|
We are officially under contract on a house! Very excited to enter into the solemn order of people who hate home ownership. Question is, we are working with a lender right now who has been very helpful and responsive, but the interest rates they've been offering have seemed a little high. Is there anything wrong with contacting other lenders and letting them know that I am rate shopping to see what they can put together, or is that frowned upon?
|
#
?
Mar 20, 2017 15:26
|
|
|
|
| # ? May 28, 2024 18:11 |
|
|
lampey posted:Use the ny times rent vs buy calc. You can figure out what is best for you given the length of time you will be living there and your predictions on the rental increases, home appreciation, and stock market gains/opportunity cost I appreciate this and have played with it some, but how does anyone have any confidence at all about future stock market returns, home prices, and rental rates? I bought the house that I currently am in Houston after two years of double-digit rent increases and being unable to find anywhere else to rent that wouldn't be even more expensive, but now rents are falling and I'm feeling kind of dumb for buying.
|
|
#
?
Mar 20, 2017 15:53
|
|
|
Mikey Purp posted:We are officially under contract on a house! Very excited to enter into the solemn order of people who hate home ownership. Definitely do that. I'd recommend a mortgage broker (recommendations from people you know are helpful, but if you don't have that, just entering your info into Zillow will get you a list of a few). Make sure you ask how quickly they generally close and confirm that is compatible with your closing date.
|
|
#
?
Mar 20, 2017 17:13
|
|
|
Mikey Purp posted:We are officially under contract on a house! Very excited to enter into the solemn order of people who hate home ownership. That is highly encouraged and you would be foolish not to shop your loan. Make sure they can close on your date and give you a Loan Estimate (This is a specific form.) Compare all the numbers, and just tell your current person if someone else comes in lower. Sometimes they literally just tack on $1000 in fees in box A for people just like you who don't shop their loan. Box C is where they put their cronies, so if you know a notary who will do the loan for half the price, use them! We got ours for free through work for example.
|
|
#
?
Mar 20, 2017 18:47
|
|
|
Mikey Purp posted:Question is, we are working with a lender right now who has been very helpful and responsive, but the interest rates they've been offering have seemed a little high. Is there anything wrong with contacting other lenders and letting them know that I am rate shopping to see what they can put together, or is that frowned upon? Absofuckinglutely. Always shop around.
|
|
#
?
Mar 20, 2017 20:51
|
|
|
Ok cool, thanks guys. So to do that, am I literally calling and giving my info to every single one of these guys and having them pull my credit etc.? Just trying to gauge if this is what it is or if there's an easier way.
|
|
#
?
Mar 20, 2017 21:54
|
|
|
Mikey Purp posted:Ok cool, thanks guys. So to do that, am I literally calling and giving my info to every single one of these guys and having them pull my credit etc.? Just trying to gauge if this is what it is or if there's an easier way. Yes. It's a handful of pulls all at the same time for a single line of credit. It doesn't impact your credit score (shutup neckbeards) because in the end you only get one mortgage. Your lender will make you sign a form saying those pulls didn't result in a line of credit, this is normal. HUD used to have a form where you would literally fill in three different lenders of mortgages to compare them line by line. This is (likely) the biggest purchase you will ever make, and not shopping it around is just asking to wind up in the Bad With Money thread. This is originating something where you're going to pay someone potentially 6 figures in interest for the privilege of them lending to you.
|
|
#
?
Mar 20, 2017 22:18
|
|
|
I lost a house on Sunday. My wife and I went to see it on an open house. We came home, discussed it, had our realtor submit a full-price offer that evening with 10k escrow contingent on home inspection. We were beat by a all-cash deal at asking price, no inspection, no radon check, no nothing, as-is. Who the hell does something like that? Mob money, Chinese investors?
|
|
#
?
Mar 21, 2017 15:42
|
|
|
The second one.
|
|
#
?
Mar 21, 2017 16:13
|
|
|
DkHelmet posted:Who the hell does something like that? Hot markets like Fort Collins do this all the time. Usually it's 20-30% over asking price as well.
|
|
#
?
Mar 21, 2017 20:03
|
|
|
Question RE: mortgages. We are under contract on a house, have rate shopped and chosen a lender, and have completed the initial application. The thing is, we are still trying to decide whether we would prefer to put down 20% to do a jumbo loan, or if it's worth our while to put more than 20% down to get under the jumbo loan limits and to do a conforming loan instead. Yesterday we locked our jumbo rate and the lender seems to think this route makes the most sense for us (I think that part of it is well-meaning advice and part of it is that his commission is better off of a larger loan), but we'll be meeting with our financial adviser tomorrow to make a final decision. I specifically asked my lender before I agreed to the rate lock yesterday whether or not this would still give us the leeway to switch to a conforming loan at the most up-to-date rates should we decide to do so tomorrow, and he kind of danced around the question before finally saying that yes, they could cancel the rate lock and switch the application to a conforming loan if need be. So my question for those of you with more knowledge and experience than me is, are there any red flags here that I should be aware of? If not, it seems like I may have stumbled into a sweet contingency plan in case rates really poo poo the bed at the end of this week.
|
|
#
?
Mar 22, 2017 19:14
|
|
|
Mikey Purp posted:Question RE: mortgages. We are under contract on a house, have rate shopped and chosen a lender, and have completed the initial application. The thing is, we are still trying to decide whether we would prefer to put down 20% to do a jumbo loan, or if it's worth our while to put more than 20% down to get under the jumbo loan limits and to do a conforming loan instead. Make them give you a loan estimate on anything you want to see, this is part of shopping your loan. If they won't tell them to pound sand. Don't spend all of your savings on down payment. You will find some way to spend several surprise grand on moving in to your house.
|
|
#
?
Mar 22, 2017 19:19
|
|
|
Well, we've got the estimates already and while I understand the reasoning behind not putting down more, it wouldn't be a huge hit for us to do it and if it means saving many tens of thousands of dollars on interest it is probably worth it to us. I guess I'm just asking if there's anything wrong with having a rate lock on one loan, but then cancelling it and locking in another type of loan if rates continue to drop.
|
|
#
?
Mar 22, 2017 19:22
|
|
|
Mikey Purp posted:Well, we've got the estimates already and while I understand the reasoning behind not putting down more, it wouldn't be a huge hit for us to do it and if it means saving many tens of thousands of dollars on interest it is probably worth it to us. I guess I'm just asking if there's anything wrong with having a rate lock on one loan, but then cancelling it and locking in another type of loan if rates continue to drop. Your only risk is not closing on time. Tell them you want to see an estimate if you only need a loan for $X dollars, and do that at the second most promising lender as well so you can compare them.
|
|
#
?
Mar 22, 2017 19:29
|
|
|
DkHelmet posted:I lost a house on Sunday. My wife and I went to see it on an open house. We came home, discussed it, had our realtor submit a full-price offer that evening with 10k escrow contingent on home inspection. We were beat by a all-cash deal at asking price, no inspection, no radon check, no nothing, as-is. I bought my house on an all cash deal at asking, no contingencies, 5% earnest money, relying on the seller's inspection. Radon isn't a thing up here, and the inspection was from a reputable firm. Sealed the deal that day, using only my phone! I am neither a Chinese nor Mafia.
|
|
#
?
Mar 22, 2017 19:35
|
|
|
Subjunctive posted:I bought my house on an all cash deal at asking, no contingencies, 5% earnest money, relying on the seller's inspection. Radon isn't a thing up here, and the inspection was from a reputable firm. Sealed the deal that day, using only my phone! This was a purchase relying on no inspections. Sellers don't inspect in PA.
|
|
#
?
Mar 22, 2017 21:11
|
|
|
My inspector noticed something minor that technically isn't up to code. "You should ask for a hundred bucks to fix it or whatever, and get yourself a TV." The seller's agent was standing right there. What a moron.
|
|
#
?
Mar 22, 2017 22:35
|
|
|
Doesn't matter what he says, if it's not to code, it's not unreasonable to ask for it to be corrected or paid for.
|
|
#
?
Mar 23, 2017 21:08
|
|
|
Large Hardon Collider posted:My inspector noticed something minor that technically isn't up to code. "You should ask for a hundred bucks to fix it or whatever, and get yourself a TV." Is it typical for the seller's agent to be there during the inspection? We had the house all to ourselves
|
|
#
?
Mar 23, 2017 21:18
|
|
|
Drunk Tomato posted:Is it typical for the seller's agent to be there during the inspection? We had the house all to ourselves Our sellers agent was there to let us in, was your house still occupied by the seller?
|
|
#
?
Mar 24, 2017 00:24
|
|
|
Photex posted:Our sellers agent was there to let us in, was your house still occupied by the seller? Yeah, the seller left and our agent used the lockbox
|
|
#
?
Mar 24, 2017 01:11
|
|
|
Drunk Tomato posted:Is it typical for the seller's agent to be there during the inspection? We had the house all to ourselves Ours was all by ourselves, our agent just used the lockbox and let us(and the inspector) in.
|
|
#
?
Mar 24, 2017 04:50
|
|
|
Photex posted:Our sellers agent was there to let us in, was your house still occupied by the seller? In my area a decent chunk of the inspectors go through the background checks or whatever so they can let themselves in as if they were a realtor showing the house. When I had my inspection done it was just me and the inspector.
|
|
#
?
Mar 24, 2017 16:17
|
|
|
Man, even just thinking about buying a new house is giving me a headache. My wife and I are looking to purchase a new home in the next 6 months or so so we've begun process of seeing what we want, can get etc. We make pretty decent money and I am thinking a house in the 280K range would be perfect, but she wants this house for 370K. I basically just gave up right there, even though I know we could afford monthly expenses on the 370k house why the hell would I want to?
|
|
#
?
Mar 27, 2017 22:05
|
|
|
thebushcommander posted:Man, even just thinking about buying a new house is giving me a headache. My wife and I are looking to purchase a new home in the next 6 months or so so we've begun process of seeing what we want, can get etc. We make pretty decent money and I am thinking a house in the 280K range would be perfect, but she wants this house for 370K. I basically just gave up right there, even though I know we could afford monthly expenses on the 370k house why the hell would I want to? This doesn't sound like a home buying issue. 
|
|
#
?
Mar 27, 2017 22:20
|
|
|
You and your wife need to agree on how much you can spend, and stick to that number, before you even look at houses. You absolutely cannot be shopping with a hundred thousand dollars' difference between you and your wife's expectations. Unless she's the one paying for it entirely and you're not on the loan documents or the title and also in a state where your divorce won't land you with half of the loan regardless. e. If it helps, set the terms of the conversation in advance as "what would be prudent to spend" rather than "what is the absolute maximum we guess we might be able to pay for, assuming there are no financial problems in our future." Do not accept any argument that is premised on how nice the house will be or whether or not you love the neighborhood: deciding where and how to live and then attempting to pay whatever that costs is backwards and a surefire ticket to "living beyond your means", and ultimately, financial destruction. Leperflesh fucked around with this message at 22:28 on Mar 27, 2017 |
|
#
?
Mar 27, 2017 22:24
|
|
|
thebushcommander posted:even though I know we could afford monthly expenses on the 370k house why the hell would I want to? Because the $370k house is better than the other one?
|
|
#
?
Mar 27, 2017 22:26
|
|
|
thebushcommander posted:Man, even just thinking about buying a new house is giving me a headache. My wife and I are looking to purchase a new home in the next 6 months or so so we've begun process of seeing what we want, can get etc. We make pretty decent money and I am thinking a house in the 280K range would be perfect, but she wants this house for 370K. I basically just gave up right there, even though I know we could afford monthly expenses on the 370k house why the hell would I want to? Congrats on your new $370K house.
|
|
#
?
Mar 27, 2017 22:37
|
|
|
So how long after signing a PA does it take for the slight nausea to go away? $260k house in a 10 minute bike from downtown having most of the things we wanted and reasonable compromises elsewhere, but Jeezus signing a thing that says I'll pay for something for 30 years is rough. Inspection/Radon test/Sewer Scoping tomorrow - not sure if I should be hoping to find all sorts of issues or not...
|
|
#
?
Mar 27, 2017 22:43
|
|
|
Mutar posted:So how long after signing a PA does it take for the slight nausea to go away? lol right, good one
|
|
#
?
Mar 27, 2017 22:49
|
|
|
Mutar posted:So how long after signing a PA does it take for the slight nausea to go away? The second you have your first major homeowner catastrophe you'll wish for that nausea back.
|
|
#
?
Mar 27, 2017 22:56
|
|
|
thebushcommander posted:Man, even just thinking about buying a new house is giving me a headache. My wife and I are looking to purchase a new home in the next 6 months or so so we've begun process of seeing what we want, can get etc. We make pretty decent money and I am thinking a house in the 280K range would be perfect, but she wants this house for 370K. I basically just gave up right there, even though I know we could afford monthly expenses on the 370k house why the hell would I want to? Being House poor sucks. We've been scoping out bigger houses as well, and while we could "afford" a 350k house, it would put a huge dent in our disposable income. For us it boils down to "do you like taking 2 small and 1 big vacation a year or this house". The 350k house lost. Property taxes here in TX are a bitch too. Well probably look for something in the 250 to 270 range that has the extra space we want.
|
|
#
?
Mar 28, 2017 02:22
|
|
|
Why would you vacation at all once you bought your new coffin? Makes no sense.
|
|
#
?
Mar 28, 2017 02:45
|
|
|
skipdogg posted:Being House poor sucks. We've been scoping out bigger houses as well, and while we could "afford" a 350k house, it would put a huge dent in our disposable income. That's basically my point, to be fair to her, she bought a town house years ago with almost no money down and pays a stupid mortgage. With me on the loan for the 370K house the expenses would be the same as her current place. That's her reasoning because "it's not different"
|
|
#
?
Mar 28, 2017 03:23
|
|
|
HEY NONG MAN posted:Why would you vacation at all once you bought your new coffin? Makes no sense. Also as a new home-slave I'm terrified of being burglarized every time I walk out the door! So guess I'm never vacationing ever again
|
|
#
?
Mar 28, 2017 05:46
|
|
|
This is why people do that weird backyard camping poo poo isn't it? Personally I only go on vacation like once a year, travel sucks and I live in a geographically nice place
|
|
#
?
Mar 28, 2017 05:51
|
|
|
Vacations own and when you travel a lot for work you get to do them for free.
|
|
#
?
Mar 28, 2017 12:19
|
|
|
So my agent contacted me today and we're looking into closing early due to our condo association's FHA status expiring on the 15th (Original closing date was the 24th) The sellers would need to rent probably for the month of April due to not being finished with their closing, pretty normal I am guessing right?
|
|
#
?
Mar 28, 2017 15:04
|
|
|
Photex posted:So my agent contacted me today and we're looking into closing early due to our condo association's FHA status expiring on the 15th (Original closing date was the 24th) The sellers would need to rent probably for the month of April due to not being finished with their closing, pretty normal I am guessing right? What does losing FHA status mean? Will that effect the resale value?
|
|
#
?
Mar 28, 2017 16:30
|
|
|
|
| # ? May 28, 2024 18:11 |
|
|
Photex posted:So my agent contacted me today and we're looking into closing early due to our condo association's FHA status expiring on the 15th (Original closing date was the 24th) The sellers would need to rent probably for the month of April due to not being finished with their closing, pretty normal I am guessing right? I don't know what the first half of that means, but "rent backs" are so common as to be part of RealtorŪ standard forms.
|
|
#
?
Mar 28, 2017 16:39
|
|