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Should I wait until I get my full home inspection and radon report before going in to the bank to submit my mortgage application, or can I go in the same day as the inspection, even though the written reports won't be done yet?
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Nov 10, 2016 15:50
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pig slut lisa posted:Should I wait until I get my full home inspection and radon report before going in to the bank to submit my mortgage application, or can I go in the same day as the inspection, even though the written reports won't be done yet? Are you under contract without a rate-lock and mortgage in flight? Do you have a financing contingency on there I hope? Your underwriter does not need your inspection report to write your loan. Go ahead and bring in 12 months of pay stubs, your IRS tax report authorization, and copies of your bank statements.
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Nov 10, 2016 16:00
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H110Hawk posted:Are you under contract without a rate-lock and mortgage in flight? Do you have a financing contingency on there I hope? Your underwriter does not need your inspection report to write your loan. Go ahead and bring in 12 months of pay stubs, your IRS tax report authorization, and copies of your bank statements. Yes to being under contract with a financing contingency, no rate locked in yet, and what's a mortgage in flight? We've got all our financial docs assembled, but when I was reviewing the application I saw there was a spot to list the cost of any repairs we might request. I figured I wouldn't know that number til after the report.
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Nov 10, 2016 16:12
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pig slut lisa posted:Yes to being under contract with a financing contingency, no rate locked in yet, and what's a mortgage in flight? Yeah I would get that going. Best bet? Call your agent (realtor) and ask! Second best? Call your mortgage company and ask! Also get a second opinion on the mortgage. (2 Applications)
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Nov 10, 2016 16:17
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H110Hawk posted:Yeah I would get that going. Best bet? Call your agent (realtor) and ask! Second best? Call your mortgage company and ask! Also get a second opinion on the mortgage. (2 Applications) Great, thanks. Wouldn't have even been an issue except I got my schedule all mixed up and put the inspection on the same day as my meeting with the bank (thought I had scheduled it 3 days before  )
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Nov 10, 2016 16:24
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pig slut lisa posted:Great, thanks. Wouldn't have even been an issue except I got my schedule all mixed up and put the inspection on the same day as my meeting with the bank (thought I had scheduled it 3 days before
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Nov 10, 2016 16:30
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Alereon posted:The implication here (for the benefit of others) is that you waited way too long to get the mortgage started, it should have been the first thing you did. Ability to get the mortgage done in a timely manner is what kills many deals so you definitely need to do that ASAP. Aha. Our timeline has been: -11/4 Offer accepted and contract signed -11/7 Date I wrongly thought our inspection was -11/10 Inspection in morning, mortgage application submitted in afternoon -12/20 Closing
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Nov 10, 2016 16:34
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We had a lender all picked out and were pre-approved, then when we went to make sure they could meet our six week closing deadline before we signed the contract they basically laughed at us and said 8-12 weeks was more likely. This started a mad dash to find another lender that could be done within 6 weeks, which actually turned out to not be difficult but was extremely stressful.
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Nov 10, 2016 16:46
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Alereon posted:We had a lender all picked out and were pre-approved, then when we went to make sure they could meet our six week closing deadline before we signed the contract they basically laughed at us and said 8-12 weeks was more likely. This started a mad dash to find another lender that could be done within 6 weeks, which actually turned out to not be difficult but was extremely stressful. Ugh, that sucks. Our loan officer is aware of the closing date and hasn't indicated any concerns so far, so uhhhhh hopefully that is still the case when we go in today!
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Nov 10, 2016 16:48
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pig slut lisa posted:Ugh, that sucks. Our loan officer is aware of the closing date and hasn't indicated any concerns so far, so uhhhhh hopefully that is still the case when we go in today! Get that in writing. This is potentially the largest monetary transaction you do in your life. Everything is in writing. I don't know how the real estate market is where you are, but around here if you can't get a 30 day closing you may as well not bid. I told our lenders while the ink was still wet on the contract. Edit: Assuming this is your first mortgage, that application is just the tip of the iceberg on paperwork. Your lender will sit on things unless you ride them like they owe you money. Get next steps expectations, timelines, etc out of them at every step of the way. And then underwriting will look at it and ask you a bunch of dumb questions you've already answered in the paperwork. The whole time your lender will complain about the new regulations that make it so hard to do business. They don't really care if your deal falls through. Unless you've found some magical unicorn lender, in which case are they licensed in the California? H110Hawk fucked around with this message at 18:14 on Nov 10, 2016 |
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Nov 10, 2016 18:05
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Probably answered waaaaaay back at the beginning of the thread, but I didn't really see it covered in the OP. So, refinancing. If there's an option to do so, I want to lock in a lower rate than 5% before the economy goes to poo poo. Here's the details:
Based on this, does it make any sense whatsoever to refinance? 
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Nov 10, 2016 19:23
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Fuckin Trump Riot posted:Probably answered waaaaaay back at the beginning of the thread, but I didn't really see it covered in the OP. Spend $300 to $400 for a full appraisal, and find out what your actual remaining principle is on the loan. If you have at least 80% Loan-to-Value or better, you almost definitely should stop paying PMI, which you can probably do without refinancing. With an appraisal in hand you can go to Wells Fargo and prove you're LTV is below their limit and get rid of that PMI. To find out if you should refinance, you will need to get quotes from banks. I recommend working with a broker, who can get you quotes from a dozen or so lenders all at the same time. Your quotes will mostly have the exact same rate offer, but differ in terms of incentives and costs, and those numbers change as frequently as twice a day. So if you get a pile of quotes and don't like the numbers, feel free to wait a week and then have your broker do it again. Your broker can also help you compare between quotes where they differ in the details. A broker is paid by incentives from the lenders, not by you, so in theory the broker should be free to you. Ultimately your decision about whether it makes sense is fairly simple: find out your total up-front cost to refi, and divide that by your monthly savings. That's the number of months before your refi pays itself back and you start making money. If that number of months overlaps with a potential sale of your home, you should not refi. If you will definitely keep the home at least that long, you should refi. There are complicating factors, potentially, but mostly this is the basic calculation to make. Don't try to time the market. If it makes financial sense to refinance now, do so now. You cannot predict where rates will go in the near or medium future. "The economy is going to go to poo poo" is not a predictor of mortgage interest rates (which rise and fall very loosely coupled with interest rates, which in turn are loosely coupled with inflation and unemployment, which in turn are tied to energy and commodity pricing, wages, etc.) but rates are also highly responsive to borrower behavior and the state of the housing market. It's too complex for anyone to accurately predict. That said, rates are historically low and cannot go a whole lot lower, so again, if you're at 5%, and can get a good deal, and will not be selling for a few years, it probably makes sense to refinance.
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Nov 10, 2016 19:45
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Leperflesh posted:Spend $300 to $400 for a full appraisal, and find out what your actual remaining principle is on the loan. If you have at least 80% Loan-to-Value or better, you almost definitely should stop paying PMI, which you can probably do without refinancing. With an appraisal in hand you can go to Wells Fargo and prove you're LTV is below their limit and get rid of that PMI. I was wondering this myself. Do banks not require you to use their appraiser? I assumed if I had my house appraised to re-fi it then it was just money they were going to make me pay again.
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Nov 10, 2016 19:52
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Possibly. In this case I'm suggesting that first appraisal just to find out if the PMI can be gotten rid of. That's a big factor in whether the refi is worth doing at all. It's worth talking to the bank(s) or broker you're going to work with before doing the appraisal, though.
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Nov 10, 2016 20:00
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Leperflesh posted:That said, rates are historically low and cannot go a whole lot lower, so again, if you're at 5%, and can get a good deal, and will not be selling for a few years, it probably makes sense to refinance. Can you define the magnitude of "a few" here? From what you've said so far I'm guessing the answer is "don't bother" but if it'll save money then we might as well. (Thanks, btw!)
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Nov 10, 2016 20:04
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Say you can refi for $2k, and your payments wind up being $100 lower. That's 20 months before you start seeing any savings. If you might sell in 18 months, you should not refi with those numbers. So, "a few" depends entirely on how much your refi saves you and how much it costs you. Knowing that you won't sell for at least three years or whatever means you can consider higher up-front costs, such as paying points on your new loan. That gets you a lower rate, which saves you more in the long run, potentially. So my point is that knowing your timeframe for a possible/likely sale is an important factor.
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Nov 10, 2016 20:08
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I'm wondering what a Trump presidency is going to do to the real estate market. My wife is trying to be optimistic about it, suggesting that if he ruins the economy enough we'll finally be able to afford to live in the Bay Area. I'm much more cynical, and based what I've learned in this thread I figure the moment house prices tumble that much is the moment we're both been unemployed for 6 months.
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Nov 10, 2016 22:02
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pig slut lisa posted:Ugh, that sucks. Our loan officer is aware of the closing date and hasn't indicated any concerns so far, so uhhhhh hopefully that is still the case when we go in today! Keep in touch with them too, especially the week leading up to close. Despite all the dates being correct on docs our loan guy just spaced and thought it was a week later, which I found out the day before closing. Fun! Panfilo posted:I'm wondering what a Trump presidency is going to do to the real estate market. My wife is trying to be optimistic about it, suggesting that if he ruins the economy enough we'll finally be able to afford to live in the Bay Area. I'm much more cynical, and based what I've learned in this thread I figure the moment house prices tumble that much is the moment we're both been unemployed for 6 months. I have no idea one way or another about the Trumpist economy but I think you're right that any situation where your local housing market is cratering is probably also a situation where the local job market is doing the same. Thufir fucked around with this message at 22:09 on Nov 10, 2016 |
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Nov 10, 2016 22:03
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It's a small amount of data so far but rates are going up and the tech bubble appears to be done. You folks who bought recently in SF or Seattle should probably start saving a little extra every paycheck starting last month. I'm not trying to be melodramatic just stating where we are at today.
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Nov 10, 2016 22:15
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As long as it doesn't crash before Feb...! I need to sell my San Jose house while the market is still up.
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Nov 10, 2016 23:04
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Pryor on Fire posted:It's a small amount of data so far but rates are going up and the tech bubble appears to be done. You folks who bought recently in SF or Seattle should probably start saving a little extra every paycheck starting last month. I'm not trying to be melodramatic just stating where we are at today. What are your sources on this?
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Nov 10, 2016 23:39
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Leperflesh posted:Spend $300 to $400 for a full appraisal, and find out what your actual remaining principle is on the loan. If you have at least 80% Loan-to-Value or better, you almost definitely should stop paying PMI, which you can probably do without refinancing. With an appraisal in hand you can go to Wells Fargo and prove you're LTV is below their limit and get rid of that PMI. Imho he should talk to his bank about removing PMI first. Some banks require that you do the appraisal through them. Wouldn't want to pay for an appraisal, decide against refinancing and then have to pay for another to remove PMI. If you have PMI and a 5% interest rate, you could come out in the black very quickly by refinancing. Definitely get some quotes.
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Nov 10, 2016 23:57
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Drunk Tomato posted:What are your sources on this? Inflation has finally ticked up a little bit, which suggests that the fed might raise interest rates a little, this fall. If Trump's America means a faltering economy, that won't happen. Mortgage rates are only loosely coupled with interest rates, too: they're more tightly coupled to the actual state of the housing market. That is, when banks want to lend more/when buyers aren't buying as much, rates fall; when lenders want to tighten/when buyers are going on a buying spree, rates rise. Most importantly, though, far fewer mortgages are adjustable-rate, so rising rates will not crater the market. The mortgage bubble that crashed in 2007/8 was built on ARMs and liar loans. Today's high housing prices are not.
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Nov 11, 2016 00:04
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pig slut lisa posted:Aha. Our timeline has been: Hah! We put in our offer on 11/4 of last year. We managed to close on Christmas Eve. It's doable, but you need to stay on top of everyone. While this is important for you to close in a timely fashion, everyone you are dealing with does this every day... so they're not exactly in a hurry. We pissed off the title agency by finding their number and calling daily to ask for status updates. They were apparently quite annoyed that we were calling them (and not our lawyer). Make sure you're taking good notes when you call people (who they are, what their phone number is, what the next steps are). Having a timeline of what's going on is going to be pretty important to hit your closing date. Keep in mind, there are so many holidays in November and December that you're going to be dealing with various people going on vacation in the most inconvenient times. Be prepared to be escalating to management to actually get poo poo done.
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Nov 11, 2016 01:09
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What are the best options for short-term rentals? We're in escrow to sell our house, but don't have a specific house in mind yet, just a vague area that we want to buy in, so we plan on renting for a couple months until more stuff pops up. My main concern is breaking a rental lease which is generally a month's rent. Avoiding that would be fantastic.
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Nov 11, 2016 02:08
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Hashtag Banterzone posted:Imho he should talk to his bank about removing PMI first. Some banks require that you do the appraisal through them. Wouldn't want to pay for an appraisal, decide against refinancing and then have to pay for another to remove PMI. Yeah, requesting a PMI get lifted is definitely gonna happen. That seems like something I could quickly do for cheap and have a huge potential payoff. Refinancing, ehn. The wife and I are looking to move to San Bernadino (ish) within a year or two so it's not worth it. Thanks everybody! 
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Nov 11, 2016 02:54
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Fuckin Trump Riot posted:Yeah, requesting a PMI get lifted is definitely gonna happen. That seems like something I could quickly do for cheap and have a huge potential payoff. Sup burbs buddy.
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Nov 11, 2016 03:24
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Thanks to everyone who responded to me today. We locked in a rate today and will be following up diligently with our banker throughout the rest of the process.
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Nov 11, 2016 05:49
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As a sidenote, today my wife and I realized that the president-elect poses a nonzero risk to her continued employment with the Federal government. Makes me glad we didn't come anywhere close to maxing out what we "could" have borrowed. Even if she gets cut, we're still able to afford this place on my salary. And I don't think she'll get cut...I hope... 
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Nov 11, 2016 05:51
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I bought a house today. May god have mercy on my soul. Closing went pretty smoothly, though my bank took its sweet time releasing the funds. Got into the house and promptly pressed the unmarked panic button to the alarm I assumed was inactive. Police showed up, and I discovered that my doorbell plays the melody from "Take me out to the ballgame." AN AUSPICIOUS BEGINNING. Gratuitous lobster door-knocker: 
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Nov 11, 2016 05:53
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H110Hawk posted:Sup burbs buddy. Same 
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Nov 11, 2016 07:14
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MrYenko posted:I discovered that my doorbell plays the melody from "Take me out to the ballgame." Your house sounds awesome. But awesome as a place to visit, not to live in.
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Nov 12, 2016 00:00
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I've been moving on buying a townhouse over the past week. I had the place inspected and everything went well with no major defects. Well, except for one thing. The master bathroom's toilet had a "do not flush" note taped to the top of the lid. The inspector wouldn't flush it because of that. All the other pipes and plumbing worked properly, including the half bathroom's toilet on the ground floor. The inspectors said this was most likely a "local blockage." This note was even on the toilet in the pics when the advertisement went up about a month ago, so there's a good chance it's been unusable for months now. My agent tells me the current owner is moving into an apartment next month. I'm under a pretty strong impression he just wants to sell this place and leave without much effort and as quickly as possible. I'm willing to buy the place "as is" if he makes a concession on the asking price. Agreed on price so far is $83000, I would like him to drop it to an even $80000. Now, here's my question- would I be better off asking him to fix this problem before moving in, or stay with my original plan and request a price drop? How much would the plumber's bill be for removing a local blockage? This could be as simple as sending a snake down the pipe and breaking up the blockage, or it could be as serious as requiring a whole new plumbing structure and toilet replacement. I have no idea. I don't think it's the latter, since all the other pipes are working properly.
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Nov 13, 2016 15:05
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Vinny the Shark posted:I've been moving on buying a townhouse over the past week. I had the place inspected and everything went well with no major defects. Well, except for one thing. The master bathroom's toilet had a "do not flush" note taped to the top of the lid. The inspector wouldn't flush it because of that. All the other pipes and plumbing worked properly, including the half bathroom's toilet on the ground floor. The inspectors said this was most likely a "local blockage." This note was even on the toilet in the pics when the advertisement went up about a month ago, so there's a good chance it's been unusable for months now. A basic snaking is $100. A major repair is likely $1000. It scales pretty linearly inside there. I would ask them why the note is there and get the price drop.
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Nov 13, 2016 15:08
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I think generally you should prefer to get money over having it repaired, because the outgoing owner isn't really motivated to spend a bit more and have it done properly.
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Nov 13, 2016 15:12
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Vinny the Shark posted:I've been moving on buying a townhouse over the past week. I had the place inspected and everything went well with no major defects. Well, except for one thing. The master bathroom's toilet had a "do not flush" note taped to the top of the lid. The inspector wouldn't flush it because of that. All the other pipes and plumbing worked properly, including the half bathroom's toilet on the ground floor. The inspectors said this was most likely a "local blockage." This note was even on the toilet in the pics when the advertisement went up about a month ago, so there's a good chance it's been unusable for months now. You should hire a plumber to find out what's wrong. No one rational would leave a broken toilet when it's a cheap fix so it is probably an expensive fix. Between the seller, the sellers Realtor and your Realtor you will be lied to about what is wrong so that you continue with buying the house. Generally you are better off asking for seller assist or for the seller to cover more of the closing costs instead of asking for them to do the repair or reduce the price of the home. If a plumber comes out, snakes it to remove a blockage, and inspects it with a camera I would just cover it.
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Nov 13, 2016 17:51
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Im putting my money on drains directly into the floor.
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Nov 13, 2016 18:05
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Panfilo posted:I'm wondering what a Trump presidency is going to do to the real estate market. My wife is trying to be optimistic about it, suggesting that if he ruins the economy enough we'll finally be able to afford to live in the Bay Area. I'm much more cynical, and based what I've learned in this thread I figure the moment house prices tumble that much is the moment we're both been unemployed for 6 months. Trying to time the market is a sucker's bet. And besides, who really knows what Trump will actually do? Maybe we will all be winning so much we're tired of it and the market will be booming. RICHUNCLEPENNYBAGS fucked around with this message at 18:39 on Nov 13, 2016 |
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Nov 13, 2016 18:36
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minivanmegafun posted:Im putting my money on drains directly into the floor. Yeah this is where I'm at too. Just assume you're going to have to replace the toilet, the subfloor, and all the plumbing back to the main line including adding a new vent stack through the roof. Then you should be ok.
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Nov 13, 2016 20:15
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Went to 6 open houses today, the market is nuts around here. My wife fell in love with a nice 3 bedroom. BUT, it's a fuse box instead of breakers. Also the basement didn't look damp, but they did have a dehumidifier.
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Nov 13, 2016 22:47
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