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7 bedrooms? Holy gently caress man.
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Mar 30, 2022 17:16
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And it actually has enough parking for that many bedrooms! It was all of 50k more than the 2 and 3 bedrooms I was looking at is the part I find the most hilarious. And it also doesn't seem to need any major work - we'll see how inspections go, of course, there's still time for this all to fall apart if those come back bad. Oh, and the location! It's downtown in the city right next to everything, 10 minutes from a regionally acclaimed university, 5 blocks walking distance from a wilderness reserve with good hiking trails, and a 10 minute drive from the cities central major park. Only drawback is that the local school system is apparently absolute poo poo and there's minimal yard, but one of the benefits of shared custody is that we can just use his mom's address to determine that, which we are already doing anyway.
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Mar 30, 2022 17:19
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KYOON GRIFFEY JR posted:guten tag I had a moment of brain scramble looking at that address on Chandler Street in Boston because at one point in my search I was looking at a house on Boston Street in Chandler (AZ) House purchase closes tomorrow. I signed the paperwork Monday and am sending in the last of the closing cash today. Got to do a walkthrough yesterday to check if they had replaced the bum windows (they had) and it was the first time I have seen it without their furniture in it. I found a pleasant surprise in the walk-in closet.  a 24 port patch panel, with two runs of cat5e running to every room in the house. they also left behind their Nest system stuff, with thermostat, doorbell, and cameras. It's got fiber to the house (rare in this area) and is thus far looking pretty good. A few unpleasant surprises too. One of the rooms smells a bit like dog pee. We had planned on repainting some of the rooms eventually, but with the stuff off the walls they look rougher than expected and now it's more urgent. The baseboards are the chonky squared kind and some of the long runs have some bad scarfing joins that need to be cleaned up. Nothing big, really.
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Mar 30, 2022 17:22
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~1400sqft 2bed/2bath townhomes in Seattle are running about $800k: https://www.zillow.com/homedetails/6-Lake-Bellevue-Dr-APT-203-Bellevue-WA-98005/48908031_zpid/ https://www.zillow.com/homedetails/2325-Harbor-Ave-SW-UNIT-B1-Seattle-WA-98126/2123609533_zpid/ Enjoy your electric baseboard heating, no AC, and $500+/month HOA fees at that price. Thankfully plenty of decent non-townhome 2bed condos in the 800-1000 sqft range can be found for ~$400k. That's the market I'm looking at, and I can afford that. But I suspect that I'll be forever priced out of owning a decent place here if I don't buy within the next year.
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Mar 30, 2022 18:10
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Kefit posted:~1400sqft 2bed/2bath townhomes in Seattle are running about $800k: For anyone wondering, that 2BR is walking distance to downtown Bellevue, including the big skyscraper where Microsoft houses most of their AI research teams plus a bunch of Amazon offices. Bellevue has been one of the hottest markets in the world for the past year, the median home price exceeds Manhattan's. That 2BR is in an excellent location for rich tech workers, basically If you're looking in Bellevue then I think you're right, the market is going to continue going crazy there. QuarkJets fucked around with this message at 18:25 on Mar 30, 2022 |
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Mar 30, 2022 18:17
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Pretty sure Bellevue is more expensive than Seattle proper now
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Mar 30, 2022 18:21
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Yeah, the market for single family homes in Bellevue and other desirable eastside areas (Kirkland, Redmond) is completely insane. I count myself lucky that condos are still relatively attainable and that I never plan to start a family.
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Mar 30, 2022 18:34
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laxbro posted:Getting a little worried about rising rates. I have 20% saved as a down payment and am targeting homes around 700k. Unfortunately prices have floated up to ~750k+ in our desired neighborhood which would have been doable at <3% rates but now is untenable at >5%. My real estate agent is convinced that prices will come back down over the summer as some of the demand pressure eases. Fortunately our lease doesn't end until September and I'm researching short-term rental options in our area. Try to research what kind of PMI you'd be paying at 15% or 10%, it may be less than you were expecting. There's no shame in paying less than 20%. For my first home I used a 401k loan to make that 20% mark but I wish that I had just paid PMI. Still better than taking an IRA withdrawal but definitely not the best choice for the situation
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Mar 30, 2022 18:42
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Just doing some rough math to figure out if it's better to prioritize buying discount points vs more money down. Discount points pretty clearly comes out on top, so I'm going a little further to turn it into an annual percentage return on capital versus what you might expect from the S&P. So assuming you pay 1% of the loan amount for a 0.25% discount on the interest rate. Let's say loan of $250,000, mortgage rate of 4.50% for 30 years. I'm getting an annual percentage return of 5.72% after 30 years for each point purchased, which is pretty good and not terribly far off from the S&P historically. Of course you don't get the initial investment back with points, so there's a breakeven period of about 5 and a half years. I got 3.5% over 30 years for the annual return on down payment, which has no breakeven. Just wanted a sanity check if that's in the ballpark.
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Mar 30, 2022 18:43
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QuarkJets posted:Try to research what kind of PMI you'd be paying at 15% or 10%, it may be less than you were expecting. There's no shame in paying less than 20%. Agreed, that's basically what I'm trying to figure out in my post above. Money down has a pretty poor return compared to discount points. I'm aiming for putting down as little as I possibly can. I'm in a LCOL area though, so YMMV
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Mar 30, 2022 18:45
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Baxate posted:Just doing some rough math to figure out if it's better to prioritize buying discount points vs more money down. Discount points pretty clearly comes out on top, so I'm going a little further to turn it into an annual percentage return on capital versus what you might expect from the S&P. Yeah points are great if you know for sure that you're going to live in the same house for 30 years while never refinancing. IIRC the median is 13 years, which will come out profitable but probably not as profitable as just buying stock market mutual funds. Discount points can be cool but it's all YMMV It's good that you're doing the calculations, I'm not sure what the right answer is
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Mar 30, 2022 18:53
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Pollyanna posted:Jesus wept, that poo poo would be like a million plus in my immediate area. I just picked this one out at random, but here's the type of poo poo we have to deal with in Toronto: https://www.realtor.ca/real-estate/24036908/35-day-ave-toronto-corso-italia-davenport Median household income in that city council ward is probably about $75,000 (Canadian). ...I think I just figured out why no Canadians post in this thread.
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Mar 30, 2022 19:00
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QuarkJets posted:Yeah points are great if you know for sure that you're going to live in the same house for 30 years while never refinancing. IIRC the median is 13 years, which will come out profitable but probably not as profitable as just buying stock market mutual funds. I did a few calculations, and there is definitely a curve to it, yeah. I only checked at 10, 20, and 30 years because I didn't want to figure out the algebra to find the peak return. At 20 years it was a 6.5% return. I think it starts dropping off because you're saving a fixed amount every month, and you aren't saving more as time goes on. But yeah, that's a pretty good for a guaranteed return. You can't necessarily assume mutual funds will match that.
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Mar 30, 2022 19:06
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canyoneer posted:I had a moment of brain scramble looking at that address on Chandler Street in Boston because at one point in my search I was looking at a house on Boston Street in Chandler (AZ) I had to laugh because thanks to growing up near that area, I had a good guess at what the second half of the sentence was going to be.
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Mar 30, 2022 19:18
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Baxate posted:I did a few calculations, and there is definitely a curve to it, yeah. I only checked at 10, 20, and 30 years because I didn't want to figure out the algebra to find the peak return. At 20 years it was a 6.5% return. I think it starts dropping off because you're saving a fixed amount every month, and you aren't saving more as time goes on. Some quick reminders about discount points: They could go to waste if you move or refinance before the breakeven point. So not only does the average person only stay in one house for 8-13 years (depending on who you ask), but there's also a non-zero chance that you'll refinance. Long story short, don't assume that you'll have this loan for the next 30 years, because odds are you won't. We didn't buy points for our original loan, but we picked the loan with a lowest rate even though the closing costs were higher than others. This was in 2016, and we thought our 3.625% 30-year was rock bottom and would never be beat... and then we refinanced about 1.5 years ago at 2.615%. So that's something to think about. Not that you shouldn't buy points, but that it's always a gamble because who knows what the future holds. Re: PMI: It's not all bad. It's a completely sunk cost that doesn't directly benefit you, true, but the alternative is to wait until you have 20% to put down. It's possible that the market appreciation will outpace your savings, or interest rates will go up and cost you more than PMI would have if you bought today. Some things to think about are that PMI goes away eventually. If values keep going nuts, you could pay for an appraisal and drop it (edit: make sure you work with your lender first, they won't accept any random appraisal). Or if rates go down you could refi in a few years and save on both interest AND PMI. Worst case, PMI automatically drops off at 78% LTV or less, but more importantly that number that is based on when you take the loan, not on "current" LTV. So if values drop and interest rates go up there's still a light at the end of the tunnel. DaveSauce fucked around with this message at 19:27 on Mar 30, 2022 |
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Mar 30, 2022 19:22
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IOwnCalculus posted:I had to laugh because thanks to growing up near that area, I had a good guess at what the second half of the sentence was going to be. Downtown Chandler has The Perch Brewery which is the #1 place to eat a burger while being screamed at by a Cockatoo.
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Mar 30, 2022 19:24
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GlyphGryph posted:....But now I also need to run the numbers again and make sure I can actually, no questions ask, afford it even if that doesn't happen, and I need to do that before mailing the check later today. Maybe this varies state by state, but in PA if your offer is accepted and signed, you're already at the point where they could sue you if you back out. The only time you're allowed to back out without that being a possibility is [x] number of days after your inspection (should say the number of days on your contract) or if a big appraisal gap comes up down the road. It's your contract though- in your state that might not kick in until you hand over the check for the earnest money. I'd still re-read it before deciding not to send in a check if you end up considering that.
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Mar 30, 2022 19:27
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Its possible my realtor has explicitly lied to me and I'd be hosed, absolutely, when he told me I was good until the stuff that's happening next week. But hopefully not the case? I did do the numbers and they are fine, manageable if unpleasant even in the worst case scenario. If I end up in that scenario I've absolutely made a terrible mistake but I won't be unable to make payments and I'll still have money left over for (probably insufficient, but existing) repair budget on top of everything else that might cost money. But hopefully the worst case scenario of failing to rent out even a single room ever is not going to happen, considering the location. Even if I rent out a single room for like $400 a month or some other rock bottom price then suddenly the whole thing becomes very comfortable again, I just wanted to make sure that even if that didn't happen I'd still be okay. (the going rate for even the cheapest room in the area is $600) GlyphGryph fucked around with this message at 19:51 on Mar 30, 2022 |
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Mar 30, 2022 19:43
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GlyphGryph posted:Its possible my realtor has explicitly lied to me and I'd be hosed, absolutely, when he told me I was good until the stuff that's happening next week. But hopefully not the case? In before the possible dogpile: you might just be describing the situation in shorthand, but this statement is a big red flag. Your realtor's interests are not aligned with yours, and you shouldn't be just trusting him to interpret legal documents for you - that's what a real estate attorney is for (and also you should've read anything you signed). Sure, your realtor may know what he's talking about and be honest, but it's not a smart idea to rely on that assumption.
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Mar 30, 2022 19:56
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^^ Gah, real estate attorney. That’s another thing I need to remember. So many goddamn people involved. Oof, I dunno if I could handle the stress of finding and managing roommates. I’m happy on my own. What happens if an agent or a loan officer asks if I have supplemental income (e.g. annual bonus, RSUs) or other funds (e.g. nonretirement brokerage account where I parked a bunch of said RSUs)? Do I have to be totally honest about every potential source of funding, or can play that close to my chest? Bonuses and company stock are volatile and I don’t consider them regular monthly income, and I haven’t committed to dipping into my nonretirement investments, so I’m only including salary in my mortgage.
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Mar 30, 2022 19:59
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You can lie if you want, I guess, but why? What benefit does this convey to you?
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Mar 30, 2022 20:05
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Pollyanna posted:What happens if an agent or a loan officer asks if I have supplemental income (e.g. annual bonus, RSUs) or other funds (e.g. nonretirement brokerage account where I parked a bunch of said RSUs)? Do I have to be totally honest about every potential source of funding, or can play that close to my chest? Bonuses and company stock are volatile and I don’t consider them regular monthly income, and I haven’t committed to dipping into my nonretirement investments, so I’m only including salary in my mortgage. You do not need to supply any information you don't want to. In fact, if you can qualify based on your W2 income alone it's worth not including anything else. I did not provide any information on retirement, taxable brokerage accounts, equity or annual bonus for my refi. It's fine to tell the mortgage originator something like "I want to do this on W2 income, but if it impacts my rate (because of DTI issues) I have other income and assets I can include." Any broker who's done more than 2 loans will tell you this is a good idea and never give underwriting a singe thing they didn't ask for. Not even extra lines on bank statements - black anything out they didn't specifically ask for.
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Mar 30, 2022 20:07
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marjorie posted:In before the possible dogpile: you might just be describing the situation in shorthand, but this statement is a big red flag. Your realtor's interests are not aligned with yours, and you shouldn't be just trusting him to interpret legal documents for you - that's what a real estate attorney is for (and also you should've read anything you signed). Sure, your realtor may know what he's talking about and be honest, but it's not a smart idea to rely on that assumption. I definitely read everything I signed, but I recognize there's still space for dishonesty there and frankly I just don't trust the guy at this point. It sounds like I made a mistake thinking he wouldn't outright lie to me about certain stuff, I guess. I'll go over it all with my attorney again, at least. I can at least trust them, right?
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Mar 30, 2022 20:10
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GlyphGryph posted:I definitely read everything I signed, but I recognize there's still space for dishonesty there and frankly I just don't trust the guy at this point. It sounds like I made a mistake thinking he wouldn't outright lie to me about certain stuff, I guess. I'll go over it all with my attorney again, at least. I can at least trust them, right? If you have an attorney that you're paying money to, you can trust their written advice. If they intentionally lie to you, especially in writing, they might get disbarred, but even if they just made a mistake then you would probably have a valid malpractice claim. Your realtor can lie as long as they don't get caught. They can also be out of a job if they outright lie to you... but with the realtor, they can just deflect and make some hand-wavey "I'm not a lawyer I wasn't giving you legal advice" and might be OK. In fact, if they're smart, they wouldn't touch something like that with a 10' pole and will tell you to get a lawyer for anything you don't understand. Ultimately, the lawyer is the one who should be advising you on contract questions. The realtor SHOULD be reliable since these are typically standard contracts, but they're not a lawyer and they might be misinformed as to what the contract really means.
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Mar 30, 2022 20:16
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GlyphGryph posted:I'll go over it all with my attorney again, at least. I can at least trust them, right? Yes. They have a legal obligation to represent you the the best of their abilities on this transaction and professional liability insurance if they screw up. Your buyers agent has none of this.
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Mar 30, 2022 20:16
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Baxate posted:Just doing some rough math to figure out if it's better to prioritize buying discount points vs more money down. Discount points pretty clearly comes out on top, so I'm going a little further to turn it into an annual percentage return on capital versus what you might expect from the S&P. Your math seems wrong - mostly because banks will calculate point buying exactly with current (or their near term forecasted) rates. Remember banking mortgage math doesn't always align with other maths cause gently caress you (the consumer). You want to maximize your down payment first - that will get you the most yield long term. Buying points down is a good idea in a rising rate market because, a bad idea in a falling rate market. We're currently in market rate shock land from such a rapid rise, so if you're buying in the next couple months, buying down will be worth it - if you can afford it. Right now is a god awful time to be in the market from an investment/value standpoint. I don't own a home and want to, so I'm having to buy, even if there's a chance that Portland will price drop a bit in the next 2-3 years. Seattle otoh is extremely unlikely to drop. My expectation is Portland only goes so far as to cool off, not actually drop.
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Mar 30, 2022 20:27
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Pollyanna posted:What happens if an agent or a loan officer asks if I have supplemental income (e.g. annual bonus, RSUs) or other funds (e.g. nonretirement brokerage account where I parked a bunch of said RSUs)? Do I have to be totally honest about every potential source of funding, or can play that close to my chest? Bonuses and company stock are volatile and I don’t consider them regular monthly income, and I haven’t committed to dipping into my nonretirement investments, so I’m only including salary in my mortgage. You know you set the budget for buying right? I am so confused by this question. It won't matter that they have that information when you are in charge of what you buy
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Mar 30, 2022 20:33
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KYOON GRIFFEY JR posted:You can lie if you want, I guess, but why? What benefit does this convey to you? DoubleT2172 posted:You know you set the budget for buying right? I am so confused by this question. It won't matter that they have that information when you are in charge of what you buy That’s the “how much do I actually tell them” question, which Motronic touched on. I’ve seen a lot of advice from people - even in the OP, by an underwriter no less - not to divulge any more information than needed. But I don’t understand why, or what can be done to me with what information. Motronic posted:You do not need to supply any information you don't want to. In fact, if you can qualify based on your W2 income alone it's worth not including anything else. I did not provide any information on retirement, taxable brokerage accounts, equity or annual bonus for my refi. It's fine to tell the mortgage originator something like "I want to do this on W2 income, but if it impacts my rate (because of DTI issues) I have other income and assets I can include." Any broker who's done more than 2 loans will tell you this is a good idea and never give underwriting a singe thing they didn't ask for. Not even extra lines on bank statements - black anything out they didn't specifically ask for. I think the underwriter in the OP said not to black anything out, or they won’t accept it. Otherwise yeah, I’m hoping to do this on W2 unless there’s a good reason to bring in non-retirement funds (prices too high, safety of a bigger down, etc.). Pollyanna fucked around with this message at 20:53 on Mar 30, 2022 |
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Mar 30, 2022 20:51
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DoubleT2172 posted:You know you set the budget for buying right? I am so confused by this question. It won't matter that they have that information when you are in charge of what you buy I don’t see how your budget impacts the loan officers decision on if you can pay back a loan or not.
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Mar 30, 2022 20:52
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Democratic Pirate posted:I don’t see how your budget impacts the loan officers decision on if you can pay back a loan or not. It sure seemed like they were saying "can I hide these things so the agent doesn't count them as income and try to increase my house buy price because they say I have more income than I want to count" at least that's how I read it.
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Mar 30, 2022 20:58
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Pollyanna posted:That’s the “how much do I actually tell them” question, which Motronic touched on. I’ve seen a lot of advice from people - even in the OP, by an underwriter no less - not to divulge any more information than needed. But I don’t understand why, or what can be done to me with what information. Let me give you an example that just happened to me during my refi: I had to pay for a semester of my daughter's college in the last three months of statements they wanted from my checking account. I forgot about this until the last minute and taking money out of her 529 takes a few days. I didn't want to send a late payment. So I wired money from vanguard to my checking account. Paid the school. Then the exact same amount of money hit my checking account from the 529, and I ACHed it back to Vanguard. Because they saw this money move through my checking account all of a sudden I'm having to provide brokerage statements as well as 529 statements to show both ends of these transactions. This caused me to spend an additional hours or so over a simple, non-event. I wasn't using any of that money for closing. There was already sufficient in the account for that. It literally didn't matter. And you'll get similarly hosed on things on your credit report for random reasons. They saw where amex reported and decided they had to get a statement to see if I could afford to pay it off (it was $600) or afford the payment/calculate that into my DTI (I believe the payment would have been under $25/mo). They didn't care about any other credit card. Just the amex. Which like the rest of my cards are paid off every drat month. I received no coherent reason why this card, the one showing the lowest balance, was the one they decided was a problem. I eventually told them to look at the brokerage statement that was part of the last response and notice that I can pay off everything on my credit cards and both houses I'm refi-ing in cash, right now so gently caress off with this bullshit. It was phrased only slightly nicer than that. They stopped asking questions and approved it. Motronic fucked around with this message at 21:01 on Mar 30, 2022 |
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Mar 30, 2022 20:59
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I mean, the other part is providing all the documentation. If you don't have to use your 401k or whatever and can do it on salary alone, that's less poo poo to provide to them, for them to lose or whatever. ^^^ or that. God drat. Alarbus fucked around with this message at 21:03 on Mar 30, 2022 |
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Mar 30, 2022 21:00
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If there's any big one-time deposits or anything that are out of the ordinary (i.e. not obviously payroll or from stated income sources), they could flip out and assume it's an unreported loan to help with the down payment or something. Similarly if there are consistent outflows every month, they could assume it's a line of credit or some other debt that wasn't otherwise reported. Either of these would trigger a bunch of paperwork to force you to prove that it's not what they think it is. Or they'll just tell you to gently caress off and deny the loan. All that said, we provided our bank statements unredacted for both our original loan and our refi and our lenders didn't give two shits. But we didn't really have anything weird going on so  DoubleT2172 posted:It sure seemed like they were saying "can I hide these things so the agent doesn't count them as income and try to increase my house buy price because they say I have more income than I want to count" at least that's how I read it. Anything you're not using to buy the house can be dropped. It's not that they're going to increase the house buy price, it's that it causes extra paperwork to document them and prove they're nothing weird. But it can hurt you if they decide that your claimed income is insufficient for the loan, so if your income is borderline then you might want to include it. Motronic posted:And you'll get similarly hosed on things on your credit report for random reasons. They saw where amex reported and decided they had to get a statement to see if I could afford to pay it off (it was $600) or afford the payment/calculate that into my DTI (I believe the payment would have been under $25/mo). They didn't care about any other credit card. Just the amex. Which like the rest of my cards are paid off every drat month. I received no coherent reason why this card, the one showing the lowest balance, was the one they decided was a problem. during our refi, they asked us to confirm that the hard pull on our credit report from them, the lending company, was associated with our application for a refi with them 
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Mar 30, 2022 21:02
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Pollyanna posted:That’s the “how much do I actually tell them” question, which Motronic touched on. I’ve seen a lot of advice from people - even in the OP, by an underwriter no less - not to divulge any more information than needed. But I don’t understand why, or what can be done to me with what information. Part of it is just assembling all the documents can be a pain both when rate shopping and when it comes to underwriting. Most of the stuff you pull together (prior 2 statements for every account or similar), everybody is going to want in the same way. Sometimes the underwriter will ask for weird stuff. Two examples I encountered: One lender wanted a 401(k) plan summary document from my employer. Another got all bothered about Roth IRA statements from Vanguard (spouse and I each have one). Statements are generated quarterly, but also at the end of month if there are any contributions. So for one of us, the two most recent statements were January 2022 and Q4 2021, while the other's most recent statements were Q4'21 and Q3'21 which they were very confused by. "Give me January for the other one too!" "It doesn't exist." And all of this may get repeated later when it comes time to do actual funding and the magic number of days they have in their head has passed and they want new statements. It's tedious to do it for 8 different accounts when they only actually care about one or two. edit: beaten. BigPaddy posted:Downtown Chandler has The Perch Brewery which is the #1 place to eat a burger while being screamed at by a Cockatoo. That place has such a weird vibe and I love that.
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Mar 30, 2022 21:12
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GlyphGryph posted:I definitely read everything I signed, but I recognize there's still space for dishonesty there and frankly I just don't trust the guy at this point. It sounds like I made a mistake thinking he wouldn't outright lie to me about certain stuff, I guess. I'll go over it all with my attorney again, at least. I can at least trust them, right? So I just selected my realtor (after talking with a few) and he's seems great across the board. I'm also very experienced and don't need a realtor, you seem to be a bit further into unexplored territory and you've posted some pretty big red flags. Remember pretty much every realtor will have good reviews and often comes recommended by a friend who said they did great. Simply isn't true 90%+ of the time (in hot markets) What I like about my realtor: *extensive experience (9 years as realtor, more in mortgages) *lives in one of our target neighbors and works primarily in our regions not the entire city/county. *takes a limited number of clients at a time *volunteered to be as involved in our searching as we would like *wants to give us tours of houses in person, rather than open houses - to avoid sales tactics by the selling realtor, allow privacy to discuss, and give us their expert opinion on items. *has a large network of contractors/inspectors - not because we need to use them per se, but he can use them as additional vetting/red flag checking on photos or what not preclosing/inspections to avoid traps. *Absolutely no comments about how we would benefit if we spent more $. If that doesn't sound like your realtor, they're probably not good. Good realtors imo are rare.
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Mar 30, 2022 21:32
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Pollyanna posted:That’s the “how much do I actually tell them” question, which Motronic touched on. I’ve seen a lot of advice from people - even in the OP, by an underwriter no less - not to divulge any more information than needed. But I don’t understand why, or what can be done to me with what information. If you don't feel comfortable being honest with your realtor and/or loan officer - get a new one. Underwriting can vary a lot. Short version - As long as you're not trying to shadily buy more house than you can afford, they're not really gonna give a gently caress, they're not gonna tell the LO poo poo (nature of the working relationship) unless it's an unusually good LO in which case they're not pushing you to overspend already. To reiterate - if you don't feel comfortable being honest - get new people. 1st_Panzer_Div. fucked around with this message at 21:44 on Mar 30, 2022 |
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Mar 30, 2022 21:34
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While everyone in this process is stupid the whole trying to make your credit worse than it is so they can raise your rate so the mortgage is worth more on the secondary market seems to make too much sense to not be true.
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Mar 30, 2022 21:44
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I'm not convinced that the resale of a riskier borrowers' mortgage is more lucrative for the seller.
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Mar 30, 2022 21:49
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BigPaddy posted:While everyone in this process is stupid the whole trying to make your credit worse than it is so they can raise your rate so the mortgage is worth more on the secondary market seems to make too much sense to not be true. It's not true. I personally made my bank a killing post '08/frank dodd for selling low fico MBS at a premium above standard credit MBS bundles. If a 5 point hit is pushing you down a bucket (i.e. 700-719 bucket to a 680-699 bucket - hit up your Loan Officer. There's a good chance the underwriter can make an exception on credit score lower-mid and use lower-high instead which would get you back in the previous bucket. They won't do this for anything other than a credit score search hit and prolly will get mad if you try. My biggest issues with credit scores is, at least when I analyzed it & others I spoke with, found no meaningful value to credit scores not already represented in DTI for repayment probability. Until you blend in race, spoiler - credit scores vary by race If you're a finance nerd this is how rate is determined: https://singlefamily.fanniemae.com/media/9391/display
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Mar 30, 2022 22:07
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It isn't 2007. No underwriter will accept redacted documents. If you have to show it to them, they want to see it all.canyoneer posted:
Ran into this problem, too. After I told them monthly statements didn't exist and that the 2 quarterly statements they already had == 6 months, they actually asked me to submit a document, from Vanguard, stating that no monthly statements are generated in idle months. I did manage to talk them out of that one, fortunately.
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Mar 30, 2022 23:16
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