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Oh, I missed the minus sign there
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Jul 17, 2016 22:12
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Just listed my house FSBO in a stupidly low inventory market with higher demand than last year. In a weird series of bad and good luck, I got it nearly 10% under the market rate at the time so there's basically no way I'll lose money on this house even though I bought it last May. This alone is enough for me to think that I should sell though (way, way too irrational buyers here). Let's see how much religion will enter my life. Most of the people along my street have been putting up real estate signs and getting motivated, all-cash buyers within 24 hours (most homeowners are retirees here which distorts pricing).
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Jul 18, 2016 01:38
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Supposed to close tomorrow the 19th. Let's see what kind of stupid paperwork my lender can request from me today at the last minute!
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Jul 18, 2016 11:32
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QuarkJets posted:What's your loan amount? 1.25 points means that you're paying 1.25% of the loan amount as an additional fee up front. If your loan amount is greater than $75840, then the 203k option you've shown here is actually going to cost you more than the Fannie May option. Loan amount is 200k. But yeah, it's -1.25 points, so i'd be getting money back. I actually called the broker, and he says there's a mandatory 1.75% mortgage insurance premium i'd have to pay with FHA loans?
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Jul 18, 2016 15:26
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Mister Fister posted:Loan amount is 200k. But yeah, it's -1.25 points, so i'd be getting money back. I actually called the broker, and he says there's a mandatory 1.75% mortgage insurance premium i'd have to pay with FHA loans?
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Jul 18, 2016 16:18
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Mister Fister posted:Loan amount is 200k. But yeah, it's -1.25 points, so i'd be getting money back. I actually called the broker, and he says there's a mandatory 1.75% mortgage insurance premium i'd have to pay with FHA loans? There's also an annual MI premium you'd have to pay of either 0.45% or 0.70% depending on your LTV. Since you didn't mention conventional MI I assume you're 80% or less so 0.45%. Edit: the annual premiums dropped early this year so less expensive than Sigma's range, but still makes FHA undesirable in this situation. Captain Windex fucked around with this message at 16:24 on Jul 18, 2016 |
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Jul 18, 2016 16:22
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I'd probably recommend the Fannie Mae program as likely an easier to close, less restrictive option assuming your debt to income is suitable. FHA programs do tend to have a few more rules and may not underwrite as quickly as a conventional loan would.
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Jul 18, 2016 16:54
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Lender/underwriter couldn't get their poo poo together so they moved our closing to wednesday. All over one piece of paper they could have had a month ago but decided to wait till friday at 3pm to ask for.
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Jul 18, 2016 22:33
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Appraisal went through, planned close date is the 27th. I can't wait to see what could go wrong in the next 8 days!
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Jul 19, 2016 20:22
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Kirios posted:Appraisal went through, planned close date is the 27th. I can't wait to see what could go wrong in the next 8 days! Why would you express this temptation to the universe at large?
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Jul 19, 2016 20:37
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VendaGoat posted:Why would you express this temptation to the universe at large? Presumably, if something goes wrong enough he can escape the decision that got him here to begin with.
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Jul 20, 2016 01:10
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Just closed a refinance through goodmortgage, hurray for a 3.5% 30 yr fixed loan! And we built a compost bin! Winning all around 
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Jul 20, 2016 01:32
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Hey I don't really understand composting. I garden a lot. Should I compost? Is it a pain in the rear end?
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Jul 20, 2016 06:47
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QuarkJets posted:Hey I don't really understand composting. I garden a lot. Should I compost? Is it a pain in the rear end? Throw vegetable matter in a pile and let it rot. Stir the pile occasionally so the microbes get onto new food. In the spring dig out all the fully rotten matter that's now uber nutrient rich dirt and spread on gardens before you plant things. Rinse wash repeat. It reduces your outgoing waste and makes where you spread the humus more fertile for planting. If you're already doing some gardening then composting is getting free fertilizer for your gardens. If you're not already gardening, a vegetable garden that works well is pretty GWM because you can get lots of food per $ spent on gardening.
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Jul 20, 2016 14:06
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Dwight Eisenhower posted:Throw vegetable matter in a pile and let it rot. Stir the pile occasionally so the microbes get onto new food. In the spring dig out all the fully rotten matter that's now uber nutrient rich dirt and spread on gardens before you plant things. Rinse wash repeat. It's not quite that simple to do it correctly. You need to make sure the pile gets hot enough to complete the composting process, and hopefully cook any seeds (especially weeds) that you have in the waste. Otherwise you'll essentially end up pre-seeding your garden with a bunch of stuff you don't want. It's not super complicated. I'm phone posting right now but a simple Google search should turn up a bunch of good guides.
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Jul 20, 2016 16:32
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The underwriter wants a second opinion on the appraisal... I'm guessing because of the comps. They didn't even give me a full day of feeling good about this process!
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Jul 20, 2016 17:28
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QuarkJets posted:Hey I don't really understand composting. I garden a lot. Should I compost? Is it a pain in the rear end?
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Jul 20, 2016 21:22
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I'm supposed to close on Monday. I called my closing agent today to ask where my commitment was and got a voicemail saying he was out of the office until Monday. Got ahold of someone else at the office who told me that the paperwork is on its way to the closing service and we might not get a final number until Monday morning. What the fuuuuuuuuuuuuck.
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Jul 22, 2016 21:19
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Our number changed daily. You might as well bring your checkbook anyways. Even at our closing, the disclosure was a few dollars off. So we had to wait 30 minutes for the bank to clear it, while we all are more than a few bucks in candy. You'd think the closing attorney's time would be worth more than that.
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Jul 22, 2016 21:33
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After abandoning our plans to move to the PNW (missed the job boat in my field there and decided we really weren't a good fit for the area and also  at property prices) I have been given the option to take a job transfer to Utah which would be a huge career move for me. After talking it over we've decided to go for it and plan on buying a starter home there once we've settled there and rented something for six months to a year to make sure we want to stay, which puts us at buying a house in the next 2-2.5 years. After reading this thread front to back I'm still brain damaged enough to want to purchase a house so here's our plan, feel free to poke holes in it:Right now we have $34k in savings earmarked for a house downpayment, with a separate $15k oh poo poo fund. We're on track to save around $1500 per month for the next two years, possibly more but we're going with conservative numbers because poo poo happens. So that puts us at having a $70k downpayment saved up by the time we start house hunting assuming nothing financially ruinous happens between now and late 2018. The move will be paid for by my company so we don't have to factor in moving costs. $15k oh poo poo fund should stay about the same or grow a bit. We may get some help from our parents as a gift and I may get a bonus for accepting the job transfer and should get a COL wage increase but we are not banking on any of those happening. Our budget is $300k max which will get us a nice standard 2000 sq ft suburban home, so that only requires a $60k 20% downpayment leaving us $10k for extra bullshit like closing costs and inspections and whatnot. Based on a preliminary Zillow search we like houses in the $250k-$290k range so in all likelihood we won't go over our max budget unless we get into a bidding war. This area doesn't seem to be a hot housing market so I don't foresee that happening, but I don't have a crystal ball. Property taxes in our target area (just south of Salt Lake City) are 1.098% so we're not going to get blindsided by ridiculous taxes. Nothing exciting happens weather-wise in that area of Utah and we've got a big enough budget to live in a nice low crime area so insurance shouldn't be too bad but I have not priced it out. Is there a way to get homeowners insurance estimates without being in the process of buying a specific house? We currently live in a house the same size as what we'd like to buy so we've got a good handle on how much utilities should cost and how much upkeep it requires. Our rent currently is about the same as what we'd pay monthly for a mortgage + taxes. We currently rent our house so we don't have to deal with house selling costs. We have no debt apart from one car payment which should be paid off by the time we get a mortgage. No credit card debt or student loans. We both have excellent credit. We have access to both Navy Federal and USAA when it comes time to get a mortgage. We have no kids and no plans for kids. The only snag I foresee is that we will be dropping from a close to $200k combined income to $130k combined income since my husband wants to switch to a new career field that will put him back at entry level salary for a while. By no means does this put us in the poor house but we'll probably have to re-budget our general life budget a bit. What are we missing?
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Jul 22, 2016 22:18
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Aquatic Giraffe posted:Our budget is $300k max which will get us a nice standard 2000 sq ft suburban home, so that only requires a $60k 20% downpayment leaving us $10k for extra bullshit like closing costs and inspections and whatnot. Based on a preliminary Zillow search we like houses in the $250k-$290k range so in all likelihood we won't go over our max budget unless we get into a bidding war. This area doesn't seem to be a hot housing market so I don't foresee that happening, but I don't have a crystal ball. Bidding wars have exclusively willing participants. Don't be a willing participant. You can always find another house.
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Jul 23, 2016 00:23
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Dwight Eisenhower posted:Bidding wars have exclusively willing participants. Don't be a willing participant. You can always find another house. Yeah in our cursory look there were 5 or 6 on the market we'd be happy with so making the assumption the housing market stays about the same for the next couple years I don't think that's gonna be an issue.
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Jul 23, 2016 02:19
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Aquatic Giraffe posted:Yeah in our cursory look there were 5 or 6 on the market we'd be happy with so making the assumption the housing market stays about the same for the next couple years I don't think that's gonna be an issue. Hey, congrats on deciding to leave the hellhole that is the Seattle real estate market.
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Jul 23, 2016 07:28
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Drunk Tomato posted:Hey, congrats on deciding to leave the hellhole that is the Seattle real estate market. We bailed before we were even in it. When we put together our plan we realized it was too big of a financial risk so we stayed put in a holding pattern till something better came along.
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Jul 23, 2016 18:31
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Aquatic Giraffe posted:What are we missing? You seem fine so far, but from what I've heard of Utah, you either love it or hate it. A lot of people can't get over how everything is influenced by the Mormon church, and I hear the air pollution can sometimes be pretty terrible by Salt Lake City because there's no where for the air to go. I'd wait until you live there for a few months before going over all of the calculations. Even then, realize that you will need to live there for a long time before buying makes sense financially.
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Jul 23, 2016 20:04
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I used to live in Waco, TX so I've lived somewhere with culture heavily influenced by the local religion before and didn't really mind. At first I found conversation openers of "where do you go to church" a little offputting but got used to it after a while. We're not particularly religious but we're not the type to look down on people who are either. We have quite a few practicing Mormon friends we get along with pretty well, too, so Mormons aren't a completely foreign culture to us. I have a good friend who went to BYU and I've been picking her brain about the area as well since we'd be living and working closer to Provo than SLC. If we move (it's still an if, haven't committed yet) we plan to stay for a long time unless we absolutely hate it. On paper it all seems perfect but we won't know for sure till we get out there.
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Jul 23, 2016 20:40
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Kirios posted:Appraisal went through, planned close date is the 27th. I can't wait to see what could go wrong in the next 8 days! Our appraisal came out to be exactly the price we paid. Great use of $273. Moving out tomorrow. Moving in on Tuesday... Hooray for mismatched closing dates.
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Jul 25, 2016 05:55
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Holy strong seller's market, Batman, for-sale-by-owner with crap-to-nonexistent marketing and cash-only offer in 7 days of listing.
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Jul 25, 2016 14:18
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necrobobsledder posted:Holy strong seller's market, Batman, for-sale-by-owner with crap-to-nonexistent marketing and cash-only offer in 7 days of listing. Had a house that fit come up Saturday night at about 9pm. I texted my agent 36 minutes after listing on Redfin. We did a visit at 10am Sunday, and the house was sharp. Had a mini bar, tap, and pool table that conveyed. We left and the selling agent mentioned they had 8 showings scheduled that day. That afternoon we put an offer for list price and half closing, and still lost. Out of the 8, there were 6 offers (plus mine making 7). Thankfully, this was a last minute (floating while waiting for a counter to my primary choice which I ended up getting in contract) It's definitely a seller's market. Shy of short sales and horribly-kept shithouses homes are being bought in goes to days in my area.
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Jul 26, 2016 03:27
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Things have slowed down a bit in the areas we were shopping in. Everyone said it was because of school registration issues if you ended up closing after a certain date.
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Jul 26, 2016 03:35
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We're in contract again, but this time as sellers. Selling north of Seattle. The accepted offer is just shy of 40% more than we paid in 2010, although we did redo the roof and a bathroom before selling. Crossing my fingers that nothing crazy comes up in inspection. I'm surprised how stressful things are as a seller, even in a hot market.
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Jul 26, 2016 03:53
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OhDearGodNo posted:It's definitely a seller's market. Shy of short sales and horribly-kept shithouses homes are being bought in goes to days in my area. Strange enough, someone called me up randomly with a really low cash offer but if you're actually serious with that much cash you could just take out a mortgage and come in with a stronger offer. Guess investors are looking for rental properties or something because around here people looking below $200k tend to need a mortgage.
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Jul 26, 2016 04:17
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I always though zEstimates were bullshit, but this house near me is listed on Redfin for $585k: https://www.redfin.com/WA/Seattle/6609-Holly-Pl-SW-98136/home/152388 And if you look at it on Zillow, the zEstimate is $544k: http://www.zillow.com/homedetails/6609-Holly-Pl-SW-Seattle-WA-98136/49048837_zpid/ I'll keep tracking it to see if it actually sells for that number or gets dropped down. Housing prices are dumb.
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Jul 26, 2016 06:46
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I sent my last bit of necessary pre-sale paperwork in for my mortgage and my loan officer(?) goes "Why doesn't the seller want to just close early?" so I might be getting my house before mid-August  There's a "discounted" tax weekend coming up so that's when I get to buy a fridge, sofa, new bed, and a small desk since I'm not carting my POS from my apartment. Time for fun with budgeting and deliveries and getting services moved. 
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Jul 26, 2016 13:25
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Any suggestions on getting a reappraisal done in order to remove PMI? State law says I have the right to pay for a new appraisal, and as long as the new appraised amount puts me at 80% LTV I can have PMI knocked off early. The last few sales of comparable homes in my immediate neighborhood tell me that I've gotten a 30-40% increase in sale price now vs what I paid. I could check with my mortgage servicer, but I doubt BoA is interested in helping me pay $70 less every month. I still have the contact info for our original appraiser, but I was wondering if anyone here has done this and had any tips for smoothing the process.
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Jul 26, 2016 15:42
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It actually probably isn't a bad idea to contact BoA just to see if there are any specific guidelines to be aware of. Unless it is a privately held mortgage, they are not likely making money off the PMI, so they might not really stand in your way. Depending on the program or location you might be able to get away with different things (an appraisal vs a recertification of value -which is cheaper).
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Jul 26, 2016 16:04
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If your mortgage is held by Fannie Mae or a similar agency, read the guidelines for cancelling PMI. There is often a seasoning requirement if you're getting the new appraisal based on market price appreciation. If you have a FHA mortgage the rules will differ. May still be doable but educate yourself and don't blindly go by what the lender says. They don't care if you waste money on an appraisal.
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Jul 26, 2016 16:07
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antiga posted:read the guidelines for cancelling PMI. There is often a seasoning requirement if you're getting the new appraisal based on market price appreciation. If you have a FHA mortgage the rules will differ. Can't emphasize this enough. Know your loan parameters inside and out. Know the exact number you would need the house to be valued at, or how much you would have to pay down. You can use both to your advantage if the circumstances are right. If it's FHA, I hope it was originated before the most recent changes. Their version of PMI is now permanent; you'd have to refinance into a conventional loan.
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Jul 26, 2016 22:32
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Is there any reason to pay over the normal mortgage if you expect to get returns higher than the mortgage interest in other places?
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Jul 27, 2016 20:00
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MeruFM posted:Is there any reason to pay over the normal mortgage if you expect to get returns higher than the mortgage interest in other places? If you are focused on maximizing your return, you should do whatever it is with your money that maximizes your return. That is of course simplistic, but you are going to know your tolerance for risk, and where paying down a mortgage falls under that wider financial umbrella. There are the typical reasons you would expect as far as trying to get to owning a home free and clear, but again it is all part of the bigger picture. I know I wouldn't be paying down a loan that is on a fixed term faster than the payment schedule, if i felt confident my money would get a better rate of return elsewhere.
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Jul 27, 2016 20:05
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