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Xenoborg posted:I got sent over here from the personal fiance thread with my PMI question: It seems like common sense that, since the PMI penalty is due to not putting down 20% of the purchase price, then as soon as I have under 80% of the loan value, I'm all set! NOT SO FAST! The official rule is 78%. So just pay a little more to hit that mark, and you can confidently tell them cancel without the hoop of an appraiser unless you signed some unscrupulous contract. FYI, people have also used appraisals in their favor, by  proving the propety's value went up far enough that their equity qualifies for the 78%mark irrespective of the payments themselves.
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Feb 28, 2017 02:54
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Thoguh posted:If I remember correctly you have to wait until you are 78% LTV to drop PMI without an appraisal. quote:NOT SO FAST! The official rule is 78%. So just pay a little more to hit that mark, and you can confidently tell them cancel without the hoop of an appraiser unless you signed some unscrupulous contract. Reading Homeowners Protection Act it sounds like it only falls off automatically at when normal payments would have it reach 78%. That we payed it off faster and reached 78% early doesn't matter unless we pay to have it appraised. quote:Automatic Termination The relevant portion of the Requested Cancellation is: quote:Borrower Requested Cancellation Xenoborg fucked around with this message at 03:04 on Feb 28, 2017 |
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Feb 28, 2017 02:56
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Re-finance will dump that pesky PMI too if you really are below 80% LTV. That's how I did it.
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Feb 28, 2017 03:09
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How much should I anticipate paying for my refinance?
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Feb 28, 2017 16:47
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EAT FASTER!!!!!! posted:How much should I anticipate paying for my refinance? H110Hawk posted:You can re-fi for around $2500 all in, less if you pay exactly $0 for points.
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Feb 28, 2017 16:53
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I would ask your lender when PMI will drop off they may do it at 78% regardless of the law. Also if rates have decreased you may be able to refi for free, (keeping a higher then market rate).
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Feb 28, 2017 17:43
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I'm living in my hometown currently, Lisbon, and the housing market is insanely high, and was considering contracting a loan to buy a house for me and who knows for any eventuality, kids, even though I'm back to being single. What gives me immense pause is the idea to pay for an asset whose market value sky rocketed in the past 12 months; on the other hand, renting is also expensive given that one bedroom apartments are being rented by couples, so I'm effectively going against two incomes. So I dunno, while a loan would be a cheaper rent on the short-term, I'm not sure if I ever wanted to move I could flip the house easily, the market right now seems a big rear end bubble waiting to pop, but I'm not exactly a market expert.
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Mar 1, 2017 12:54
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Furnace had water on the floor under it twice in the last two weeks. Not much, but enough to worry since it's a ~15 year old furnace. Gonna replace it before I have a 2am panic call and all the charges associated with that. Propane or Oil furnace? I have wood backup as well.
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Mar 1, 2017 15:28
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Honest Thief posted:So I dunno, while a loan would be a cheaper rent on the short-term, I'm not sure if I ever wanted to move I could flip the house easily, the market right now seems a big rear end bubble waiting to pop, but I'm not exactly a market expert. I don't think we're there. Yet. Listings are still expiring at a steady pace and home builder prices keep going up and down because they keep thinking the market will just suck it up and deal. At least here in Richmond that seems to be the case.
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Mar 1, 2017 16:04
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On Terra Firma posted:I don't think we're there. Yet. Listings are still expiring at a steady pace and home builder prices keep going up and down because they keep thinking the market will just suck it up and deal. At least here in Richmond that seems to be the case. In Lisbon there's a lot of foreign investment to tap on the tourism and short-lenting market, like grabbbing a 70+ year old building renew it and just pump it full of rooms. It works great for them since even valued the market is still cheaper than other European capitals, but I'm not français, sacrebleu
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Mar 1, 2017 16:07
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my wife and i put an offer on a house the other day and we just found out it was accepted. huzzah!
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Mar 1, 2017 18:11
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Rocks posted:my wife and i put an offer on a house the other day and we just found out it was accepted. huzzah! Condolences.
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Mar 1, 2017 18:12
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Rocks posted:my wife and i put an offer on a house the other day and we just found out it was accepted. huzzah! Enjoy your impending financial ruin!
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Mar 1, 2017 18:21
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Spermy Smurf posted:Furnace had water on the floor under it twice in the last two weeks. Not much, but enough to worry since it's a ~15 year old furnace. Gonna replace it before I have a 2am panic call and all the charges associated with that. Try the home ownership thread instead. https://forums.somethingawful.com/showthread.php?threadid=3774735 DR FRASIER KRANG fucked around with this message at 03:27 on Mar 2, 2017 |
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Mar 2, 2017 03:20
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Rocks posted:my wife and i put an offer on a house the other day and we just found out it was accepted. huzzah! Same. Now comes the inespections... Good luck!
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Mar 2, 2017 22:00
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I have a question about house showings and this seems to be the most appropriate thread. The house I live in is going on the market soon, so I will need to be absent while the house is being shown. I have two chinchillas who live in cages in the main part of the house, I really don't want random people dicking around with them but I can't exactly take them with me when I have to be out of the house for a few hours. Obviously I'm going to tell the seller's agent not to let people gently caress with them but I have my doubts if she'll actually stop anyone from messing with them, and that doesn't cover buyer's agents coming in. My usual protocol for keeping randos from messing with them is to stick them in a room with the door shut but that's not gonna fly at a house showing. My current thought is to buy some small padlocks so no one can open the cages and maybe stick a small sign on their cages explaining what they are and what their names are and please don't put your fingers in the cages they might bite. Thoughts?
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Mar 3, 2017 03:49
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How much time is left in your lease and what state are you in? You don't have to leave for a showing in any case. You also have a right to quiet enjoyment and it could be reasonable to keep the room with your pets locked. It depends on your specific situation.
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Mar 3, 2017 04:10
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The seller's agent (who is also our property manager) is coming by next week to take a look around and see what stuff they have to fix before they put it on the market so I can ask her about the specifics then. They're timing it so it goes on the market less than 30 days from when we're moving out so it would take an act of god for anyone to close before we're out and kick us out early, which I appreciate. We are in Nebraska, my lease says nothing about showings. House goes on the market March 15th and we're terminating our lease April 11th. It's just one more layer of crap on top of the moving bullshit.
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Mar 3, 2017 04:18
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In my experience, there's absolutely no reason for you to be required to leave while your place is being shown, especially when you're a renter. Some people find it awkward, and of course real estate agents hate it since it breaks the information bubble they try and keep buyers in, but you're still occupying the property and have a right to be there.
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Mar 3, 2017 15:28
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Problem! posted:I have a question about house showings and this seems to be the most appropriate thread. Like the others have said, (assuming there is no specific provision about it in your lease) you do not legally have to leave the house during a showing. According to Nebraska Rental Laws you are only required to give reasonable access. You being there and protecting your chinchillas does not impinge on that reasonable access. I'm sure it'll be awkward, but if I were you, I'd stick around the room with the chinchillas with a book or some work, and plan to not say much (you can just give non-committal answers if the potential buyers ask questions about the house, or answer them fully if you feel like it).
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Mar 3, 2017 16:00
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Started lurking the thread about a month ago when my wife and I decided we wanted to buy a townhouse, there was a lot of great advice and it helped me feel some relief that everyone stresses the gently caress out about the entire process as much as I have. We are currently at the end of the inspection process where I handed over some super minor requests (a couple junction boxes in the basement needed some cover.) The one thing that has me nervous is we have an FHA loan and I've heard they are pretty big ball busters when it comes to the appraisals.
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Mar 8, 2017 05:15
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We had an FHA loan. The appraiser was mostly just concerned with the unfinished bathroom. We requested sellers to finish it and they did. The biggest difference is the FHA appraiser is just looking for livability aspects of the house.
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Mar 8, 2017 14:04
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For those of you who purchased foreclosed homes, did you have any construction experience/connections? I'm probably about a year out from doing anything, and just thinking ahead. I've got access to some pretty knowledgeable and incredibly handy people especially when it comes to kitchens, finish carpentry, and most definitely floors. Is it borderline a no-brainer option, provided the property is right, to do that if I'm not planning on little SHRIMPS in the next couple years.
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Mar 8, 2017 15:20
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My wife and I are starting to get excited and optimistic, which is a sign that I need to slow my roll. How many red flags am I flying here?
We're following this checklist here for private mortgage guidance. It's really a win/win because we'd avoid closing costs, and the lender would get a much better than bonds return. The monthly mortgage payment on my Houston house is only ~$630/mo, so I'm not to worried if we end up paying both notes for a bit while this house sells. Tell me, is this whole thing a terrible idea and I need to slow the gently caress down, sell this house first and have the buy-side contract in Nashville contingent on this sale closing, and get financing from a real bank instead?
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Mar 8, 2017 16:55
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couldcareless posted:We had an FHA loan. The appraiser was mostly just concerned with the unfinished bathroom. We requested sellers to finish it and they did. The biggest difference is the FHA appraiser is just looking for livability aspects of the house. this is comforting, i'm having nightmares about three silly steps that don't have a railing on both sides.
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Mar 8, 2017 16:57
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Photex posted:this is comforting, i'm having nightmares about three silly steps that don't have a railing on both sides. I got a FHA loan and my house had four steps leading from a sliding glass door outside with no railing. No comment was made on this issue - the only things that had to be fixed were covering exposed electrical wires in two spots and filling in some concrete around an old disused drain. And the wire issues were solved by the easiest fix ever - the seller basically just nailed up some hastily cut plywood over them (I fixed it properly later). So even if there are issues raised about the rail, it shouldn't affect the sale, since the seller could almost just tack a cardboard tube on the wall and call it a railing.
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Mar 8, 2017 17:50
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Twerk from Home posted:My wife and I are starting to get excited and optimistic, which is a sign that I need to slow my roll. How many red flags am I flying here? Oh hey, I bought in Nashville last summer. Where are you looking? Something to keep in mind is that especially around your price range there are a lot of multiple offer situations and yours might get rejected out of hand just for being a complex situation. IMO though, still good to live somewhere a while before buying and Twerk from Home posted:slow the gently caress down ... and get financing from a real bank instead
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Mar 8, 2017 18:26
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5 RING SHRIMP posted:For those of you who purchased foreclosed homes, did you have any construction experience/connections? There are two main types of foreclosed homes, reo, and auction on the court steps. Rel estate owned is what happens after no one bids higher than the bank at a tax auction, or when the bank forecloses on the home and there is no auction. In most ways it is similar to a normal home for sale. The bank wants as much money as possible and to sell as quick as possible. Generally they are less willing to do repairs and they are often exempt from disclosing any problems, they wouldnt know about them anyways. It also takes a little longer to close usually. The homes are usually not in great condition or else the previous owner would not have been foreclosed on, but they may still have the utilities on so you can inspect more easily. There are a lot more of this type for sale. Tax lien auctions and other auctions will vary a little from area to area. You usually get an imperfect title so it can be harder to sell in the future. You usually have to pay cash the same day so financing is not available. The real savings is here because you are only competing with cash buyers. If there was a mortgage the bank will usually bid up to what was owed. For someone to neglect paying taxes to the point that it is sold usually means the house is in terrible condition. You may not have any access to the inside of the home to inspect and it may be occupied.
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Mar 8, 2017 18:30
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Photex posted:this is comforting, i'm having nightmares about three silly steps that don't have a railing on both sides. The stairs in our house didn't (and still don't) have railing in them. You will be fine.
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Mar 8, 2017 18:57
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Thufir posted:Oh hey, I bought in Nashville last summer. Where are you looking? Something to keep in mind is that especially around your price range there are a lot of multiple offer situations and yours might get rejected out of hand just for being a complex situation. Well, on the buy end of this transaction it would actually be a plus because we're essentially a cash offer, there's no ability for financing to fall through. We're drawing up contracts now to set this up, and anyone we're buying from wouldn't be aware of all this. I guess I should also add that we owe $50k principal on our house in Houston, and it's tax assessed at $180k and we find it pretty likely we can sell for ~$190k. There's similar new construction going on down our street, and the cheapest there is $230k+. We're looking to be as close to Vanderbilt as possible with at least a 3/2 for under $400k. There's a ton of new houses going up in North Nashville and near Tennessee State that seem fine to us. We'd really like to be in Wedgewood-Houston, but can't afford it. Nations looks OK, but we'd like to be a little bit east of there if possible. Maybe we should also be more open to East Nashville, but it seems like to get to our price point you end up all the way out in Inglewood.
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Mar 8, 2017 19:23
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Twerk from Home posted:Well, on the buy end of this transaction it would actually be a plus because we're essentially a cash offer, there's no ability for financing to fall through. We're drawing up contracts now to set this up, and anyone we're buying from wouldn't be aware of all this. I guess I should also add that we owe $50k principal on our house in Houston, and it's tax assessed at $180k and we find it pretty likely we can sell for ~$190k. There's similar new construction going on down our street, and the cheapest there is $230k+. Cool, I'm in the Nations and it's not bad to Vanderbilt at all, and I say that having previously lived less than a mile from campus. That or North Nashville/TSU is probably your best bet under 400k. Before buying in the Nations we were mainly looking in East Nashville but the market is crazy there unless, as you said, you're way out. In retrospect I'm happy we stayed on the West side because it's a lot better for commuting and access to mundane stuff like Costco and decent grocery stores.
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Mar 8, 2017 20:17
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Thufir posted:Cool, I'm in the Nations and it's not bad to Vanderbilt at all, and I say that having previously lived less than a mile from campus. That or North Nashville/TSU is probably your best bet under 400k. Before buying in the Nations we were mainly looking in East Nashville but the market is crazy there unless, as you said, you're way out. In retrospect I'm happy we stayed on the West side because it's a lot better for commuting and access to mundane stuff like Costco and decent grocery stores. It sounds like I'm not completely off base in the areas we're looking, what do I really have to lose by hopping straight into a house instead of renting first? I want to avoid the pain / expense of moving twice, and a year in an apartment or rental seems like it would be pretty expensive compared to just going ahead and buying.
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Mar 8, 2017 20:50
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5 RING SHRIMP posted:For those of you who purchased foreclosed homes, did you have any construction experience/connections? The home needs to be in livable condition or you won't be able to get a normal mortgage. There are construction mortgages but they have fees and they will want you to use licensed contractors and other things. I think if it is a newer 1999 built home you probably won't have many code issues.
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Mar 8, 2017 22:09
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Twerk from Home posted:It sounds like I'm not completely off base in the areas we're looking, what do I really have to lose by hopping straight into a house instead of renting first? I want to avoid the pain / expense of moving twice, and a year in an apartment or rental seems like it would be pretty expensive compared to just going ahead and buying. I don't think your plan sounds particularly bad, I just think it's in general a better idea to see how things shake out before buying.
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Mar 8, 2017 22:11
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Twerk from Home posted:It sounds like I'm not completely off base in the areas we're looking, what do I really have to lose by hopping straight into a house instead of renting first? I want to avoid the pain / expense of moving twice, and a year in an apartment or rental seems like it would be pretty expensive compared to just going ahead and buying. Mainly you're making a permanent decision on where you want to be before you've had a chance to learn what the area's really like. Renting first lets you get to know your work schedule, where people you like are, where the stuff you like to do is, where the stores and restaurants you like are, and maybe get a better idea of what you want vs. what people are paying. The second thing is that when you've got a deadline to close on a house you might be tempted to overlook some things or talk yourself into an area you don't like. In other words, if you aren't willing to walk away from any house you put an offer on, you aren't as detached from the process as you could be, and that can cause you to buy the wrong place. I would consider a short term furnished rental (2-3 months). It'll cost more for those few months and be a hassle to have most of your stuff in storage, but it'll let you get a good feel for the area and lessen the pressure on you to BUY RIGHT NOW. Since you're essentially going in with a cash offer you'll have an advantage in that competitive market, and you'll have some time to be sure you like where you're buying. Fake edit: You can rent a house Dolly Parton owns for like 11 grand a month if you want.
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Mar 9, 2017 06:10
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Were pretty much set on buying a new build home. There's a neighborhood situated perfectly less than 5 miles from both our jobs in our price range with generally not sucky floor plans that we've been eyeballing. We're still renting first and locked into a 12 month lease to get a good deal on rent, our plan is to scope out the area for 3-4 months to make sure this neighborhood is in fact a good choice then put a deposit down so we can break ground and do the outside stuff in late summer/early fall before the ground freezes and finish up the interior over the winter and early spring and hopefully time closing on the house just as our lease is about to end next spring.
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Mar 9, 2017 16:41
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My offer was accepted! Sellers don't want to close until June, which works out great for my current lease. But my agent says I need to decide on a mortgage lender now. Is that right? I'd rather wait until April and then shop for rates, either locking one in for 60 days or floating. Seems dumb to commit to a lender now before I know the rate, and nobody will lock a rate for 4 months.
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Mar 9, 2017 16:54
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Rates are going up, possibly substantially, between now and June, and there can be financing related problems that delay closing by weeks or even months. Yes, absolutely shop & lock in now.
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Mar 9, 2017 17:55
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Pryor on Fire posted:Rates are going up, possibly substantially, between now and June, and there can be financing related problems that delay closing by weeks or even months. Yes, absolutely shop & lock in now. Won't higher rates cause buyers to be able to afford less? I'm pretty sure that higher rates will have a downward pressure on prices, just because fewer people will be able to afford a given price point, slowing sales on more expensive houses.
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Mar 9, 2017 17:59
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There are a lot of variables at play and every city is different but yes generally rising rates hurts prices, particularly on the low end of the market.
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Mar 9, 2017 18:02
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