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Current job or current company? That sounds crazy, either way.
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Jan 29, 2017 05:52
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QuarkJets posted:Sorry for your loss Thx. We are pass the acceptance phase at least. Now to pick gaudy wallpaper.
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Jan 29, 2017 14:24
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Subjunctive posted:Current job or current company? That sounds crazy, either way. Yeah I don't understand this. I just put in my two weeks at my current job because I will be starting at another firm making $10k/yr more than I do now. I can't get a mortgage because I'm trying to grow in my career?
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Jan 29, 2017 17:02
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Pipistrelle posted:Yeah I don't understand this. I just put in my two weeks at my current job because I will be starting at another firm making $10k/yr more than I do now. I can't get a mortgage because I'm trying to grow in my career? Not all mortgage companies are the same. I'm currently looking for a refi, and most are saying "two years of continuous work history" and really don't specify that it has to be at the same employer or position. I wouldn't doubt that they will average your last 2 years of income rather than just counting your current higher earnings if you're recently into a new job, but it doesn't seem like this is any sort of hinderance to getting a proper-sized mortgage (i.e. as long as you aren't buying too much house with too little down).
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Jan 29, 2017 17:22
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Again, work with local credit unions instead of Wells loving Fargo or whatever lovely broker. You will get to talk to a real human and say things like "I just switched jobs, I only have one pay stub" and then they will say things like "I understand, that is ok, we will still give you a loan", it's really that simple.
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Jan 29, 2017 17:33
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I imagine that most places want to have two years of work history, not employment with the same place. There are tons of people who make great money and just switch jobs every couple years (tech and biotech is huge for this) and it would be crazy if they weren't willing to give a guy making six figures at google a mortgage just because he's traded up jobs every year or so. On the other hand if you have been unemployed for two years and just got a job, that makes more sense.
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Jan 29, 2017 17:38
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Motronic posted:I wouldn't doubt that they will average your last 2 years of income rather than just counting your current higher earnings if you're recently into a new job, but it doesn't seem like this is any sort of hinderance to getting a proper-sized mortgage (i.e. as long as you aren't buying too much house with too little down). When I got my last mortgage 10 years ago, they took my current salary even though I'd had a raise the previous month. When I got the HELOC against my new place, they accepted a letter from the CFO because I'd just started and didn't have a pay stub yet. I'd taken a few months off prior, but with my previous tax return they were more than happy. In Canada, mind, nonetheless -- work with your banker, they want to issue good loans.
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Jan 29, 2017 18:06
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My last two years of employment when I bought my house with my (then) fiance last year included graduate school and a stint as an hourly lab tech before starting my current full time job. As long as you have full documentation, they won't care. We worked with a local broker who was highly recommended by friends. fake edit: They did ask for three years of tax returns instead of the typical two, but we were also putting 5% down with a gift downpayment, so there was definitely expected extra scrutiny. Your experience will vary. Frinkahedron fucked around with this message at 18:09 on Jan 29, 2017 |
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Jan 29, 2017 18:07
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Subjunctive posted:Current job or current company? That sounds crazy, either way. I had started a new job about 6-8 months before I closed on my house. I just had to tell them I switched jobs and it was for more pay and in the same industry. There was no problems at all with it and that was with a regional bank (not a CU).
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Jan 29, 2017 18:31
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Pryor on Fire posted:Again, work with local credit unions instead of Wells loving Fargo or whatever lovely broker. You will get to talk to a real human and say things like "I just switched jobs, I only have one pay stub" and then they will say things like "I understand, that is ok, we will still give you a loan", it's really that simple. I know WF is evil but in the past five years I've been through a purchase with a mortgage broker and a re-if through Wells Fargo. Both experiences were actually very good. Wells has a really nice loan process and I talked to people as often as I wanted to. And they were nice.
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Jan 29, 2017 18:39
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Every time I open this thread, I get Fela Kuti stuck in my head. It's not the worst thing.
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Jan 29, 2017 19:24
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So I've just discovered we need to buy earthquake insurance whenever we buy a house. Does anyone have earthquake insurance? How much does that run a month? This is for a house in Utah for reference.
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Jan 29, 2017 20:00
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Problem! posted:So I've just discovered we need to buy earthquake insurance whenever we buy a house. Does anyone have earthquake insurance? How much does that run a month? I have earthquake insurance through American Modern Insurance. It's about $600 a year on top of my general homeowner's policy. I went with AM because USAA recommended them (and USAA doesn't sell EQ insurance first party). I haven't had to make a claim but when I do I hope I'm not dead. I live in Seattle.
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Jan 29, 2017 20:15
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HEY NONG MAN posted:I went with AM because USAA recommended them (and USAA doesn't sell EQ insurance first party). This must be a regional thing. I live in Alaska and have earthquake insurance through USAA, I believe it comes out to being somewhere between $400 and $500 for a $300k house.
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Jan 29, 2017 20:46
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Ok we can afford an extra $40 or $50 a month for earthquake insurance. I'll just add that into our budget. I ran our budget numbers again recently and we're in a better financial position than we initially thought we were, we should have around $1300 left a month left over after bills and our random bullshit allowance for house stuff. We're about $4,000 away from our goal of saving up $50,000 for a downpayment while keeping our $10,000 oh poo poo emergency fund intact.
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Jan 29, 2017 21:10
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Earthquake insurance is usually a bad deal and has an absurdly high profit margin for insurers. Keep in mind that the deductible is very high so it will typically only be useful if the house is destroyed rather than being heavily damaged, and that many losses are due to earthquake-related fires that are covered under normal homeowners insurance rather than earthquake insurance. As a general rule the only reason earthquake insurance would be affordable for you is because the insurance company knows you don't have an expected earthquake risk high enough to justify paying for it.
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Jan 29, 2017 22:04
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Alereon posted:Earthquake insurance is usually a bad deal and has an absurdly high profit margin for insurers. Keep in mind that the deductible is very high so it will typically only be useful if the house is destroyed rather than being heavily damaged, and that many losses are due to earthquake-related fires that are covered under normal homeowners insurance rather than earthquake insurance. As a general rule the only reason earthquake insurance would be affordable for you is because the insurance company knows you don't have an expected earthquake risk high enough to justify paying for it. We only have it because of the CEA policy. It's a 15% deductible (~$30,000) but our house is on a raised foundation. In LA County it is a "real" risk that it slips on in a big earthquake totaling the otherwise standing structure. We're looking to get it strapped to the foundation this year-ish if we win the Brace and Bolt lottery for a $3,000 rebate, which also nets us like 20% off our policy. We pay $800/year for it currently. The general running gag though is that if anything happens to your house in CA is a spark lit the natural gas lines on fire and burned down the house with all but our keepsakes in it.
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Jan 29, 2017 22:29
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SurgicalOntologist posted:My wife and I are moving from CT to OH in 6-9 months and are thinking of buying a house. There's a good chance we only stay 3 years so we weren't sure it made sense, but I've been reading up and I'm kind of confused in a is-this-really-true way. Is the NYT rent or buy calculator legit? Looking at apartments.com and supposedly equivalent houses at Zillow, it looks like we could get a nice 2BR/1BA apartment or a giant 4BR house (and I don't mean that in a "there was one cheap one" sense, but rather getting an idea of the prices in the entire neighborhood we're looking at). Are the renting/buying markets not as coupled as one might think or is this just the way it always is? We bought a nice brick 4 BR/2BA house, 2200 sq ft, 2 car detached garage for $175k in Springfield. 10% down, w/ tax and insurance in escrow? We're paying $1011/month. Home across the street is similar square footage, but 3BR/1.5 BA, 2 car ATTACHED garage, renting for $1600/month. If you want to go downmarket, into the sub-$100k homes? 3BR/1BA homes will go between $55k and $75k depending on the neighborhood and your tolerance for loud passing cars/people trying to break in. The rental next to our previous home is a 3BR/1BA house going for $675/month, and they've never been able to keep tenants a full year because of faults with the home's wiring/plumbing. We're going to be listing our previous home at $75k, but we'd probably be happy to unload it at $68k. Be mindful of where you choose to live relative to your workplace --- you can live in one city, work in another, and wind up filing tax returns for both locales. Painful when your employer only withholds for the work location, and you wind up having to make quarterly estimated payments where you live.
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Jan 31, 2017 03:55
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Those prices are making my brain bleed.
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Jan 31, 2017 15:54
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HEY NONG MAN posted:Those prices are making my brain bleed. Yes.
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Jan 31, 2017 16:38
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Man, you sure have to sign a lot of poo poo to close on a place
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Jan 31, 2017 17:21
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Rated PG-34 posted:Man, you sure have to sign a lot of poo poo to close on a place I just got back from fedexing 185 pages to our title company. 
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Jan 31, 2017 23:59
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H110Hawk posted:I just got back from fedexing 185 pages to our title company. My process was so painless. Just had to meet up with my loan agent at a title company building 3 minutes away, then we signed for about 10-15 minutes while they explained each page in a sentence or two.
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Feb 1, 2017 00:12
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H110Hawk posted:I just got back from fedexing 185 pages to our title company. lol isn't home buying so efficient
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Feb 1, 2017 00:15
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I could beat someone to death with my copy of the paperwork.
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Feb 1, 2017 00:19
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Entering our third month of searching. 4 offers in, 3 rejected (multiple offer situations), 1 accepted and subsequently withdrawn after spending $400 to discover a moldy attic. NEVER DO BUY, but do always get good home inspector. Seller had screwed the attic access door shut 
marchantia fucked around with this message at 04:41 on Feb 1, 2017 |
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Feb 1, 2017 00:20
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Drunk Tomato posted:My process was so painless. Just had to meet up with my loan agent at a title company building 3 minutes away, then we signed for about 10-15 minutes while they explained each page in a sentence or two. I have yet to actually meet anyone from our mortgage company or title company. 100% email and web portal. Signed it at my wife's office with their in house notary. It's been great. (We're using better.com.)
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Feb 1, 2017 01:58
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marchantia posted:Entering our third month of searching. 4 offers in, 3 rejected (multiple offer situations), 1 accepted and subsequently withdrawn after spending $400 to discover a moldy attic. NEVER DO BUY, but do always get good home inspector. Seller had screwed the attic access door shut We put an offer in on a house, scheduled an inspection, and waited. ... and discovered that the seller's FB wall was open to the public, and she made a comment about an offer on her house, and her boyfriend commenting that he hoped the inspector didn't look too closely at the attic or breaker panel. Further poking around yielded photo albums of the boyfriend replacing the water heater himself, as well as connecting romex to knob-and-tube without putting it in junction boxes, before putting insulation over it in the attic. Showed these screenshots to the inspector before he started -- "Oh, man, this is going to be fun, I can tell already." - 9 exposed junctions between active knob/tube and conduit. - Live wiring left underneath kitchen sink for former garbage disposal. 1" of exposed conductors, etc. - Three layers of asphalt shingles over the original ~1920 cedar shakes. - Flashing had pulled away from the chimney to such an extent the repair attempt seemed to involve pouring a bucket of sealant into the gap. - Active leaks into the roof that had gone on for so long, 5 rafters were moist/rotting. - Electrical service drop into the house was so deteriorated that water was dripping within it, into the breaker panel. ( Inspection was during a rainstorm, and the breaker panel was DRIPPING. ) Wife REALLY wanted the house, but seller wouldn't accept just a simple withdrawal of the offer. Wanted specific items to fix, so our agent decided to give them a list. With quotes. - The first roofer we called refused to quote the roof out of concern for the safety of his crew. Second roofer quoted $18k to remove shingles/sheeting, and then "another quote would be needed to account for rafter replacement and any hidden damage. Worst roof we've seen in 20 years." - Electricians quoted $2600 for the panel/drop, and $4k for remainder of the home on per outlet estimate because of plaster/lath construction. Seller's response: "Your contractors are horrible. My son is a contractor and says the house is fine. I'll drop the price $3k." Seller's agent: ".... holy crap she didn't tell me she had two HELOCs open. I would have thought she could make repairs and pay out of escrow." Seller slowrolled the release from the offer until the absolute last possible moment.
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Feb 1, 2017 12:52
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You have no obligation to meet seller demands before pulling out of the deal unless your agent is the absolute worst. I would have seen those Facebook posts, called off the inspection, and walked.
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Feb 1, 2017 14:05
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couldcareless posted:You have no obligation to meet seller demands before pulling out of the deal unless your agent is the absolute worst. Yes and no... In my state at least once ernest money has been given the buyer can only walk away at enumerated points without losing the money. The two common contingencies are for the inspection and for funding. And even then both also have a time period for the buyer to respond to make an amendment. My recent purchase the appraisal came back to low and we said we'd walk for not getting funding unless we came to a new agreement... They had 5 days to figure out what to do and ultimately we proceeded. It could be the goon here was forced by contract to at least see the inspection through or lose their cash.
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Feb 1, 2017 16:35
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Yeah, in my state your earnest money is forfeit unless you break at the financing or inspection point. That said, you could always just be "unable to procure" financing and walk away if you had a realtor that was worth half a poo poo.
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Feb 1, 2017 16:37
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Yeah, we sent the seller a copy of the inspection report which had a lot of issues outside of the attic along with an explanation of the things we found unacceptable (a list much longer than attic issues, that was just the last straw) and we just bailed out hard. Luckily it took the seller less than 48 hrs to sign their part of the form and so we are free to go burn our money elsewhere.
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Feb 2, 2017 17:10
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No Butt Stuff posted:Yeah, in my state your earnest money is forfeit unless you break at the financing or inspection point. We have the option of just saying "inspection contingency, buh-bye" --- but the seller has a defined period of time to reply/sign off. Seller's agent tried to save the deal by passing back the counteroffer, our agent dropped inspection report on his (and sellers) head. .... oddly enough, I drove past that house today, and there were actual electrical contractors parked in the driveway. Looks like she has accepted the fact that in order to meet basic FHA inspection requirements, she's gonna have to fix the roof/electrical.
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Feb 2, 2017 23:43
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Alright so I have a Loan Estimate from Citibank on an investment property, 7/1 ARM at 3.875% with 25% down. I've spoken with 3 brokers since then, and all of them told me they couldn't come close to it, and the third guy said they ****ed up my offer and will be losing money on it. My question is, let's assume they ****ed up, is the loan estimate binding? Do they have to eat the cost? Or will they screw me over in the loan process? I have a flexible closing date, so I'm not overly concerned about delays. edit: I've already paid them $679 for the appraisal, credit check, document fee, and flood cert. Arkane fucked around with this message at 01:06 on Feb 4, 2017 |
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Feb 4, 2017 00:56
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Arkane posted:Alright so I have a Loan Estimate from Citibank on an investment property, 7/1 ARM at 3.875% with 25% down. I've spoken with 3 brokers since then, and all of them told me they couldn't come close to it, and the third guy said they ****ed up my offer and will be losing money on it. That rate looks right in line to me, and if you have a written good faith estimate from them listing the rates and fees they should stick to it. https://www.zillow.com/mortgage-rates/7-1-arm/#filters=20456 15 year fixed rates look to be about 3.5%, which is a bit cheaper than the adjustable rate you are getting quoted.
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Feb 4, 2017 04:59
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Arkane posted:Alright so I have a Loan Estimate from Citibank on an investment property, 7/1 ARM at 3.875% with 25% down. I've spoken with 3 brokers since then, and all of them told me they couldn't come close to it, and the third guy said they ****ed up my offer and will be losing money on it. How much are they charging you for this privilege? What are your Section A costs? Are you locked? When I looked at Citi loans they had thousands more in Section A costs than any of the F*Mac brokers.
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Feb 4, 2017 05:37
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H110Hawk posted:How much are they charging you for this privilege? What are your Section A costs? Are you locked? Yep, rate locked until mid-March. And yeah that's the other thing, $1015 origination fee + document fee, and they're giving me $1000 at closing because I have a mortgage already with them, so in effect 0 fees from Citi. Not paying anything to buy down the rate either. I was super friggin excited to get it in a Loan Estimate, but the non-Citi broker I talked to after the fact kinda spooked a bit that underwriters may give me trouble. That's why I need to make sure it's binding, so I don't have Joe Q Underwriter call me in 2 weeks and tell me I'm gonna have to apply for another mortgage. No clue what section A is; it's not really a typical investment property, it's a vacation rental that will be managed for me. Even though I plan to use it for a few weeks of the year, the fact that I will have an agreement with them immediately means I have to go investment route rather than second home route. Arkane fucked around with this message at 06:36 on Feb 4, 2017 |
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Feb 4, 2017 06:33
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Arkane posted:Yep, rate locked until mid-March. And yeah that's the other thing, $1015 origination fee + document fee, and they're giving me $1000 at closing because I have a mortgage already with them, so in effect 0 fees from Citi. Not paying anything to buy down the rate either. I was super friggin excited to get it in a Loan Estimate, but the non-Citi broker I talked to after the fact kinda spooked a bit that underwriters may give me trouble. That's why I need to make sure it's binding, so I don't have Joe Q Underwriter call me in 2 weeks and tell me I'm gonna have to apply for another mortgage. It's section a of your loan estimate.
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Feb 4, 2017 06:45
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My bad, yeah just $1015 in section A, and then they're giving me back $1000 for being a customer.
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Feb 4, 2017 07:09
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Arkane posted:My bad, yeah just $1015 in section A, and then they're giving me back $1000 for being a customer.  they offered me like $3k section A for like 0.5% higher than the Mac brokers.
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Feb 4, 2017 18:26
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