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Mandalay posted:Seems fine to me as long as you don't commit to buying. I had a good experience with better.com - they had a $1000 best rate guarantee at the time. Their rate was not in fact the best, and they actually mailed me a check without much hassle. I was shocked.  but their was the best rate and I re-fi'd with them.
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Apr 25, 2018 23:40
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cr0y posted:First time homebuyer here. Is there any risk in letting rocket mortgage put all my paperwork in front of an underwriter for full approval to get some numbers that I can shop around to other lenders? I dont think they are the best deal but feel like an easy first step to get some real world info to work with in terms of actual money. As long as all your mortgage credit checks are within 45 days it won't result in extra pings. Aimloan is a relatively quick place to get a fairly low estimate. I ended up going with chase instead, but theirs was pretty good and they email you their current rates every day.
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Apr 26, 2018 00:34
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Tunicate posted:As long as all your mortgage credit checks are within 45 days it won't result in extra pings. I was just coming to ask something similar. I was thinking of getting a pre-approval to get an idea of what I could do if I wanted to buy a house in a local market that seems within my reach. Still, that seems a little extreme since I am like 60% sure I'm not quite there even though the calculators say its okay-ish. Is there something more than just the online calculators but less than honest-to-Hoyle preapprovals?
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Apr 26, 2018 01:25
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Stop worrying about little soft hits on your credit. A pre-approval and soft pull doesn't involve bank statements and they can absolutely tell you what their loan will cost w/o a rate lock. It will be within spitting distance of correct and if it isn't gently caress em.
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Apr 26, 2018 02:36
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Sunny Side Up posted:1. With perfect credit, what interest rate would you expect or what would be your target right now for a jumbo loan? (after 20% down payment, loan amount is 440k) Bankrate is showing the lowest right now to be 4.25%. From that report it looks like someone cut a LOT of corners 25 years ago, and that's about to come to roost. Re-flashing windows is not cheap, but it sounds like they're also rotting and need to be replaced soon, which also isn't good. I definitely wouldn't trust the current owner to fix anything since they're incentivized to do the minimum. I would run from this.
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Apr 26, 2018 06:39
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Tricky Ed posted:From that report it looks like someone cut a LOT of corners 25 years ago, and that's about to come to roost. Re-flashing windows is not cheap, but it sounds like they're also rotting and need to be replaced soon, which also isn't good. I definitely wouldn't trust the current owner to fix anything since they're incentivized to do the minimum. I would run from this. I agree with this. The early 90s were bad years for developer-built cookie cutter housing around here, and most seem to have issues like this that nobody in their right mind is going to want to deal with unless they get a pretty significant discount.
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Apr 26, 2018 14:38
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I bought a stucco house and probably spent too much time researching these things. I would not buy that house unless the price reflects the cost of a new exterior and windows. E: and yeah, early/mid 90s was peak time for lovely stucco applications. E2: my mid nineties house originally had eifs. The previous owner had to replace the entire exterior and all windows maybe 17 years after manufacture. gvibes fucked around with this message at 14:53 on Apr 26, 2018 |
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Apr 26, 2018 14:45
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I live in the Pacific Northwest so you would think there just wouldn't be stucco here, but of course some people had to because three wanted to bring California building techniques with them when they came. It was all installed poorly by clueless idiots, and our climate compounded all of their errors.
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Apr 26, 2018 15:13
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here in the swampy south. I have never seen stucco construction, at any price point, that didn't need major rework within a decade or so. Goddamn if the developers don't just keep using it all over the place, though.
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Apr 26, 2018 18:31
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SlapActionJackson posted:
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Apr 26, 2018 18:43
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Sunny Side Up fucked around with this message at 02:18 on May 28, 2019 |
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Apr 26, 2018 19:39
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Also the whole "90s was a bad time for building" is untrue. There's no time or place in history where builders didn't cut corners; the older houses are more reliable because they're the ones that were built right, the rest have all been demolished or fell down or whatever.
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Apr 26, 2018 19:50
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silvergoose posted:Also the whole "90s was a bad time for building" is untrue. The person qualified their comment with “around here” which tells me they probably mean “especially bad” and not just status quo ‘builders cut corners’ bad. But yeah I agree with you in general.
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Apr 26, 2018 19:52
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Slappy Pappy posted:The person qualified their comment with “around here” which tells me they probably mean “especially bad” and not just status quo ‘builders cut corners’ bad. But yeah I agree with you in general. Oh true enough, I'm just being pithy.
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Apr 26, 2018 20:07
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Slappy Pappy posted:The person qualified their comment with “around here” which tells me they probably mean “especially bad” and not just status quo ‘builders cut corners’ bad. But yeah I agree with you in general. Correct. It was a massive housing boom here at the time. Developers literally could not satisfy demand and were pulling all manner of bullshit making cookie cutter developments spring up out of farm fields seemingly overnight. Two of the largest builders were particularly bad, with such famous blunders as "My heating bill was $1,200 the first winter month I was here and I realized they didn't put any insulation in the attic" and "let's hire unskilled labor and give them no supervision and let them improperly install windows without flashing and EFIS the poo poo out of the house with no joints." This is likely the same crews what installed the subfloor without construction adhesive, ring shanks or screw because whatever nails they had laying around that fir in the gun is good enough until the warranty runs out (almost every one of those houses is a mess of squeaky floors). Finish work, other than what the untrained eye could see, was nonexistant (nothing got caulked, bathroom fans vented into attics, etc)
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Apr 26, 2018 20:10
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Hey more than 2 studs per 4x8 piece of drywall is wasteful!
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Apr 27, 2018 23:52
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Elephanthead posted:Hey more than 2 studs per 4x8 piece of drywall is wasteful! You joke, but there was a serious lobbying push to change the IBC (or at least adopt via amendment in this area) non loadbearing wall assemblies that were something like 8 foot spans with a single diagonal brace rather than 16" on center.
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Apr 28, 2018 00:17
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Oh God my offer was accepted. What have I done 
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Apr 30, 2018 14:47
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SpartanIvy posted:Oh God my offer was accepted. What have I done There are at least 100 ways to sabotage the closing so get busy.
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Apr 30, 2018 19:13
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Well, the inspection report came back very positive. The house was down-to-the-studs remodeled last year (took the whole year apparently) so we didn't expect any major red flags, but I was still cautious. But the inspector said the place is basically move-in ready and the only things that need updating are water heater and A/C unit (both old). The attic insulation is also very thin apparently but I'm told that's like $1,000 so it's not a big deal. Considering the place was built in 1968 I'm pretty happy. So... yay? Also can someone tell me what kind of tree this is? 
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Apr 30, 2018 19:44
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enraged_camel posted:Well, the inspection report came back very positive. The house was down-to-the-studs remodeled last year (took the whole year apparently) so we didn't expect any major red flags, but I was still cautious. But the inspector said the place is basically move-in ready and the only things that need updating are water heater and A/C unit (both old). The attic insulation is also very thin apparently but I'm told that's like $1,000 so it's not a big deal. Considering the place was built in 1968 I'm pretty happy. Not to dissuade you but a down-to-the-studs remodel immediately before a sale is something that would scare the hell out of me. Basically the incentives are for cheap work that looks good, quality and durability are not considered important. It probably wouldn't keep me from buying the place but I'd be paying close attention to the details. Also that tree is going to fall on your house one day. They all do.
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Apr 30, 2018 20:04
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Andy Dufresne posted:Not to dissuade you but a down-to-the-studs remodel immediately before a sale is something that would scare the hell out of me. Basically the incentives are for cheap work that looks good, quality and durability are not considered important. It probably wouldn't keep me from buying the place but I'd be paying close attention to the details. Yes, the area I live in is FULL of houses like the one you describe. People buy old houses, gut and remodel the interiors and sell it for substantial markup, and like you say, most of the time the work they do and the materials they use are both barely above passable grade. With this one though the materials they used are all very high quality (expensive quartz for kitchen counters for instance) and the work they did on both cabinets and floors was great. My agent is usually very nitpicky and critical but even she praised the work done.
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Apr 30, 2018 20:30
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What’s your agent’s relationship to the flipper?
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Apr 30, 2018 20:57
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They don't know each other. I was the one who found this house and wanted to check it out originally.
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Apr 30, 2018 21:07
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therobit posted:I would say you want an electrician to bid it. I would think outs a bigger deal than the vent, but probably not a rewire situation. I'm not a contractor but replacing a panel can be pricey if that is truly what needs to be done. Nowhere close to the cost of rewiring the whole house though. Cool, thanks. An awesome update on this: $5,000 to fix the pool, not to mention the GODDAMN TERMITE INFESTATION, which will cost $10k. This is me getting the gently caress outta here.
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Apr 30, 2018 22:26
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enraged_camel posted:They don't know each other. I was the one who found this house and wanted to check it out originally. That neighborhood looks like it is full of serial killers. If that was your motivation then I give my approval.
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May 1, 2018 02:29
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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. therobit posted: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. Welps took longer than expected to hear back but we ended up approved for a VA loan with a DTI of 61%(of gross income) for what would end up being nearly 3/4 of a million dollars for the old house and new. Evidently with VA loans your DTI can be crazy high as long as you have excellent credit, and if you do bring a large down payment, even though its not required for the VA, the funding fee isn't crazy even on large houses. There's hope out there yet for the financially irresponsible. 
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May 1, 2018 04:00
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Tell me about buying a house using a gift from family members as a large portion of your down payment! My grandmother has a CD in my name that's about to roll over and she offered to send it to me instead of renewing it for a down payment on a house, how are underwriters going to look at that when determining my suitableness for a loan? It's about $12k, I can pull $8-10k out of my 401k (is this a good idea to avoid PMI? I'm 30 years old), I'll make about $55k this year and I'm looking at houses in the $85-100k range. I don't really have a ton of money, less than $1k, in savings besides my 401k. I have maybe $1,100 in CC debt and nothing else. I was considering a 15 year term since I should be able to swing the payment with ease, is this a good idea? Should I wait a while and build up some primary savings before going and buying a house?
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May 2, 2018 01:55
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You should absolutely save up more money. I've got 30K in savings going into buying a $150K house at 31 and I feel like I'm leaving myself exposed. What if you get sick, or injured, or lose your job, etc. You'd be stuck with lots of expenses and no money. Also, something is bound to be wrong with the house or go wrong immediately after buying it. You need money for that and it will probably be thousands.
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May 2, 2018 03:12
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rscott posted:Tell me about buying a house using a gift from family members as a large portion of your down payment!
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May 2, 2018 03:16
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rscott posted:Tell me about buying a house using a gift from family members as a large portion of your down payment! I don't really have much in the way of financial advice regarding borrowing from your 401k, but my general feeling is that you should take that CD money and pay off your credit card debt first, which will in turn improve your credit score. Build up your savings for a little while, since buying a house is always more expensive than you think it is. Remember, you'll also end up paying about $3-$5k in closing fees as well. I bought a condo for $83k in December 2016, which is only slightly below your desired price range, and my closing fees were a little over $3k. One thing I'll tell you about trying to find a house in that price range- good freaking luck. It varies from area to area, but in general here in the US it's a red hot seller's market. Affordable housing that's in good condition is like gold. I'm not joking when I say that some places in that price range I looked at were on sale for less than 48 hours before accepting an offer. I don't know what it's like in your area, but where I live (southeast Michigan) houses in that range were either in horrendous condition or they were snatched up quickly on the rare chance they were in good condition. I settled on my condo because I just couldn't find that rare combo of an affordable house in good condition. I'm not saying you can't find a place like that, but I am saying that you'll probably need a lot of patience and a bigger down payment than you're currently planning on making.
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May 2, 2018 03:19
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Wichita's housing prices seem like Flint's except you can actually get a job here, which is why I moved from one place to the other but anyways my plan was to rent a house for a year or so, build up some savings and see if I actually wanted to own a house long term but I received that news more or less out of the blue and I wasn't sure what I should do. Think I'm going to stick to my original plan, you guys are right.
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May 2, 2018 04:10
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SpartanIvy posted:You should absolutely save up more money. I've got 30K in savings going into buying a $150K house at 31 and I feel like I'm leaving myself exposed. What if you get sick, or injured, or lose your job, etc. You'd be stuck with lots of expenses and no money. Also, something is bound to be wrong with the house or go wrong immediately after buying it. You need money for that and it will probably be thousands. I had about 50k in savings, also 31, just bought a $310k house with 10% down and I feel hella exposed right now, but that was pretty much the bottom end of the market here. Also I've already dumped like 5k into making the place habitable, and I'm looking at another 5k to redo the flooring. Luckily I got the seller to cover 7.5k worth of sewer work at closing. rscott posted:Wichita's housing prices seem like Flint's except you can actually get a job here, which is why I moved from one place to the other but anyways my plan was to rent a house for a year or so, build up some savings and see if I actually wanted to own a house long term but I received that news more or less out of the blue and I wasn't sure what I should do. Think I'm going to stick to my original plan, you guys are right. Yeah, if you have no outside pressures on your living arrangements, I'd let that appreciate a little more over the next year, pay off debts, start saving in the meantime and then you should be in a great position at that price point. Hauki fucked around with this message at 05:05 on May 2, 2018 |
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May 2, 2018 05:02
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rscott posted:Wichita's housing prices seem like Flint's except you can actually get a job here, which is why I moved from one place to the other but anyways my plan was to rent a house for a year or so, build up some savings and see if I actually wanted to own a house long term but I received that news more or less out of the blue and I wasn't sure what I should do. Think I'm going to stick to my original plan, you guys are right. This is a good decision. To answer your original question, you and your grandmother would need to both sign some sort of document stating that the money was a gift, not a loan. Nothing onerous, but it'd need to be done. If you get the money now, use it to pay off your debt, and buy sometime in the future, that's less likely to be necessary.
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May 2, 2018 05:13
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Tricky Ed posted:This is a good decision. To answer your original question, you and your grandmother would need to both sign some sort of document stating that the money was a gift, not a loan. Nothing onerous, but it'd need to be done. If you get the money now, use it to pay off your debt, and buy sometime in the future, that's less likely to be necessary. it's called a gift affidavit and it needs to be notarized, btw
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May 2, 2018 05:17
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IME if the gift has been sitting in your bank account for a while then it would just look like your money. A while = 2-6 bank statements minimum depending on underwriter.
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May 2, 2018 09:54
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As far as using gift funds go, typically you need a letter, and proof the funds left the donor account/went into your account. Usually if you bank at the same bank you can just show the bank statements for both accounts showing matching amounts going out/in. Gift letter requirements will vary by loan type/lender, it may be a simple as having an amount, date given, and signatures from all parties, along with language stating you will not have to pay the gift back. Grandma will be seen as an acceptable donor by pretty much all lenders.
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May 2, 2018 13:53
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Ok, thanks for the info. I think I'm going to ask her if she wants to put it in another 12 or 18 month CD and I'll talk to her about it next year when my balance sheet looks better
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May 2, 2018 18:23
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My wife and I are looking at houses. We don't have a huge down payment, but are staying in a price range that I can afford alone (150kish), she'll be working part time in grad school and then back to full time and long term I'm sure we'll be fine. Short term, I'm a little unclear on how to compare lenders. I have preapprovals from three lenders, and I'm trying to better understand the balance between the amount we put down, the amount we owe, and any possibility of rolling some of these costs into the mortgage if that's even an option. One lender only had 700 in fees, but a higher interest (5.2x vs 4.3x) rate. Some were telling me about local programs that could help. I'm ok with the payments on all of these but I don't really understand any of this. edit- reread the OP, i'll ask for that hud form. So I should be comparing final costs as long as I can afford upfront stuff? If we are gonna not keep this super long should I ask for ARM comparisons from them all? Harold Fjord fucked around with this message at 19:00 on May 2, 2018 |
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May 2, 2018 18:56
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Nevvy Z posted:My wife and I are looking at houses. We don't have a huge down payment, but are staying in a price range that I can afford alone (150kish), she'll be working part time in grad school and then back to full time and long term I'm sure we'll be fine. Get a quote through Aimloan (just the instant quote, no personal info, no credit check required, just your state and the loan amount). They give you a table of different interest rate and closing cost options that really helped clarify the decision for me. What you're doing is deciding to buy or sell points. Points are just prepaid interest. If you decide to buy points, you're paying in a set amount (which is shown as a higher closing cost) to lower your interest rate. If you sell points, you're receiving money back from the lender (shown as lower closing costs) that is used to pay the other closing costs, like documentation fees and such. The only thing I don't like about the aimloan table is that they don't show negative (i.e. selling) points, it just goes to 0%, but that's what the lower closing cost options actually are. Then, once you understand that, use a mortgage calculator to get an idea of the total amount you'll pay (and how much of that is equity) for the amount of time you think you'll stay in the house. Maybe play with some best and worst case scenarios. I found that playing with those 2 tools for a while made me comfortable with the decision we ultimately made (didn't buy or sell points). EDIT: Also remember that most fees are negotiable. I got several quotes for loans, used the full loan estimates that listed all the fees and compared them line by line. Any fees that seemed out of whack on my preferred lender, I brought up that they weren't present (or were much lower) with the runner up and vice versa. They ended up matching the lowest fees in almost every case. Grumpwagon fucked around with this message at 19:11 on May 2, 2018 |
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May 2, 2018 19:03
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