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antiga posted:Check zillow mortgages. For my area at least you could do better, but it's not horrible. I get a little wary of straight up online lenders just from horror stories I hear from other places. My mortgage broker is technically local but lends nationally. But I got to pick the person instead of chasing the interest rate. But I'm assuming if I shop it, he can probably match.
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Jun 5, 2016 16:32
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It is important to note that pretty much all lenders are using Fannie Mae, Freddie Mac, or Ginnie Mae. So depending on going local or national or online or whatever, unless you are getting some type of a niche product, you are basically getting the same thing from everyone. Unless you have something specific about your circumstances (product related or qualifying related) just about anyone can provide the service you are looking for. While most lenders sell mortgages and you will have a different servicer for your payments, that really isn't something you have too much control over. For the most part, there is a ton of differences among servicers either (unless you get like an Ocwen or something). Mileage will vary, but the point is, there is no downside to shopping and it isn't like you are in the market for something overly unique. Might as well get the deal on the terms you want, a lot of people pay a premium for a name they know.
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Jun 5, 2016 17:58
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Aren't most of the advertised rates for conforming loans too? Like when I borrowed it was anything under $417k which is basically 20% of the market or so in San Diego. Non-conforming rates are higher - I got 3.625% on a $510k principle and was told I should be pretty happy with that.
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Jun 5, 2016 18:47
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Advertised rates will almost always be for conforming loans yes. It is not uncommon to have higher rates for non-conforming loans, however depending on your location it is possible you could qualify for a "High balance" conforming loan. I'd check the Fannie Mae loan look up table as it varies nationally by county. Mileage as usual varies based on what product is better suited to your situation and qualifying.
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Jun 5, 2016 18:56
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gtkor posted:It is important to note that pretty much all lenders are using Fannie Mae, Freddie Mac, or Ginnie Mae. So depending on going local or national or online or whatever, unless you are getting some type of a niche product, you are basically getting the same thing from everyone. For me it was mostly about customer service. At first I went to my bank (mostly because they sold me on having such a good relationship would help me), but even getting preapproved was tedious. Like the mortgage officer needed to clarify something with me, but she was busy and scheduled an appointment to call me two days later for a five minute conversation. The guy I'm with now has no problem emailing, texting, or calling. Hell he's called me at 9 pm just to go over stuff. I get worried with an online lender, I'm not going to get that same kind of attentiveness, even inside normal business hours.
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Jun 5, 2016 23:51
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My credit union was kind of dopey but really helpful throughout the whole process. I actually trust them enough to handle my escrow accounts properly. They always pick up on the second ring when I call, too. The other bank we talked to was Pulaski Savings (not the one on lending tree that will harass you non stop, the tiny one in Chicago). It looks like they finally updated their website to a new, slightly more dynamic, under construction page. The previous one was just a static gif since like 2007. They're one of the few places that check the "no, we will not sell your loan" box on the paperwork.
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Jun 6, 2016 00:08
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minivanmegafun posted:My credit union was kind of dopey but really helpful throughout the whole process. FYI if your credit union has your mortgage/note in Illinois and you default they can take every cent from your accounts with them to pay off the default. Regular banks can't.
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Jun 6, 2016 01:39
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Iiiinteresting. Guess that's more encouragement to move my accounts.
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Jun 6, 2016 01:42
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No local credit union keeps your mortgage note, that's like worrying about getting hit by a meteor.
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Jun 6, 2016 01:56
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Pryor on Fire posted:No local credit union keeps your mortgage note, that's like worrying about getting hit by a meteor. I represented some in Illinois as a foreclosure attorney.
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Jun 6, 2016 01:58
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mastershakeman posted:I represented some in Illinois as a foreclosure attorney. Which ones if you can name names? Was this some straight up predatory poo poo or just whatever local college credit union that hung onto notes for some reason?
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Jun 6, 2016 01:59
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As far as I know my credit union still holds mine, but their mortgage servicing arm is in Nevada. The CU itself is HQ'd in Rantoul.
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Jun 6, 2016 02:01
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Pryor on Fire posted:Which ones if you can name names? Was this some straight up predatory poo poo or just whatever local college credit union that hung onto notes for some reason? Chicago patrolmens jumps to mind and a bunch of other tiny ones I can't really remember. It's not an issue unless you're going to default in which case you could probably just close the other accounts ahead of time. It's just the one exception to credit unions always being better than banks (because they are otherwise. )
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Jun 6, 2016 02:03
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Pryor on Fire posted:Which ones if you can name names? Was this some straight up predatory poo poo or just whatever local college credit union that hung onto notes for some reason? Not sure I understand this. Predatory to me is some lender who changes its rates in the middle of the night - not one who seizes money you owe them.
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Jun 6, 2016 04:52
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Spamtron7000 posted:Not sure I understand this. Predatory to me is some lender who changes its rates in the middle of the night - not one who seizes money you owe them. Before the collapse of the housing market, a common form of predatory lending was to knowingly overestimate how much someone could afford to borrow. Then when they inevitably can't afford to pay, you've earned a few years of payments + the property. In this case the borrower does owe the lender money, but the lender really acted in bad faith all along
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Jun 6, 2016 06:35
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My credit union holds every mortgage they write. It is kinda their thing. Wonderful life and all that crapola. They take too long to close a loan though so I went with an uncaring bank that is going to sell my note as soon as it hits 12 months old to some scum nationwide note mill.
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Jun 6, 2016 13:35
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Why does ocwen get such a bad rap?
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Jun 6, 2016 18:20
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Here is an article which talks about some of the areas they had recently struggled with. http://www.nationalmortgagenews.com/news/servicing/ocwen-fails-four-servicing-tests-but-makes-progress-settlement-monitor-1064164-1.html Hard to know exactly how much better they have gotten, but they seem to be quite difficult to deal with if you ever miss a payment, or if you should have your escrow corrected, or if you no longer require some form of PMI on your loan. So certainly not an everyone type of thing, but plenty of reasons for concern.
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Jun 6, 2016 18:23
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Pryor on Fire posted:No local credit union keeps your mortgage note, that's like worrying about getting hit by a meteor. My CU doesn't sell derivatives though. So behind the time!
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Jun 6, 2016 19:07
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My bank (USAA) has a program where they will give me cash for using a real estate agent of their choice (Coldwell Banker or something like that). It's pretty big chunk of change, could be like $4k or more depending on the purchase price of the house, so I'm tempted. But it also seems totally schety. They are clear that it is a referral fee based program. So I imagine it works like this. I buy a house. Coldwell gets 2%, they give 1% to USAA, they give 0.8% to me. Everybody makes money. That 2% (or whatever) that Coldwell gets will be paid to them by the Seller, but I just I paid the seller 100%, so basically I'm paying it. I'm under the impression that somehow this is not optional for the seller. Why will the seller agree to pay 2% to Coldwell? When will the seller agree to pay 2%, aka will they have already agreed to a purchase price, or will they have time to just not accept the offer? Why else should I be concerned, eg maybe I will get a lovely agent and this can cost me well over 0.8%? Has anybody actually used a program like this?
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Jun 7, 2016 18:31
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I think the kickback is disclosed in your offer but the seller has already agreed to the realtor scam when they signed their listing agreement. This does not cover FSBO peeps. Edit: This is also why short term ownership is bad the 7% loss you take on the sale transaction.
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Jun 7, 2016 18:34
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Afaik most FSBO homes agree to pay the buying agent 2.5% or 3%. When they put the house up on the MLS they have to put in how much they will pay in commission. So you would probably get your kickback from a FSBO house as well. I got a similar rebate from my realtor.
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Jun 7, 2016 18:39
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Thanks. Also the Michael Bluejay link, while a real blast from the past website wise, covers this pretty clearly in the "Decide wether to use a real estate agent" section. I found the whole site to be useful.
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Jun 7, 2016 18:59
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So we are doing a terrible thing and buying a house. My lender offers a .125% discount if I take a HUD-approved pre-purchase education or counseling. They sent the letter offering a course for $75. Being the cheapskate I am, does anyone know of a course that I could get for free or less money?
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Jun 7, 2016 20:05
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dalstrs posted:So we are doing a terrible thing and buying a house. My lender offers a .125% discount if I take a HUD-approved pre-purchase education or counseling. They sent the letter offering a course for $75. Being the cheapskate I am, does anyone know of a course that I could get for free or less money? A quick search for "hud pre-purchase counseling course" doesn't turn up any that are cheaper, but a couple of places recommend getting the lender to give you equivalent credit on closing costs.
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Jun 7, 2016 20:11
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Not sure we can really answer that without knowing a little more about where you are. Still, you might be able to find this on your own using HUD's website; it should at least narrow down if there are any better local options. http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
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Jun 7, 2016 20:14
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Subjunctive posted:A quick search for "hud pre-purchase counseling course" doesn't turn up any that are cheaper, but a couple of places recommend getting the lender to give you equivalent credit on closing costs. That is pretty much what I came up with searching. gtkor posted:Not sure we can really answer that without knowing a little more about where you are. When I did that earlier nothing came up that was cheaper that I saw. I'm in the Dallas area if that makes a difference.
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Jun 7, 2016 21:11
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My sister-in-law is trying to buy a house. They found a house and went under contract. After inspections, they found some issues with the roofing and unpermitted work. They asked for some funds to cover the repairs the the sellers are just dragging their rear end. It's been like a week with no response. Yesterday they noticed that the house is back up on all the MLS sites as being for sale. No word from the sellers agent yet. When do they have to respond?
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Jun 7, 2016 21:27
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IANAL, but I believe them listing it again is a violation of the agreement and your sister-in-law should get her earnest money back pronto if she gave them anything. She should have a lawyer taking care of these things for her, by the way. Only the lawyer can say when they need to respond.
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Jun 7, 2016 21:38
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modig posted:My bank (USAA) has a program where they will give me cash for using a real estate agent of their choice (Coldwell Banker or something like that). It's pretty big chunk of change, could be like $4k or more depending on the purchase price of the house, so I'm tempted. But it also seems totally schety. They are clear that it is a referral fee based program. So I imagine it works like this. I buy a house. Coldwell gets 2%, they give 1% to USAA, they give 0.8% to me. Everybody makes money. That 2% (or whatever) that Coldwell gets will be paid to them by the Seller, but I just I paid the seller 100%, so basically I'm paying it. I'm under the impression that somehow this is not optional for the seller. Why will the seller agree to pay 2% to Coldwell? When will the seller agree to pay 2%, aka will they have already agreed to a purchase price, or will they have time to just not accept the offer? Why else should I be concerned, eg maybe I will get a lovely agent and this can cost me well over 0.8%? Has anybody actually used a program like this? We used the referral program through USAA & got a great agent & a check for $900 after closing.
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Jun 7, 2016 23:08
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GoreJess posted:We used the referral program through USAA & got a great agent & a check for $900 after closing. Mileage may vary. I did the exact same thing but my agent was sort of basically decent but not invested and not really willing to do legwork.
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Jun 7, 2016 23:11
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FCKGW posted:Yesterday they noticed that the house is back up on all the MLS sites as being for sale. No word from the sellers agent yet. When do they have to respond? Sometimes it automatically re-lists on MLS after a given amount of time - might not mean anything.
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Jun 8, 2016 00:54
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modig posted:My bank (USAA) has a program where they will give me cash for using a real estate agent of their choice (Coldwell Banker or something like that). It's pretty big chunk of change, could be like $4k or more depending on the purchase price of the house, so I'm tempted. But it also seems totally schety. They are clear that it is a referral fee based program. So I imagine it works like this. I buy a house. Coldwell gets 2%, they give 1% to USAA, they give 0.8% to me. Everybody makes money. That 2% (or whatever) that Coldwell gets will be paid to them by the Seller, but I just I paid the seller 100%, so basically I'm paying it. I'm under the impression that somehow this is not optional for the seller. Why will the seller agree to pay 2% to Coldwell? When will the seller agree to pay 2%, aka will they have already agreed to a purchase price, or will they have time to just not accept the offer? Why else should I be concerned, eg maybe I will get a lovely agent and this can cost me well over 0.8%? Has anybody actually used a program like this? I'm using this program for my current house purchase (waiting to close) and the money is actually paid by the real estate agency to USAA to get business. It comes from the cut of the commission the agent pays to their agency, not the buyer or seller. I actually didn't like the first agent I got and they gave me another. She's been great! As far as the agent is concerned you're just another customer, and they still get their regular commission. FlyingKipper fucked around with this message at 02:10 on Jun 8, 2016 |
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Jun 8, 2016 02:04
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Yes I now own one less house then I did yesterday! Two best days in a home owners life, the day you buy a home and the day you sell a home. The in between are the bad days.
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Jun 9, 2016 16:44
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The agent I used to buy a house 15 months ago called and left a voicemail this morning. She wants to see how things are going, which I think is code for business is slowing down. I think this marketing strategy is only slightly more crazy than the dealership calling you 3 years after you bought a car telling you that someone came in today looking for exactly your make, model, and color.
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Jun 9, 2016 18:31
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Andy Dufresne posted:The agent I used to buy a house 15 months ago called and left a voicemail this morning. She wants to see how things are going, which I think is code for business is slowing down. My wife and I got separate cold calls from a realtor we ditched about a year and a half ago with some raffle prize offer or something if we used them to buy a home. He was also like "If I remember I know you guys moved out of the area (we did) but I just wanted to let you know, and if you know anyone looking for a home you could let them know..." luckily we had both let the call go to voicemail. But actually listening to the guy desperately pitch this thing to a voicemail system, and knowing that he had probably done it dozens of time that day, was super depressing.
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Jun 9, 2016 18:41
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Guys please help me with my dilemma to buy a condo in the Seattle area. Our situation is unique: Right now my wife and I make in the low six figures, and have managed to save up enough to put 20% down on a decent condo in our area. However, we are planning on having a child in the next 12-18 months, and once we do, my wife will stop working for a while to be a SAHM. Right now, we rent a condo that we like a lot for a very low and unheard of rate. We've been there five years and have been very good tenants. We would like to purchase a unit in the same complex, because we know it so well and it is very well run. Basically, I know we can afford to purchase a place now. For the next five years, we will be treading water financially, but the housing market is likely to keep exploding around us. In five years, our chances of finding anything are likely to be way lower. And our current low-rent stay here is not in any way guaranteed.
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Jun 9, 2016 20:33
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The housing market is not guaranteed to keep exploding anywhere, especially say in Seattle if this tech slowdown continues to accelerate. If you have to bank on prices going up to keep your head above the water you should probably not be buying. The language people are using around buying is really starting to remind me of 2006speak. Time is a flat circle. Pryor on Fire fucked around with this message at 21:12 on Jun 9, 2016 |
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Jun 9, 2016 21:06
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If you love the place you're at, why not ride out the low rent until they raise it, then look?
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Jun 9, 2016 21:12
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chupacabraTERROR posted:If you love the place you're at, why not ride out the low rent until they raise it, then look? I think this is the best option. The market literally cannot go up forever. But, YMMV and I'd be tempted to buy in that position. The deciding factor for me would be the PITI payment versus your sole salary.
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Jun 9, 2016 21:28
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