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Admiral_eX_laX posted:This whole buying a house idea smells like bad news but I'm afraid of everything. It makes me want to find a cave and live in it. But I have a fiancee now and I don't think she would like a cave.
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Dec 4, 2015 20:41
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What shithole do you live in that houses depreciate every year?
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Dec 4, 2015 20:55
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lampey posted:There is a lot that can happen between now and after getting married and you don't want to buy a home just to end up selling it quickly. If you do end up buying a home you will still be expected to come up with at least 3.5% down your self for an FHA loan and 5% for a conventional and then you can get a gift for the rest. If your family wants to loan you money instead of a gift just tell them no thanks and save up for a down payment or use one of the first time home buyer programs. There are a lot of other reasons you don't want to rush into buying a home, maintenance is a lot more work, not having an adequate emergency fund could ruin you financially if you are unable to cover a large repair, you can't move if your neighbors suck, financially all of your net worth is in one place, and a house depreciates every year. I would stick with renting to give your more flexibility to move and allow you to save up money. thanks for the advice. how do you guys think the results of next year's election will affect home buyers? if I had the money I would get the hell out of the USA if Trump wins but I guess there's good and bad everywhere!
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Dec 4, 2015 23:02
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Admiral_eX_laX posted:thanks for the advice. how do you guys think the results of next year's election will affect home buyers? Probably not in any way directly attributable to the candidate
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Dec 4, 2015 23:07
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Don't make a decision based on any answer you get to that question. Especially on the internet.
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Dec 4, 2015 23:12
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revmoo posted:What shithole do you live in that houses depreciate every year? He's talking about actual physical decay I think. If you don't spend time and money maintaining a house then it will turn into a worthless uninhabitable shithole. And even if you do put in that time and money, if the people around you don't do the same then you're still hosed. Or he might be talking about the possibility of financial depreciation, which basically happened everywhere during the national popping of the real estate bubble and happens frequently enough in local markets to bring up. It's impossible to predict whether a home will appreciate or depreciate, so that's important to consider
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Dec 5, 2015 00:35
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Admiral_eX_laX posted:thanks for the advice. how do you guys think the results of next year's election will affect home buyers? Doubtful that it has any real effects at all
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Dec 5, 2015 00:36
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revmoo posted:What shithole do you live in that houses depreciate every year? Homes depreciate and land appreciates. Once you factor in inflation taxes insurance and maintenance home ownership is not a free lunch.
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Dec 5, 2015 05:46
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Mr Lance Murdock posted:Yeah the house is natural gas for heat, water, stove, fire place. So yeah, detectors are a must have. Depending on what is changing it may be legitimate. I only do refi but we have to wait 6 business days after sending out the final closing statements.
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Dec 5, 2015 19:20
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That sounds like something specific to your bank, there's no 6 day regulatory requirement that I can think of. There is a 3 day requirement now after getting your closing statement, but changing your purchase price after the fact doesn't trigger a new 3 day period.
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Dec 5, 2015 20:57
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Captain Windex posted:That sounds like something specific to your bank, there's no 6 day regulatory requirement that I can think of. There is a 3 day requirement now after getting your closing statement, but changing your purchase price after the fact doesn't trigger a new 3 day period. I only do refi and heloc and we don't use a title company. For heloc or 2nd position loans it is not a problem. For first position mortgages under the new TRID rules mailed disclosures require three days to mail and then three to review. My institution aparrently is not messing around with secure electronic, signed delivery by courrier, or hand delivery. It has been two months and the sales staff still seem to be learning this and freak out on the phone with underwiters when they learn that they can't meet the closing date they already scheduled with the borrower.
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Dec 6, 2015 05:31
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Admiral_eX_laX posted:
A cave is the only Goon Approved© form of housing, apart from a windowless concrete pyramid built to last ten thousand years. Re:Head Shot--ignoring the fact the case linked is an example of prosecutorial discretion to use creative charging instruments to prosecute unrelated political corruption and nobody is going to give a poo poo if loving Joe homeowner does the same thing. Same reason your lender wants you to get a house inspection but absolutely does not want to see the results Catatron Prime fucked around with this message at 06:07 on Dec 6, 2015 |
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Dec 6, 2015 06:04
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therobit posted:I only do refi and heloc and we don't use a title company. For heloc or 2nd position loans it is not a problem. For first position mortgages under the new TRID rules mailed disclosures require three days to mail and then three to review. My institution aparrently is not messing around with secure electronic, signed delivery by courrier, or hand delivery. It has been two months and the sales staff still seem to be learning this and freak out on the phone with underwiters when they learn that they can't meet the closing date they already scheduled with the borrower. Ah, yeah I guess the mailing waiting period could screw things up a bit. Though for the scenario Murdock is talking about I imagine it's more just due to having to generate new closing docs than specifically being TRID related unless the lender has a very wrong interpretation of the TRID requirements for restarting the 3 day wait due to a re-disclosed closing statement. Has anyone explained why your company is only allowing for mailing physical disclosures? LO schadenfreude is usually delicious, but that seems needlessly dickish.
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Dec 6, 2015 06:44
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To be fair, its only going to delay it one business day from the 18th to the 21st...but its over the first weekend we were hoping to start cleaning/painting etc...before we started moving our crap it, so its kinda a small monkey wrench.
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Dec 6, 2015 14:56
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I have previously owned a house, but then moved around for awhile following my career. I have finally settled in northern Virginia where real estate prices are absurd, and it's a very tough life decision between having time to do stuff but no money due to housing costs, or having money but no time to spend it because you spend your life commuting in traffic. I would never consider buying a condo. I think they are overpriced in this area and cost pretty much the same as an equivalently sized house when accounting for HOA fees, or significantly more in the very urban areas. I don't like the idea of paying nearly the same amount for a condo as a house despite not owning the land (particularly when plots of land for a single family house are usually 3x the cost of a modest house itself). I also dislike the idea of buying a place where I share walls with neighbors. However, townhouses in this area almost seem like a bargain. I still don't like the idea of sharing walls, but generally they offer 50% more square footage than equivalently priced houses, and even have garages. Also, from what I understand, with a townhouse, you do own the plot of land. Is there anything in particular I should be aware of, or that I should look for, when considering townhouses when compared to a house? scavok fucked around with this message at 03:12 on Dec 7, 2015 |
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Dec 7, 2015 03:07
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Reminder: good paint is expensive. Between what I've spent on paint and supplies I'm sure I've broken $1k on just painting the interior of a 600 sq. ft. floor of a house. I've also spent $140 on a garage door repair, $80 on a furnace service call, and $800 on electrical work. As-is houses are a lot less stress during buying (welp, it's $70k under what it would be improved and I can't convince the buyer to do anything!) and a lot more after closing (poo poo, everything is broken/dirty/falling down/I should probably fix the garage roof before it falls on my car). As-is homes: home ownership on Hard Mode. Get out your sawzall and duct tape.
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Dec 7, 2015 03:13
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My wife and I are looking at newly developed homes. Is there anyone here with any experience with these homes, particularly quality? We're looking at Lennar as the builder if that makes any difference.
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Dec 9, 2015 09:01
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Manwich posted:My wife and I are looking at newly developed homes. Is there anyone here with any experience with these homes, particularly quality? We're looking at Lennar as the builder if that makes any difference. I bought a new development about a year and a half ago. The quality is good from what I can tell. My father-in-law was a contractor, and still builds on his house all the time, and he didn't see any concerns with the home when we were looking to buy it. Though, there are things I noticed they skimped on - they clearly bought the cheapest gutters, the caulking and grout in showers was sub-par, and various aesthetic things that don't bother me. The one thing I really liked about a new house was that everything was under warranty for the first year. They came out and did a number of random fixes for us during that first year (re-doing the caulk and grout in the showers, fixing nail pops, HVAC tune-up, pipes knocking because they were anchored too tightly). Our back porch started caving in about 3 months into ownership due to them not reinforcing the concrete properly, but they came out and replaced it under warranty, and I was able to watch them to make sure they did it well this time. Now, it's only been a year and half, so knowing home ownership, after the house finally settles it will probably collapse and my family will be homeless. But it's really nice to know that we're the only ones who've ever lived in it, and licensed contractors did all the work on it and can be traced back to the builder. It also helps that our home isn't part of a huge new subdivision - just a slowly growing street - so we know the builders weren't rushing like crazy to get it done. I'm not familiar with Lennar, but I'd suggest looking them up on BBB or similar sites to see what people have to say. Keep in mind, though, that Lennar houses in one area could be drastically different from their houses in another. As an example, Drees Homes (our builder) is great in OH, but horrible in FL - probably due to the available contractors they work with.
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Dec 9, 2015 16:58
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Thanks that confirms some of the fears we had, but it also helps that they were responsive enough to return and fix the problems. I guess I should start reading all the threads in DIY about home maintenance now.
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Dec 9, 2015 19:36
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Lennar sold 21,000 homes in 2014 to the tune of 6.8 billion in sales. They are probably competent.
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Dec 9, 2015 21:53
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It's probably no different than buying any other home in terms of rolling the dice on what issues may pop up in the future. The difference is, you're probably paying a premium because they're putting lipstick on their brand new pig.
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Dec 9, 2015 23:46
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Is it normal to have to call the bank daily to make any sort of progress on the mortgage? It seems that every time I call, they say "oh we were waiting for you to provide X", despite having never indicated that. Pretty sure I've provided everything 2-3 times now. I've resorted to daily calls asking about the status.
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Dec 10, 2015 01:10
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Yes, my experience is that the people working loan paperwork at banks do not communicate effectively and you have to constantly be proactive.
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Dec 10, 2015 01:15
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I made friends with my loan officer and shot her a quick email every few days, so that kinda helped.
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Dec 10, 2015 01:20
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devicenull posted:Is it normal to have to call the bank daily to make any sort of progress on the mortgage? It seems that every time I call, they say "oh we were waiting for you to provide X", despite having never indicated that. Pretty sure I've provided everything 2-3 times now. Seems like it. When we got close to closing, it was entirely normal for our contact at the lender to wait until I emailed him to suddenly remember that he needed some documents (again) - at one point I emailed him after work on a Friday to see how things were going...and got back at 6:30 PM that he'd heard like 3 days ago that we were approved with conditions, and oh yeah, could we please send 2 letters of explanation, proof of income for the 3rd time, 4th copy of paystubs etc. that I could have been working on all week you rear end in a top hat argh. And as a bonus we went the USDA loan route - so we had people in the state office also moving at a glacial pace, and the lender didn't feel like checking on them either. Worked out in the end  Although the week we were finally scheduled to close (after moving the date twice), our realtor had to get involved and lean hard on the guy to remind him that hey, the seller's going to lose her rate lock in a day and possibly raise hell, maybe you should stop dragging your feet.
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Dec 10, 2015 01:43
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Deathwing posted:Seems like it. It took me quite awhile to realize my bank wasn't really responsive to emails. They seem to regard them as some sort of document transfer system, where everything except the attachments are completely ignored. I was quite frustrated before I realized that calling them actually accomplished things. I swear if we could have gotten everyone involved in a room, this could have been completed in an hour.
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Dec 10, 2015 01:53
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devicenull posted:Is it normal to have to call the bank daily to make any sort of progress on the mortgage? It seems that every time I call, they say "oh we were waiting for you to provide X", despite having never indicated that. Pretty sure I've provided everything 2-3 times now. This is just a job to them. They don't have the largest purchase of their life to worry about. I would still expect for them to have prompt communication but it depends a lot on the bank.
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Dec 10, 2015 02:16
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devicenull posted:Is it normal to have to call the bank daily to make any sort of progress on the mortgage? It seems that every time I call, they say "oh we were waiting for you to provide X", despite having never indicated that. Pretty sure I've provided everything 2-3 times now. This was the best part about working with a mortgage wholesaler. I was always aware of exactly what was expected of me and we closed in 22 days as a result.
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Dec 10, 2015 03:54
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We put in our offer on a short sale back in September and we are closing this Friday. Ugh.
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Dec 10, 2015 04:27
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AGirlWonder posted:We put in our offer on a short sale back in September and we are closing this Friday. Ugh. That's fast for a short sale! It took us 8 months to close.
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Dec 10, 2015 06:03
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Elephanthead posted:Lennar sold 21,000 homes in 2014 to the tune of 6.8 billion in sales. They are probably competent. More importantly, they've been around long enough that you can be reasonably confident they aren't one of the home builders that plans to be "bankrupt" and shut down before you can figure out how they hosed you over and try to sue them. Like any home, make sure you get it inspected, by a (or more than one) competent inspector. Completely inspected; some home builders will try to talk you out of inspections or limit what you can inspect (like "oh you can't go in the attic, because building code says the access has to be sealed!"). It's easier to get them to fix problems for you when they don't have your money yet than as warranty claims. edit: On a side note, I find it sad that a 1-year warranty on something that costs several hundred thousand dollars seems like an amazing deal
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Dec 10, 2015 18:01
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Yes, they are big enough to be able to bulldoze 100 homes and rebuild them if someone screwed the pooch. The only downside is you will be competing with brand new homes if you have to sell fast, unless the insane bubble is making the new homes 15% more expensive every year.
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Dec 10, 2015 19:37
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Zhentar posted:edit: On a side note, I find it sad that a 1-year warranty on something that costs several hundred thousand dollars seems like an amazing deal Depends on the builder, I'm sure, but our new home has a 1-year warranty on stuff inside the house and a 10-year warranty on the foundation and structure of the house - with very strict fine-print stating what is actually considered a foundation/structure issue. Still not great, but it's better than as-is or those crap warranties you can get from a seller that cover nothing. Good-Natured Filth fucked around with this message at 23:35 on Dec 10, 2015 |
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Dec 10, 2015 22:44
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Bozart posted:That's fast for a short sale! It took us 8 months to close. Joke's on us! Our lender sent the paperwork to the selling bank by Tuesday, but the guy in charge of the documents on their end never opened his email. So now we've got a possession letter for tomorrow and a promise that we can close Monday. 
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Dec 11, 2015 07:42
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AGirlWonder posted:Joke's on us! Our lender sent the paperwork to the selling bank by Tuesday, but the guy in charge of the documents on their end never opened his email. So now we've got a possession letter for tomorrow and a promise that we can close Monday. Banks are dumb. They're dumb organizationally, they're dumb as individuals, and it seems like every loan they make is the first time they've ever done it.
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Dec 11, 2015 15:45
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Man, I was lamenting my credit union's inability to use encryption when emailing PII around, sounds like I got off easy. They have automatic encryption, my loan officer tripped it accidentally, but couldn't ever read any replies I sent through their encrypted communications portal  Practically all non time-sensitive communique was through email.
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Dec 11, 2015 16:12
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Ok despite all argument to the contrary in this thread I have in my inbox my signed purchase agreement and now I am shopping around for a mortgage. I am confused here through, should I just be like, shotgunning out full applications at this point to a bunch of mortgage companies or is there something simpler I'm missing on what I'm supposed to be doing here? I see stuff about good faith estimates and disclosures and poo poo, do I need to apply to get those? 100 HOGS AGREE fucked around with this message at 02:07 on Dec 12, 2015 |
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Dec 12, 2015 02:05
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Need some advice. We put in an offer on a house, got it at the price we want with seller offering to pay $6500 in closing costs. I am trying to figure out which lender to go with, and no one (especially me) can decipher this bullshit. My goal is obviously to not leave any of that $6500 on the table while getting the best rate I can. Here are the specifics: Standardized stuff: FHA loan , 3.5% ($4,550) down, $2,195 in financed up front mortgage insurance; so the loan is for $127,645 regardless of lender Please understand my brain is broken after weeks of this and neither lender is easily comparable to the either on their estimates. Also the home is in a high-risk flood zone (property is near a creek, gently caress fema), so we get to pay $1100 annually for flood insurance. Lender 1 - 4.125% rate, local contact connected to larger bank, suggested by realtor - $3,941.56 in closing costs - includes appraisal fee, application fee, attorney fee, underwriting fee, GA taxes, processing fee, etc - $2,195.38 mortgage insurance - $2,626.25 estimated in escrow for homeowners/tax - I think this is low for the house; includes one year homeowner's at $1,855 (remember, flood zone), 2 months home ins. at $309 and 3 months property tax at $390, and 5 days interested (we close on the 15 of Jan, this is not accurate) at $72 - I don't understand their math, at all. They take the purchase price and subtract the loan amount, then take that amount and add closing, escrow and mortgage insurance (which is in the loan amount) then back out seller concessions ($6500) to arrive at funds needed at closing. After all this they arrived at an APR estimated at 4.367%, which lender 2 said was laughably impossible:  Lender 2 - 3.75% rate, national company used by my company during relocation, hated by every local lender I've talked to - $1,446 'Services you can shop for' - includes title search, closing fee, doc prep fee, lender coverage(?), etc - $2,724 'Services you cannot shop for' - includes mortgage insurance premium ($2,195), appraisal fee and credit report - $626 in taxes, etc - $2,557 in prepaids including $2,335 for 12 months homeowner's/flood premiums (accurate) and prepaid interest $222 (also accurate) - $1,590 in initial escrow at closing - includes $584 for 3 months' homeowners/flood and $1,006 for 7 months' property tax - $234 in 'other' - optional title - owner's coverage - will probably drop this - Reports an APR of 4.849%  I know these are estimates and may change at/before closing. I want to make sure my thinking is clear: - The estimates on escrow for homeowner's is going to be the same based on my insurer, not the lender, correct? - Same with property tax escrow? - Does the APR mean anything if the seller is paying closing costs? The $6,500 concession didn't inflate the sale price (in fact we negotiated a hefty amount lower because of the flood zone thing) - Lender 2 seems more realistic in estimating closing cost, and does not charge any origination or application fee because of their agreement with my company - If actual closing costs are less than the $6,500 my realtor has suggested that it can be trumped up in the prepaids to lower the rate. Is this actually a thing that lenders do? What do I do if there is money left from their cost toward closing, and when in the process does that have to be firmed up? I hope any of that made sense.
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Dec 12, 2015 03:37
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100 HOGS AGREE posted:Ok despite all argument to the contrary in this thread I have in my inbox my signed purchase agreement and now I am shopping around for a mortgage. Mortgage Professor and Zillow Mortgage are good places to start if you're willing to consider an online bank (you probably should). You'll need to apply to get a real GFE. Two things to note: on zillow closing cost estimates, make sure you're comparing apples to apples. Many banks don't include everything so they show to at the top of the list (such as omitting appraisal fee). Second, the closing cost estimates will change when rates change, so compare at the same time.
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Dec 12, 2015 05:48
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me posted:I figured the dumb APR out - lender one did not factor in mortgage insurance and misrepresented their APR. I feel smart for having figured it out, and pissed that my realtor was recommending I use this lender.
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Dec 12, 2015 06:15
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