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To give you guys an update, I was able to get pre-approved with my income + assets instead of having to do the other types of loans, thankfully. Now to decide on a 7/1 or a 30 year, because the 7/1 is below 4%. (also, to find a house we really want)
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Apr 11, 2018 20:32
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HEY NONG MAN posted:Whoa a house down the street from me just sold for $200k over the asking price. Listing <clap> price <clap> is <clap> marketing <clap> not <clap> economics.
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Apr 11, 2018 21:48
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Subjunctive posted:Listing <clap> price <clap> is <clap> marketing <clap> not <clap> economics. Yeah but when the house sold for $900k in 2018 and was last sold for $400k in 2011, you know something is hosed up. E: lmao it sold for $205k in 2010 DR FRASIER KRANG fucked around with this message at 23:11 on Apr 11, 2018 |
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Apr 11, 2018 23:03
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At what point do I start looking into the financing? I know how it works + what I can realistically afford + I have the pre-approval letter and all that. But when do I pick the mortgage company I expect to finalize with? And is there a well-maintained cheat sheet out there of which financial institutions have what policies beyond the interest rates? I want to specifically pick one that won't penalize me for pre-paying, and if it isn't much of a rate difference one that I know will keep the loan in-house.
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Apr 11, 2018 23:17
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HEY NONG MAN posted:Yeah but when the house sold for $900k in 2018 and was last sold for $400k in 2011, you know something is hosed up. Don't have to tell me. My house is probably up $400K since 2016, and it terrifies me.
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Apr 11, 2018 23:30
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Dilber posted:To give you guys an update, I was able to get pre-approved with my income + assets instead of having to do the other types of loans, thankfully. Now to decide on a 7/1 or a 30 year, because the 7/1 is below 4%. (also, to find a house we really want) Would you be able to comfortably pay the loan off in 7 years with your current income?
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Apr 11, 2018 23:35
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Subjunctive posted:Don't have to tell me. My house is probably up $400K since 2016, and it terrifies me. Zillow just told me my house is worth literally 2x what I paid for it in 2012. I usually laugh it off but seeing a comparable house go for almost a million dollars two blocks from me has me shook.
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Apr 11, 2018 23:43
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Nice humblebrag, guys...
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Apr 12, 2018 00:14
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enraged_camel posted:Nice humblebrag, guys... Should I have pretended it was a smaller amount? The topic was dollar value increases in house prices, and my experience with my house is the only experience I have. It was neither humble nor bragging. I didn’t do anything to earn the increase, so what could I brag about?
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Apr 12, 2018 00:18
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PurpleLizardWizard posted:At what point do I start looking into the financing? I know how it works + what I can realistically afford + I have the pre-approval letter and all that. But when do I pick the mortgage company I expect to finalize with? The prepayment penalty thing will be spelled out in your Loan Estimate. I don't think anyone does that these days on conforming 30-year loans with 20% down sorta thing. If you're putting in offers you should at least run it by a few banks. Once you have an offer accepted you should be serious about rate locks as the clock is ticking. All of the terms will be in the literal mountain of paperwork you get from them. Cheat sheets aren't a thing and the bank doesn't matter it will be sold by the time you make your first payment, and probably again in another few months.
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Apr 12, 2018 00:30
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enraged_camel posted:Nice humblebrag, guys... This is only bragging if you’re selling and moving to an entirely different state. It just means my taxes are going up on assessed value. And not by a little bit.
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Apr 12, 2018 00:32
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HEY NONG MAN posted:This is only bragging if you’re selling and moving to an entirely different state. Taxes generally only go up if your increase is beyond the general increase in your area, no? Selling and renting is a thing, depending on how the rent/buy math works out in your area.
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Apr 12, 2018 00:39
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Subjunctive posted:Taxes generally only go up if your increase is beyond the general increase in your area, no? Generally exceeding the general increase in the area, modified by local governement spending trends. Although if you own in California, you can only get hit by 2% a year on property taxes unless a qualifying event like a sale occurs. Prop 13, BWM: Local Government Finances Edition.
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Apr 12, 2018 00:42
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HEY NONG MAN posted:This is only bragging if you’re selling and moving to an entirely different state. That totally depends on where you are. When you live in a county with a bunch of rich olds that vote you are likely to not get reassessed unless there is a property transfer. Or in my extreme case......at all. Since 1972.
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Apr 12, 2018 00:47
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QuarkJets posted:Would you be able to comfortably pay the loan off in 7 years with your current income? I have the assets to pay off the loan now, but it would generate a sizable taxable event. I'm not planning on being in whatever house we purchase now for 7 years regardless, although if the housing market takes a dump I would be able to hold onto it if necessary. If we are there in 7 years, i expect we'll have refinanced at that point.
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Apr 12, 2018 02:04
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PurpleLizardWizard posted:At what point do I start looking into the financing? I know how it works + what I can realistically afford + I have the pre-approval letter and all that. But when do I pick the mortgage company I expect to finalize with? Not that I know of. Chase just started a thing where first time buyers get a 3k credit towards closing fees, which is nice. You have to do some dumb online course thing for $500 of it.
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Apr 12, 2018 02:29
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Tunicate posted:Not that I know of. Chase just started a thing where first time buyers get a 3k credit towards closing fees, which is nice. You have to do some dumb online course thing for $500 of it. That might actually make their loans competitive.
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Apr 12, 2018 03:02
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Motronic posted:That totally depends on where you are. My property taxes went up literally $1100 two years ago. I’d have to look it up but it was like a 25-30% increase from the previous year.
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Apr 12, 2018 03:06
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Yeah, all the people bragging about houses in their area shooting up in price. I'm secretly hoping that ours doesn't go up anymore, I don't need another bump in our assessment. Our flood just got rezoned and I'm finally paying less on that, I don't need taxes to make up the difference.
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Apr 12, 2018 03:17
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Oh poo poo, I just bought a house. How hosed am I?
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Apr 13, 2018 21:14
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ZachAttack posted:Oh poo poo, I just bought a house. How hosed am I? Totally hosed.
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Apr 13, 2018 21:28
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ZachAttack posted:Oh poo poo, I just bought a house. How hosed am I? My hosed-o-Meter says: extremely
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Apr 13, 2018 21:33
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H110Hawk posted:That might actually make their loans competitive. It worked out to matching the best rate I got from anyone else, but with basically no closing costs. 
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Apr 13, 2018 23:23
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oh gently caress
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Apr 14, 2018 00:04
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Tunicate posted:It worked out to matching the best rate I got from anyone else, but with basically no closing costs. Yeah more power to them if they actually close the loans on time. The big banks tend to not work in markets where a 30 day escrow is the norm.
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Apr 14, 2018 00:32
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Market for my current house is crazy. Didn’t even list it on MLS yet, got a full price cash offer the day after the sign went in the yard. The downside is they want to close in 20 days.
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Apr 14, 2018 02:41
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Are they local or out of state or foreign?
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Apr 14, 2018 03:08
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So how does qualifying for a new mortgage, one that's within your affordability range but just barely, when you already own a home with a mortgage go? My reading online seems to suggest that your current mortgage does count against your debt to income ratio, is that right? Aside from selling the old house first(and moving into a shack?) is that anything that can be done to mitigate the old mortgage? Seems like it'd make upgrading without renting in between houses difficult. The short of my(and my wifes) situation is that for several years now I've been looking into buying raw land and having a custom home built on it, for a variety of reasons actually executing on that desire hasn't been feasible but that'll be changing soon and my hope was to buy land this summer, in cash, and start the planning for a spring 2019 build. Since it's only now that I'm ready to actually start putting money down on the project the last few weeks have been the first times I've earnestly talked to builders and the unfortunate but not especially shocking news is that I need to up our budget $100k to $150k for what I want to build. This isn't ideal but it hasn't killed the project, what it has done though is caused me to start looking at existing homes for sale in a higher price bracket than I had previously. After scouring a whole lot of new options on the market I previously hadn't paid significant attention to I hit on a jackpot, a house which has recently come down in price the same time as my budgets gone up that is frankly, a near as is possible(for a pre-existing home) perfect match for what we want to build, thats in a location that for a variety of reasons is better than any vacant lot we could've possibly hoped to buy. It's literally in a dream location for the locality, in a subdivision that shouldn't exist, in the city but as an island of large residential lots bordered by state and national parkland on all sides where the average home price is 3 times the municipal average yet for some reason in its own tax district with a lowered mill rate. The problem? This is the wrong spring, a 20% downpayment is absolutely no problem, but our income right now and until this coming October is about 2/3rds of what it would've been by the time ground was to be broken on a new house next spring. With the measly amount of debt we currently have not counting our current mortgage(a single car payment) we should still just barely qualify for the mortgage, but if you throw in the debt from our current mortgage? I don't think it'll even be close and this isn't an opportunity I can likely just sit on for 6 months.
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Apr 15, 2018 07:02
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Of course agents pad listing descriptions with all kinds of fluff, but this has got to be the most ridiculous line anyone's ever thrown in to a listing hoping it would sell a house: "Snow seems to melt quicker on the newer sidewalks than it did before."
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Apr 15, 2018 14:48
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Elem7 posted:So how does qualifying for a new mortgage, one that's within your affordability range but just barely, when you already own a home with a mortgage go? This is an extremely common scenario that you are over thinking. Tell them you are getting your down payment from the sale of your old home. Your realtor will write your offers contingent on financing, which is contingent on the sale of your old home. The mortgage company will only fund your mortgage when they see the old one clear. It's just more paperwork and a huge logistical pain in the rear end but most of it is your problem.
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Apr 15, 2018 16:34
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Thanks but I'm not quite sure you understood, we have more than enough for the down payment without selling our old house, the issue is the old mortgage's effect on our DTI. I realize arrangements where the buying of a house is contingent on another house being sold around the same time are common but well, that'd be a massive pain in the rear end as you say and I'm not in a market where I can reasonably expect to list a home and be under contract within weeks unless I want to leave a lot of money on the table. We can afford to do a downpayment and carry both loans for months, or much longer even, off of non-tax advantaged savings, the only issue is our current income is in an expected slump at the moment, a complete non-issue, if we weren't all of a sudden looking to buy a new house a year ahead of schedule. I'll be talking to a mortgage broker/lender of course later this week, just figured it couldn't hurt to get some more info from the thread ahead of then if possible. Also yes the  wasn't really neccessary for my actual question but I figured some people might be curious, and it'd help explain why I'm trying to make what at first glance is a terrible financial decision by rushing into a new house "we can barely afford" when only looking at our current income.
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Apr 15, 2018 19:45
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As far as not selling your current home before a new one, your debt to income will include the full payment (including taxes, insurance, and HOA dues if they apply). You can mitigate this if you have a tenant lined up, but you will typically need a lease agreement drawn up, and a security deposit from your new tenant. In a scenario like that, you would be offsetting the current total payment by the amount your tenant is providing (assuming the amount of rent is supported by a rent schedule). Another situation would be if you had been claiming rental income on your taxes previously, though this would only likely apply if you had a multi unit home, or rented it seasonally/airbnb/vrbo type of things. DTI approvals on conventional products go higher than many people realize, and it is possible you can qualify with two house payments by paying off some small debt (if it applies in your case). Either way, someone looking at a copy of your credit report/income docs will be able to tell you pretty quickly if you need a contingent offer or not.
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Apr 15, 2018 21:30
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Elem7 posted:Thanks but I'm not quite sure you understood, we have more than enough for the down payment without selling our old house, the issue is the old mortgage's effect on our DTI. I realize arrangements where the buying of a house is contingent on another house being sold around the same time are common but well, that'd be a massive pain in the rear end as you say and I'm not in a market where I can reasonably expect to list a home and be under contract within weeks unless I want to leave a lot of money on the table. What is the expected slump in income due to? Is one of you on commission? Seasonal unemployment? Going back to school? Baby? If baby, going back to the same job or a different one? Approved leave or have to re-apply? Any paid leave involved?
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Apr 16, 2018 01:58
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therobit posted:What is the expected slump in income due to? Is one of you on commission? Seasonal unemployment? Going back to school? Baby? My wife took time off to finish up an additional degree in her field(nursing), she'll be finished in August and even if she were to go back to working at her old salary we'd qualify(and actually afford) the mortgage we need. Anyways I ended up getting a call back from a lender today despite it being Sunday and have started the pre-qual process with them. I won't have a real answer till later in the week but the specialist I talked to seemed to think we'll be fine, barely, since we're putting at least 20% down but I'm a bit suspect about getting approved for a loan that size with half our normal income and an existing mortgage. Very bad with moneyish everything else ignored.
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Apr 16, 2018 05:20
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Elem7 posted:My wife took time off to finish up an additional degree in her field(nursing), she'll be finished in August and even if she were to go back to working at her old salary we'd qualify(and actually afford) the mortgage we need. The guideline for standard conforming mortgages under Dodd-Frank is 43%dti, including property taxes, insurance, hoa dues, and all debt payments. Depending on the size of your down payment and your credit scores you may qualify for up to 50%, if you're lender approves it and you meet their guidelines. If you have a small bank or credit union that carries its own paper on mortgages (rare) they may be able to do even more but I wouldn't count on it.
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Apr 16, 2018 05:38
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Elem7 posted:I won't have a real answer till later in the week but the specialist I talked to seemed to think we'll be fine, barely, since we're putting at least 20% down but I'm a bit suspect about getting approved for a loan that size with half our normal income and an existing mortgage. Very bad with moneyish everything else ignored. Remember that these are the same people who will complain about the new regulations in the same breath as doing the very things that tanked our economy. It should shock you the amount of money they will loan you.
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Apr 16, 2018 14:54
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HEY NONG MAN posted:Are they local or out of state or foreign? Out of state, but the market for homes like I currently own is nuts right now. I live in a suburb of San Antonio (Schertz area), and 1 story houses under 200K are selling in 1-3 days right now. I'm close to several Air Force bases so demand has always been high. A strong all cash offer has me moving out sooner than I like, but I rather not deal with the market and constant showings and take the proverbial bird in the hand. The guy's son rents a house in the neighborhood and he's selling is ranch and moving to the area to retire. House never even hit the market. It's funny though, I've lived here 8 years and the first 6 I couldn't have sold this place for more than I paid for it in Jan 2010 (160K), the last 2 years though have been good appreciation wise. Inspection tomorrow and then it's a done deal, close in less than 3 weeks if everything works out. I still wonder if I would have been better off renting instead of buying the last 8 years. This has been a great house though, and we've been very happy with it so it was totally worth it.
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Apr 16, 2018 22:41
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What is the best way to get a house inspected for mold? Not sure the best price for it, and want to make sure we can get an assessment of how bad it is, what needs to be done to remove it, and maybe a cost estimate? Any advice is appreciated, as we probably have it in the master bedroom, the secondary bathroom, and in our addition from several years ago (possibly from a storm?). Something cheap or complementary would be really nice before putting down some real money for a more thorough inspection. Sorry, I hope this is an acceptable place to ask this, I just want to actually ask someone so that it doesn't just fall out of my head again for months. I've heard if it gets airborne, that mold can be dangerous. thechosenone fucked around with this message at 02:02 on Apr 17, 2018 |
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Apr 17, 2018 01:57
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welp, against my better judgement i bought a house today already spent five hours at home depot
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Apr 17, 2018 04:32
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thechosenone posted:What is the best way to get a house inspected for mold? Not sure the best price for it, and want to make sure we can get an assessment of how bad it is, what needs to be done to remove it, and maybe a cost estimate? Any advice is appreciated, as we probably have it in the master bedroom, the secondary bathroom, and in our addition from several years ago (possibly from a storm?). Something cheap or complementary would be really nice before putting down some real money for a more thorough inspection. There are plenty of inspectors out there who will do/specialize in mold inspections. Typically if you can already see the mold, it is less about inspection at that point and more about removal/remediation. Often the inspector will also offer remediation/removal services, but occasionally they won't, so you would want to make sure you know what you are getting upfront. Most mold inspections I have looked at will give you the variety of different types of mold that may be present, along with # of parts/severity. Usually they will include some kind of table to let you know if the trace elements you may have are an issue or not.
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Apr 17, 2018 14:08
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