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Also factor in that even if you close with your local CU they're going to sell that loan ASAP. You're basically taking out an equity based bond on a combination of your credit and the asset being acquired, and that bond will be treated as a security by other financial institutions.
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May 20, 2018 14:59
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EAT FASTER!!!!!! posted:Also factor in that even if you close with your local CU they're going to sell that loan ASAP. You're basically taking out an equity based bond on a combination of your credit and the asset being acquired, and that bond will be treated as a security by other financial institutions. This isn't strictly true. While the majority of mortgages are securitized, some institutions still hold loans on their books. A larger share also securitize the loan but retain servicing, so you can get a Fannie or Freddy backed loan and still make payments to the bank where you took it out. I have worked at two different institutions that retain servicing and got my mortgage from one of them.
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May 20, 2018 21:47
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My boss refinanced his mortgage specifically to stop having Wells Fargo as his servicer and made this explicitly clear to his lender. A month later he gets a letter. Wells Fargo is the new servicer...
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May 20, 2018 22:47
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Lol that’s actually pretty funny.
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May 20, 2018 22:57
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Yup, that happened to a lot of borrowers I dealt with when I worked with a servicer. They would refi and come straight back to us. If you don't want to get called by your servicer, just make your payments on time when you said you would. 
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May 20, 2018 23:03
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crazypeltast52 posted:My boss refinanced his mortgage specifically to stop having Wells Fargo as his servicer and made this explicitly clear to his lender. A month later he gets a letter. Wells Fargo is the new servicer...  "Uh huh, no problem mr boss." *Enters loan into computer alongside the 20 other loans they're processing for sale this month*
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May 20, 2018 23:09
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My aimloan was sold to wells fargo seemingly before I even closed. 2.75% for a 7/1 ARM so I guess I'm not complaining. It took my 16 months to learn my online login.
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May 21, 2018 00:48
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part of wells fargo's pitch to me was that they wouldn't ever sell my loan, which is funny on a couple levels
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May 21, 2018 01:40
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I wouldn't pay extra for it, but I really like being able to deal with my mortgage through my regular bank's online banking. In my case it was cheaper than what a broker could give me because I'm an employee of the bank.
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May 21, 2018 14:55
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The difference isn't enormous, but it doesn't sound like it's worth much of a premium at all anyway to get it through the CU. I am assuming they'll just sell it on immediately, hopefully whoever gets it won't be a tremendous pain (they will).
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May 21, 2018 15:13
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Ashcans posted:The difference isn't enormous, but it doesn't sound like it's worth much of a premium at all anyway to get it through the CU. I am assuming they'll just sell it on immediately, hopefully whoever gets it won't be a tremendous pain (they will). I think most CUs are driving the practice of servicing mortgages sold off to other companies. Their "we're better than banks because we like customer service!" attitude kind of requires being that front-end for loans.
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May 21, 2018 20:50
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My CU services the mortgage but sold the actual mortgage to Fannie Mae pretty much as soon as the ink dried on the paperwork. As a practical matter I deal with the CU for the loan, but as my interaction since the closing is to log into a website and watch them auto-debit my checking account once a month and also get a now-pointless 1098 form once a year, it doesn't really matter.
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May 22, 2018 01:10
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Judge Schnoopy posted:I think most CUs are driving the practice of servicing mortgages sold off to other companies. Their "we're better than banks because we like customer service!" attitude kind of requires being that front-end for loans. AFAICT, penfed both owns and services my mortgage, but that might be because they have some weird non-standard ARM that no one wants to buy (5/5).
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May 22, 2018 01:27
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Update: Just completed my first year of home ownership, spent way too much on smart home upgrades. The good news is my monthly payment went down and I got a $1500 escrow refund this month.
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May 22, 2018 02:14
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My wife works at a CU and they have an awesome employee mortgage program. They hold the loan but unfortunately outsource the servicing to a 3rd party. I don’t think it matters as it’ll be set on autopay so I don’t think we’ll deal with them often. I’m about 3 weeks from being able to lock a 30day rate and stupid rates keep going up.
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May 22, 2018 02:53
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Maybe I’m a bad homeowner but I don’t think about my mortgage payment ever. Like maybe if I lost my job I’d pay more attention? It just auto deducts monthly and I don’t ever bother to verify.
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May 22, 2018 05:13
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Yeah I don't really give a crap who services my loan.
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May 24, 2018 00:39
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Holy poo poo small town hardware stores are expensive And I'm drawn to it like a moth to a flame Why did I buy a house (because fixing my own poo poo rules)
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May 24, 2018 01:30
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Judge Schnoopy posted:Holy poo poo small town hardware stores are expensive cue catastrophic flooding
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May 24, 2018 01:48
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Hauki posted:cue catastrophic flooding caulk your house and float it
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May 24, 2018 05:58
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I'm in the process of picking a mortgage right now and will probably end up going with someone else rather than the guy who did all my pre-auths. My loan officer was helpful and responsive, and I feel a little bit bad for him. Not nearly bad enough to go with a higher rate, but bad enough to throw him $50 or $100 somehow if possible. I'm guessing that it probably isn't though huh.
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May 24, 2018 22:42
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potatoducks posted:I'm in the process of picking a mortgage right now and will probably end up going with someone else rather than the guy who did all my pre-auths. My loan officer was helpful and responsive, and I feel a little bit bad for him. Not nearly bad enough to go with a higher rate, but bad enough to throw him $50 or $100 somehow if possible. I'm guessing that it probably isn't though huh. Write a nice email to his boss or a yelp review and call it a day.
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May 24, 2018 23:00
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See if you still feel the same about them when you start getting calls/texts multiple times a day trying to get you to come back to them.
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May 25, 2018 11:48
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Send him a decent ($20) bottle of wine. It's just business but if you appreciated the service why not?
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May 25, 2018 17:27
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It'd be easier if he turned into a huge rear end in a top hat. I wrote him a nice e-mail that he forwarded to his boss, tossed him a 5 star on yelp, and we said happy trails.
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May 25, 2018 23:08
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Anyone bought or owned a rowhome before? Any additional concerns over a detached home besides the obvious stuff like your neighbor setting their house on fire putting yours at risk?
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May 26, 2018 14:39
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Nitrousoxide posted:Anyone bought or owned a rowhome before? Any additional concerns over a detached home besides the obvious stuff like your neighbor setting their house on fire putting yours at risk? I've lived in one - noise from your neighbors is a huge concern, even when the walls are that nasty old Philly plaster or whatever.
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May 29, 2018 14:16
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Grew up in a philly row home with a drunk father, always felt bad for our neighbors. They'd constantly would bang on the party wall, they could hear everything.
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May 29, 2018 21:21
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Nitrousoxide posted:Anyone bought or owned a rowhome before? Any additional concerns over a detached home besides the obvious stuff like your neighbor setting their house on fire putting yours at risk? You're talking like a side-by-side duplex/quadplex kinda deals? Anecdotally, my last apartment was one of those. My wife and I lived on the end unit. Our next door neighbors were assholes with a child that had some sort of mental issues, and communicated solely via screaming. You could literally hear the kid no matter where you and he were in our respective units. Then one day the family went shopping and left their old WWII era air conditioner running on high. It had no built in GFCI, and the old breaker in the wall fused closed and their apartment lit on fire. Had we been 10 minutes later in getting home, we would've lost our dog to the smoke and probably fire crossing the fire barrier. As it was, after the fire was out, we discovered that they were also hoarders who had filled their place with garbage, and we spent the next month feverishly battling the roaches that were looking for a new home after theirs went Pompeii. Thankfully, we moved out of that hellscape. Completely unrelated, I assure you, but my wife and I are in the beginning stages of getting a house for ourselves, because gently caress renting anymore. Would anyone be so kind as to fill me in a bit on dealing with a mortgage broker? I'm reading a few different things that conflict around the internet. For example, do we have to get a pre-approval before going to one? And I'm assuming it's wise to shop around when looking for one, but what sort of things am I looking for that separate an OK broker from a great one?
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May 30, 2018 01:06
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neogeo0823 posted:Completely unrelated, I assure you, but my wife and I are in the beginning stages of getting a house for ourselves, because gently caress renting anymore. Would anyone be so kind as to fill me in a bit on dealing with a mortgage broker? I'm reading a few different things that conflict around the internet. For example, do we have to get a pre-approval before going to one? And I'm assuming it's wise to shop around when looking for one, but what sort of things am I looking for that separate an OK broker from a great one? First step is to go to whatever bank you're with now and get preapproved. This is a mostly worthless step but you need to attach your preapproval letter to any offers you make. It basically says that a bank thinks they'll probably be able to loan you money and it'll usually show the max that they think you could actually be approved for. Protip: this amount is usually hilariously high and is not what you should be actually spending. You should already know exactly how much you can actually afford to borrow. There's no credit check for a preapproval usually. You're not locked in to any one lender when you get preapproved so just go where you already have your money. Next you go house shopping. Find a house, make your offer and attach your preapproval letter. There's some strategy around the amount you're preapproved for and the amount on the letter you submit so consider your market. For us, we were preapproved for something like $450,000 and were looking at spending $250,000 so we changed the letter we submitted with our offer to say that we were approved for $250,000. My thought being that it would strengthen our negotiating position later when asking for repairs/credits. Once you have an accepted offer, you start shopping for a mortgage. This is where you go to a broker, do a real mortgage app with your bank if you want or hit up Zillow mortgages. You need an accepted offer to begin a full blown mortgage application. I didn't use a broker. A lot of people here like them because they shop your mortgage application around to multiple lenders and can get you the best loan. I feel that brokers are like realtors- they have their own best interests at heart and will get you the loan that gets them paid the most the fastest, not necessarily what is best for you. I shopped myself for a mortgage and went with a local credit union. When I refinanced I used Zillow and got a great rate that way.
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May 30, 2018 19:09
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Nitrousoxide posted:Anyone bought or owned a rowhome before? Any additional concerns over a detached home besides the obvious stuff like your neighbor setting their house on fire putting yours at risk?
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May 31, 2018 01:51
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I am looking at a home in a very new development, a couple phases are not yet complete, that will also be my first experience with an HOA. I asked for the CC&Rs while we were going through the model and she handed me a thumb drive with a bunch of PDFs. Unfortunately the budget and minutes from the last meeting were corrupted or something so I will have to go back but I wanted to ask about what I had. I thought most of the CC&Rs were generic, like restrictions on dog breed/size but my wife was concerned about a few. The majority of units have two car garages and it says garages must be maintained so that two cars can park inside, no workshops etc. Driving through the development it is clear people are parking in their driveways and along the street so I am thinking this is just to prevent a maniac from really going ham with a lift and everything? Is something like that usually enforced? Or does it just depend entirely on the individual HOA? There is also something about getting prior approval for fish tanks. I assumed this was for a Troy McClure situation, and we don't have fish anyway, but my wife thought it was ridiculous. This is just generic language right? The fees are a reasonable $98 or $120 depending on which host mentioned them the separate days we were there and the first phase was completed in 2016. There hasn't been a major issue yet that would drain the HOA but I don't know how exactly "healthy" it is. There are about 125 homes in the development and it is in Southern California. Is the answer to everything here - it depends and nobody can know anything until we can see the docs? I have only ever heard the downsides of the HOA.
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May 31, 2018 03:50
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Felter Chesthard posted:I am looking at a home in a very new development, a couple phases are not yet complete, that will also be my first experience with an HOA. I asked for the CC&Rs while we were going through the model and she handed me a thumb drive with a bunch of PDFs. Unfortunately the budget and minutes from the last meeting were corrupted or something so I will have to go back but I wanted to ask about what I had. I thought most of the CC&Rs were generic, like restrictions on dog breed/size but my wife was concerned about a few. The majority of units have two car garages and it says garages must be maintained so that two cars can park inside, no workshops etc. Driving through the development it is clear people are parking in their driveways and along the street so I am thinking this is just to prevent a maniac from really going ham with a lift and everything? Is something like that usually enforced? Or does it just depend entirely on the individual HOA? There is also something about getting prior approval for fish tanks. I assumed this was for a Troy McClure situation, and we don't have fish anyway, but my wife thought it was ridiculous. This is just generic language right? The thing about HOA's are even if the rules aren't enforced now on anyone, they could suddenly be enforced only on you for any reason. You don't get to argue it and there is no trial. "Oh, Jerry has a workshop in his garage too? Well I haven't seen in it and that's not the issue here. Your sedan was in the driveway last night because you have too many boxes in your garage. That will be a $500 fine, and you better fix it immediately. No, this has nothing to do with the fact that your kids team beat mine in the little league game last weekend and I'm extremely petty." Maybe I'm paranoid but I've met several people who moved into their current house to get away from crazy HOA's. Anything beyond common ground maintenance is too much imo.
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May 31, 2018 03:54
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Felter Chesthard posted:I am looking at a home in a very new development, a couple phases are not yet complete, that will also be my first experience with an HOA. I asked for the CC&Rs while we were going through the model and she handed me a thumb drive with a bunch of PDFs. Unfortunately the budget and minutes from the last meeting were corrupted or something so I will have to go back but I wanted to ask about what I had. I thought most of the CC&Rs were generic, like restrictions on dog breed/size but my wife was concerned about a few. The majority of units have two car garages and it says garages must be maintained so that two cars can park inside, no workshops etc. Driving through the development it is clear people are parking in their driveways and along the street so I am thinking this is just to prevent a maniac from really going ham with a lift and everything? Is something like that usually enforced? Or does it just depend entirely on the individual HOA? There is also something about getting prior approval for fish tanks. I assumed this was for a Troy McClure situation, and we don't have fish anyway, but my wife thought it was ridiculous. This is just generic language right? Don't assume anything. Have an attorney read it. This is literally a covenant on your homes title that allows them to foreclose on you to pay fines and assessments. Reasonableness cannot be known until you see their books. You don't know if they have mandatory amounts in their bank accounts, service contracts, insurance, etc. We also don't know what that provides for you.
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May 31, 2018 04:18
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H110Hawk posted:Don't assume anything. Have an attorney read it. This is literally a covenant on your homes title that allows them to foreclose on you to pay fines and assessments. I worked for a mortgage company and we saw a woman lose her million dollar home because of a $400 HOA fine. If she had told us about it we would have paid it for her, but we only found out after the fact. poo poo is bonkers.
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May 31, 2018 04:49
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Great!!
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May 31, 2018 06:15
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SpartanIvy posted:The thing about HOA's are even if the rules aren't enforced now on anyone, they could suddenly be enforced only on you for any reason. You don't get to argue it and there is no trial. "Oh, Jerry has a workshop in his garage too? Well I haven't seen in it and that's not the issue here. Your sedan was in the driveway last night because you have too many boxes in your garage. That will be a $500 fine, and you better fix it immediately. No, this has nothing to do with the fact that your kids team beat mine in the little league game last weekend and I'm extremely petty." OMG this. So I bought my first house new construction about 8 years ago. I'm buying another new construction house right now, and I've been through the CCR's with a fine tooth comb. Go through everything. Architecture Controls, Design Standards, everything. My Experience with the first HOA was while the builder was in control (which is common until the development is done in my area), no one really gave much of a crap. The HOA manager rolled through the first Monday of the month and only sent out violations for super obvious majorly against the rules stuff. If someone complained they would follow up, but generally they left people alone (both good and bad). About 3 years ago HOA control was passed to the homeowners, people cared for about 6 months and now no one gives a poo poo again. It was a big starter home community (880 homes) with no amenities and a low HOA fee. Not the "my property values" kind of people really. My old HOA basically exists for common area landscaping and to make the hoa management company money. I'm generally a live and let live kind of guy, but these are some things against the CC&R's in my old subdivision that weren't enforced but could be at any time if someone gave a poo poo - Garage's cannot be converted to living areas - several people either converted the garage to living area or had those garage screens installed. One dude had a bigscreen and a hot tub in his. - Trash cans out of sight except between certain hours on trash pickup days - most people left them in front of their house - Very specific approved colors for paint and fence stain - Improvements made without ACA approval - Very specific yard restrictions on material, decoration, plants, etc. Now my new development has a fancy pool amenity center which could cost a bunch of money in the future, but that just comes with the 'hood I'm moving into and it's a risk I'm accepting. It's also more likely some pain in the rear end people will join the HOA board in a few years when the builder hands over control and make life difficult for people. The biggest thing in the CCR's in my new subdivision is limiting the number of pets to 3, a limit on storage shed size, and the placement of portable/in ground basketball goals. Long story short, if a garage workshop is important to you, buy somewhere else.
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May 31, 2018 06:19
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Felter Chesthard posted:I am looking at a home in a very new development, a couple phases are not yet complete, that will also be my first experience with an HOA. I asked for the CC&Rs while we were going through the model and she handed me a thumb drive with a bunch of PDFs. Unfortunately the budget and minutes from the last meeting were corrupted or something so I will have to go back but I wanted to ask about what I had. I thought most of the CC&Rs were generic, like restrictions on dog breed/size but my wife was concerned about a few. The majority of units have two car garages and it says garages must be maintained so that two cars can park inside, no workshops etc. Driving through the development it is clear people are parking in their driveways and along the street so I am thinking this is just to prevent a maniac from really going ham with a lift and everything? Is something like that usually enforced? Or does it just depend entirely on the individual HOA? There is also something about getting prior approval for fish tanks. I assumed this was for a Troy McClure situation, and we don't have fish anyway, but my wife thought it was ridiculous. This is just generic language right? These rules were likely put in place because there was a problem with a previous homeowner running a motorcycle repair shop or to prevent families from living in the garage and then using guest parking. I don't know how the fish would cause problems with neighbors or how that could be enforced. That is not a common rule. The wording of the rules is important too. Maintaining your garage does not mean you can't park in the driveway. I would reccomend looking at another home if the rules are something that affects your use of the property. A common one t o look out for is rental restrictions. It just has to fit with your needs. I don't see either of those rules as problems for most people.
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May 31, 2018 07:57
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SpartanIvy posted:I worked for a mortgage company and we saw a woman lose her million dollar home because of a $400 HOA fine. If she had told us about it we would have paid it for her, but we only found out after the fact. poo poo is bonkers. But I don't feel bad about wealthy people stealing homes from each other
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May 31, 2018 12:24
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You do not meaningfully 'own' your home if you are subject to a HOA It's most of the drawbacks of renting without the benefits
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May 31, 2018 12:47
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