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Spamtron7000 posted:My mortgage got bought by WF too and that was a huge boon since our checking, savings, AMEX and brokerage accounts are all at WF. I love having everything visible in one spot and setting everything up to happen automatically. My first mortgage got bought by U.S. Bank and they were great to deal with too but it wasn't anywhere near as convenient. Change everything to WF if you have branches nearby. They're pretty cool. I actually liked when a previous house loan got bought by Wells as well......especially since Wells had a "Bi-weekly" payment option that my Credit Union and everywhere else I've been through prior to and since have no idea how to handle. I like making weekly/bi-weekly car/home payments just to spread everything out.
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May 7, 2015 18:08
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Edit: There's no Maryland law that notaries at financial institutions won't notarize mortgage and will documents, but most institutions do not do it for liability reasons, especially after the fall-out of the housing crash. The loan officer's manager I worked with evidently misworded her statement pretty badly in haste. Evidently, most of NFCU's clients have it notarized at their lawyer's office, but uh... mail away closings are kind of common for a lot of enlisted I thought because they might buy and get deployed in the middle of the process? My lawyer's 8 hours away where the house is, I ain't showing up there to sign for my house. I've got work to do.
necrobobsledder fucked around with this message at 02:54 on May 8, 2015 |
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May 8, 2015 00:26
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You should be able to work with most title companies on something like this. A fair number of them still will send out someone to close or have you come into the office, but avoid the whole working where they can't provision. But yeah, generally speaking the person on the other end of the phone/screen/desk, should be able to tell you how you are going to be able to sign the docs, and if they can't, that's not so great.
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May 8, 2015 00:30
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Inspection turned up nothing too major. Going to have the sellers repair some of the more pain in the rear end items like masonry and the chimney and then just do the rest of it myself. I guess now would be a good time to start looking at design/build firms to do some of the heavier renovations I'm planning.
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May 8, 2015 04:05
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psydude posted:Inspection turned up nothing too major. Going to have the sellers repair some of the more pain in the rear end items like masonry and the chimney and then just do the rest of it myself. Have you considered just asking the sellers for money instead of asking them to do repairs? Asking for repairs runs the risk of the sellers spending as little as possible and performing shoddy repairs
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May 8, 2015 04:14
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I guess having the sellers attempt the repair is better some than some lovely "warranty" they buy where any problem ever is not covered by the "warranty", but only just barely. Yeah get an estimate and cash and find your own people to fix it.
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May 8, 2015 05:23
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Pryor on Fire posted:I guess having the sellers attempt the repair is better some than some lovely "warranty" they buy where any problem ever is not covered by the "warranty", but only just barely. Yeah get an estimate and cash and find your own people to fix it. I had the sellers fix some stuff, but then I had a reinspection to verify. Which is good because the roofer didn't actually do the whole job. So then there was another inspection. Maybe just get credits and do it yourself.
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May 8, 2015 05:26
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QuarkJets posted:Have you considered just asking the sellers for money instead of asking them to do repairs? Asking for repairs runs the risk of the sellers spending as little as possible and performing shoddy repairs This is probably good advice. From the lender perspective, unless the appraiser makes the appraisal report subject to a specific repair or inspection, they probably are not going to care. So unless you are buying the home in cash, requiring a repair to be done in your purchase agreement, is literally creating another way for your loan to not close on time that might not exist otherwise.
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May 8, 2015 13:44
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Under contract and moving quickly to apply for loans. Currently shopping at two brokers with a third I haven't heard back from. One broker is local and super helpful through everything. They have always gotten back to me quickly, explained everything and just took the time to compare their fee sheet with bigger bank (BNC National) I was told that when comparing lenders what it really comes down to is the adjusted origination fee. Basically, everything else will be equal because closign costs will factor in from the same attorney, title fees, etc... Is this accurate? If one lender has an adjusted origination that is $700 less than the other, will the closing costs generally be within $700 of each other?
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May 8, 2015 18:16
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It is not far off, but does not necessarily have to be true. There are 3rd party fees in the transaction, appraisals, title work, endorsements and taxes etc, that can vary a little bit depending on who the lender tries to have you work with. Keep in mind typically you aren't going to have a whole lot of shopping that you can do on these type of things, but it is ok to ask if you find something weird in your contract or in your GFE. You might run into some processing fees that don't get included in origination like notary fees or document fees. Your GFE should also show you what things have the potential to change between now and closing and what doesnt. Edit- long story short, compare the GFE's you get and ask questions if you don't understand something as far as a third party cost. The originator should be able to tell you where a fee comes from.
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May 8, 2015 18:59
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gtkor posted:It is not far off, but does not necessarily have to be true. Thanks for this. Unfortunately, I got the initial GFE's yesterday and once was for 4% and the other for 3.75% so they are hard to compare. All I have to go on today are fee sheets. Anyways, I think I will go with the lender that has always been there and buy down to 3.625%. It is only $300 more comparing adjust origination which I think is worth it for someone I trust taking me through to closing.
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May 8, 2015 20:43
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And the first delay is in. Instead of closing at 10:30am on Monday, we are pushed to 4. Underwriting still isn't finished. More last minute documents just came in. I'm so sick of banks. I will not buy another house until I'm doing it with cash. Then I will call this same lender, I will make them think I want to work with them. I will be very helpful. Until the very end. When I walk in with a stack of cash and tell them to gently caress off.
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May 8, 2015 20:47
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Stop working with lovely big banks and mortgage brokers and just call up your local credit union instead. It really doesn't have to be a loving nightmare to get a home loan.
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May 8, 2015 21:20
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Pryor on Fire posted:Stop working with lovely big banks and mortgage brokers and just call up your local credit union instead. It really doesn't have to be a loving nightmare to get a home loan. We're talking tens of thousands of dollars. My local banks and credit union didn't come close to the rate offered by an online mortgage broker.
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May 8, 2015 22:22
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One of my own concerns with loans from a credit union is that they are typically held portfolio and don't get securitized. Not necessarily a huge deal if you buy/refi right now and lock into an awesome low rate, but it does somewhat limit your options going forward. I'm pretty sure all of those people who got a loan from their credit union in 2005-2009 were really stoked about the fact that their neighbors refi'd using HARP when everyone was upside down. Credit unions are a good option, it is just hard to know what programs will be out there in the future and what the housing market will hold, but if you have a privately held loan, you are going to be at the back of the line if something cool comes out.
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May 8, 2015 22:50
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My rate is being locked at 3.75%. I haven't had any bank or broker beat that rate at a raesonable cost considering the length of time I plan on owning. Most unions I've looked at have rates "as low as 3.75%*" so I dunno. If I'm talking about paying a bit more at closing, I'd rather just continue to work with the guy who has been immensly helpful during this whole process.
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May 9, 2015 00:29
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Jewce posted:My rate is being locked at 3.75%. I haven't had any bank or broker beat that rate at a raesonable cost considering the length of time I plan on owning. Most unions I've looked at have rates "as low as 3.75%*" so I dunno. If I'm talking about paying a bit more at closing, I'd rather just continue to work with the guy who has been immensly helpful during this whole process. I'm at 3.375 and I'm getting credit for part of a point to bring me up to that.
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May 9, 2015 01:03
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No Butt Stuff posted:I'm at 3.375 and I'm getting credit for part of a point to bring me up to that. Pretty sure loan amount has a big impact on rate. The last house I put an offer on had a loan amount that was 35k less and I was much lower. I checked this a few days ago by changing my loan amount on zillow and the rate went down with the loan amount. Location also plays a part so it's hard to compare unless you live in Atlanta and are getting a loan around the same amount as me... I think. Edit: Just checked again cause what I wrote sounded off. I was wrong. The less the loan, the higher the rate, which makes sense. Still, I think location has a lot to do with it though. Edit2: Now I'm all worked up about my rate. I would love to get something like 3.375, but I can't imagine how any lender would take it down that far and give me credit. The 3 places I shopped at all gave me the same rates, but with different origination and poo poo. I'm not a poorly qualified buyer so I can't imagine my rate being jacked up for that. Wife and I both have credit scores of 780 +- a few points depending on agency, have a debt-to-income of like 4%, and 20% down. I'm self employed, but my wife is the bread winner and makes enough to get the loan on her own, so I figured my income could really only help. Mabye I should check that my status isn't raising the rate? Jewce fucked around with this message at 04:17 on May 9, 2015 |
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May 9, 2015 03:16
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No Butt Stuff posted:I'm at 3.375 and I'm getting credit for part of a point to bring me up to that. How many years though. It would be pretty tough to find a 30 year fixed at that point. A 15 year would be pretty reasonable and you certainly could get arms at 3.375 as well. Do never tell what rate you are getting without saying what the loan term is.
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May 9, 2015 04:47
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Unless things have changed drastically In the past 3 years, anything over $417k is considered a jumbo or "non-conforming" mortgage loan and those will usually run about a point higher than the advertised rates. When I financed there were advertisements for 2.9 percent loans everywhere but that equated to 4.125 for me - I bought it down half a point to 3.625.
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May 9, 2015 05:21
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Rates can change as often as twice a day. It's pointless to compare rates someone has vs. what someone else is shopping for unless you also say exactly when you got that rate. Also the conforming vs. nonconforming, we'll assume you have a conforming fixed-rate 30 year mortgage (non-FHA, non-VA) unless you say otherwise. When I refinanced last year, rates changed by almost a quarter of a percent over a period of a week.
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May 9, 2015 06:39
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I just got a letter from the county that the new tax appraisal for this house is only about 5% higher than the previous owner, and 24k under the sale price. That's going to save me ~$575 per year so I'm pretty stoked... unfortunately my escrow is collecting the higher amount.
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May 9, 2015 11:34
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Andy Dufresne posted:I just got a letter from the county that the new tax appraisal for this house is only about 5% higher than the previous owner, and 24k under the sale price. That's going to save me ~$575 per year so I'm pretty stoked... unfortunately my escrow is collecting the higher amount. call your loan servicer and ask them to reanalyze your escrow with your new tax bill in hand, or alternately just pay your tax and insurance bills yourself and take them out of escrow
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May 9, 2015 14:01
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BEHOLD: MY CAPE posted:Alternately just pay your tax and insurance bills yourself and take them out of escrow I waived escrow, which is great because I get to manage my own cash flows and don't have to worry about the escrow loving up on paying bills, but waiving caused my rate to go up roughly a 16th of a percent (one eighth of a percent, but with additional cash back equivalent to half of buying down the eighth).
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May 9, 2015 16:35
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baquerd posted:I waived escrow, which is great because I get to manage my own cash flows and don't have to worry about the escrow loving up on paying bills, but waiving caused my rate to go up roughly a 16th of a percent (one eighth of a percent, but with additional cash back equivalent to half of buying down the eighth). Yeah, basically my lender told me my rate was based on using escrow so I didn't fuss with it. I wanted to get rid of it.
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May 9, 2015 17:16
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Once your loan finally gets sold off you could call your servicer and see what their process is for letting you get rid of the escrow account. I've often seen after a few years with an ok equity position that people can get escrow waived without actually doing a refi. Mileage May Vary of course.
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May 9, 2015 17:22
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My escrow account adjusts for changes in the tax bill on some regular periodic schedule. I actually don't mind having the escrow account, it makes sure I'm never ever late on a tax or (really importantly) an insurance payment. It costs me nothing, there's no fees or anything, because I guess the bank likes the assurance of an escrow account keeping the asset that secures the mortgage insured and paid-up on taxes. I mean, obviously if I had no escrow, it would be fairly trivial to set up automatic payments of money into a savings account that just acted like my escrow account, and even automatic payments for insurance. Maybe taxes too? But the escrow account is convenient, free, and got me a tiny rate reduction last time I refinanced. So... ehhh. Whatever.
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May 9, 2015 17:32
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A friend had a major issue with the escrow paying their tax bill in the wrong year so they couldn't deduct it on their tax return. Aside from that, I always have an adequate buffer to cover a year of insurance and taxes and I'd rather keep the extra 1000 dollars they have in my own account. We'll see what wells Fargo says about it Monday. My loan was 75% ltv so that shouldn't be a problem.
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May 9, 2015 18:16
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My county charges taxes in June and November, so I'm never at risk of some weird tax payment date or something. Just as a reminder: if you itemize, you can deduct the portion of your property taxes that is based on the value of your home (that is, percentage of the assessed value), but not the portion that is a fixed amount (often called 'ad valorem' taxes). This throws me almost every year, because turbotax fetches just the total value from my county and then I have to reduce the number it puts in by the portion of my property taxes that are ad valorum (it's around five hundred bucks a year for me).
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May 9, 2015 18:25
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Leperflesh posted:My escrow account adjusts for changes in the tax bill on some regular periodic schedule. I actually don't mind having the escrow account, it makes sure I'm never ever late on a tax or (really importantly) an insurance payment. It costs me nothing, there's no fees or anything, because I guess the bank likes the assurance of an escrow account keeping the asset that secures the mortgage insured and paid-up on taxes. It's not really free because you're prepaying an annual bill, so you could have had that money for 11 months instead of doling it out with your mortgage payment each month.
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May 9, 2015 21:22
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BEHOLD: MY CAPE posted:It's not really free because you're prepaying an annual bill, so you could have had that money for 11 months instead of doling it out with your mortgage payment each month. I would have to save it in my savings account in order to make the two tax payments per year and the one insurance payment per year. My savings account makes like 0.25% interest, so I think by doing it myself I'd be richer to the tune of maybe four dollars or so?
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May 9, 2015 23:11
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Leperflesh posted:I would have to save it in my savings account in order to make the two tax payments per year and the one insurance payment per year. My savings account makes like 0.25% interest, so I think by doing it myself I'd be richer to the tune of maybe four dollars or so? I'm not saying it's a lot of money if you don't have some opportunity to deploy the cash, but in principle you are giving the mortgage servicer a free loan and they are definitely using your money to make money even if you wouldn't otherwise.
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May 10, 2015 00:45
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I'm at the stage of having had the home inspection done and in response to the home inspector I scheduled two contractors to come by and give me quotes on the most pressing issue as recommended in the home inspection report (issues with Masonite siding). I have one quote (for $2000) and the other one will come on Monday. I originally offered $5000 below asking price but because there was a competing bid I brought my offer up to full asking price. In addition to the siding issue there are some other issues that will cost about $500-$600 to address. There are also a number of other smaller issues that I can take care of myself and I am not looking to ask the sellers to address. Assuming the other quote comes in approximately the same as the first (say around the $1750-$2250 mark), I am trying to figure out what to ask the sellers for. The siding looked fine when I was looking at the house (partially because it had been painted not too long back) but after the inspection I can see the issues that the home inspector pointed out and they do need to be addressed. I am not interested in having the sellers do the work, so would a good strategy be to ask the seller for a $2500 credit? One thing my agent warned me about is that perhaps the sellers will not want to do anything because they had another competing offer and might want to go back to that offer (which I suppose was just a little worse than mine). Thoughts?
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May 10, 2015 01:51
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Jose Cuervo posted:I'm at the stage of having had the home inspection done and in response to the home inspector I scheduled two contractors to come by and give me quotes on the most pressing issue as recommended in the home inspection report (issues with Masonite siding). I have one quote (for $2000) and the other one will come on Monday. I originally offered $5000 below asking price but because there was a competing bid I brought my offer up to full asking price.
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May 10, 2015 07:48
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Jose Cuervo posted:I'm at the stage of having had the home inspection done and in response to the home inspector I scheduled two contractors to come by and give me quotes on the most pressing issue as recommended in the home inspection report (issues with Masonite siding). I have one quote (for $2000) and the other one will come on Monday. I originally offered $5000 below asking price but because there was a competing bid I brought my offer up to full asking price. Ask for a credit. They picked your offer because it was the highest, and it's really unlikely that $2500 is going to change that. It's in your best interest to get a reasonable closing credit to fix the issues that the inspector raised. It's in your realtor's best interest to dissuade you from even asking for a closing credit. It's in the seller's best interest to give you the closing credit that you ask for. Ask for a closing credit, gently caress realtors Are you absolutely in love with this house? If they refuse, you should be ready to sink the deal, and make sure the seller is aware of that. The seller is crazy if they're going to accept a lower offer (potentially $5k lower or more) just to save $2500.
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May 10, 2015 08:43
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gtkor posted:How many years though. 30 years. Locked at the end of March. Worked with another lender in mid April to test the market and was offered the same rate. I'm not exceptionally qualified or anything.
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May 10, 2015 14:21
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gvibes posted:Yeah, just ask for a closing credit. In the inspection contingency space, I think a request for $2500 is within the common range. You just need to decide what amount you are willing to kill the deal over. There is a good chance they will refuse to give you a cent. QuarkJets posted:Ask for a credit. They picked your offer because it was the highest, and it's really unlikely that $2500 is going to change that. I just asked my realtor for clarification and apparently the reason he is concerned is that the sellers picked my offer because of my stronger financial situation, and the other offer was for the asking price as well but ''worse'' because of the weaker financial situation. So the realtor's concern is that the sellers could potentially refuse to give any closing credit knowing that if I walk away they still have another asking price offer (assuming the other people are still interested). So is asking for the full amount of the quotes to address the (major) issues raised by the inspectors still a reasonable thing to do?
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May 10, 2015 14:54
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I mean, unless you think they're literally going to walk rather than telling you no, there's no reason you can't ask. It sounds like it's not that likely they'll give you the full amount, but maybe they'll offer part of it to avoid having to redo the entire process again.
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May 10, 2015 14:57
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Jose Cuervo posted:I just asked my realtor for clarification and apparently the reason he is concerned is that the sellers picked my offer because of my stronger financial situation, and the other offer was for the asking price as well but ''worse'' because of the weaker financial situation. So the realtor's concern is that the sellers could potentially refuse to give any closing credit knowing that if I walk away they still have another asking price offer (assuming the other people are still interested). Your Realtor just wants commission.
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May 10, 2015 15:40
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Realtors do talk to the people doing the financing though for each offers (or they should at least). If the seller's realtor does actually think there is a concern about the other buyer not being able to close, they might cave and provide the credit because a closed sale is better than a deal that falls out because the buyers don't qualify.
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May 10, 2015 16:59
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