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Well, locked in at 3.375 for a 30 year fixed. Now just to do all the paperwork and running around until we close.
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Jul 27, 2012 22:58
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the littlest prince posted:I look forward to reading about the fallout from this. Please make sure to post it when it happens. Just put in earnest money on a house Friday evening and am bringing in the inspector on Wednesday. Closing is August 27th. loving PUMPED
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Jul 29, 2012 05:58
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House 1: Walked away after major mechanical defects exposed in inspection House 2: 3 Bidders - went for 10% over list. House 3: 4 bidders - unknown House 4: "multiple" bidders. Homeowner felt our 5 day offer was too constraining, refused to look. House 5: 7 bidders - we bid list, don't think we have a chance... I think we've found bottom and it was 6 months ago! Do never try and buy.
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Jul 30, 2012 16:56
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First time homeowner here. I've been in my new place for a week and have already had a plumber in twice. But it's all totally worth it (what have I done what have I done  )
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Jul 31, 2012 21:56
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Blue Scream posted:First time homeowner here. I've been in my new place for a week and have already had a plumber in twice. But it's all totally worth it (what have I done what have I done The house we put an offer in passed inspection. I am scared shitless.
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Aug 1, 2012 03:15
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My former house is now back on the market as a HUD house for $15k (I got it at $105k). I think it's still overpriced.
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Aug 1, 2012 03:25
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Fire Storm posted:My former house is now back on the market as a HUD house for $15k (I got it at $105k). Just curious, did you get out because you couldn't afford, or because the home was worthless (I'm guessing the first since you bought another place with cash).
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Aug 1, 2012 05:16
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Finally... 6 months and a few thousand dollars later... I closed on the house. It funds today and I get the keys. I didn't quite get the ridiculous interest rate some of you got but I am pretty drat happy. 3.95 on 30 year fixed. Moving time. edit: Got the keys and the paperwork, loan funded. Homeowner time!! Errant Gin Monks fucked around with this message at 16:59 on Aug 1, 2012 |
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Aug 1, 2012 15:11
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FISHMANPET posted:Just curious, did you get out because you couldn't afford, or because the home was worthless (I'm guessing the first since you bought another place with cash).
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Aug 1, 2012 17:48
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I tried to buy a 32K house and it was sold before I could make a full price cash offer. The bubble is back baby!
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Aug 2, 2012 10:38
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I'm in the process of shopping around for a refinancing deal and was wondering what the catch on the Mortgage Loan junk mail I keep getting is. Basically, the best I have been quoted by a lender I initiated contact with was 3.25% on a 15yr fixed, but I am getting unsolicited mail from places offering me 2.875% for the same loan. I've been around long enough to know not to trust junk mail, but I'm still curious what their scam is. Astronomical closing costs? Weird compounding resulting in a higher APR (though it does say 2.99% APR)? Is it worth asking for a quote or should I just ignore them?
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Aug 2, 2012 16:46
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Elephanthead posted:I tried to buy a 32K house and it was sold before I could make a full price cash offer. The bubble is back baby! These posts always blow my mind. Around here a $32K house is either 1.5 floors underwater and sinking or actively on fire (and northeast VA was built mostly out of wood on a giant swamp, so it's a real tossup; could be both!). The amount of price variation around the country is amazing to me.
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Aug 2, 2012 16:53
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Hillridge posted:Basically, the best I have been quoted by a lender I initiated contact with was 3.25% on a 15yr fixed, but I am getting unsolicited mail from places offering me 2.875% for the same loan.
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Aug 2, 2012 17:16
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Splizwarf posted:These posts always blow my mind. Around here a $32K house is either 1.5 floors underwater and sinking or actively on fire (and northeast VA was built mostly out of wood on a giant swamp, so it's a real tossup; could be both!). The amount of price variation around the country is amazing to me. It would cost about that to have the condemned structure torn down and hauled away on the quarter acre of land you just spent $180k on around here (30 minutes outside Boston).
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Aug 2, 2012 17:18
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moana posted:Check bankrate.com for the lowest deals in your area; I was able to find a 2.75% 15-yr loan with an online company. The rate quoted in your junk mail is usually resting on some assumptions: namely, that you have the best credit score possible (over 740) and that your loan-to-value ratio is under some percentage which I forget (65%?). Thanks, I'll check it out. I looked and it does say 70% loan-to-value and good credit. It shouldn't be a problem since my score is over 800 and my loan-to-value ratio is around 68% based on an appraisal done a year and a half ago. Edit: On bankrate.com, why do they need me to choose between a 5% and a 20% down payment for a refinance? I don't plan on any down payment since I already own 30%+ of the house. Hillridge fucked around with this message at 17:26 on Aug 2, 2012 |
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Aug 2, 2012 17:22
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Splizwarf posted:These posts always blow my mind. Around here a $32K house is either 1.5 floors underwater and sinking or actively on fire (and northeast VA was built mostly out of wood on a giant swamp, so it's a real tossup; could be both!). The amount of price variation around the country is amazing to me. I thought Baltimore was cheap, but $32K here might get you that rowhouse they were dumping dead bodies into on The Wire. You'd probably have to pay more if you want the bodies cleaned up first though.
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Aug 2, 2012 18:05
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Hillridge posted:Thanks, I'll check it out. Some lenders will try and negotiate points based on how much you put down. Realistically, most industry mailers are going to assume credit scores of 740 or higher, probably 65 percent ltv and a monthly income of 7000. On top of that you should also assume a 250000 loan size.
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Aug 3, 2012 01:49
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Hillridge posted:On bankrate.com, why do they need me to choose between a 5% and a 20% down payment for a refinance? I don't plan on any down payment since I already own 30%+ of the house.
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Aug 4, 2012 18:06
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Hillridge posted:Edit:
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Aug 4, 2012 23:46
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Warning, happy-brag part of post: -------------------------------- Just put in an offer on a house that perfectly fit my wife and I's requirements! Was listed at 264, we countered at 248, they countered at 259, we countered with 259 + they pay closing costs up to 3k (which allows us to use the cash to put towards my student loans, which have a higher interest rate than our mortgage likely will). We'll be able to put down 20% easily which is great. Only downside is the purchase is contingent on the seller completing a purchase of a short sale that has been in the works since January. Supposedly it's just red tape holding up the deal, but we've built in a 30-day escape clause to the offer so we can opt out if the short sale takes forever. Question part of post: ----------------------------- If we complete the sale, we've been weighing a 15-year mortgage vs 30-year mortgage (while paying it as if it was a 15-year). The interest rate savings on a 15-year mortgage is obviously nice, but we're thinking the ability to "lay off the gas" on a 30-year would be nice if one of us became unemployed for an extended period of time, expensive medical bills, etc. The PITI on a 15-year (or paying a 30 like a 15) would be around 16-18% of our monthly income depending on how insurance shakes out. Anyone have any advice on which route to take? Also, anyone have any experience with downsides of using escrow? Seems like all upside from what our realtor has told us, as long as the bank is transparent about what part of the payment is going where. Lord Of Texas fucked around with this message at 17:07 on Aug 7, 2012 |
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Aug 7, 2012 16:18
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Escrow is nice since you don't have to be responsible enough to put aside your property tax and insurance money every month. It's just in your payment. The problem is the Escrow service. They loving suck. My mortgage payment has changed dramatically the last few years because they can't do simple loving math. Last year I got over 1K back from my escrow account, this year I'll still get about 800 back. I rather have control of my own funds and not overpay a company to make interest on my money. If you're putting 20% down you're more than likely financially capable of handling your own taxes and insurance payments. It can also help your monthly cash flow. Take taxes/insurance out of one set of checks, pay P&I with the other. If I could get out of using Escrow I would do it in a heartbeat.
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Aug 7, 2012 16:38
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skipdogg posted:Escrow is nice since you don't have to be responsible enough to put aside your property tax and insurance money every month. It's just in your payment. Escrow is nice if you don't care one whit about tracking the nitty-gritty details of owning your own home. Pay it and forget it. However, escrow means you're essentially trusting someone else with your money and they may or may not screw it up/screw you out of money due to mismanagement. Do you really want that headache? For example: last year when my escrow company did the rollover adjustment, I had to send in a check for over $450 to cover the account deficit because they "re-calculated" taxes based on what I'd actually been paying for the past year.  Shouldn't they do the research and math before I bought the house instead of just guessing?Thanks to a goon earlier in this thread, I learned that I can ask the mortgage company to take escrow off my account (maybe). I called the mortgage company and they said that since I have such good credit and put 20% down, I can call back at the 2 year mark (next February) and they'll take escrow off. YMMV, but I really don't like the idea of someone else paying my bills, you know? At least if I screw up, I can go down to the village office and get it sorted out. If the escrow company screws up, I have to play phone tag with the company and follow up with the village office. Why not cut out the middleman?
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Aug 7, 2012 16:52
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Should I bother refinancing my loan? I got a 200k 30-year loan @ 4% in December and am looking at maybe getting a 3.5% if possible. I would only be saving >$100 but it's better than nothing.
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Aug 7, 2012 19:47
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Yeah the home we are closing on in a few days I advised BoA I'll be handling my Homeowner's Insurance and Property Taxes on my own, all they get is a check for the Mortgage Payment, no escrow.
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Aug 7, 2012 20:14
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FCKGW posted:Should I bother refinancing my loan? I got a 200k 30-year loan @ 4% in December and am looking at maybe getting a 3.5% if possible. I would only be saving >$100 but it's better than nothing. Have you looked into refinancing to a 15-year? That would definitely make it worth it, and it could be more affordable than you think, with as low as rates are now.
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Aug 7, 2012 21:10
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Lord Of Texas posted:
Do the math, find out exactly how much more interest you'll pay on a 30 year paid in 15 vs a 15, using the rates you're quoted. Think of it as an insurance policy, and decide whether or not it's worth it. Also compare the difference in monthly payments to see if it's really that big of a hardship to cover the larger payment in a crisis.
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Aug 7, 2012 21:13
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LloydDobler posted:Do the math, find out exactly how much more interest you'll pay on a 30 year paid in 15 vs a 15, using the rates you're quoted. Think of it as an insurance policy, and decide whether or not it's worth it. Also compare the difference in monthly payments to see if it's really that big of a hardship to cover the larger payment in a crisis. Thinking of it as an insurance policy is a good idea, thanks for the advice. We've compared the difference in interest and it's not negligible but also not prohibitive - about $60/month, ~$11000 over the life of the loan for the "insurance policy". We'll have to make the call, was just wondering if anyone else had taken this route and had good experiences/bad experiences, or if there's some "gotcha" I'm missing about paying off a 30-year mortgage like it's a 15.
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Aug 7, 2012 21:41
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Lord Of Texas posted:
What are the two interest rates that you are comparing?
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Aug 7, 2012 23:38
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daslog posted:What are the two interest rates that you are comparing? 3.75% for 30 years, 3.15% for 15 years. Haven't been quoted an official rate yet, but searching bankrate.com those seemed like good estimates. Our credit was pulled 3-4 months ago when we got our pre-approval, and it was excellent (I believe mine was 760 and hers was 810). We'll re-do the math once we get official quotes of course.
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Aug 7, 2012 23:59
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Lord Of Texas posted:3.75% for 30 years, 3.15% for 15 years. Haven't been quoted an official rate yet, but searching bankrate.com those seemed like good estimates. Our credit was pulled 3-4 months ago when we got our pre-approval, and it was excellent (I believe mine was 760 and hers was 810). Half a percentage point is probably worth it to do the 15, but that's only a decision you can make based on your personal circumstances.
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Aug 8, 2012 01:32
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SlightlyMadman posted:Have you looked into refinancing to a 15-year? That would definitely make it worth it, and it could be more affordable than you think, with as low as rates are now. That would add $400 a month to our mortgage so no, that's not an option.
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Aug 8, 2012 19:27
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FCKGW posted:That would add $400 a month to our mortgage so no, that's not an option. Cool, as long as you looked into it. I'm refinancing now because I figured out I could switch to a 15 for only $200/mo more. I had absolutely no idea it would be that cheap and it wouldn't have even occurred to me to check if a friend hadn't urged me to.
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Aug 8, 2012 19:46
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I was under the impression that the interest earned on your escrow account belongs to you. I was also under the impression that if an escrow company fucks up (like, underpays your taxes or doesn't pay your insurance premium on time), it's on them and not you to fix it at their expense. Confirm/deny?
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Aug 9, 2012 02:16
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varies by state I believe.
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Aug 9, 2012 02:21
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Leperflesh posted:I was under the impression that the interest earned on your escrow account belongs to you. Deny. I'm in Texas. I make no interest on the 500/ month I put into escrow and they have zero responsibility if they gently caress up.
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Aug 9, 2012 02:26
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We get the interest in Maryland, but we have all kinds of crazy laws here. For instance, if a renter puts down a security deposit, the landlord owes them interest on it when he gives it back (and it's extremely difficult to withhold).
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Aug 9, 2012 15:00
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Woo, our second counter offer was accepted! Bought a house! Pretty painless exercise, although for some strange reason they wanted possession for 3 days after closing without paying rent, which was a big loving red flag for me. We were able to put something in the contract to satisfy them, now possession transfers at closing, but we agreed to close no earlier than 3 days after they close on their short sale - so they still get 3 days, but we're not liable for any poo poo that happens while they're moving out. Been in the house search process for over 2 years, patience really does pay off as we finally found an affordable house in good condition with exactly what we're looking for.
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Aug 9, 2012 15:17
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Sorry if this isn't the right thread for this, but I was wondering if anybody had advice on evaluating and choosing home inspectors (north Houston/Spring area if it matters). All of our word of mouth recommendations have come from the same people who recommended our realtor (who is great), but they all seem to have used the person she suggested, which is apparently not the best idea? Thanks!
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Aug 9, 2012 17:47
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cornface posted:Sorry if this isn't the right thread for this, but I was wondering if anybody had advice on evaluating and choosing home inspectors (north Houston/Spring area if it matters). After doing some research I tried to go with someone off of here but it didn't work out due to timing. Best advice I can give is make sure they are accredited/certified, do home inspections as their sole source of income, have significant experience, and ask to see sample reports. After you read through a half dozen you can tell which are just running around making indecipherable checklists and which are going to take the time to take pictures, point stuff out, etc. Ours wound up being $620 and we were happy with him. This is in a high-cost-of-living area outside Boston, but still we'd had a couple people laugh at us because we "shouldn't be spending over $300" or something like that. I assume those are the broker-pushed ones. Edit: OK, who's had a radon mitigation system installed? The proposal for the house we just purchased came in and they are going with an outdoor-fan subslab depressurization system. Which made me immediately skeptical because I've heard outdoor-fan/routed systems are easiest and cheapest to install (highest profit for installler), run into fan life issues due to freezing of condensation, and are ugly as poo poo. I'm sure an indoor-routed/fan one could be done more elegantly at a higher cost. Anyone have any thoughts or opinions? uwaeve fucked around with this message at 18:28 on Aug 9, 2012 |
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Aug 9, 2012 18:22
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Closing day is today! So excited. Nothing like walking into closing with a check for only $4,000. Unfortunately, they retain possession for five days after closing though, so it won't be as exciting since we don't get a key :/
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Aug 10, 2012 14:32
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