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your house isn't supposed to be there which is to say it can be the nicest place you've ever seen, let alone lived, and nature will find a way to try and erase it—maybe quickly, maybe over decades—and your mission is to spend enough money to make sure nature doesn't win while you own the place Toaster Beef fucked around with this message at 20:14 on May 13, 2021 |
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May 13, 2021 20:10
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ThePopeOfFun posted:Plugged stuff into Better.com. Box A is the "Origination Cost" right? And my goal is to get both the APR and "Points" as low as possible? Goal is to get every closing cost box as low as possible (a-i) AND the interest rate as low as possible. All of this is wrapped up into the single apr comparison box calculation on the last page. That rate includes the impact of closing costs and will be higher than the rate of the loan itself. Your goal is to get that number as low as possible. Sometimes buying points isn't worth it.
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May 13, 2021 20:33
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stellers bae posted:Anyone get that thing where the perfect house got away from you and literally every thing you see later can't ever measure up? My unrequited house love I did, and then it came back up for sale again 6 months later FSBO, more than what they bought it for with nothing changed besides carpet gone in one room. The entire situation was real sketchy so I did not end up putting in another offer. Someone bought it and when I was walking by there the other day the new owners were painting the (previously pristine) exterior brick. 
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May 13, 2021 20:38
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With the current mortgage rates in the US what are the thoughts on locking versus letting the rate float for a 30 year mortgage refinance?
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May 13, 2021 21:25
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KS posted:Option 1. You need to keep it under the care of one company so they can't dick around with responsibility for anything that breaks or is damaged. I've moved a dozen times and 2-3 have been catastrophic. The insurance is pretty valuable. Make sure your quote includes full valuation and not the .60c/lb base stuff. Make sure you declare high value items. It looks like I can get indoor 10x25 self storage for ~250/month or so which seems pretty reasonable. And yeah, I just got back from signing documents, so we're pretty much sold/done.  We have an eye-bleedingly expensive 1BR furnished rental (that I haven't actually seen in person), but it's still cheaper than the mortgage, so hey. The thing is I have no idea whether it's going to take us 3 months to buy a house, 6 months to buy a house, 9 months, or a year. Anyone else have opinions on storage? Christ gently caress this process, I didn't even want to move.
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May 13, 2021 21:28
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ohjoshdarnit posted:With the current mortgage rates in the US what are the thoughts on locking versus letting the rate float for a 30 year mortgage refinance? e: nevermind, thought you were talking about a purchase lock, not a floating interest rate like an ARM.
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May 13, 2021 21:36
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I kept my stuff in an outdoor storage unit for about 45 days while moving apartments and everything got covered in dust and sprinkled with a topping of dead spiders. $250/month for indoor sounds ritzy and might even keep the bugs away and/or people from breaking in and stealing stuff.
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May 13, 2021 21:47
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Big McHuge posted:At this point I should just put a disclaimer on all my posts that I can't fire my agent because he's my brother-in-law. Our current goal is just to annoy him to the point where he drops us. Or you should realize that you've pretty well lost all sympathy from those here about a situation with a clear solution that you refuse to take. ohjoshdarnit posted:With the current mortgage rates in the US what are the thoughts on locking versus letting the rate float for a 30 year mortgage refinance? ARMs are exceptionally risky and typically not offered for 30 year loans anymore to my knowledge. People have been playing games with that loan product since forever, and it very often seems to burn the purchaser. Offering poo poo like 5 year interest-only with a balloon payment at the end.
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May 13, 2021 21:51
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I probably wouldn’t consider an ARM right now, because it feels like things can only adjust up from here, but honestly, people said that when rates were in the 4s and now they’re sub-3. There must be a floor somewhere, but 
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May 13, 2021 22:01
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Sorry I didn't mean arm's. I mean I'm working with a mortgage broker wondering if I should pay to lock the interest rate for a 30 year conventional fixed after I was quoted or float the rate and presumably it could change a bit by closing.
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May 13, 2021 22:04
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Really love that listing agents are ghosting our agent because we’re asking questions like “where’s the inspection report”. gently caress this market, it’s bringing out the worst agents who don’t care about anything.
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May 13, 2021 22:16
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Appraisal came back right on the money. Phew.
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May 13, 2021 22:21
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ohjoshdarnit posted:Sorry I didn't mean arm's. I mean I'm working with a mortgage broker wondering if I should pay to lock the interest rate for a 30 year conventional fixed after I was quoted or float the rate and presumably it could change a bit by closing. In that case, no one knows, do whatever you're comfortable with. The rate was flipping 0.5 points for a few weeks when we locked it in and it we got it at a relative high point (3.1) compared to a few weeks prior (2.6) and a few weeks later (2.7), but it looks like it when we close it's going to be back up around 3.1 again.
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May 13, 2021 22:22
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java posted:Appraisal came back right on the money. Phew.  Congrats! That was my biggest fear for us last week and it came in right at what we paid. That was the single biggest relief in the whole buying process. Knowing that the market is insane, at least assessors are taking that into consideration. We close Wednesday and it feels like its taking forever to finally come.
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May 13, 2021 22:39
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Even faker edit: ^^^^^^ also CONGRATS. This hurry up and wait for the appraisal business is fuckin anxiety central.java posted:Appraisal came back right on the money. Phew. We're waiting to have an appraisal scheduled, but I really hope I get to post these exact words in the next 1-2 weeks.  Fake edit: oh yeah, and fuckin CONGRATS.
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May 13, 2021 22:46
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Same for the appraisal, it was the only thing that could possibly skyrocket my closing costs so coming in right at my offer price was sweet. I was so worried. As it is, we close tomorrow AND closing costs are 1k less than I was expecting so hooray for that! The new place has a uhaul out front and it still doesn't feel real yet. Now I'm merely worried about what kind of stupid poo poo is going to get hosed up out of nowhere but at least I think I've got everything covered on my end.
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May 13, 2021 23:02
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We put an offer in on a house 2 hours ago and another house I like more was just listed for $50k less. Stop this ride I want off please
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May 13, 2021 23:08
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I’m very glad I put a cap on my appraisal gap because I’m going to be paying the full thing. Appraiser decided the closest comparable was a house down the road who’s interior hasn’t been updated since the 70s. I’m still (just) under the high end of my cash budget I set at the beginning, so I guess that’s a small win in this market.
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May 13, 2021 23:08
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Tyro posted:We put an offer in on a house 2 hours ago and another house I like more was just listed for $50k less. Stop this ride I want off please Nothing stopping you from putting an offer down on that one, you're not under contract or anything
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May 13, 2021 23:09
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Johnny Truant posted:Even faker edit: ^^^^^^ also CONGRATS. This hurry up and wait for the appraisal business is fuckin anxiety central. Just remember, waiting for the appraisal is the most anxiety you’ve felt in this process so far.
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May 13, 2021 23:10
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Toaster Beef posted:Nothing stopping you from putting an offer down on that one, you're not under contract or anything Yeah we are going to try to go look at it tomorrow in case this offer isn't accepted. I haven't seen it in person yet so who knows maybe it's awful for some reason. We like this first house enough to buy it or we wouldn't have made the offer.
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May 13, 2021 23:13
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Pilfered Pallbearers posted:Just remember, waiting for the appraisal is the most anxiety you’ve felt in this process so far. 
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May 13, 2021 23:14
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Wait until it's closing day and someone at the title company says "Oh we can't find the wire transfer from your bank and Brenda isn't here today". Maybe the entire company shouldn't depend on Brenda being at work. Seriously, we had to sit in the office for like 2 hours while they figured out where the 350K our bank wired them went.
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May 13, 2021 23:15
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Is anyone familiar with Mortgage Gift Letters? I have a family member (mother) who is offering to pay 10% of a down payment (I'm providing the other 10%) not as a gift, but rather as an investment, as they would be getting their money back as part of the purchase price if I decided to sell the home at a later date. The lender I am working with is insisting that I need to provide a gift letter to show that the source of this persons 10% of the down payment isn't being done as part of a loan they took out (it isn't, they have this money in a savings account). I'm in contract on a house right now, and I can't have her give me the money via bank transfer at this stage since money used for a down payment needs to be 'seasoned' money, and she doesn't want to fill out a Gift Letter since everything I have read so far seems to indicate that this would mean she needs to pay taxes on that "gift" since that would imply I am not repaying it. What's odd is that she did this exact same thing in 2018 for another family member (actually paid the 20% down payment since the other family member didn't have enough money for a down payment) but the lender didn't require any such Gift Letter at that point in time.
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May 13, 2021 23:45
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Wicaeed posted:Is anyone familiar with Mortgage Gift Letters? The lender isn't asking that their money isn't itself from a loan, they're asking you to certify that the money you're getting from them is a gift and not a loan--this is important to them because they have assumptions on your debts and probably don't want to share a claim to your house in case you default. FYI calling a loan a gift for the purposes of a mortgage is fraud, and you can get in trouble for this if someone notices.
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May 13, 2021 23:51
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Wicaeed posted:Is anyone familiar with Mortgage Gift Letters? Both my partner and my parents are gifting us money, they found a generic template online, I can find it if you'd like. Maximum gifting in '20 and '21 is $15,000 without paying a tax.
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May 13, 2021 23:54
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Johnny Truant posted:Both my partner and my parents are gifting us money, they found a generic template online, I can find it if you'd like. Maximum gifting in '20 and '21 is $15,000 without paying a tax. Note that this is per person and per recipient. Your parents together can give you $30k in a year and can also do the same for any number of your brothers and sisters or whatever. And the $15k limit is not the limit before tax, it's the limit before you have to report it. There's some multimillion dollar limit of reported gifts before you actually pay taxes. You being the gifter paying taxes that is
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May 13, 2021 23:57
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gwrtheyrn posted:Note that this is per person and per recipient. Your parents together can give you $30k in a year and can also do the same for any number of your brothers and sisters or whatever. And the $15k limit is not the limit before tax, it's the limit before you have to report it. There's some multimillion dollar limit of reported gifts before you actually pay taxes. You being the gifter paying taxes that is  Thanks for that knowledge! I only performed a cursory Google search; depending on the appraisal I may have to take a much better read of it.
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May 14, 2021 00:13
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gwrtheyrn posted:The lender isn't asking that their money isn't itself from a loan, they're asking you to certify that the money you're getting from them is a gift and not a loan--this is important to them because they have assumptions on your debts and probably don't want to share a claim to your house in case you default. FYI calling a loan a gift for the purposes of a mortgage is fraud, and you can get in trouble for this if someone notices.
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May 14, 2021 00:20
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stellers bae posted:Anyone get that thing where the perfect house got away from you and literally every thing you see later can't ever measure up? My unrequited house love Yes and it sold for exactly what I offered and it was in February when I could have locked in at under 2.5%. I’m still mad and everything else definitely felt blasé in comparison.
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May 14, 2021 00:24
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The listing agent that was ghosting my agent finally replied, her phone hasn’t been working well since it went into the ocean in Cabo. Oh and the house doesn’t have a pre-inspection but the sellers will share the offers they receive for full disclosure. So we can either bid without inspection or try to coordinate one in 2 days. Shoot me
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May 14, 2021 01:17
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Tyro posted:Yeah we are going to try to go look at it tomorrow in case this offer isn't accepted. I haven't seen it in person yet so who knows maybe it's awful for some reason. We like this first house enough to buy it or we wouldn't have made the offer. Well we lost out on the first house to an all cash offer and my wife thinks the second is too small so back to square one
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May 14, 2021 02:23
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Glumwheels posted:The listing agent that was ghosting my agent finally replied, her phone hasn’t been working well since it went into the ocean in Cabo. Oh and the house doesn’t have a pre-inspection but the sellers will share the offers they receive for full disclosure. So we can either bid without inspection or try to coordinate one in 2 days. Shoot me Yeah those are the ones I tried to avoid. Watching potential buyers spend $500 on an inspection before even putting an offer in ... with no guarantee you will even be a contender. Saw a lot of them happening.
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May 14, 2021 02:25
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Some questions about mortgage shopping? Is there anything preventing me from locking a rate with another lender after rate locking with a first. I went with a local lender to make us more attractive to sellers and now find that better will give me 2.65 compared to 3.125 with no points down. Can I lock that 2.65 before canceling my loan process with the other lender? Second question, has anyone had problems with Better or other giant lenders making their timeline?
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May 14, 2021 02:42
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The Puppy Bowl posted:Some questions about mortgage shopping? Is there anything preventing me from locking a rate with another lender after rate locking with a first. I went with a local lender to make us more attractive to sellers and now find that better will give me 2.65 compared to 3.125 with no points down. Can I lock that 2.65 before canceling my loan process with the other lender? Until you've signed the loan docs you don't have a mortgage. Locking just pins the loan quote at the moment it was quoted until you do or don't decide to take it.
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May 14, 2021 03:16
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The Puppy Bowl posted:Some questions about mortgage shopping? Is there anything preventing me from locking a rate with another lender after rate locking with a first. I went with a local lender to make us more attractive to sellers and now find that better will give me 2.65 compared to 3.125 with no points down. Can I lock that 2.65 before canceling my loan process with the other lender? Generally you commit financially to paying for an appraisal, credit check fees if you lock in a rate.
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May 14, 2021 03:24
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lampey posted:Generally you commit financially to paying for an appraisal, credit check fees if you lock in a rate. Hmmm, this might depend on the lender and what you agree to. Pretty sure that language wasn't around for any of my rate locks.
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May 14, 2021 03:41
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El Mero Mero posted:Until you've signed the loan docs you don't have a mortgage. Locking just pins the loan quote at the moment it was quoted until you do or don't decide to take it. lampey posted:Generally you commit financially to paying for an appraisal, credit check fees if you lock in a rate. That's what I'd thought but I really appreciate the confirmation. Appraisal was waived by both lenders so that fee is a non-issue.
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May 14, 2021 04:12
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Is it just me or is someone paying half your 20% down payment and then expecting half the proceeds in the future actually kind of a bad deal?
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May 14, 2021 06:48
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stellers bae posted:Is it just me or is someone paying half your 20% down payment and then expecting half the proceeds in the future actually kind of a bad deal? There's nothing "kind of" about it.
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May 14, 2021 07:09
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