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Cage posted:Thanks, I get why youre frustrated but I was just asking about the down payment percentage. People started asking about my budget and I guess its my fault for not just saying "Thanks guys but Im not interested in talking about my budget right now". This is minimum 2 years away, probably more like 3. I could change my mind by then. Listen man (you could be a girl, not sure), I've made ~500 budgets for goons here. I've seen people with your income trying to make rent payments. The slightest thing with that income will completely gently caress everything up. I'm coming from that mentality and I just don't want to see a goon get in a situation he's not prepared for.
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Jan 14, 2013 01:12
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silvergoose posted:Situation and questions: I make roughly the same as you, though I didn't have as much in savings. (I'm unclear if your savings include your retirement savings but I'm assuming they don't.) I wouldn't have been comfortable with a mortgage over $200K (for 30 years) in that position, and in fact went with only $120K to be safer. I think over $400K sounds like way too much house for your situation.
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Jan 14, 2013 01:29
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Rurutia posted:Those numbers sound right. We have more than that in takehome (after 401k/IRA) and savings, and we're pretty firm on not going over 220k. Are houses in your area exceptionally expensive, or do you have a large family? If you really want 400k+, have you thought about going with 30 yr? I know the loan life sounds scary long and it does raise your mortgage rate slightly, but in the end, you do come out ahead (given that you have the support to weather bad situations and you invest the money you're not paying on the mortgage). (I'm silvergoose's wife, fyi.) It's the exceptionally expensive part. I'd love more than anything to buy a cheaper house, but it's really looking like 400k is where we need to be to get a moderately sized house we can stay in forever. Much less than that, and it probably needs a lot of work, is located in a lovely area, is tiny and we would have to move again when we have children, or all of the above. After pondering a bit, we can very comfortably do it on a 30 yr based on our financial situation; I just had a horrible knee-jerk reaction to the idea of taking 30 years to pay it off. But we're expecting some financial help from family and expecting some level of increase in our take-home in the future, so the math would work out and we can overpay on the mortgage and get it done in less than 30 years.
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Jan 14, 2013 01:32
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Sophia posted:I make roughly the same as you, though I didn't have as much in savings. (I'm unclear if your savings include your retirement savings but I'm assuming they don't.) I wouldn't have been comfortable with a mortgage over $200K (for 30 years) in that position, and in fact went with only $120K to be safer. I think over $400K sounds like way too much house for your situation. How did you find a house for 120k? Everything I see in that price are almost condemned looking foreclosures. We bring in a little bit more than that, but it looks like we're going to be spending ~210-220 to get something good. We've only looked at a dozen houses though (loved 3, liked two, won't even think about 4 ever again, 2 were terrible, and 1 i'm convinced is just plain haunted) and I'm assuming the spring will bring a ton more listings.
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Jan 14, 2013 01:39
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Pillowpants posted:How did you find a house for 120k? Everything I see in that price are almost condemned looking foreclosures. We bring in a little bit more than that, but it looks like we're going to be spending ~210-220 to get something good. We've only looked at a dozen houses though (loved 3, liked two, won't even think about 4 ever again, 2 were terrible, and 1 i'm convinced is just plain haunted) and I'm assuming the spring will bring a ton more listings. It's all about market, I'm guessing. My house was actually $150K ($30K down), and I moved to a small town in Indiana where everything is cheaper so that got me a nice, mostly low-maintenance house that's still close enough to drive comfortably to the slightly bigger city where I work. I think you live in a pretty biggish city area based on your other posts so I'm sure it will be much harder.  Back when I (incredibly stupidly) was thinking about buying in Chicago it would have cost me about $350K to get what I wanted. Here I probably underbought what I could have had financially but got exactly what I wanted.
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Jan 14, 2013 01:48
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silvergoose posted:We have about 4300 per month coming in takehome, and quite a bit (over 100k) in savings built up. We've been looking in the 300-450k range for houses and are now a bit worried about the idea of a 400k+ house, so I'd like to get a bit of advice or other opinions.
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Jan 14, 2013 02:22
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Cage posted:Im 27 and just got a job with NY state at a college earning $27,000 a year. I have 3k in my checking account, 0 debt and each month Im only paying for car insurance and my cell phone. Im looking at houses between 50k-60k but this is of course after a few years of saving up money. My question is how much money should I have saved up before I start seriously looking? Im not looking to buy one in the next few months, I figured 1.5-2 years of saving minimum. Im also sure about wanting to stay in the same city. I hope you are with the State University, because then you will get a lot of benefits and a good retirement, if you stay there long enough. I think maybe you can pull it off. I'm familiar with the area. Here are my suggestions: 1.) You need to buy a double because on you salary you need some rental income to supplement you income. You won't be able to afford a multi-family near the Elmwood Strip or Hertel Ave. This CA company bought up a lot of multi-families in recent years and the prices shot through the roof. Plus these houses are big and take a lot of maintenance. Keep in mind the city is fairly high in crime and the school district is poo (3rd poorest city in the country I believe), so if you pop out any kids while living there then it's either crummy public schools or Catholic schools. The taxes look low but they are going up. They are projected to go up again in 2012. Take a look at the hidden fees for garbage removal and the crazy high water bills and the taxes in the City of Buffalo are getting close to some of the suburbs. 2.) Even a small cape in North Buffalo will cost 80K and you probably can't get a mortage for that. There are lots of houses for sale in he first ring suburbs. I don't like the southtowns (snow). Ooodles are in Cheektowaga, where the aging population is dying off, so you can find a lot there, if you want to deal with the traffic. Personally, I'd go north. Keep out of Kenmore/Tonawanda or you get Village and Town taxes. Tonawanda is good. I'd look at something like 3-7 Curwood Court Tonawanda for 66K. It is a small double. It's close to most colleges in the area, so I assume it would be close to your workplace. I just pulled this one up, but with efforts a realtor could find other options. 3.)Shop for financing. Rates are low now. Get a realtor. The realtor will help you get pre-approval. Once you have that, shop around for better rates at other places. If you are getting a double, the income of the rental until will be added to your salary. The house I mentioned has separate meters for gas and electric. You would have to pay water for both. Find out what it last rented for. Find out if it is in decent condition or not. 4.)Get an inspection. If a lot of things are screwed up, walk away. It doesn't have a basement so heat bills might run high. I'd put in a pellet stove and use the gas as backup. Put insulation under the floor and in the attic 5.) I think you could pull off buying a place like this. FWIW, I like North Tonawanda too (Niagara County). Transfer tax in Erie County (when you sell) is ridiculously high, like 3X Niagara County. The drive is further. Keep out of Niagara Falls. 6.) About the down payment. Don't put all your $ down. Keep some $ in reserve to do things that will lower your monthly costs like insulating the floor and attic or for repairs like if your hot water heater goes out. If you think you will be there long enough to make it cost effective, install a pellet stove. Don't go crazy buying stuff. You can get a lot of good used things off Craigs List. If you have a big chunk of money like 10K then sure, take out a 56K mortgage instead of 66K. Another thing... For closing costs you can ask that the seller pay them. Like the house is 66K and you offer 59K and ask that the seller pay 3K in closing costs (for your first offer). If they accept, you take out a mortgage for 59K and pay it to the seller, but they have to roll 3K of it back to you at closing for your closing costs. Thus they really only get 56K for the house. You have a mortgage of 59K but you don't have to worry about coming up with 3K cash for closing costs. This is a little simplistic cuz banks nowadays want to see downpayment. Good luck nakedmolerat fucked around with this message at 08:02 on Jan 14, 2013 |
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Jan 14, 2013 07:51
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silvergoose posted:Situation and questions: First of all, the cost of houses depends greatly on where you live. But in this depressed (though recovering) housing market, I should think you could do better than 300-450K. It would be helpful if you said something like "southern CA" or "Seattle," or "Florida Panhandle." Nonetheless, my gut tells me that you are spending 2X as much on the house as you should/have to in this market. You never know when something will go wrong with the takehome pay. Take a look at Zillow.com and register there so that you can look at the foreclosures. Also look at trulia.com. On trulia, type in addresses of houses you like then click the COMPARABLES button. Look at PRICE PER SQUARE FOOT. That's what realtors and appraisors first go by (plus age, condition, amenities, neighborhood, schools). Under Comparables you can see what is For Sale and what Just Sold. Do a lot of comparable research. Try to find a short sale or foreclosure that gets a high rating on all the stuff I listed above but has a low price per square foot. That's the house I'd go for. I've been doing this for a while. My latest was built in 2005, 5 bedrooms 3 baths, guard gated community, 2,400 sq. ft., $57. sq/ft., low tax area, good weather. It was a double short sale.
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Jan 14, 2013 08:18
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For Silvergoose and wife: 400K houses come with higher property taxes and repair expenses. Are your incomes going to increase in the foreseeable future? If you have 100k down you are probably good savers, but if you don't have kids and plan on having them your budget is going to get tighter then a goons waistband. You probably are disciplined enough to make it work but I don't know that your life is going to be better or worse owning a house with that high of a wage percentage commitment. 50% is a pretty high commitment but if your families are loaded and going to take care of huge repair items if they come up it may not be that bad of a deal.
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Jan 14, 2013 15:49
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Boston suburbs. We can probably find lower cost and smaller house in a worse town for, oh, 325-350. Lower than that and we're in towns with bad schools and too far from everything we want to be close to. We are good savers, income is likely to rise, but yes, kids are desired. Foreclosures would require a lot of work, right? And time. And dealing with banks. I feel like 400k is not twice the house we can afford, we literally have over 100k saved up solely for the down payment, which doesn't include quite a bit for repairs and such, plus of course the usual 6-9 months expenses. edit: Don't take this as "I will not listen to advice and comments", just adding more information and our views. silvergoose fucked around with this message at 18:01 on Jan 14, 2013 |
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Jan 14, 2013 17:53
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I dont even think a bank will give you a loan if your payment is 63% of your take home.
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Jan 14, 2013 18:03
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They care more about pretax income, but it'd still be tight. I think they'd be much more comfortable with a mortgage of 200-250k over 30 years rather than 300 over 15.
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Jan 14, 2013 18:05
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sheri posted:I dont even think a bank will give you a loan if your payment is 63% of your take home. We calculate debt ratios using gross income, not net, so depending on your tax brackets 63% of take home is certainly possible. For gross income, generally conventional is 45-50%, FHA I've heard can get up into mid 50s, and VA is weird and can allow stupidly high ratios depending on your residual income benefits.
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Jan 14, 2013 18:10
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silvergoose posted:Foreclosures would require a lot of work, right? And time. And dealing with banks. My house was a bank-owned foreclosure and everything was easy-peasy as a normal sale.
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Jan 14, 2013 18:13
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moana posted:Not necessarily. There are many bank-owned houses that are as straightforward to deal with as a normal sale. It's usually the short sales and houses in the middle of a foreclosure that take forever to get through. Seriously, though, it sounds like you might need to shoot for $400k+ to get the house you want. If that's the case, you should definitely go for a 30-year mortgage. It won't be much higher interest and you'll have a TON more flexibility if you ever hit a real emergency or get fired or what have you. Yeah, we're definitely looking at 30 now, pretty much for those reasons. We can always pay it off earlier, just give the peace of mind of not *having* to. Rates are so low right now that it probably won't make the interest that much higher long-term. Good to know about the foreclosures though!
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Jan 14, 2013 18:16
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moana posted:Not necessarily. There are many bank-owned houses that are as straightforward to deal with as a normal sale. It's usually the short sales and houses in the middle of a foreclosure that take forever to get through. Seriously, though, it sounds like you might need to shoot for $400k+ to get the house you want. If that's the case, you should definitely go for a 30-year mortgage. It won't be much higher interest and you'll have a TON more flexibility if you ever hit a real emergency or get fired or what have you.
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Jan 14, 2013 19:36
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Foreclosures can in some cases be easier than normal sales. For example, ours. Why? Because the bank wants to sell! They understand that poo poo needs to get done, they don't whine about required repairs (for example, my house's furnace had been disconnected and needed repair. They got it fixed in a week without complaint and we moved forward), they're usually quite realistic about the current market and the going price, and they want to close fast. The property is also usually vacant. That's a big plus for a lot of reasons; you can actually see all the walls, all the floors, etc. without someone's furnishings in the way. Your inspector has a much easier time of it too. There's no coordinating moving times with the current owners' need to move out on x day, or (worse) need to close on another house they're trading up to and move into it before you can take possession of theirs. The banks also like cash offers, and prefer to avoid complicated financing situations where it's more likely that your financing will fall through. We bid on a house and lost to a substantial all-cash offer that was $20k below ours. Yes, some foreclosures are fixer-uppers but not all of them and if you're patient you can certainly find ones in good condition. If it saves you $50k on the sale price, surely it's worth an extra couple grand in repairs before moving in? Especially given you have a large cash reserve. Give yourself an extra few weeks between closing on the sale and your move-in date so you can do your refurbishing and repairs with the house empty. If you're contemplating long-term home ownership, you really can't be afraid of repair work, because it's going to come up eventually.
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Jan 14, 2013 19:45
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On the other hand, piece of poo poo banks like B of A can be so incompetent to take your piles of money that they cost you thousands of dollars by dragging their feet so much they push back your closing date multiple times for weeks on end and only threat of lawsuit gets them moving (still bitter.) They also refused to issue just compensation at closing to fix things in the home inspection like missing garage windows and broken shower faucets. I think our case was a rare one, from what I understand REO and bank owned sales are usually easier because there's little to no seller terms or move dates. FCKGW fucked around with this message at 20:09 on Jan 14, 2013 |
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Jan 14, 2013 20:07
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I need so much help. A family member has recently asked if I would be interested in buying my deceased grandmother's house for $60,000. It was appraised at $99,000 and needs a work like removing the fireplace, some siding, I'd like to change the wall between the kitchen and living room into a half-wall, and the heating needs to be replaced so I'm trying to get an $80,000 loan. The property is on a quarter acre within walking distance from the lake and surrounded by forest. Very nice set up, especially for the price. Here's the kicker though, I have poo poo credit. My current standing (according the last lender that denied me) were 586, 612, and 614. My partner has a thin file with no credit. Our combined yearly income is close to $100,000 and we've both been at our jobs for more than 2 years. We've rented our current residence for nearly 4 years. Our debt-to-income ratio is very low as both cars are paid off and I only use one credit card and keep the balance below 30% of the limit. I have read the FHA loans can be approved for credit scores as low as 580 but I have yet to find any lender that does that. I'm just not sure what to do at this point. Is there any way to boost my credit score by 15 or so points in the next couple of months? If my partner opens a credit card will that be enough to give him a good score and can they just use his? Are there any actual lenders that will work with us currently with my low credit score? Can I add in $20,000 to the cost of the home with an FHA loan for repairs or should I just try to apply for a $60,000 mortgage and then a separate repair loan?
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Jan 14, 2013 20:29
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Roulette posted:Can I add in $20,000 to the cost of the home with an FHA loan for repairs or should I just try to apply for a $60,000 mortgage and then a separate repair loan? I can't answer most of your questions about credit, but I can answer this. Yes, there is an FHA program that allows you to borrow extra to pay for renovations and repairs to a house. The way it works is that the FHA hangs on to the money and pays contractors directly for the work. The program is called HUD 203(k).
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Jan 14, 2013 20:34
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I also am not the person who can give you answers about how to boost a credit score, but I have to ask - if you are planning to get an $80,000 loan on a $60,000 house with $20,000 expected in repairs, does that mean you'll be putting nothing (or almost nothing) down? If so I think it doesn't much matter about your credit score because you probably aren't in a financial position to buy a house anyway. No deal is a good deal when you can't afford it. If you do have the savings for a substantial down payment and were just using illustrative numbers, then ignore this. Edit: And to add another suggestion, if your family is the type that is close and able to deal with money matters, you might ask if the estate / beneficiary of the house would be willing to be your mortgage for you and you would pay them directly over whatever terms you agree to. That wouldn't help with the home repair loan but could get around the credit score issue on the house proper. This is only in a situation where there is an extremely high level of trust between you, and you'd still need a signed mortgage contract with them for this to really work, but it's something to think about if so. Sophia fucked around with this message at 21:39 on Jan 14, 2013 |
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Jan 14, 2013 21:36
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Sophia posted:I also am not the person who can give you answers about how to boost a credit score, but I have to ask - if you are planning to get an $80,000 loan on a $60,000 house with $20,000 expected in repairs, does that mean you'll be putting nothing (or almost nothing) down? If so I think it doesn't much matter about your credit score because you probably aren't in a financial position to buy a house anyway. No deal is a good deal when you can't afford it. Well, this whole situation came out of nowhere honestly and I don't have a ton saved up for a down payment. I can probably put down about $4000. The $20k repair loan was simply to take care of ALL issues in the house, including cosmetic things I just don't like and also to cover the cost of new appliances and moving, etc etc. It was more of a cushion to help pay for all the unexpected things involved in the situation. I'd rather just take out an $80k loan instead of a $60k loan and make one payment monthly and be comfortable as opposed to only taking out a loan for the bare minimum cost of just buying the house and then paying out of pocket now for all these other randoms things. And no, my family is not the mushy fairytale family that would do that for me. My uncle is stern and wants to get rid of the house ASAP because "Obama is screwing me with the taxes on an empty second home!".
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Jan 14, 2013 22:01
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Roulette posted:I need so much help. See if the family member will hold the mortgage, and then you fix your credit and refinance in 2 years with a bank. Fixing your credit means pay off your debts, make more money, pay your credit cards on time, keep getting your credit limits raised, hold down a steady job in the same place. 15 points is not much. You should be able to do that. Go meet with a few loan officers. Forget about the partner helping out with his credit. That's irrelevant where your score is concerned. Also, don't put anyone else's name on your property (unless you are seriously married). (Sorry if I sound jaded.) There is no guarantee you two won't split up.
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Jan 14, 2013 22:08
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Do you really want to live in that house or do you feel family pressure to? If you ignore family influence, is that a house you really want to live in? With a $100,000 income (I'm assuming gross), I'd personally be looking for a nicer house (assuming more $ = better quality. I have no idea about your market), but that's assuming you want to buy a house and stay put for the foreseeable future. Don't buy a house just because it's a good deal. It could hog tie you down.
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Jan 14, 2013 22:15
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nakedmolerat posted:See if the family member will hold the mortgage, and then you fix your credit and refinance in 2 years with a bank. Fixing your credit means pay off your debts, make more money, pay your credit cards on time, keep getting your credit limits raised, hold down a steady job in the same place. He won't hold the mortgage. If I can't do this in the next few months he is selling it to strangers first come first serve. I don't want to see the house in the hands of random people if I can help it. My boyfriend and I have been together long enough to trust each other in this situation. We're not young lovebirds getting giddy over a lovenest or something. And we've both been at our current jobs for several years. reflex posted:Do you really want to live in that house or do you feel family pressure to? If you ignore family influence, is that a house you really want to live in? With a $100,000 income (I'm assuming gross), I'd personally be looking for a nicer house (assuming more $ = better quality. I have no idea about your market), but that's assuming you want to buy a house and stay put for the foreseeable future. This is the house I grew up in so it holds a lot of sentimental value to me. I never considered buying any property but I never thought he would sell this house to me let alone at such a good deal.
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Jan 14, 2013 22:24
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Here's another one for Cage. http://realtyusa.com/property/property.asp?PRM_MLSNumber=421657&PRM_MlsName=BuffaloNY You could rent out the 2nd unit and have a roommate with you in the first, so have 2 rental incomes coming in. The house is listed at $49,900.
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Jan 14, 2013 23:01
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The OP has these three paragraphs:quote:- DO NOT OPEN NEW ACCOUNTS OR MAKE ANY MAJOR PURCHASES WHILE THE LOAN IS IN PROCESS, PARTICULARLY IF YOUR DTI RATIOS ARE HIGH This should be a common sense thing, but borrowers do it all the time. I know you're excited for your new home and want to go out and buy all new furniture and a new car and a drat aircraft carrier or something equally absurd while the application is still in process. Don't do it. Credit reports are only good for 90 days, and there are a large number of reasons your bank may re-pull credit on you mid-loan application (we're required to on a certain percentage of loans for quality control purposes). I'm wondering if any of this is relevant to before beginning the loan application process. I have a couple of bank accounts and was thinking of consolidating them and doing some investing. I'd also like to buy a home this summer. Would transferring money around, closing an account, and buying and selling funds be a red flag (or a pain in the rear end) on a loan application if it all occurred before the application? Assuming risk shortly before buying a house is probably a bad idea. It just strikes me that it'll be a few months before I get serious, so I could make the money work for a few months in the meantime. I'm mostly information gathering and considering my options right now. Thanks
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Jan 15, 2013 00:27
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nakedmolerat posted:Here's another one for Cage.
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Jan 15, 2013 00:42
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Regarding not moving money... So If I get paid, should I not be moving money to savings right now?
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Jan 15, 2013 01:07
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Cage posted:Thanks for the good advice, I did kind of want to stay near west seneca/cheektowaga where my parents live but Im going to keep all your points in mind when I start looking. And yeah the job is with Buff State. There are oodles of good deals around Cheektowaga and West Seneca. I'm sure that you will find something good. BTW, I'm very familiar with the entire area including Buff State and the University -- as you can probably tell. (I still know folks over in Twin Rise at Buff State.)
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Jan 15, 2013 01:19
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nakedmolerat posted:There are oodles of good deals around Cheektowaga and West Seneca. I'm sure that you will find something good. BTW, I'm very familiar with the entire area including Buff State and the University -- as you can probably tell. (I still know folks over in Twin Rise at Buff State.)
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Jan 15, 2013 02:03
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ColdPie posted:The OP has these three paragraphs: If you're planning to not buy until the summer feel free to do whatever as far as investing goes (in terms of loan approval complications anyway). Just remember if you need to use the investments as funds to close you'll need to liquidate and document. We only will care about stuff in the last 90 days for the most part when it comes to transfers/deposits/new accounts. Pillowpants posted:Regarding not moving money... As long as the transfer is obvious on your statements, it's fine. If I just have to go from page 2 to 3 to see you moved your money from checking to savings it's not a big deal. I'm talking more about the people who have 15 different accounts across 8 banks who are transferring multiple thousands of dollars between them on a daily basis. This is more common than you would think. That or we just get a lot of lovely money launderers applying through us. Either way, those guys are a pain in the rear end
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Jan 15, 2013 03:42
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Am I the only guy who's first reaction was "you want to play the
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Jan 15, 2013 04:13
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Captain Windex posted:If you're planning to not buy until the summer feel free to do whatever as far as investing goes (in terms of loan approval complications anyway). Just remember if you need to use the investments as funds to close you'll need to liquidate and document. We only will care about stuff in the last 90 days for the most part when it comes to transfers/deposits/new accounts. Ah yeah, that's all I'm talking about. I'm incredibly upset though. I went 1/4 to get preapproved and the Wells Fargo guy said he would have it 1/7. I called at 5 on that day because he hasn't sent me anything. He said he had a death in the family and had to go to his relativezfuneral, and was flying out the 8th at 2. He also said he'd try to get things out to me that morning, but he'd be back Friday and get us the preapproval then. I didn't get anything on Friday, so I sent a nice email yesterday asking If we could possibly have it done ASAP since we're starting to look. He didn't email me back or call or anything. Is this standard? Should I be pissed?
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Jan 15, 2013 04:18
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What happens if I change jobs right between being pre-qualified/approved and actually getting the mortgage loan? I plan to close on February 28th, but I may change jobs somewhere around February. Do I have to not take the job? 
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Jan 15, 2013 04:47
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Pillowpants posted:Is this standard? Should I be pissed? I don't interact with borrowers directly so I'm not sure if that's normal or not, our bank doesn't even issue pre-approval letters because they're barely worth the paper they're printed on. Have they actually collected asset statements, paystubs, pulled credit, etc? Most pre-approvals I've seen are issued on the basis of purely what you say your income/debts are, whipping up something based on your say so would take all of 2 minutes. If they've actually collected your documentation that would take a bit longer to review though I would think you would have heard back by now anyway. Loss in the family could definitely throw a wrench in things for that guy of course. three posted:What happens if I change jobs right between being pre-qualified/approved and actually getting the mortgage loan? I plan to close on February 28th, but I may change jobs somewhere around February. Do I have to not take the job? Depends on the bank, type of loan you want, and the job change. For us conventionally assuming you're using just your base hourly/salary rate and no OT/commission/etc we want to see you on the new job for at least 30 days before we'll calculate income. The new job would need to be in the same industry/type of work, if you're completely jumping ship we may not be OK with it. Other banks may require more or less time on the new job. It's not necessarily a deal killer but it can cause complications/delays.
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Jan 15, 2013 05:01
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Captain Windex posted:I don't interact with borrowers directly so I'm not sure if that's normal or not, our bank doesn't even issue pre-approval letters because they're barely worth the paper they're printed on. Have they actually collected asset statements, paystubs, pulled credit, etc? Most pre-approvals I've seen are issued on the basis of purely what you say your income/debts are, whipping up something based on your say so would take all of 2 minutes. If they've actually collected your documentation that would take a bit longer to review though I would think you would have heard back by now anyway. Loss in the family could definitely throw a wrench in things for that guy of course. Assuming I could delay the new job, when would changing no longer affect the loan? Would I have to do it after closing or can I do paperwork before that, switch jobs, then close? It is a conventional loan, and the job change would be the same line of work but a ~20k pay increase.
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Jan 15, 2013 05:31
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Does anyone have experience with homeowner's insurance coverage being refused? My wife and I are in the middle of buying our first house. Everything is going just fine as far as the financing goes -- we've got the down payment, a buffer for emergencies/some minor renovation before we move in, etc. Inspection went fine, some "you'll need to have a 5-year-plan" sorts of things, nothing huge. Appraisal came through just fine also. Only thing we've got left to take care of is having the insurance policy in place before closing. We'd originally called Progressive, who we use for our auto and renter's insurance, but decided to check with another agency due to Progressive's quote being about $350/year higher than we (or our realtor or broker) had expected. We didn't have definite figures for some of the information they wanted -- exact age of the roof, plumbing update dates, etc. The house is an estate sale, it's what we believe is the children of the former owners selling it. Got whatever we could from the broker/seller's agent, and forwarded the insurance agent a copy of the inspection, which apparently was a mistake. The house is 105 years old. It's in, in the words of our inspector, "fantastic shape for being a century old." Roof is 10-15 years old or so, electrical is updated to breakers (no knob and tube), plumbing is copper, foundation is rock solid. There's some wear, of course, but nothing that anyone considered major. Except, apparently, for the insurance company. They've cited the roof age, the windows (according to the inspector, there's some condensation between the layers on the thermal windows, which will need to be re-gassed and is otherwise mainly a cosmetic issue), the fact that there's a section of flat roof (2nd floor deck/balcony, otherwise the rest of the roof is peaked), and have "decided to pass on the risk." This is without the insurance company actually inspecting the property. Should we be freaking out, or should we just shop around for another insurer? Talked to our realtor, who said he can't see any reason that we should have a problem getting it insured. He gave us the number of his guy, and there's also the option to go back to Progressive's higher offer. Obviously whomever we go with will do their own inspection.
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Jan 15, 2013 05:55
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three posted:Assuming I could delay the new job, when would changing no longer affect the loan? Would I have to do it after closing or can I do paperwork before that, switch jobs, then close? Your bank is required to verbally verify you are still employed no more than 10 days prior to you signing your closing package. If they become aware subsequent to verifying that you no longer work there they can refuse to fund the loan if they have not already funded it.
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Jan 15, 2013 06:25
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My mortgage broker wants statements from my bank (BECU) that are current. This may be a silly question, but is it typical for a bank to only issue one electronic statement a month? Why can't I just say, "Give me a statement from date X to date Y!"? Hell, my retirement account lets me do that, but they took 3 days to generate an e-statement. How is that even possible? It's just a table of plusses and minusses, how could it take 3 days to compile something that I can view in realtime on the website? Getting a mortgage is a pain in the rear end.
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Jan 15, 2013 06:43
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