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Looked into the NFCU no money down no PMI loan, and the interest rate is 4.625%, and we could get a fixed rate VA loan for 3.125%. I think we'll keep hoarding our dollars for that 20%.
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# ? Mar 25, 2015 23:26 |
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# ? May 30, 2024 14:10 |
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Aquatic Giraffe posted:Looked into the NFCU no money down no PMI loan, and the interest rate is 4.625%, and we could get a fixed rate VA loan for 3.125%. I think we'll keep hoarding our dollars for that 20%. Paying a big interest rate bump for "no PMI" is worse than actually paying PMI in most cases. What they are doing is just charging you an interest premium to pay for the PMI out of their own pockets, and the interest rate premium never goes away over the life of the loan, unlike PMI.
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# ? Mar 25, 2015 23:30 |
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BEHOLD: MY CAPE posted:Paying a big interest rate bump for "no PMI" is worse than actually paying PMI in most cases. What they are doing is just charging you an interest premium to pay for the PMI out of their own pockets, and the interest rate premium never goes away over the life of the loan, unlike PMI. Yeah, it won't save us any money and will probably cost us more in the long run. We're probably going to go with the VA loan through NFCU when it comes time to get our mortgage. Would it make sense to talk to a loan officer now to make sure we have all of our financial ducks in a row so we don't run into any surprises when we do decide to buy?
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# ? Mar 25, 2015 23:36 |
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I wouldn't pay any extra for no PMI. On my freddie conventional, I originally financed 5% down at 4.1% in july of 2013 and paid $90/mo in PMI. After I refinanced last month, my PMI dropped to $60/mo from a lower LTV.
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# ? Mar 26, 2015 01:46 |
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I am filling out a mortgage application and it has the following part:code:
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# ? Mar 26, 2015 03:08 |
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It's zero in that case.
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# ? Mar 26, 2015 03:10 |
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Jose Cuervo posted:I am filling out a mortgage application and it has the following part: if you truly do that, it's 0. otherwise most cards have a minimum of like $45 or something based on your carried over balance. it's the "minimum payment" on your bill.
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# ? Mar 26, 2015 03:12 |
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Andy Dufresne posted:It's zero in that case. So I don't need to list any credit cards since the 'required minimum monthly credit card payment' on all my credit cards is 0, correct? EDIT: Well I suppose the real question is this: I have 6 credit cards, and 3 of these I have not used in over a year. There is no balance of any sort on these credit cards. The other three I use each month. When the credit card statement for each one of the three cards arrives in the mail, I go online and pay of the amount of money I spent on the credit card the previous month. In this sense I am 'required' to pay whatever I spent the previous month. So do I list all 6 of the credit cards? And if so, do I list 0 as the 'required minimum monthly credit card payment'? Jose Cuervo fucked around with this message at 03:19 on Mar 26, 2015 |
# ? Mar 26, 2015 03:13 |
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That's correct but if you aren't sure just ask the lender. My lenders told me not to list any credit cards that were paid in full every month.
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# ? Mar 26, 2015 03:15 |
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Andy Dufresne posted:That's correct but if you aren't sure just ask the lender. My lenders told me not to list any credit cards that were paid in full every month. Fair enough. Will call tomorrow - just didn't know if it was something simple I was misunderstanding.
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# ? Mar 26, 2015 03:20 |
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Jose Cuervo posted:So I don't need to list any credit cards since the 'required minimum monthly credit card payment' on all my credit cards is 0, correct? Your loan officer doesn't care that much unless there are big balances. When I underwrite equities we just pull it off the credit bureau anyway, which is what they are going to do. Generally 3% of the balance at time of reporting.
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# ? Mar 26, 2015 03:47 |
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So I went to my local credit union yesterday and briefly spoke with the Mortgage Loan Originator. I told him I was looking to get pre-approved for a loan and he pointed me to fill out an application online. However the only relevant option online regarding why I was filling out the application was to "pre-qualify for a loan". I emailed him today and asked him if the application was for pre-approval or for pre-qualification and he responded that this was pre-qualification and I would receive a pre-qualification letter similar to this. Is it even worth filling out this application to get a pre-qualification letter? From all I have read online a pre-qualification letter is not useful. I also asked him if the Credit Union does not do pre-approval letters and he didn't answer that question (in his email response). Is this a bad sign (i.e. should I not try and get a loan through the CU)?
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# ? Mar 26, 2015 17:53 |
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NFCU bros and hoes I think pretty much everyone that's related at all to a veteran or has been a DoD contractor or as a civilian is open to join. As a result, I think at least 75% of the DC area is eligible to join NFCU. The real bonus of NFCU for me is that as a credit union everyone likes to work with them. I know my agent was super, super happy to hear that I'm using NFCU as my lender and it was pretty important in making a very strong offer and to avoid a bidding war that'd have cost me a lot more (I suspect the place I got for $250k could have gone for $265k+ in a war). Aquatic Giraffe posted:Looked into the NFCU no money down no PMI loan, and the interest rate is 4.625%, and we could get a fixed rate VA loan for 3.125%. I think we'll keep hoarding our dollars for that 20%. So yeah, I've offered on a house I barely saw and it was accepted within 3 days of original listing. Turns out this is pretty much how fast you have to go to buy a decent value house in the area now due to such low supply of affordable houses (the rental market is retarded too and renting would make me think I should just stay around DC, sadly). Every place I saw when I was in town fell through so this was a miracle listing for me.
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# ? Mar 26, 2015 19:06 |
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Two months into buying a short sale and the bank sent out an appraiser, word is that they'll like the offer we made. Fingats crossed!
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# ? Mar 26, 2015 19:16 |
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Just closed on the house today! Overall process was pretty smooth, no major hiccups. This is all too good to be true judging by this thread. Fingers crossed for Black Widow Brood Nest, Ceiling About to Collapse or "lol gently caress you house just fell into a sinkhole" post in a month or so. Higgy fucked around with this message at 23:09 on Mar 26, 2015 |
# ? Mar 26, 2015 23:05 |
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That house owns, good job
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# ? Mar 27, 2015 03:25 |
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Jose Cuervo posted:I also asked him if the Credit Union does not do pre-approval letters and he didn't answer that question (in his email response). Is this a bad sign (i.e. should I not try and get a loan through the CU)? Shopping around for mortgages in a way that is somewhat binding on the lenders is still a lovely process, sorry. So, not really a bad sign, because every single lender hates giving pre-approval GFE's like nothing else. Closing costs worksheet? No problem. Actual pre-approval and GFE? gently caress off. I had lenders refuse to give it to me, I had lenders basically fake a GFE without actually running it, etc. You can find lenders who will give them to you, it's just not common at all.
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# ? Mar 27, 2015 04:00 |
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baquerd posted:Shopping around for mortgages in a way that is somewhat binding on the lenders is still a lovely process, sorry. So, not really a bad sign, because every single lender hates giving pre-approval GFE's like nothing else. Closing costs worksheet? No problem. Actual pre-approval and GFE? gently caress off. I had lenders refuse to give it to me, I had lenders basically fake a GFE without actually running it, etc. You can find lenders who will give them to you, it's just not common at all. How can they give you a GFE with tax information and mortgage insurance etc when you haven't even identified a property to offer on, that makes no sense. The lender has no incentive to sink time and money into fulling vetting you for a loan past simple stuff like credit checks and stated income before you've even located a property and vested yourself in closing the transaction.
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# ? Mar 27, 2015 04:23 |
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baquerd posted:Shopping around for mortgages in a way that is somewhat binding on the lenders is still a lovely process, sorry. So, not really a bad sign, because every single lender hates giving pre-approval GFE's like nothing else. Closing costs worksheet? No problem. Actual pre-approval and GFE? gently caress off. I had lenders refuse to give it to me, I had lenders basically fake a GFE without actually running it, etc. You can find lenders who will give them to you, it's just not common at all. The reason I am pushing for a pre-approval letter is the general advice online is that pre-qualification letters don't really mean much, and what matters is having that pre-approval. If I understand you correctly you are saying that I should not expect lenders to be willing to provide me with a pre-approval letter? How will the realtor know that I can get the loan if I am only pre-qualified? This poo poo is stressing me out way too much. gently caress.
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# ? Mar 27, 2015 04:35 |
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BEHOLD: MY CAPE posted:How can they give you a GFE with tax information and mortgage insurance etc when you haven't even identified a property to offer on, that makes no sense. The lender has no incentive to sink time and money into fulling vetting you for a loan past simple stuff like credit checks and stated income before you've even located a property and vested yourself in closing the transaction. Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan? Again all the advice I have read says get pre-approved before finding the house of your dreams.
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# ? Mar 27, 2015 04:38 |
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necrobobsledder posted:NFCU bros and hoes They told my wife we weren't eligible even though her grandpa is a WW2 vet, said he couldn't even open an account now if he wanted to and then sponsor us (a bit past that point anyway), ah well!
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# ? Mar 27, 2015 04:46 |
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BEHOLD: MY CAPE posted:How can they give you a GFE with tax information and mortgage insurance etc when you haven't even identified a property to offer on, that makes no sense. The lender has no incentive to sink time and money into fulling vetting you for a loan past simple stuff like credit checks and stated income before you've even located a property and vested yourself in closing the transaction. Right, I got some crossed wires there, sorry. I had trouble first with getting "pre-approved". Lenders would tell me that I was, and then send me documents that said "pre-qualified". I then later had problems getting a real GFE out of lenders when I had a house selected. Jose Cuervo posted:Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan? I read the same advice, but it really didn't matter much in the end. My real estate agent apparently never even looked at my pre-qual letter according to their online site. If you're in some super-competitive market though, things may be quite different.
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# ? Mar 27, 2015 04:52 |
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Jose Cuervo posted:Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan? My mortgage broker had no problem providing an underwritten pre approval, bur I gather that banks are a little harder to get a true pre approval out of. I switched to a guy from the bank I work at after making an offer because the broker wouldn't give me answers to specific questions about my loan and couldn't give me a gfe in a timely manner. My bank beat the pants off the broker's rate and fees too.
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# ? Mar 27, 2015 05:14 |
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sadus posted:They told my wife we weren't eligible even though her grandpa is a WW2 vet, said he couldn't even open an account now if he wanted to and then sponsor us (a bit past that point anyway), ah well!
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# ? Mar 27, 2015 05:47 |
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I think on my form wife was able to open an account either through one of her uncles being in the military, working on a military base, or something about me being eligible since my dad's a veteran. It's not like they'll ask for which unit and rank he was in.
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# ? Mar 27, 2015 14:13 |
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Looks awesome, great job. Love how open it is with that flyover bit from the kitchen to the front entry.
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# ? Mar 27, 2015 18:10 |
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Dik Hz posted:Correct me if I'm wrong, but I thought NFCU and USAA were only open to children and dependents of vets, not grandchildren? And then, only if the vet was a member, right? 99% sure its no grandchildren. Only Children if parent was a member.
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# ? Mar 27, 2015 18:13 |
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NFCU is much more restrictive, it's only military/DoD and their dependants. If I closed my account I would have trouble re-opening it since I'm not military. My husband is military but he's stubbornly refusing to switch from Wells Fargo and doesn't have an NFCU account. USAA will let you in if someone you're vaguely related to might've been in the military once.
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# ? Mar 27, 2015 18:20 |
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When my lender's GFE came out higher than what the initial thingy he sent me was, I went to a Wells Fargo lender that my realtor was trying hard to push on me. I told him, send me a GFE and I'll consider it. He sent me an email back saying, "here's that GFE you wanted!" and the very first sentence on what he sent said, "this is not a Good Faith Estimate." It was for the same prices as the first doc my smarmy lender gave me, so I said gently caress it, not even going to bother with Wells Fargo. Do never buy. Also, my closing was originally supposed to be for today, but my loan isn't out of underwriting yet. On Monday the guy said the HOA was holding it up. My realtor called his bluff by asking if she could get anything from the HOA's office to speed this up. Do never buy. And finally, last Friday I started developing strange chest sensations. Went to an urgent care clinic, they said my heart was fine. Got into my doctor today, he says it's most likely heartburn from stress. I said it doesn't feel like any heartburn i had before, it doesn't burn at all. It feels like my chest is being pressed on and my pulse goes up. I told him I don't even care about the house anymore, the only thing that's stressing me out is the chest stuff. He gave me scrip for prescription antacid. Do never buy.
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# ? Mar 27, 2015 19:04 |
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I had to get a mouth guard made for me to sleep with as I was grinding the gently caress out of my teeth in my sleep while we were house hunting. So yeah, watch stress levels.
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# ? Mar 27, 2015 20:24 |
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Aquatic Giraffe posted:NFCU is much more restrictive, it's only military/DoD and their dependants. If I closed my account I would have trouble re-opening it since I'm not military. My husband is military but he's stubbornly refusing to switch from Wells Fargo and doesn't have an NFCU account. I guess if you like getting reamed with a splintery log, it makes sense to stay with WF. Or if you trade OTC, but then you should only do OTC with them. Otherwise, gently caress that place.
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# ? Mar 27, 2015 20:32 |
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Jose Cuervo posted:So I went to my local credit union yesterday and briefly spoke with the Mortgage Loan Originator. I told him I was looking to get pre-approved for a loan and he pointed me to fill out an application online. However the only relevant option online regarding why I was filling out the application was to "pre-qualify for a loan". I emailed him today and asked him if the application was for pre-approval or for pre-qualification and he responded that this was pre-qualification and I would receive a pre-qualification letter similar to this. Is it even worth filling out this application to get a pre-qualification letter? From all I have read online a pre-qualification letter is not useful. I'm running into the same issue here - local bank gave me a pre-qualification letter, I passed it on to my agent. Now that we're ready to make an offer, agent says we need a preapproval letter. I ask for one from the bank - she tells me to just use the pre-qualification. I went to check out USAA's options, and it seems like they, too, expect you to make an offer with just a pre-qualification letter, judging by this guide. Is this just the new way of doing things, or do I really need to harass the originator about this preapproval?
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# ? Mar 27, 2015 21:39 |
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The pre qualification letter should be sufficient to make an offer on a property... What the bank is saying is "we are willing to investigate this person's finances in order to offer them a mortgage loan and they don't have obviously disqualifying poo poo like foreclosures on their record" but neither is in any way binding on the bank. You will probably need to pay a substantial application fee if you insist on getting pre-approved somewhere and most lenders don't really want to do it without you committed to an offer. Many will give you a letter stating the specific property address for you to submit with your offer.
BEHOLD: MY CAPE fucked around with this message at 22:18 on Mar 27, 2015 |
# ? Mar 27, 2015 22:13 |
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Is everyone's bank not telling you what you're qualified to borrow? When I was shopping, my mortgage guy at my bank gave me both a dollar figure and a price-per-month that I was able to borrow, based on my current income and debt levels. We were shopping single family detached as well as townhomes, so HOA dues factored into the monthly payment amount as well as the mortgage payment. If your bank isn't giving you a solid "you qualify for $X total or $X/monthly", then I don't know what it is they're doing. When I actually MADE an offer on a property, then my mortgage guy sent something along with the offer saying that I was able to get a mortgage based on that offer. My mortgage guy and my realtor worked together on this part, since they had specific paperwork that each needed.
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# ? Mar 27, 2015 22:36 |
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Just got an email back from my agent - "some banks are doing pre-qualification only right now and this should be sufficient to go with an offer." Apparently it was news to her, too.
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# ? Mar 27, 2015 22:40 |
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I talked to a mortgage broker who literally gave me the spreadsheet he uses to do pre-qual stuff. It obviously doesn't include the credit check / bank statement thing but it includes all the paycheck / income stuff as well as debts and you can stub in numbers and it does all the math and stuff. Basically a slightly more fancy version of the google mini-app they have. He uses it to then generate the letter that you give with your offer.
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# ? Mar 27, 2015 22:56 |
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In my experience pre-approvals don't mean anything anyway. I had one for my last purchase and still got hung in underwriting on stuff totally related to me, not the property, that they knew about already and hadn't asked questions about prior to issuing the pre-approval, which took almost two weeks. This was Wells Fargo.
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# ? Mar 28, 2015 00:07 |
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SiGmA_X posted:I guess if you like getting reamed with a splintery log, it makes sense to stay with WF. Or if you trade OTC, but then you should only do OTC with them. Otherwise, gently caress that place.
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# ? Mar 28, 2015 03:56 |
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Jealous Cow posted:In my experience pre-approvals don't mean anything anyway. I had one for my last purchase and still got hung in underwriting on stuff totally related to me, not the property, that they knew about already and hadn't asked questions about prior to issuing the pre-approval, which took almost two weeks.
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# ? Mar 28, 2015 13:42 |
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# ? May 30, 2024 14:10 |
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Higgy posted:Just closed on the house today! Overall process was pretty smooth, no major hiccups. This is all too good to be true judging by this thread. Fingers crossed for Black Widow Brood Nest, Ceiling About to Collapse or "lol gently caress you house just fell into a sinkhole" post in a month or so. I've got $5* on the sinkhole * I just bought a car so it'll have to be payable in Monopoly money
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# ? Mar 28, 2015 17:01 |