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Baruch Obamawitz posted:My financing requires two appraisals because I'm buying a flip. First came back over sales price, which is "good" I guess... Do you have to go 2 for 2 or do they take the average of both?
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Apr 25, 2013 18:31
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resident posted:Do you have to go 2 for 2 or do they take the average of both?  Something something underwriting something I have no idea.
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Apr 25, 2013 19:16
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Just had our offer accepted. Curious about my mortgage rate. I shopped around a bit and this seemed to be the cheapest but I hear about people getting 3.2 on here?  Does this look right?
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Apr 26, 2013 00:05
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Comrade Flynn posted:Just had our offer accepted. Curious about my mortgage rate. I shopped around a bit and this seemed to be the cheapest but I hear about people getting 3.2 on here? 3.625 is a good rate for a non-conforming (jumbo) loan. The people getting 3.2 are likely doing so for conforming loans (less than $417,000). I re-financed my house (also non-conforming) last October and I paid half a point to get 3.625% so if you're not paying points I'd say you're doing pretty good. I'm sure rates may have fluctuated a little bit but anecdotally you did better than I did.
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Apr 26, 2013 00:19
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Spamtron7000 posted:3.625 is a good rate for a non-conforming (jumbo) loan. The people getting 3.2 are likely doing so for conforming loans (less than $417,000). Thanks! Yeah, no points on this. Here's the house in case someone wants to poo poo all over it before we actually close: http://www.redfin.com/WA/Seattle/2632-NW-87th-St-98117/home/164197
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Apr 26, 2013 00:24
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Comrade Flynn posted:Thanks! Yeah, no points on this. Nothing to poo poo over there, that's a beautiful view. I'd recommend driving by a few times at night and other random times since it's really close to neighbors. If you see someone smoking meth and tuning a Harley next door at midnight, you'll know to ask for the moon when your inspection comes back. As far as your rate, that's insanely good for a jumbo loan. I'm paying 3.875 on my jumbo from end of last year, and I'm very jealous of you.
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Apr 26, 2013 00:58
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Comrade Flynn posted:Thanks! Yeah, no points on this. Beautiful home. Congrats! Good luck. I hope you have an easy close.
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Apr 26, 2013 01:00
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Thanks. Now I feel better. We walked the street last night and met a bunch of the neighbors. They were all so over the top nice I'm not convinced that they aren't actors. I guess we also get a key to some private beach over there. We just moved to Seattle from the Bay Area last month and it's absurd how far your money goes here.
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Apr 26, 2013 01:09
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Comrade Flynn posted:Thanks! Yeah, no points on this. Congrats, looks really nice. Make sure you're up for the stairs. We just escaped from a tri-level townhouse (with a split lower-level) into a rambler in the exurbs.
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Apr 26, 2013 01:20
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Comrade Flynn posted:Just had our offer accepted. Curious about my mortgage rate. I shopped around a bit and this seemed to be the cheapest but I hear about people getting 3.2 on here? The previous poster mistook your loan for a jumbo. In Seattle, the conforming loan limit is 506,000 meaning you can still get conforming rates at that loan size. With you putting down 20%, you could get a little better but then we don't know your credit or your DTI.
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Apr 26, 2013 04:37
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Randomly posted:Thats not a great rate. Its not a bad rate. It's a normal rate. The conforming loan limit is $417k in Washington, $506k is the high cost limit for the Fannie high balance/Freddie super conforming programs in King county. High Balance/Super Conforming rates won't be as good as regular conforming Fannie/Freddie products, but should still better than portfolio jumbo products. Edit: clarified county limit Captain Windex fucked around with this message at 16:04 on Apr 26, 2013 |
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Apr 26, 2013 06:02
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Comrade Flynn posted:Thanks. Now I feel better. We walked the street last night and met a bunch of the neighbors. They were all so over the top nice I'm not convinced that they aren't actors. If you really want a mind gently caress go to Iowa and check out home prices. You could buy a small town with that loan.
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Apr 26, 2013 15:02
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Captain Windex posted:The conforming loan limit is $417k in Washington, $506k is the high cost limit for the Fannie high balance/Freddie super conforming programs. High Balance/Super Conforming rates won't be as good as regular conforming Fannie/Freddie products, but should still better than portfolio jumbo products. This is exactly what happened with us. It varies by lender in high cost of living areas. Some will term everything over the national limit (417k or whatever) as jumbo, while some will give you a break if you are between the limits (above 417k but under your county's max conforming loan limit). I found no lender that would give us the under-417k rate for one that was between the limits. Basically, try to find a lender that doesn't charge you the full jumbo rate if you are in between limits.
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Apr 26, 2013 15:10
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Question for the brokers out there. I'm selling my house and trying to understand what fees I have to pay at closing. Per http://www.realtor.com/home-finance/homebuyer-information/closing-costs-buyers-and-sellers-must-pay.aspx I know I have to pay off my mortgage, commissions to buyer/sellers broker, Attorney Fees, Notary Fees, Transfer Taxes, but don't get what "title insurance fees" I have to pay? I bought title insurance on my mortgage when I first bought it(the lenders insurance, I didn't bother buying my own). What title insurance fees might I have to pay? Note, that I am not paying any of the buyers closing costs....
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Apr 26, 2013 16:06
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I have a question about Title Insurance. On my Fee Estimate, there are two types: Owners and Lenders. Lenders is required and costs roughly $900, while Owners is optional and roughly $800. From what I understand, Owners Title Insurance protects me from defects in the title, so that I won't lose my house in case of some incorrect wording or somesuch. That seems like an incredible racket to me. Do title fraud/errors ever seriously happen? And how could it possibly happen that I put tens of thousands of dollars down on a house, then make monthly payments, and lose everything because of some incorrect wording in a title? It seems like a scare tactic to get me to pony up more money, sort of like $20/month warranties for iPods. Also, isn't that what my attorney is supposed to do? Make sure I'm not signing away thousands of dollars into a black hole? I'm pretty skeptical of this.
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Apr 26, 2013 16:38
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Seph posted:I have a question about Title Insurance. On my Fee Estimate, there are two types: Owners and Lenders. Lenders is required and costs roughly $900, while Owners is optional and roughly $800. From what I understand, Owners Title Insurance protects me from defects in the title, so that I won't lose my house in case of some incorrect wording or somesuch. Title/fraud errors seriously happen. And you would be surprised at how few intrinsic safeguards there are. Let's say someone was married after buying the house at some point way back. Then they decided to combine accounts, including home ownership. Now the original owner was the only person on the original title, but we've just added a second person who has claim to title. Now they divorce. Now the original owner dies and his kid sells you the house. Maybe this happened 30 years ago, and the house has been sold twice, and now suddenly the divorcee or their son/daughter is coming forward. Oops! You've got litigation! Another nasty surprise, and far more common; what if the previous owner had repair work done and took a lein out on the house? What if they never paid their bill? Suddenly there is a contractor with a legitimate claim against the home and you're the owner. Hurray! Remember when you are buying a house that you're getting a pile of debt as well as assets, and this is what title insurance is there to mitigate. If you've ever gone to an auction, where you're trying to buy homes without any title guarantee (and half of them have claims against them already) you will get a little taste of just how terrifying it is to not have clear title/insurance to cover you. The first time you see a 200k home fail to post a bid for $40k because of the existing claims against the home or murky title, and then it happens again and again, you'll get a better picture of why title insurance is a really ok thing to have exist. I Love You! fucked around with this message at 16:50 on Apr 26, 2013 |
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Apr 26, 2013 16:45
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Just finished closing on my first home purchase  Thanks to this thread for being an incredibly helpful resource through the most stressful few months of my life. Now other than actually moving I might get a break in the stress until poo poo starts falling apart left and right 
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Apr 26, 2013 17:55
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I'm closing on Monday! Thanks for all the help guys!
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Apr 26, 2013 17:59
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Someone needs to change the title back to do never buy, canvass you paint money on seems to be encouraging purchases somehow.
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Apr 26, 2013 18:03
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So who the hell do I chose for Home Insurance? Liberty Mutual, Allstate, Farmers, AmFam, State Farm.... they are all different prices when the rep I speak with plugs in the exact same amount of coverage so I can compare apples to apples. Is there any fundamental difference between any insurance company that's worth picking one over the other?
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Apr 26, 2013 18:24
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Astro7x posted:So who the hell do I chose for Home Insurance? Liberty Mutual, Allstate, Farmers, AmFam, State Farm.... they are all different prices when the rep I speak with plugs in the exact same amount of coverage so I can compare apples to apples. Is there any fundamental difference between any insurance company that's worth picking one over the other? As long as the coverages are the same for each quote, no not really.
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Apr 26, 2013 18:26
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Astro7x posted:So who the hell do I chose for Home Insurance? Liberty Mutual, Allstate, Farmers, AmFam, State Farm.... they are all different prices when the rep I speak with plugs in the exact same amount of coverage so I can compare apples to apples. Is there any fundamental difference between any insurance company that's worth picking one over the other? As someone who works for one of those insurance companies you listed, here's what I think: If you purchase the same coverage, you are entitled to the same coverage regardless of how much you pay. However, your premium also pays for the salaries of claims adjusters, phone staff, etc. that you would be interacting with if you ever have a claim. Some companies have notably better customer relations... look it up if you are interested. I am obviously biased so I won't name names. These companies will pay out faster, not litigate as much, and generally be more accommodating than their cheaper competitors. So it's up to you to weigh the benefit of customer relations vs lower premium. Seph fucked around with this message at 19:58 on Apr 26, 2013 |
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Apr 26, 2013 18:38
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lord1234 posted:What title insurance fees might I have to pay? Note, that I am not paying any of the buyers closing costs.... In many markets it's standard practice for the seller to pay for the buyer's owner's title policy, check your purchase agreement to see if it shows the seller covering. It is often its own section since it is so common it's not really considered to be a seller concession. Captain Windex fucked around with this message at 00:45 on Apr 27, 2013 |
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Apr 26, 2013 21:23
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Captain Windex posted:In many markets it's standard practice for the seller to pay for the buyer's owner's title policy, check your purchase agreement to see if it shows the seller covering. It's often it's own section since its so common it's not really considered to be a seller concession. Not common in the MA market....i paid for mine... Thanks for the clearing up
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Apr 26, 2013 22:23
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Captain Windex posted:The conforming loan limit is $417k in Washington, $506k is the high cost limit for the Fannie high balance/Freddie super conforming programs in King county. High Balance/Super Conforming rates won't be as good as regular conforming Fannie/Freddie products, but should still better than portfolio jumbo products. You're right. Its a SuperConforming and not a conforming. The previous poster is still not a jumbo and still not a great rate. I checked our rates today and we were a 1/8th better. I think the original poster could get a slightly better deal.
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Apr 27, 2013 00:54
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Insane Totoro posted:I'm closing on Monday! HEY INSANE TOTORO BUY A HOUSE
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Apr 27, 2013 01:44
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I like turtles posted:HEY INSANE TOTORO I loving just did. Save the cheerleading for when the loving panic ends  Find me a safe for reals though!
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Apr 27, 2013 03:40
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So, last week I made on offer on a condo in this building: http://www.1000westlofts-lawsuit.com/site. It...it did not go well. I was aware of the litigation saga, but I didn't realize that the banks wouldn't touch it with a 10 foot pole without at least 20% down. Shopping for condos in Chicago is always fun.
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Apr 27, 2013 06:24
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Mandals posted:So, last week I made on offer on a condo in this building: http://www.1000westlofts-lawsuit.com/site. It...it did not go well. I was aware of the litigation saga, but I didn't realize that the banks wouldn't touch it with a 10 foot pole without at least 20% down. What the hell bank is willing to touch that project period, never mind 20% down? I'm seeing a number of major violations of agency condo guidelines within the first few paragraphs of the overview alone... More importantly, you're aware of these problems and still were interested in living there? 
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Apr 27, 2013 08:28
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Captain Windex posted:What the hell bank is willing to touch that project period, never mind 20% down? I'm seeing a number of major violations of agency condo guidelines within the first few paragraphs of the overview alone... More importantly, you're aware of these problems and still were interested in living there? That site is about 4 years out of date, maybe more. The guy just leaves it up because, if you can't tell, he's an obsessive crazy person with a grudge. Right now the building has 3 lawsuits against it--2 of them pending settlement. I was willing to take the risk because the unit really is nice, they have an entirely new condo board, addressed all the violations, built back up their reserves, etc. But it's cool. The unit had some weird layout issues anyway, and I'm already finding other places.
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Apr 27, 2013 17:43
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So I've been talking to the loan officer my agent works with, and she's been quoting me a 4.35% loan with 5% down. I called my credit union and they quoted me a 3.5% loan with the same money down, as long as 3% of it was mine and not gifted. I told this to my loan officer and she said "a lower rate doesn't always mean a lower total payment." The credit union said that my monthly payment was almost 400 dollars lower a month with their quote. What the gently caress is going on? I don't like getting dicked around 
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Apr 27, 2013 17:50
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Trillest Parrot posted:So I've been talking to the loan officer my agent works with, and she's been quoting me a 4.35% loan with 5% down. I called my credit union and they quoted me a 3.5% loan with the same money down, as long as 3% of it was mine and not gifted. I told this to my loan officer and she said "a lower rate doesn't always mean a lower total payment." The credit union said that my monthly payment was almost 400 dollars lower a month with their quote. What the gently caress is going on? I don't like getting dicked around If those are both the same loan lengths and terms, that 4.35% seems incredibly high right now.
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Apr 27, 2013 18:01
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Just got the appraisal back for my condo and it came back $9000 more than my offer. Instant equity, huzzah!
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Apr 27, 2013 18:44
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Trillest Parrot posted:So I've been talking to the loan officer my agent works with, and she's been quoting me a 4.35% loan with 5% down. I called my credit union and they quoted me a 3.5% loan with the same money down, as long as 3% of it was mine and not gifted. I told this to my loan officer and she said "a lower rate doesn't always mean a lower total payment." The credit union said that my monthly payment was almost 400 dollars lower a month with their quote. What the gently caress is going on? I don't like getting dicked around 4.375 is about the highest our rate sheets are going right now and that pays about 4 points without adjustments on conventional, that's really high. Assuming terms are the same (30 year fixed conventional or FHA) there's not really a way for a lower rate to not mean a lower total payment outside of using different MI companies (conventional only) and the variances in their charges are going to be negligible compared to .875 in your rate.
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Apr 27, 2013 18:46
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This is probably a long shot, but are there any Canadians here who know where I could look for house prices/market outlook information? There's lots of info available for Toronto, but I'm looking at Niagara and I have found almost nothing. Ideally I'd like to be able to find recent sale prices for the neighborhoods I am looking at, but it appears that individuals can't get that information except through a realtor, or spending $8 a pop for land records. I'd also like to know how inflated the prices are compared to the GTA, but I have found nothing except CMHC's outlook, which is vague and rosy. I want to buy, but not if prices are at their peak, which they might be right now.
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Apr 27, 2013 22:32
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so...we have our inspection sometime this week. Is it ok to "join them" for the inspection? I'd like to hear what complaints the inspector has for the house. There really shouldn't be much, but I'd like to hear it..
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Apr 27, 2013 22:42
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lord1234 posted:so...we have our inspection sometime this week. Is it ok to "join them" for the inspection? I'd like to hear what complaints the inspector has for the house. There really shouldn't be much, but I'd like to hear it.. Are you the buyer or the seller? If buyer you absolutely should be there. If you are the seller I think you're allowed to be there but you probably shouldn't be. You should get a copy of the final report anyway I think?
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Apr 27, 2013 22:47
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As a buyer, I remember we were not required to send the inspection to the seller. But yes, if you are the buyer go on your inspection. It's pretty much a 4 hour lesson in all the stuff you're going to have to maintain when you have a home.
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Apr 28, 2013 00:04
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If you are the seller absolutely do not go. What are you going to do, argue with the inspector? At best just make everyone uncomfortable? If you are the buyer absolutely go, ask questions, have them explain any deficiencies and how concerned you should be about them. The inspector is going to tell you everything that is obviously wrong with the house and you probably aren't going to fix all of them anytime soon. Like Astro7x said, it's basically a lesson of stuff you are going to spend time and money dealing with over your ownership of the house and is going to be very important information on how you prioritize making improvements by a person that doesn't have any interest in it, the next time you are going to have someone looking at the house in that way is probably someone trying to sell you something expensive.
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Apr 28, 2013 00:51
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Jose Valasquez posted:Are you the buyer or the seller? I am the seller. Why shouldn't I be there?
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Apr 28, 2013 01:18
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