|
Dobbs_Head posted:Who quoted you 2.65 %? LoanLock and First State Mortgage, both are on bankrate.
|
#
?
May 5, 2021 15:02
|
|
|
|
| # ? May 15, 2024 16:22 |
|
|
Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me".
|
|
#
?
May 5, 2021 15:59
|
|
|
Big McHuge posted:Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me". If your offer has already been accepted the seller can’t back out. If they accepted your offer all they likely saw regarding finances was a pre-approval letter from whatever bank. It’s always possible financing falls through but that’s why the financing contingency is there and all sellers know this when they accept an offer with financing otherwise they would hold out for an all cash offer. You can and should (pending closing dates) shop around for a day or two with lenders to see what their rates are. Your credit has already been pulled for the pre-approval so it affect your credit. Your REA should also be able to explain this. https://www.google.com/amp/s/www.bankrate.com/mortgages/shop-rates-multiple-lenders-savings/amp/
|
|
#
?
May 5, 2021 16:10
|
|
|
Big McHuge posted:Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me". Scare the seller you mean? Wtf do they care? They don't ever see your mortgage paperwork. Just make sure you move quickly if you have a narrow closing window.
|
|
#
?
May 5, 2021 16:11
|
|
|
Big McHuge posted:Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me". Wait, look bad to who? Little confused here... are you the buyer or the seller? The loan is between the buyer and the lender. The seller only knows/cares when they start having to let appraisers in and fill out forms for title insurance, or when something delays closing and you have to blame the lender. Once an offer is accepted, that's when you "shop." Until that point, there's no property to underwrite against and rates/fees will change daily. You don't want to spend so much time shopping as to risk delaying closing, but this is the ONLY time you can get accurate loan estimates and make lenders fight for your business.
|
|
#
?
May 5, 2021 16:12
|
|
|
H110Hawk posted:Just make sure you move quickly if you have a narrow closing window. This is why we didn't shop around. We had a 21-day window and everything moved freakishly fast. Given that we could only use my credit, I didn't think it'd be worth the legwork to get lower than what I got. In a few years if rates are low enough we'll refinance using my and my wife's credit. By then mine should be much higher, and hers is already close to 800, so hopefully it will work out. You can definitely still do it in a short escrow period, but it'll be tight. If you have 28+ days you should comfortably be able to shop around. For us it just wasn't worth the added stress for the sake of getting 0.1% lower or whatever.
|
|
#
?
May 5, 2021 16:19
|
|
|
So, we went under contract a couple of weeks ago on the place my wife inherited (100+ showings and 28 offers in 4 days - jesus christ), and picked the second highest offer for a couple of reasons, one of which was that they waived their inspection contingency ("informational" only). Insane if you ask me, since we didn't do a pre-inspection, but I'm not gonna tell someone else how to manage their risk profile. So, the "informational" inspection was yesterday and they have the nerve to ask us to fix some stuff/give credits. I mean, I guess it doesn't cost them anything to ask on the chance we decide we would like to give them some of our money for no reason? The only item of any particular note is that the electrical panel is a "Federal Pacific Stab-Lok", which I am now learning appears to have a reputation for being a fire hazard - apparently circuit breakers that don't trip under load are a bad thing! Reading up on this stuff, there are reports that the company defrauded UL to get the thing certified, but the government never mandated a recall and then the company went out of business from all the lawsuits. So, I guess if anyone is putting in offers that waive inspection make sure you take a look at the breaker box during your showing to make sure it's not one of those, because your sellers are likely to tell you to go pound sand if you complain about it after waiving your inspection contingency.
|
|
#
?
May 5, 2021 16:29
|
|
|
To be clear, *I* know that it's preferred to shop around and that a seller can't back out once they accept our offer, I was just looking for some supportive documentation to send to my wife. She's far too trusting of our REA or "the nice lady from the bank" and I'm trying to remind her constantly that everyone in this process is not only dumb but trying to get as much of our money as possible.
|
|
#
?
May 5, 2021 16:32
|
|
|
Big McHuge posted:Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me". For me, shopping around includes getting a estimated rate quote with some basic info, then calling a bunch of other loan officers with the same info and getting a quick rate quote. 10 minute phone calls most of the time. Afterwards, pick like three that are close and give them all the docs they want. Then they’ll all give you full estimates and you can pick apart and negotiate from there. If you’re lucky, one lender will be way better than the others and the others will say “I can’t beat that, no way” and it’s chosen for you.
|
|
#
?
May 5, 2021 16:35
|
|
|
NJ Deac posted:So, we went under contract a couple of weeks ago on the place my wife inherited (100+ showings and 28 offers in 4 days - jesus christ), and picked the second highest offer for a couple of reasons, one of which was that they waived their inspection contingency ("informational" only). Insane if you ask me, since we didn't do a pre-inspection, but I'm not gonna tell someone else how to manage their risk profile. So, the "informational" inspection was yesterday and they have the nerve to ask us to fix some stuff/give credits. I mean, I guess it doesn't cost them anything to ask on the chance we decide we would like to give them some of our money for no reason? Tell them you want an additional 2000 dollars from the buyers for wasting your time or the deal is off.
|
|
#
?
May 5, 2021 16:36
|
|
|
NJ Deac posted:So, we went under contract a couple of weeks ago on the place my wife inherited (100+ showings and 28 offers in 4 days - jesus christ), and picked the second highest offer for a couple of reasons, one of which was that they waived their inspection contingency ("informational" only). Insane if you ask me, since we didn't do a pre-inspection, but I'm not gonna tell someone else how to manage their risk profile. So, the "informational" inspection was yesterday and they have the nerve to ask us to fix some stuff/give credits. I mean, I guess it doesn't cost them anything to ask on the chance we decide we would like to give them some of our money for no reason? The dirty little secret about waiving inspection contingency is it doesn't affect their ability to walk away unless it's a cash offer. They just tank their mortgage application and walk away using the financing contingency. Or in this case, the insurability clause might get them out as I'm pretty sure there are multiple insurance companies no longer insuring homes with those panels. Waiving inspection just means the dance over minor stuff goes away. If they find major stuff you can totally expect it to fall through. This is an interesting one because it's a minor cost, but they likely won't be able to close with it there if they can't find homeowners insurance.
|
|
#
?
May 5, 2021 16:37
|
|
|
Big McHuge posted:To be clear, *I* know that it's preferred to shop around and that a seller can't back out once they accept our offer, I was just looking for some supportive documentation to send to my wife. With this context I don't think "supportive documentation" on loan shopping is going to help. Your wife seems be be under the impression that the people involved in this transaction are doing her a favor or something. She absolutely doesn't realize that she's the customer and vendors must be treated like vendors if you don't want to get taken advantage of, and that's a whole lot more than loan shopping. KS posted:This is an interesting one because it's a minor cost, but they likely won't be able to close with it there if they can't find homeowners insurance. Where do you live that homeowners insurance does an inspection of the house before writing a policy? Or ever, other than a drive-by or potentially walking the yard?
|
|
#
?
May 5, 2021 16:41
|
|
|
Big McHuge posted:Is there a resource I can point my wife towards that will ease her fears about shopping for a mortgage once an offer is accepted? She's under the impression that it will "look bad" and "scare the buyer", which are things that I don't care about but I'm sure that an authoritative source would do a much better job of explaining it to her as opposed to me saying "no just trust me". Why wait? A bunch of the big players (Rocket, US Bank) start underwriting before an offer is accepted, which means less stress and faster closes. Seems like she's right for the wrong reasons. Motronic posted:Where do you live that homeowners insurance does an inspection of the house before writing a policy? Or ever, other than a drive-by or potentially walking the yard? Florida. KS fucked around with this message at 16:50 on May 5, 2021 |
|
#
?
May 5, 2021 16:44
|
|
|
Motronic posted:Where do you live that homeowners insurance does an inspection of the house before writing a policy? Or ever, other than a drive-by or potentially walking the yard? my home insurance application had specific questions about active K&T wiring and the age / amperage of the breaker panel
|
|
#
?
May 5, 2021 16:53
|
|
|
Maybe I misread something at some point (I've forced myself to try and learn as much as possible over the past month or so). I'm under the impression that the process flow is like this: Obtain a pre-approval from a lender (we've completed this part of the process) Find a house Make an offer Offer is accepted Shop around to different banks to find the most favorable rate/deal Sign loan paperwork and close on house Change locks immediately Do I have something out of order there?
|
|
#
?
May 5, 2021 16:56
|
|
|
Big McHuge posted:Maybe I misread something at some point (I've forced myself to try and learn as much as possible over the past month or so). More or less. I would just pull 2 other loan estimates and find out how far off you are. If it's a small spread then consider the marital bliss element if *your* lender tanks the deal on the house.
|
|
#
?
May 5, 2021 16:58
|
|
|
KS posted:Florida. Then it's probably good for you to recognize that your experience is that of an outlier area in this regard. That's not typical.
|
|
#
?
May 5, 2021 17:01
|
|
|
Motronic posted:Then it's probably good for you to recognize that your experience is that of an outlier area in this regard. That's not typical. I've also seen some people get snagged in random inspections. Company pulls one in a thousand or whatever and goes out to fine tooth comb it, or just asks for proof their 1940's home doesn't have a stablok/zinsco panel. Still an outlier but it's not totally crazy town. More common is the roof because they can eyeball it from the road. Probably has a lot to do with what's in the CLUE report for that address and you personally.
|
|
#
?
May 5, 2021 17:07
|
|
|
Got a preapproval from Redfin at 2.875% at zero points. More than .4% better than my bank. I know it doesn't really matter at this juncture since we haven't had an offer accepted but I am going to hammer the poo poo out of them the instant we're under contract.
|
|
#
?
May 5, 2021 17:11
|
|
|
KS posted:The dirty little secret about waiving inspection contingency is it doesn't affect their ability to walk away unless it's a cash offer. They just tank their mortgage application and walk away using the financing contingency. Morbid curiosity here: how does this work? Do you just tell your mortgage officer to not approve you? Do you tell them you're buying a Ferrari? Do you actually buy the Ferrari?
|
|
#
?
May 5, 2021 17:27
|
|
|
Residency Evil posted:Morbid curiosity here: how does this work? Do you just tell your mortgage officer to not approve you? Do you tell them you're buying a Ferrari? Do you actually buy the Ferrari? I'd bet just withholding your paystubs or something would do it
|
|
#
?
May 5, 2021 17:33
|
|
|
Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties. As a bit. https://www.redfin.com/NC/Greensboro/3411-Gaston-Rd-27407/home/94688318
|
|
#
?
May 5, 2021 17:37
|
|
|
Just “forget” to send some things until the financing contingency expires.
|
|
#
?
May 5, 2021 17:37
|
|
|
The Puppy Bowl posted:Got a preapproval from Redfin at 2.875% at zero points. More than .4% better than my bank. I know it doesn't really matter at this juncture since we haven't had an offer accepted but I am going to hammer the poo poo out of them the instant we're under contract. Yeah man, I just closed at 3% with them, it was a smooth process. They only have a couple loan officers in my state apparently, I liked the guy I worked with. I think condos are usually 1/8th of a % higher so right at what you're getting for what I'm assuming is a SFH.
|
|
#
?
May 5, 2021 17:37
|
|
|
GEMorris posted:Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties.
|
|
#
?
May 5, 2021 17:51
|
|
|
GEMorris posted:Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties. That library and the kitchen/fireplace  I've always loved those swivel things in fireplaces for giant pots.Fake edit - although I hate that peach coloured paint literally everywhere. Libraries should be dark and ominous and wood paneled!
|
|
#
?
May 5, 2021 18:00
|
|
|
Dik Hz posted:I know a couple people who own houses in that neighborhood. Free front-row seats to the Wyndham PGA tour event. It's a pain to drive around that neighborhood that week, though. Also add 10 minutes to your commute to anywhere from there because they intentionally made the streets not connect to anything. How long ago was gate city blvd built? It seemed pretty easy to get into and out of sedgefield (at least to this house) the couple of times we visited so far. Lidl and Harris Teeter are like 5 minutes door to door, Target, Costco, and HD/Lowes are like 15min according to google maps. All better or equal to travel times for our current Raleigh home. We haven't really "returned to normal" and don't plan to til a vaccine exists for kids, so distance to these basic suburban staples and the airport is all that really matters to us for the foreseeable future. Can image I will need to stake & rope off the yard during the Wyndham tho, given we're gonna be right at a green.
|
|
#
?
May 5, 2021 18:01
|
|
|
GEMorris posted:Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties. It looks like someone did a whole lot of smoking in that basement. If it stinks down there, replace all those acoustic tiles, wash the walls with TSP real good, hell wash everything you can with TSP, lay down a layer of KILZ on the walls, and then repaint the walls. Those walls look just like my grandparents living room when they moved and took down all the pictures. They smoked 2 packs a day each.
|
|
#
?
May 5, 2021 18:03
|
|
|
skipdogg posted:It looks like someone did a whole lot of smoking in that basement. If it stinks down there, replace all those acoustic tiles, wash the walls with TSP real good, hell wash everything you can with TSP, lay down a layer of KILZ on the walls, and then repaint the walls. Sadly it's probably worse than that, the efflorescence on the concrete block in the unfinished portion of the basement, and the fact that the previous owners were ideologically opposed to gutters because they weren't on the original Lightfoot House means the basement has definitely seen some moisture (was dry while we were there, there is an appropriately sized dehumidifier unit). We're going in expecting to rip out the entirety of the finished basement and add copper gutters that at least fit in with the aesthetic and quality level of the house. My hope is this plus an interior moisture barrier will be sufficient, but we may have to do exterior mitigation/coating which would be $$$. Fingers crossed but this *type of thing* is incredibly rare in the south and was absolutely unobtanium for us in the triangle market.
|
|
#
?
May 5, 2021 18:08
|
|
|
GEMorris posted:How long ago was gate city blvd built? It seemed pretty easy to get into and out of sedgefield (at least to this house) the couple of times we visited so far. Lidl and Harris Teeter are like 5 minutes door to door, Target, Costco, and HD/Lowes are like 15min according to google maps. All better or equal to travel times for our current Raleigh home. We haven't really "returned to normal" and don't plan to til a vaccine exists for kids, so distance to these basic suburban staples and the airport is all that really matters to us for the foreseeable future. GEMorris posted:Can image I will need to stake & rope off the yard during the Wyndham tho, given we're gonna be right at a green.
|
|
#
?
May 5, 2021 18:16
|
|
|
GEMorris posted:Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties. drat that is a very nice house. 10/10 would live in. Seriously though, I know it’s a reproduction but it’s really nice seeing a place that at least looks like it has character. The brick fireplace/library areas are excellent.
|
|
#
?
May 5, 2021 18:24
|
|
|
That's a real nice place. Good job! Because i have been cursed to see flooring cosmetic issues now, are you planning doing on anything with the areas that have worn-through finish?
|
|
#
?
May 5, 2021 18:39
|
|
|
In thread-title anecdote news, today I went to a house showing where the key in the realtor gadget only opened the deadbolt, not the doorknob. While my realtor contacted the listing agent, I watched 5 buses stop at the train tracks the back yard borders. I realized I'd never enjoy my backyard and immediately said "not this one." Never even went in the house. edit: I was actually kind of interested in the location because it was a block away from a bus transfer point, but that was not a perk at all!
|
|
#
?
May 5, 2021 18:52
|
|
|
GEMorris posted:Buying a 20th century reproduction of an 18th century house just so I can drone on and on about the difference between simulation and simulacra at cocktail parties. Can’t wait to leave Denver to move somewhere my cash gets me this far
|
|
#
?
May 5, 2021 18:53
|
|
|
Inner Light posted:That's a real nice place. Good job! Because i have been cursed to see flooring cosmetic issues now, are you planning doing on anything with the areas that have worn-through finish? We may do a scuff and refinish before moving in, but as we have two large dogs and love the "lived in" aesthetic when it comes to face-nailed pine flooring, probably not much until we either don't have dogs or plan to leave.
|
|
#
?
May 5, 2021 18:58
|
|
|
hobbez posted:Can’t wait to leave Denver to move somewhere my cash gets me this far Here's me crying looking at similar houses in Denver.
|
|
#
?
May 5, 2021 19:05
|
|
|
I’m 25 days from closing and after the appraisal and resulting decrease in loan amount, Better jacked up the closing costs by $2K. I posted about this earlier, but my update is that I’m shopping around and sent my best competing Loan Estimate for them to beat. Should be hearing back from them today.
|
|
#
?
May 5, 2021 19:09
|
|
|
hobbez posted:Can’t wait to leave Denver to move somewhere my cash gets me this far
|
|
#
?
May 5, 2021 19:09
|
|
|
hobbez posted:Can’t wait to leave Denver to move somewhere my cash gets me this far We live in Orlando, FL now, but my wife went to college in Cleveland and lived in Coventry/Cleveland Heights. We hate the winter, but that kind of money will buy you an insane place there. For example: https://www.redfin.com/OH/Cleveland-Heights/12745-Cedar-Rd-44106/home/66464425 And I know I may be broke brained, but I actually liked Cleveland when I've gone there...
|
|
#
?
May 5, 2021 19:11
|
|
|
|
| # ? May 15, 2024 16:22 |
|
|
Dik Hz posted:That's one of the snobby upper-crust neighborhoods of the Piedmont Triad. Your money goes even further in the surrounding community. And here I am in the triangle with a generic subdivision shitbox for about 3/4 the price. House like that around here would probably go for nearly $1M right now. No wonder OP is trying to get away from here. edit: spot checked, maybe closer to $750k, but still at least 20-30% higher than what it is. DaveSauce fucked around with this message at 19:20 on May 5, 2021 |
|
#
?
May 5, 2021 19:12
|
|