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Kalli posted:Are they removing the existing roof or just adding on a new layer? Also prices depend heavily on the location / availability of work / labor I imagine. Total tear off, brand new 30 year roof in Portland, Oregon.
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Jul 19, 2012 18:53
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Yeah, I asked because here in Mass, the prices I had quoted from multiple contractors were a little cheaper then that to add a new layer of shingles, and around $10k for a remove and replace. Good price for you though  And yeah, it's very common to add a 2nd layer of shingles (and I've seen 3+ layers before, but that never goes well / may not be up to code). Honestly, I was shocked to find this all out when I was house shopping. Growing up, my parent's house had a ceramic tile roof that's good for a lifetime, so I had no even vague concept of roofing.
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Jul 19, 2012 19:03
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I hope it is ok to post in here about refinancing.I kept going back and forth between posting here and making a new thread. Here are the loan details: We bought the house in San Diego county for $500K even in Feb. 2010 with $80K down at 5% interest rate. Since that time things have kinda went in the shitter for us. My wife got hurt and was on and off disability. I found out my mom has cancer which prompted a bunch of trips back to NY which we had to pay for with our credit cards. I also ended up getting a 5% temporary paycut which ends in September. All this ended up draining our savings down to almost nothing and running our debt up. Our house has also lost value. We had it assessed and the assessment came in at about $478,000. Our current loan is an FHA streamline with Wells Fargo. I have been working with them since May to try and refinance. The original problem was that while rates are way down, MI rates are way up. The original refi we looked at in June would have only make a difference of about $90.00 a month because the savings in the mortgage rate was eaten up by a higher MI rate. We waited to see if MI rates would go down and they didn't. The next step was to try some crazy thing where we were going to refi and do a second smaller loan for the "down payment" of the mortgage. This would eliminate the MI completely. Yesterday we got a letter from Wells Fargo and it looks like the loan application was denied. On top of this all the guy that Wells Fargo assigned to me is an irresponsible rear end in a top hat. He never returns emails. I have to call him on a weekly basis to keep the process moving. He set up meeting with me and then forgot about. I had to wait in the Wells Fargo office for a half hour while they tracked him down and got him to show up to work. Basically I feel totally hosed. We have medical bills for my wife to pay because Blue Cross and Scripps Clinic can't agree. Our credit has gotten all hosed up. And I basically can't make my August mortgage payment. A payment that I was assured over and over that I would not have to make because of this refinance. Once I get paid on August 30th I will be generally ok. My next check is going to be an extra big one and I should be able to make my payment for August and September with that check. I am going to call Wells Fargo and let them know that I will not be able to make my payment for August. Of course I will still be left with no saving and bunch of debt. Generally I am feeling really financially hosed and I don't know what to do. Edit: I hosed up the date! Kali11324 fucked around with this message at 20:52 on Jul 19, 2012 |
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Jul 19, 2012 19:44
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Well it's not what you want to hear, but: maybe you should sell your house. Granted it may have lost some value, but you put $80k into it, so you should still have sufficient equity to absorb the loss plus the 6% commission. That's based on the assumption that, due to your wife's disability, your income is permanently lower than what you'd assumed when you bought; and, therefore, even after August, you won't be able to rebuild your savings in a reasonable way. If that's the case, and refinancing seems to be out of the question (with good credit you should be able to FHA streamline to 3.75% or so though, so maybe screw Wells Fargo and get yourself an FHA-specialized broker to see what they can do), your options are: 1. Make more money 2. Sell 3. Eventually be so underwater that you have to declare bankruptcy There is one more (dangerous) option for you: a home equity loan. I advise against it. At the moment you probably have enough equity that you can sell and pay off the mortgage with the proceeds. If you borrow against your remaining equity, you could wind up losing the house anyway and not being able to cover the loan, at which point, you're looking at possible bankruptcy (or foreclosure). All that said: aside from the house value and your mortgage terms, you haven't given enough information about the rest of your finances for anyone to really advise the best course. How much debt exactly do you have right now? What is your income, your wife's employed-income, disabled-income, and income prospects for the future? What are your upcoming predictable expenses? What's your credit score like? You don't have to share these things, but they would help if you want more specific advice. e. It's weird that you bought in Feb 2012 with such a (relatively) high interest rate. And FHA even though you put 16% down? And why would you be trying to refinance so soon after buying? I think for FHA there's a six month waiting period anyway, isn't there? Oh, is this one of those Jumbo Loan things that I don't know that much about? Leperflesh fucked around with this message at 20:30 on Jul 19, 2012 |
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Jul 19, 2012 20:27
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I hosed up. We bought in Feb of 2010 My wife is back to work now and our income is actually slightly up since we bought the house. Kali11324 fucked around with this message at 20:55 on Jul 19, 2012 |
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Jul 19, 2012 20:53
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rephrased.
ex post facho fucked around with this message at 17:25 on Jul 24, 2012 |
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Jul 19, 2012 23:37
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Kali11324 posted:I hope it is ok to post in here about refinancing.I kept going back and forth between posting here and making a new thread. I actually work in an FHA streamline group for another lender. MIP rates are not going to go down. I personally do not like brokers on the streamline program, simply because they don't ever have to do any of the max loan calculations or max credit calculations. A lot of times they quote out things that are not going to be delivered on, simply because loans do not get structured that way on a streamline. You probably missed your window to be perfectly honest. Once you go 30 days late on that August payment, you are going to be ineligible for the next 3 months via FHA guidelines. On top of that, the majority of lenders in the market are going to run a credit check (which is not an FHA guideline but a pretty standard practice). Your credit may not qualify at that point. The big caveat to all of this is that streamline rates may continue to go down as the rest of FHA rates do, but due to the fact that you cannot roll very much at all into these loans (and that 1.75 ufmip is no easy task on credits) it is going to take a long time before 3.625 and lower are real options with only your skipped mortgage payment going into your impounds.
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Jul 20, 2012 01:25
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My wife and I sat down and went through our finances and we can definitely make a partial payment of 1/2 to 2/3 of our normal payment and it really is just this one month. I guess I will call Wells Fargo tomorrow and see what happens. But let my experience be warning to others.
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Jul 20, 2012 03:10
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It will all depend on how Wells Fargo chooses to report it. I know if you have anything past due, we wouldn't be able to do it for 3 months for instance. YMM(hopefully)V
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Jul 20, 2012 23:53
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Kali11324 posted:My wife and I sat down and went through our finances and we can definitely make a partial payment of 1/2 to 2/3 of our normal payment and it really is just this one month. I guess I will call Wells Fargo tomorrow and see what happens. But let my experience be warning to others. You'd be better off missing almost any other payment instead. Could you make your mortgage payment if you (say) didn't pay your utilities for a month? (PG&E actually doesn't seem to report delinquent accounts to credit agencies, or at least not very quickly, based on anecdotal evidence I have from people I know). Student loan payments can often be put into forbearance for a limited period. Hospital bills can be deferred. If you owe money on a car loan, try calling the bank and asking if you can miss a payment for one month or something. As gtkor says, once you have a missed mortgage payment on your credit score it's going to be much more difficult to refinance and/or get a reasonable rate when you do.
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Jul 21, 2012 00:16
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I talked to Wells Fargo today and as long as I pay by the last day of August it will be fine. Even still I think we are going to pay the full payment and do partial payments with the other bills. The rep on the phone did ask me about restructuring the loan due to financial hardship. I asked her for more details about that but she would have needed to transfere me and I didn't want to deal with it at that time. I am under the impression that you needed to some how qualify for this. Does anyone know how this works? Although I did take a paycut I will be back up to where I was before the paycut on my August 31 check.
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Jul 21, 2012 00:46
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Generally financial hardship modifications take two months of delinquent mortgage payments before you are really going to be considered.
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Jul 21, 2012 00:48
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Applied for a 15 year refinance at 3.125% 10 days ago, then I went on vacation. I come back, and everything is approved and the appraisal is done. Only sad part is that I see some 15 year rates at 3%, but I'm only borrowing 110k so it's probably not worth it to look around more.
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Jul 21, 2012 23:10
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honestly the difference between 3.125 and 3 percent when you factor in shopping and closing costs over 15 years is probably not going to be enough to really worry about. I honestly feel like people make a ton of silly decisions in the best interest rate market that we have ever had. You should literally be trying to bite someones hand off for 3.125, it is still an amazing mortgage.
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Jul 22, 2012 08:55
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gtkor posted:honestly the difference between 3.125 and 3 percent when you factor in shopping and closing costs over 15 years is probably not going to be enough to really worry about. Yes, you are right. In the end, my scheduled payment will be $1250 a month, taxes and insurance included. If anyone who tells you New Hampshire doesn't have taxes, $470 of my 1250 is Property taxes alone. Still, the monthly payments are less then my son pays for rent on a townhouse.
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Jul 22, 2012 13:31
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The house we have a signed offer to purchase for needs a roof within a year or two and the basement is radioactive.
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Jul 23, 2012 03:43
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uwaeve posted:The house we have a signed offer to purchase for needs a roof within a year or two and the basement is radioactive. Radon sucks.
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Jul 23, 2012 03:52
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Soooooo.... We closed, but both attorneys expect BoA to reject the HUD1 due to their own mistake.
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Jul 23, 2012 20:28
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The house across the street from where I'm building went up for sale. Since I haven't actually broke ground and I'm only out of pocket about $3k so far I went and looked. It's 5 acres with a 3000 foot house, a barn, fencing for all the little animals, geothermal heating unit (on half the house? wtf, the other side of the house is a separate conventional unit) and a well. Asking price is $300k. I told the Realtor over the phone that if everything was absolutely perfect the highest offer I would be making would be $250k and I didn't want to waste his time but he seemed eager to show it anyway. When we walked in the front door I smelled three things: new paint, new wood, and mold. I asked him how long the house has been vacant, he said 4 months. I said this must be pier and beam and there's a mold problem around here somewhere I smell it. He was insistent the odd odor was new paint. Yes, I smell the paint but I also smell musky wetness. The house is odd as it was build to house two separate people on different sides with shared common areas. The master bath has a shower the size of a large closet and no bathtub, and the shared bathroom for the other two bedrooms has a cast iron tub with no shower. So basically it needs 2 bathroom overhauls and the mold problem fixed. I'm certain the insulation sucks and the heating and air is screwy. It's $100k over what I'm paying to build my house exactly the way I want it. I figure it's worth $190k or so because of the land, fences and nice barn and I don't even want to mess with fixing it. I would be insane to spend more on an old house than what I am to build mine right from the start. My foam attic and walls basically mean I'll be living in a giant walk in cooler of sorts  . He said he MIGHT come down to $275. I will enjoy watching this house sit vacant.
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Jul 23, 2012 21:19
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Citycop posted:I will enjoy watching this house sit vacant. I get what you're saying, but, having a vacant house deteriorating across the street is not going to be helping the value on your own home.
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Jul 23, 2012 22:31
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I have a random question. I want to do a 30 day lock on a rate as it is cheaper with closing costs. We have an accepted offer, the property that we are buying is FSBO and is vacant. The owner is willing to close whenever, and would prefer sooner. The 30 day lock is obviously cheaper for us than the 45 or 60 day lock. The bank says they can get the paperwork and everything completed in those 30 days. My question is, what happens if they do not? If we had everything done on our end and were waiting for the bank to finish their appraisals and paperwork, and it goes out of the 30 days, do we lose that rate? Can we pay a nominal amount to have it extended?
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Jul 24, 2012 00:39
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It's been a while, but you can buy a rate lock extension. They usually cost some fraction of a point on the mortgage. If it's the banks fault you'll probably have a fight on your hands to get them to pay the 1/2 or 1/4 point to extend the lock. edit: some unsolicited advice... make sure you get a really really good inspection done. FSBO and vacant property set off warning bells in my head. Your inspector should have spent at least 3 hours looking over the house... every nook and crevice and given you a detailed report over 20 pages long. skipdogg fucked around with this message at 01:04 on Jul 24, 2012 |
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Jul 24, 2012 01:00
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skipdogg posted:It's been a while, but you can buy a rate lock extension. They usually cost some fraction of a point on the mortgage. If it's the banks fault you'll probably have a fight on your hands to get them to pay the 1/2 or 1/4 point to extend the lock. The house is actually in pretty good shape (at least superficially anyway). Our inspector plans on taking 3+ hours, giving us a very detailed report and video with narration of what he found (others that have used him say his reports are in the 40-50 page range), and going over any issues with us. He is very highly recommended by many people that have used him in the past.
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Jul 24, 2012 01:33
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Going ahead with a refinance from loanDepot - 15 year fixed at 2.75% with no points paid, no cost apart from 3rd party fees. Times are good to refinance right now! I was working with two companies and one of them started out at 3%, but when I emailed them about the loanDepot offer they immediately agreed to switch down to 2.75%. I guess they make more money off of people who don't shop around, but that is kind of BS in my book. So I signed a bunch of things and am waiting for the appraisal to see if everything is in order... the monthly payment is only going to be $200 more than before, and I'm switching from 30-yr to 15-yr. Incredible! I'm almost as excited about this as when I first bought the house
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Jul 24, 2012 01:58
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sheri posted:I have a random question. I want to do a 30 day lock on a rate as it is cheaper with closing costs. We have an accepted offer, the property that we are buying is FSBO and is vacant. The owner is willing to close whenever, and would prefer sooner. Generally speaking the relock is going to be somewhere in the range of a .25 point.
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Jul 24, 2012 02:44
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moana posted:I guess they make more money off of people who don't shop around, but that is kind of BS in my book. That they do. They make a percentage of the loan amount in commission and that percentage is based on the interest rate they get you to agree too. Looking at a random wholesale mortgage rate chart I found on Google, today a 2.750% 15 year fixed pays .4 points or .000434% in commission. A 3.00% rate nets the broker 1.6 points or .0016%. On a 200K loan that's a difference of 2400 dollars in the brokers pocket ($800 vs $3200). Be careful though, they might have given you 2.75% but charged you more in an upfront fees to make up for it. It might be worth it for you to pay an extra point on the front end to get a cheaper rate long term. Double check your paperwork and make sure you're getting a good deal, but the broker does need to make a living too.
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Jul 24, 2012 04:13
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Yeah, I went through and tallied up all the fees to compare them, which was actually much harder to do than it seemed since one had 0 origination fees and the other one had an "origination credit" - I wondered why they would do that rather than just lower the rate, but if they're getting paid more at higher rates I suppose that makes a lot more sense. It's just hella annoying when you go to compare offers. LoanDepot ended up being $1100 for final closing costs at 2.75%, 0points. The first loan dude was going to charge ~$2k to pay it down to the same rate, but then backpedaled when I said I was going with LoanDepot and said they would match them. Then he called me twice in a row when I had told him I was unavailable, left me these long pissy voicemails and accused me of "punishing" him when I explained I'd rather go with the company who offered the lowest rate right off the bat. This is a direct quote from his email: "I went to my manager and said, hey, I don’t want to put this gal through a bunch of nickel and dime comparisons with Loandepot. Let’s just eat any margins that are built into this loan just to get the job done. With that, he took out any profit that we were going to make and dropped this thing down to $995 out the door." gently caress that, this gal would rather pay more not to deal with these kinds of bullshit sales tactics (and the email didn't include a GFE so I could compare them honestly, wth). The officer at loanDepot was so much more polite and helpful, and did everything through email rather than waste my time on the phone.
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Jul 24, 2012 04:52
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Yeah that sounds about right. The mortgage broker business can be really shady. You need almost no education, and the possible income is high, so most brokers do not have your best interest at heart. There's been some reform regarding brokers which has pissed plenty of them off (capping total commissions), but there's still big money to be made so all you can do is become educated about the process. Anecdotal Story Time: I'm not someone who's cut out for sales I guess. My mom back around 2004/2005 or so refinanced a family friends house. She was involved with a mortgage company at the time and was brokering loans. The person was carrying a 370K mortgage @ 7% interest and rates were in the low 6's at the time. She was explaining to me how the whole point system and broker commission worked. She was going to refinance the friend at 6.25% which was paying about 3.5 points. She could have got him down to 5.75 or 5.875% and only made 1 point on the deal, but then she would have only made 4,000 on the deal instead of 13,000 dollars. When I asked her why she wouldn't help her friend get the lowest rate possible she looked at me funny. She explained to me he was going to save money every month, and she was going to make a boatload of cash. Everybody Wins. But if this person was really her friend wouldn't she want to help him out as much as possible with the lowest rate? I guess I just can't do that to people.
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Jul 24, 2012 06:40
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skipdogg posted:I guess I just can't do that to people. And this is why I didn't get past the second round 'behavioral' interview questions at Northwestern Mutual. "Would you bring up life insurance at a family BBQ?"
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Jul 24, 2012 06:45
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Daeus posted:And this is why I didn't get past the second round 'behavioral' interview questions at Northwestern Mutual. "Would you bring up life insurance at a family BBQ?" The head of Commercial Lending here tried to win me over to become a lender. I said that I dont like the "used car salesman mentality" and he got all offended. Then he said that they only try to help people.
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Jul 24, 2012 13:30
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Leperflesh posted:I get what you're saying, but, having a vacant house deteriorating across the street is not going to be helping the value on your own home. This right here is why people shouldn't be allowed to buy houses. A houses value is based on the following: Can you afford it?, is it cheaper rent?. If so then it has a value you. You have to live someplace. A house is not an investment.
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Jul 24, 2012 14:37
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Daeus posted:And this is why I didn't get past the second round 'behavioral' interview questions at Northwestern Mutual. "Would you bring up life insurance at a family BBQ?" Haha. I make my secretary screen calls from my Northwestern Mutual agent because talking to him makes me want to die. Most people at my firm do the same thing. Good to know "being awful" is a job requirement
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Jul 24, 2012 14:54
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I'm making about $45,000 a year and paying about $957 a month in rent. I'm in the NW Denver area and looking to buy; average home prices in the area I'm looking are about 155,000. I have about $10,000 saved ($5-6k would be the max I could put towards a down payment). I have small student loan debt ($~100 month), no credit debt, own my car. Is it feasible to think that a mortgage (with PMI, property taxes, utilities, etc.) is a better option for me, given those factors? The calculators in the OP seem to suggest that if I plan on staying in the area for at least 5 more years - I do - then I would be better off buying.
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Jul 24, 2012 17:28
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Don't buy a house because you think it will be cheaper (it won't, at least not for a while), or because you think it will be a good investment (market could be bottomed out, or it could just continue to plummet another 5 years). Buy a house because you want to be a homeowner, and you found a house you really like.
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Jul 24, 2012 17:39
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I genuinely do. I'd like a place where I can have a backyard for dogs/animals and a place where friends could stay over that's not an apartment couch. I understand the initial up front costs are more expensive (with maintenance, property taxes and mortgage/homeowner insurance obviously also factors), but I love Colorado and don't plan on leaving. Since I plan on being here long-term, I'd really like to get something conducive to that plan.
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Jul 24, 2012 17:58
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Save up until you have a 20% down payment and make a little more money, and rent a house until then.
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Jul 24, 2012 18:02
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a shameful boehner posted:I'm making about $45,000 a year and paying about $957 a month in rent. I'm in the NW Denver area and looking to buy; average home prices in the area I'm looking are about 155,000. I have about $10,000 saved ($5-6k would be the max I could put towards a down payment). I have small student loan debt ($~100 month), no credit debt, own my car. 45K take home or 45K gross? If you're making 45K gross you can't afford a 155K house. The calculators out there say you can but you will be ridiculously house poor. Can you buy a 155K house? Yeah, you could probably swing an FHA loan with 3.5% down, and get into a house, but it's a terrible idea with your current financial position. You would also be tied to that house for about 8 years If you're bringing home 45K a year... you could do it, but I still think you'll be a little house poor.
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Jul 24, 2012 18:04
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a shameful boehner posted:I genuinely do. I'd like a place where I can have a backyard for dogs/animals and a place where friends could stay over that's not an apartment couch. I understand the initial up front costs are more expensive (with maintenance, property taxes and mortgage/homeowner insurance obviously also factors), but I love Colorado and don't plan on leaving. Since I plan on being here long-term, I'd really like to get something conducive to that plan. You can rent a house and get all those things though. Like others said, with your income you'd need a lot more saved up for it to be a good idea. Also when you think "long-term" with a house, remember that's more like 30 years, not 5.
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Jul 24, 2012 18:29
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skipdogg posted:45K take home or 45K gross? If you're making 45K gross you can't afford a 155K house. The calculators out there say you can but you will be ridiculously house poor.
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Jul 24, 2012 18:42
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Sophia posted:Save up until you have a 20% down payment and make a little more money, and rent a house until then. I wish I had taken this advice more seriously. A real estate agent actually told us, "No one does that anymore!" We were living in a tiny two bedroom condo and I was impatient to get out. We have two kids and we had out grown the place. My wife's grandmother died and left us about $90k. The mortgage on the condo was really nothing about $1500.00 and my take home alone was about $4,000.00 a month. It seemed like the perfect situation to upgrade, but if we had waited just a year and or even less and saved enough to put the full 20% down (instead of the ~16%) and given ourselves a little saving cushion, we would be in a totally different place. I didn't understand at the time the significance of that 20% threshold. Until you hit that you are considered a "high-risk" loan and you are in a different category. It is not just $174.00 a month being thrown down a hole to mortgage insurance. It has also gotten us stuck at 5% rate instead of ~3.8% that Wells Fargo originally quoted us for a refi. It makes a difference over over $400.00 a month in the mortgage. A big part of it was that at the time, 2010, we thought, This is the time to buy! This is a once in a life-time opportunity. Rates are so low and it's a buyers market. We can all see how that worked out.
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Jul 24, 2012 19:10
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