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Leperflesh posted:Are you sure you want to buy in a new city with a new job? What if the job doesn't work out, are you going to be able to get a different job in the same city? You could rent a house for a year and wait to see if everything settles in well at the new job, explore the city's different neighborhoods to get a sense of which ones you like, and then when you decide to buy, you won't have that pressure of needing to close quickly affecting your decision-making process in a potentially negative way. Nah im tired of being a renter for lots of reasons, not just “throwing away rent.” Not too worried job wise, its a step up in pay, less toxicity, and opportunity, ill be able to handle it. Ill probably be there for at least 5 years or so if i had to guess.
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May 13, 2018 23:43
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Wife says to stop reading this thread because its killing her buzz 
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May 13, 2018 23:44
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That’s what this thread is for.
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May 13, 2018 23:55
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That's exactly what this thread is for, in fact.
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May 13, 2018 23:59
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You should read the Corporate America thread too. You think buying a hugely expensive house and then a major management change happening four months later and you suddenly being unemployed inside of a year is a thing that happens to other people but would never happen to you. You might be right. But you might be wrong. Your wife wants A New House so that's what you're going to buy but it's probably going to be a disaster in the medium term. I'm not sayin'. I'm just sayin'.
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May 14, 2018 00:16
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On the other hand it'll probably be fine honestly
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May 14, 2018 00:20
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Jose Valasquez posted:On the other hand it'll probably be fine honestly These are the kinds of things that usually are fine. The problem is that when they go wrong it's not just by a little bit. I believe people rate this risk wrong very often, and it's better to go into a situation actually understanding all of the risks.
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May 14, 2018 00:24
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On the other hand I think you should take out a jumbo loan on some new construction.
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May 14, 2018 00:24
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HEY NONG MAN posted:On the other hand I think you should take out a jumbo loan on some new construction. Id be a sucker if i didnt get an interest only loan!
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May 14, 2018 00:30
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Eric the Mauve posted:You should read the Corporate America thread too. You think buying a hugely expensive house and then a major management change happening four months later and you suddenly being unemployed inside of a year is a thing that happens to other people but would never happen to you. You might be right. But you might be wrong. I actually posted in there most of all. Bad things could happen, but they always could. It is a much better step up career wise, even more so from a job security standpoint for reasons im not going to post on a dead gay comedy forum about. Also not looking for brand new houses, dont get me wrong the wife wears the pants, but i keep the wallet in my neon green fanny pack.
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May 14, 2018 00:38
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This economy is now the third longest or second longest up economy in modern American history, I forget which. But people keep acting like we're not due a recession in the next year or two or three. Not that you should try to time a recession, mind you, don't go pulling your retirement money out of the stock market or whatever, just... yeah, don't assume unemployment is now permanently below 4% or something.
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May 14, 2018 00:39
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Leperflesh posted:This economy is now the third longest or second longest up economy in modern American history, I forget which. But people keep acting like we're not due a recession in the next year or two or three. Not that you should try to time a recession, mind you, don't go pulling your retirement money out of the stock market or whatever, just... yeah, don't assume unemployment is now permanently below 4% or something. Not touching my 401k. Paying myself back with after tax money plus interest, gently caress that noise. Not that im super optimistic, but zerohedge etc. has been predicting a cliff for a long time. Also, TN has great bond ratings, i dont know how much id have to be paid to move to Illinois.
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May 14, 2018 00:50
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Does anyone have any good recommendations for online lenders? My wife and I are in the market for a house, and we've already been pre-approved by our bank, but their rates aren't ideal (4.63% interest/4.8% APR including some mortgage points, with 1% origination fees) and that's with both of us being debt free, being able to pay 20% down and very good credit (both of us are 740+) and both of us having good salaries for our area. I'd like to get approved by one or two more lenders just so we have some options and can possibly negotiate rates. I saw Aimloan mentioned a while back, and their closing costs look fairly reasonable with a current 4.5% interest rate with no mortgage points. Are they pretty solid or are there any other lenders we should be looking at online? We might also check out some local lenders as well.
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May 14, 2018 17:15
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ChadSexington posted:Does anyone have any good recommendations for online lenders? My wife and I are in the market for a house, and we've already been pre-approved by our bank, but their rates aren't ideal (4.63% interest/4.8% APR including some mortgage points, with 1% origination fees) and that's with both of us being debt free, being able to pay 20% down and very good credit (both of us are 740+) and both of us having good salaries for our area. I'd like to get approved by one or two more lenders just so we have some options and can possibly negotiate rates. Ive shopped three places for rates, all came in at 4.75%, and am in a similar( i think?) financial starting point for a home purchase.
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May 14, 2018 17:41
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gvibes posted:I am quoting interest rates. ~1300 in fees. An online APR calculator gives me ~4.28% APR.
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May 14, 2018 17:44
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ChadSexington posted:Does anyone have any good recommendations for online lenders? My wife and I are in the market for a house, and we've already been pre-approved by our bank, but their rates aren't ideal (4.63% interest/4.8% APR including some mortgage points, with 1% origination fees) and that's with both of us being debt free, being able to pay 20% down and very good credit (both of us are 740+) and both of us having good salaries for our area. I'd like to get approved by one or two more lenders just so we have some options and can possibly negotiate rates. I liked better.com, but spray and pray a bit. Find a local mortgage broker who can help you out if you are going to have tight closing deadlines. Make sure you get things on Loan Estimate forms. Your big bank is often the worst choice unless they really like you or have some quota to fill.
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May 14, 2018 17:59
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My house purchase was going great until just now, when my lender tells me the appraiser appraised it for 85% of what I offered.  It's definitely worth a bit less than I offered but not that much less. I'm still waiting on the report to see what justified that low ball. The comps that we looked at support my offer. 
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May 14, 2018 19:17
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SpartanIvy posted:It's definitely worth a bit less than I offered but not that much less. Why would you offer more than it's worth, even by a little bit? You aren't a cash buyer so.....is this a hot market or something?
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May 14, 2018 19:59
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ChadSexington posted:Does anyone have any good recommendations for online lenders? My wife and I are in the market for a house, and we've already been pre-approved by our bank, but their rates aren't ideal (4.63% interest/4.8% APR including some mortgage points, with 1% origination fees) and that's with both of us being debt free, being able to pay 20% down and very good credit (both of us are 740+) and both of us having good salaries for our area. I'd like to get approved by one or two more lenders just so we have some options and can possibly negotiate rates. Aimloan was pretty solid to deal with though I didn't end up going with them. They're definitely a good pick if you want to shove a loan estimate in other lenders' faces.
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May 14, 2018 20:10
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Motronic posted:Why would you offer more than it's worth, even by a little bit? You aren't a cash buyer so.....is this a hot market or something? I'm in DFW and it's a hot market. Supply is less than demand, and this house is in exceptional shape and in a good location for me. My offer was fair and under their list price by a decent amount. They had a previous sale fall through early on and I put an offer in when it hit the market for a second time. There were still multiple offers within the day I made mine. E: my realtor thinks he figured out what happened. The appraiser probably pulled comps from a nearby city which is terrible, and houses are like 75% cheaper there because of it. I won't know until we see the appraisal in person though. At the moment I just know the number. SpartanIvy fucked around with this message at 22:15 on May 14, 2018 |
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May 14, 2018 22:11
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Reached out to my lender to confirm they were all set for closing on Friday. They had no idea the closing date changed over two weeks ago. They would have missed closing entirely. Don't trust anybody but yourself to coordinate with literally every party involved to make sure they loving show up.
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May 14, 2018 22:18
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SpartanIvy posted:My house purchase was going great until just now, when my lender tells me the appraiser appraised it for 85% of what I offered. I love talking about how scammy the real estate industry is in general, but there is a special hell for appraisers. They can publish self-contradictory reports with absurd reasoning and still get paid. I got an appraisal once that said in both of two methods of valuation used that the other method of valuation was invalid. There doesn't seem to be a system of accountability.
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May 14, 2018 22:49
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Do appraisers hired by a lender know the details of the offer, or are they required to go in blind? I find it suspicious our appraisal came back $100 off of our offer and have to wonder about inside deals with the bank, knowing the bank will just hire somebody else if appraisals prevent closings.
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May 14, 2018 22:55
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I've seen the report now but haven't had time to review it in detail. Basically he pulled all the comps from the East and South areas of the house which are lovely areas. He completely ignored any comps to the West of it in the nice part of town, except for 1 which is the highest cost house of them, but also appears to have some major issues. Might just cut and run now because even if I pay what I think is fair for it, there's no way I'll ever be able to sell it at anything but a loss down the road with comparables like these.
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May 14, 2018 23:08
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Judge Schnoopy posted:I find it suspicious our appraisal came back $100 off of our offer and have to wonder about inside deals with the bank, knowing the bank will just hire somebody else if appraisals prevent closings. Actually, there is specific law preventing exactly this. Appraisers are, as near as I can tell, unaccountable these days to anyone.
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May 14, 2018 23:12
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My appraisal came in within a couple hundred dollars of closing which seemed a little suspicious, but maybe I just got exactly a fair price.
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May 14, 2018 23:33
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Judge Schnoopy posted:Do appraisers hired by a lender know the details of the offer, or are they required to go in blind? It is typical for appraisers to get a copy of the purchase contract. There is a section on the first page of the most commonly used single family appraisal form that will let you know if they reviewed the purchase contract or not.
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May 14, 2018 23:51
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gtkor posted:It is typical for appraisers to get a copy of the purchase contract. There is a section on the first page of the most commonly used single family appraisal form that will let you know if they reviewed the purchase contract or not. And let's be serious: one of the best data points for what a thing is worth is what someone is offering to pay for that exact thing right now.
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May 15, 2018 00:32
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Judge Schnoopy posted:Do appraisers hired by a lender know the details of the offer, or are they required to go in blind? Both times I bought, the appraiser had the offer letter and knew the contract price. By some coincidence, both times the appraisal came back right at what my offer was!
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May 15, 2018 12:52
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DJCobol posted:Both times I bought, the appraiser had the offer letter and knew the contract price. By some coincidence, both times the appraisal came back right at what my offer was! What other number would have been more accurate?
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May 15, 2018 13:03
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I offered decently under because I knew I was the only competitive offer on a listing that had been up nearly three weeks in a hot market. Appraisal came back at 15k above what I offered
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May 15, 2018 14:57
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Does buying points carry any more value than just borrowing that much less/putting more down? Points don't go towards equity right? so if I have a PMI I should put towards equity instead of buying points? This finance poo poo is confusing. Harold Fjord fucked around with this message at 16:41 on May 15, 2018 |
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May 15, 2018 16:36
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Nevvy Z posted:Does buying points carry any more value than just borrowing that much less? You can run the math and find out, in theory there is an inflection point X years in the future. I think the purchase of points might be tax deductible that first year if you're itemizing. (Not as likely these days.) If you're break even, not really, but there is an argument for a slight advantage to being slightly less leveraged. General guidance knowing nothing about your situation is "don't buy points."
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May 15, 2018 16:42
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Nevvy Z posted:Does buying points carry any more value than just borrowing that much less/putting more down? Not totally clear on what you're asking. Points affect your interest rate. If you see a mortgage at 4.75% being offered with 0 points, or 4.5% with 1 point, it means you have to pay 1 point (percent) of the loan amount to buy down the interest rate from 4.75 to 4.5. You have to run the numbers to see if it makes sense for you or not. Usually it doesn't. If you have PMI, and you want to get rid of it as fast as possible, you need to pay down the principal balance of the mortgage until you get to a 78 to 80% Loan To Value ratio (loan is 78 to 80% of house's market value. Equity is the difference of the value of the home, and the outstanding loan balance. If you owe 80,000 on a house but it's worth 100,000, you have 20,000 in "equity". *note there's more to getting rid of PMI than just paying down the principal in many cases. Depends on your loan.
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May 15, 2018 16:51
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Our offer was 8k below list price, and our appraisal came back 3k over our offer (and therefore 5k under the list price). Super glad we lowballed. The house was originally listed at a much higher price, but languished on the market for about six months and underwent a few price cuts. So the appraisal ended up being 60k under the original list price.
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May 15, 2018 17:05
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So update. The huge discrepancy is because the square footage of the house is wrong in the listing, but also in the county records. It's 20% smaller than everyone thinks and luckily the bank appraiser made his own measurements and caught it. This house has been listed as the wrong size for probably the 70 years it's existed and every owner has been paying that much more in taxes because of it.  So if you take that into account their appraisal is actually pretty close, although I think a bit under still. Just by a thousand or two though.
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May 15, 2018 17:27
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SpartanIvy posted:I offered more than it appraised for, not necessarily more than it's worth. I'm also in DFW. 3 years ago when my appraisal came in low we disputed it and they basically just didn't respond to the dispute *shrug*. They were using comps with an average age of 5-6 months in a fast moving market. Since then the home value has gone way beyond what I paid so I guess I can't complain too much. Also interesting to note that my appraisal came back +100 sqft over what my house was listed at. My realtor told me to keep that handy because I'll want it available when listing the house.
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May 15, 2018 18:02
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the mortgage broker asked me today if i wanted to lock my rate. The rate lock disclosure says we lock it for 10 days, but we won't be closing by then. Is this a trick?
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May 16, 2018 00:58
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Nevvy Z posted:the mortgage broker asked me today if i wanted to lock my rate. The rate lock disclosure says we lock it for 10 days, but we won't be closing by then. Is this a trick? I would ask them why you're only locking for 10 days, see if suddenly it covers your closing.
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May 16, 2018 01:28
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Nevvy Z posted:the mortgage broker asked me today if i wanted to lock my rate. The rate lock disclosure says we lock it for 10 days, but we won't be closing by then. Is this a trick?
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May 16, 2018 02:07
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