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marjorie posted:Hello fellow Portlander! I just bought a house here, so I thought it might be useful to share my experience thus far. novamute posted:So I was pretty much exactly in your shoes a year ago. Same living situation, same city, same income, same type of job even. It sounds like you've got realistic expectations of how much this process is going to cost you (way more realistic than most people coming into this thread and definitely more realistic than most of your coworkers) which is good. Good to hear some advice from Portland goons! I'm very interested in buying in N/NE close to I-5 (north of where the traffic starts!). My dream would be Arbor Lodge or Woodlawn, but I think I'm priced out already. I vastly prefer a small house to a big one, so paying more per square foot is fine. In Kenton and Portsmouth there's still nice houses for <350k, but I imagine I'll end up with a budget of ~400. Leperflesh posted:Meanwhile PNW homeowners are at close to double the risk of completely catastrophic damage from a major earthquake per year, but hardly anyone up there bothers with earthquake insurance or retrofitting their home to reduce the likely damage from the Big One. I'm from LA (please don't hate me Portland goons) and my parents' house was pretty damaged in the 1994 Northridge quake. I am definitely going to look into earthquake insurance.
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Jan 4, 2017 04:56
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Offer accepted today, six hundred-ish on a nice property near Seattle. I'm a first time buyer and am now oscillating between "YAY!" and "oh poo poo what the gently caress are we doing spending this much?", heh. I know these things have a habit of working out eventually, and we plan to stay in the house/area for decades which ups the odds considerably of it doing so, but still.  ?
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Jan 4, 2017 07:53
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volkadav posted:Offer accepted today, six hundred-ish on a nice property near Seattle. I'm a first time buyer and am now oscillating between "YAY!" and "oh poo poo what the gently caress are we doing spending this much?", heh. I know these things have a habit of working out eventually, and we plan to stay in the house/area for decades which ups the odds considerably of it doing so, but still.
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Jan 4, 2017 16:02
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What does near Seattle mean? Congratulations!
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Jan 4, 2017 18:08
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HEY NONG MAN posted:What does near Seattle mean? Congratulations! Silverdale. Only 16 miles as the crow flies.
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Jan 5, 2017 00:28
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Good breweries out that way plus you don't have to take a ferry to scoop up a sick camping spot on the peninsula.
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Jan 5, 2017 00:33
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BeastOfExmoor posted:Silverdale. You bought a $600k house in Silverdale? Back in 2003-2005 I worked there and commuted from Tacoma. I didn't think it would be possible for a house around there to cost that much. I don't understand how things could have gotten so expensive over there too. Wtf
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Jan 5, 2017 01:19
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Jealous Cow posted:You bought a $600k house in Silverdale? Back in 2003-2005 I worked there and commuted from Tacoma. I didn't think it would be possible for a house around there to cost that much. I don't understand how things could have gotten so expensive over there too. Wtf I'm not the actual near-Seattle poster,just trying to make a regional joke. In site you can buy a $600k house there, but I bet it's really nice. I own a $500k house in Snohomish so I can throw no stones.
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Jan 5, 2017 03:22
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BeastOfExmoor posted:I'm not the actual near-Seattle poster,just trying to make a regional joke. Hey I mean you can easily buy $1 million houses in Everett, too. They're beautiful, century old mansions with views of the Sound, 80 Walkscore, and 6 bedrooms. Nice expensive houses are everywhere. I bet your home in Snohomish has a ton of land.
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Jan 5, 2017 07:32
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About half a mile from the Snohomish/King border, if that narrows it down any.  It's got a fair bit of land, but isn't that far out -- commute should still be under an hour.Inspection came back with some issues, we'll see how much the sellers are willing to budge. v  v I really like the property on the whole, but I'm not so attached to it that I won't walk if the sellers decide to be stubborn about necessary repairs. Like some stuff I'm willing to let slide and deal with myself later, but if it's a health and safety issue ... sorry, not dropping 600+k on a deathtrap, even in this bonkers market.
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Jan 6, 2017 01:59
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Drunk Tomato posted:I bet your home in Snohomish has a ton of land. Not at all, actually. It does have some nice things going for it. When we were looking last spring you could easily spend over $500k to live in a 2500sq ft house on a tiny lot in a generic neighborhood south of Snohomish. Kind of depressing, honestly.
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Jan 6, 2017 02:16
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Welp, looks like we may not be able to close. Thanks to divorce lawyers and multiple judgements on the property, they might not be able to clear the title.
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Jan 9, 2017 05:33
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Were slowly starting to get our financial ducks in a row so we can start house shopping later this year. My husband and I never combined our finances after we got married since we make roughly equivalent incomes and split expenses pretty evenly and we are both too stubborn to leave our respective banks (I have Navy Federal and he has Wells Fargo, why he doesn't want to jump on the NFCU train is beyond me but that's a separate discussion). Does it matter if we're applying for a joint mortgage without joint finances? Will it just require slightly more paperwork?
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Jan 9, 2017 19:21
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That's extremely common and doesn't matter at all. If you're both going to be on the loan, you'll both need to submit your bank statements, credit card statements, etc. when you get prequalified, and full tax statements etc. when you apply for your loan. e. As an aside, I happen to think it's a very good idea, too. Combined finances make it too easy to foster "money arguments" in a relationship when one party isn't confident that the other party is spending appropriately. When it's always clear what is "my money" vs. "your money" - and you've clearly worked out who pays what bills, how you split your shared monthly fixed expenses, etc. - those arguments vanish.
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Jan 9, 2017 19:25
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No, it's not a big deal. You'll just need to provide both sets of bank statements if you don't have enough assets in one or the other to cover your down payment and reserves, if required. If you decide to consolidate your accounts for whatever reason, keep copies of your statements and transfer slips/receipts so that you can easily paper trail any large deposits in case the bank asks about it.
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Jan 9, 2017 19:28
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If you could get a NFCU account and you willfully refuse to (and, instead, choose to stay with WF of all banks) then you might have something really wrong with you.
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Jan 9, 2017 19:53
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HEY NONG MAN posted:If you could get a NFCU account and you willfully refuse to (and, instead, choose to stay with WF of all banks) then you might have something really wrong with you. Trust me, we've had this discussion countless times. His argument is that NFCU doesn't have physical branches near us but they're super good at remote banking so I don't know wtf. I think it's pure stubbornness at this point.
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Jan 9, 2017 20:14
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I couldn't imagine dating, much less buying a house, with someone stupid enough to still bank at Wells Fargo. That's a bigger red flag than a Fico in the 600s Get a prenup. *edit you may need to time travel to get this prenup, do it anyway Pryor on Fire fucked around with this message at 20:19 on Jan 9, 2017 |
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Jan 9, 2017 20:17
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I still bank at WF. I've had an account with them for around 25 years without a single problem ever. It's nice having WF ATMs everywhere, I pay no fees at all, and for a long time my mortgage was held by them which made instant free payments very convenient. My stepdad has a safety deposit box that he's linked to my account, so if he dies I can easily get to the most critical paperwork he stores in it (a copy of his will, passwords to his accounts, etc.) WF is an evil huge corporation but despite the latest scandal they're really no more or less evil than BofA, Chase, etc.
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Jan 9, 2017 20:22
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My personal and business finances are with BofA, for almost 20 years now, and I've never had a bad experience. I have two mortgages with Wells Fargo lol I'm doing this wrong.
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Jan 9, 2017 20:24
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Hello people, the alternative has already been spelled out. Don't compare hitler to stalin, just switch to whatever local credit union is near you.
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Jan 9, 2017 20:25
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Pryor on Fire posted:Hello people, the alternative has already been spelled out. Don't compare hitler to stalin, just switch to whatever local credit union is near you. qft I think a good credit union will have an ATM setup where they're part of a coop and you can do fee-less withdrawals nationwide in the U.S., e.g. I can pull out money with no fees at any 7-Eleven
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Jan 9, 2017 20:39
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Leperflesh posted:I still bank at WF. I've had an account with them for around 25 years without a single problem ever. It's nice having WF ATMs everywhere, I pay no fees at all, and for a long time my mortgage was held by them which made instant free payments very convenient. My stepdad has a safety deposit box that he's linked to my account, so if he dies I can easily get to the most critical paperwork he stores in it (a copy of his will, passwords to his accounts, etc.) Ditto here. Convenience is more important to me than the few dollars they squeeze from me every year. Their mortgage closing process is seriously buttoned down and easy to use and I'm treated like a loving prince every time I go into one of their branches. Hail Wells Fargo
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Jan 9, 2017 20:50
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He has agreed that we will get our mortgage through NFCU or USAA so there's that at least.
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Jan 9, 2017 21:05
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Leperflesh posted:That's extremely common and doesn't matter at all. If you're both going to be on the loan, you'll both need to submit your bank statements, credit card statements, etc. when you get prequalified, and full tax statements etc. when you apply for your loan. This really depends on your idea of marriage, though. With all the related costs that go into buying a home, I can't imagine taking all the time to try and split things evenly between two accounts. Our money is our money, and we know not to spend a bunch without discussing it first. I would think keeping accounts separate could actually create more tension if one person is actively saving for retirement while the other is spending everything.
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Jan 9, 2017 21:13
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Problem! posted:He has agreed that we will get our mortgage through NFCU or USAA so there's that at least. Get your insurance through USAA too. They're the fuckin best.
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Jan 9, 2017 22:39
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Can I get my insurance through USAA just by working at the VA?
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Jan 9, 2017 22:44
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HEY NONG MAN posted:If you could get a NFCU account and you willfully refuse to (and, instead, choose to stay with WF of all banks) then you might have something really wrong with you. But USAA exists! Problem! posted:He has agreed that we will get our mortgage through NFCU or USAA so there's that at least. Don't get target-fixated on having them do your mortgage though. I got pre-approval from NFCU for shopping around, but when it came time to actually get the loan they had worse rates than local offerings, and I couldn't ever get in touch with a person. It might have been because someone in Florida was assigned to my case and there's a 6 hour time-difference, but it didn't spell out confidence for me. I ended up with a local company known for reselling loans because they had the best offer. And just like all the reviews said, within a month it had been resold to PennyMac who we've been paying since. I have 0 complaints about it, they've been very decent. At one point we wanted to pay extra monthly payments because we had cash but little expected income for a few months, and it was no problem. Just called in, we paid a few months monthly payments, and paused autopay until our next bill is due. While we couldn't do it over the internet, they've always been quick on the phone and have given me 0 problems.
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Jan 9, 2017 22:45
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Problem! posted:He has agreed that we will get our mortgage through NFCU or USAA so there's that at least. I closed on my home in November with NFCU, and cannot recommend them highly enough. Doubly so if you do your banking with them, since they can just look at your accounts whenever they want to, instead of pestering you for statements. Also, I got my loan with 5% down and no PMI, which is apparently ludicrous to most of my friends. 
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Jan 10, 2017 00:08
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HEY NONG MAN posted:Get your insurance through USAA too. They're the fuckin best. We already have our car and renters insurance through them. They are in fact the best. Sigourney Cheevos posted:Don't get target-fixated on having them do your mortgage though. I got pre-approval from NFCU for shopping around, but when it came time to actually get the loan they had worse rates than local offerings, and I couldn't ever get in touch with a person. It might have been because someone in Florida was assigned to my case and there's a 6 hour time-difference, but it didn't spell out confidence for me. Yeah we'll see what's out there when it comes time to actually get a mortgage but NFCU is a good starting point. I've had an account with them since I was ~8 years old so I have a 20 year old account with them already.
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Jan 10, 2017 00:49
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MrYenko posted:Also, I got my loan with 5% down and no PMI, which is apparently ludicrous to most of my friends. Crazytown really. 20 to 1 leverage on a house is pretty sweet at sub 4% rates. They didn't adjust interest up or anything?
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Jan 10, 2017 00:56
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I'm looking at buying (after first selling my current home). We're looking at a $250k 4/2. The plan is to put down about 80k of the equity we'll get from the house we're selling (we owe 60k on the mortgage, it's appraised at -and within the past month the exact floor plan has sold for- 165k. Factor in realtor fees and closing costs and $80k seems about right (a little over 30%). Where I'm getting overwhelmed (if that's even the right word) is where to start as far as lenders go. Any recommendations on how to tell if one is better than the other (besides the rate being better obviously)? I'm getting a little sketched out because we've had our local credit union -without even asking what our income or credit scores are- offer us a 30yr 4.75% loan for 170k. Why the gently caress would they do that without knowing poo poo about us? The lady didn't even ask our drat names! So yeah. Any advice is appreciated. E: Also sketched out by these "too good to be true" rates given out. poo poo, I don't even know what a good rate would be given a 680-700 credit score and 32% down (mainly from the sheer amount of white noise). tehinternet fucked around with this message at 05:44 on Jan 10, 2017 |
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Jan 10, 2017 04:30
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tehinternet posted:I'm looking at buying (after first selling my current home). We're looking at a $250k 4/2. The plan is to put down about 80k of the equity we'll get from the house we're selling (we owe 60k on the mortgage, it's appraised at -and within the past month the exact floor plan has sold for- 165k. Factor in realtor fees and closing costs and $80k seems about right (a little over 30%). Pre approval is not the same as handing you a check. Also, I popped that info in to Zillow mortgage rate finder and the lowest 30yr rates were under 4%, so it's possible they're just hoping you take the first offer that comes your way and get screwed on the rate in the process.
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Jan 10, 2017 05:44
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tehinternet posted:Where I'm getting overwhelmed (if that's even the right word) is where to start as far as lenders go. Any recommendations on how to tell if one is better than the other (besides the rate being better obviously)? I'm getting a little sketched out because we've had our local credit union -without even asking what our income or credit scores are- offer us a 30yr 4.75% loan for 170k. Why the gently caress would they do that without knowing poo poo about us? The lady didn't even ask our drat names! They will offer you that, but it is not an actual offer. There is a big asterisk that says "if you qualify." You must only trust The too good to be true offers are often 15-year fixed @ 60% LTV (so, 40% down.) Read all of your Read all documents top to bottom. Take a deep breath. Have a drink. H110Hawk fucked around with this message at 18:13 on Jan 10, 2017 |
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Jan 10, 2017 06:26
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H110Hawk posted:Read all of your Good Faith Estimates (it's a HUD form, accept no substitutes) GFEs are only for reverse mortgages now, they've been superseded by the Loan Estimate. Same purpose, but different name. Important if you're looking for a form by name though!
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Jan 10, 2017 07:08
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baquerd posted:Crazytown really. 20 to 1 leverage on a house is pretty sweet at sub 4% rates. They didn't adjust interest up or anything? Somewhere between two and three tenths of a percent; 4.25% overall. No points. I could've done better on the rate, but gently caress PMI in the ear.
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Jan 10, 2017 12:49
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I went through the process of getting a NFCU account but their mortgage offers weren't any better than the local bank's, and the local bank guaranteed that they'd hold the loan. I still have the NFCU account but should probably get around to closing it And my wife and I keep finances separate to the point that she does an automatic monthly transfer from her account to mine, to pay for her share of the mortgage. It seems really good so long as you're both on the same page when it comes to saving and spending anyway (and if you're not then shared finances isn't going to solve anything anyway unless one person is totally okay with just giving up all financial control to the other) Leperflesh posted:I still bank at WF. I've had an account with them for around 25 years without a single problem ever. It's nice having WF ATMs everywhere, I pay no fees at all, and for a long time my mortgage was held by them which made instant free payments very convenient. My stepdad has a safety deposit box that he's linked to my account, so if he dies I can easily get to the most critical paperwork he stores in it (a copy of his will, passwords to his accounts, etc.) Have you considered looking into your local credit union options?
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Jan 10, 2017 13:11
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Sigourney Cheevos posted:GFEs are only for reverse mortgages now, they've been superseded by the Loan Estimate. Good to know! I will edit my post. Explains why the better.com form looks so different now. MrYenko posted:Somewhere between two and three tenths of a percent; 4.25% overall. No points. I could've done better on the rate, but gently caress PMI in the ear. Lender paid PMI is great if you plan to keep the loan below 20% for its natural amortization. We did it, and now are in a place to re-fi it away (bringing cash to closing + minor market appreciation.) Means we're going to burn some extra money we didn't have to, but oh well. Hindsight 20/20 and all that I should have locked in a much lower APR and just taken my PMI licks.
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Jan 10, 2017 18:12
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BeastOfExmoor posted:Pre approval is not the same as handing you a check. Also, I popped that info in to Zillow mortgage rate finder and the lowest 30yr rates were under 4%, so it's possible they're just hoping you take the first offer that comes your way and get screwed on the rate in the process. Yeah, I saw the same and I'm wondering if those rates can be trusted... Jesus. This poo poo has me paranoid. I mean, I know lenders are trying to gently caress me, the issue is being able to realize that the super nice dude/lady is trying to gently caress me. I've never met a group as uniformly untrustworthy... well, I'd say car salesman, but at least they're up front about screwing you most of the time.
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Jan 10, 2017 18:21
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Any idea how pregnancy would affect mortgage/closing? We got pre-approval and babys due end of this month. We would like my wife to take 3 months off, but obviously if it would screw our mortgage application, we will settle for 1 month I guess. Can't they just call the company HR and ask if they plan on firing my wife during her time off? Also, is anyone actually buying those rate "points" nowadays? I am roughly at 4.125. I could potentially push to 4.0 lol internet. fucked around with this message at 22:23 on Jan 10, 2017 |
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Jan 10, 2017 22:14
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