggie. Announced that they were taking the other offer that was 105% of list. Really leaves me tapping the thread title.
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Apr 18, 2024 21:45
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Austin prices were in the stratosphere and climbing a year and a half ago and from what I gather sellers are still being stupid about things. What neighborhood are you looking at?
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Apr 18, 2024 22:35
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rjmccall posted:There is one person who actually matters in the loan-making process: the underwriter. They live under a steel desk in a lightless subbasement of a fifty-story office building, have crippling OCD about financial documentation, can only be spoken to through five levels of handlers, and wield absolute authority over your loan. Everybody else is an empty suit. This should go in the OP
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Apr 18, 2024 22:47
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Shifty Pony posted:Austin prices were in the stratosphere and climbing a year and a half ago and from what I gather sellers are still being stupid about things. It's settled down some, but yeah - still a lot higher than pre-2021. Mostly NW Hills with an outside chance of West Lake Hills-ish.
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Apr 19, 2024 00:20
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On the subject of mortgage brokers, has anyone here used https://www.ownup.com as a mortgage broker? For the most part what I have found online seems to be generally positive experiences, and they operate in the state that I'm looking to purchase in. I have already gone through the OptOutPrescreen.com process.
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Apr 19, 2024 03:17
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Look for guaranteed rate brokers in your area, then filter for ones that made Presidents club, which means they closed N loans last year, where N is a pretty high number If you're in California I have a guy I can recommend
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Apr 19, 2024 03:27
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So, to confirm, I place an offer with whatever pre-approval. Once the seller accepts, I've got ~30 days to pony up the real cash, and it doesn't matter where I get it? e.g., I can walk into a bank, say I have an offer that was accepted, and I want them to run my info to see what rate/etc I would get. And I do that a bunch at a bunch of places. And then I do wheeling and dealing until I get one I like and then the seller gets their money from somewhere Am I missing anything here?
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Apr 19, 2024 03:32
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Yeah you can walk in to the bank and rob it* and then deliver the cash to escrow if you feel like it. If you and the seller agree to a dozen goats and a bride** satisfies the contract then it's all good Our first house we had a pre approval from one guy that said we had 20% down*** and approval for the offer price, he hosed us on the rate and closing fees, so we dumped him and went with the guy at guaranteed rate who undercut him by like a full 1%apr As long as the full amount hits escrow on the closing date it's all good *Don't do this **Definitely don't do this ***We did not have anywhere close to 20% down, lol. California has since closed this loophole
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Apr 19, 2024 04:09
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PRADA SLUT posted:So, to confirm, I place an offer with whatever pre-approval. Once the seller accepts, I've got ~30 days to pony up the real cash, and it doesn't matter where I get it? basically yes. read this, I just edited it into the OP https://www.consumerfinance.gov/owning-a-home/ Buying a house: Tools and resources for homebuyers edit: and read this https://www.consumerfinance.gov/ask-cfpb/what-information-do-i-have-to-provide-a-lender-in-order-to-receive-a-loan-estimate-en-1987/ and this https://www.consumerfinance.gov/owning-a-home/loan-estimate/ Loan Estimate Explainer pmchem fucked around with this message at 04:20 on Apr 19, 2024 |
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Apr 19, 2024 04:15
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