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Leperflesh posted:Basically your taxes plus your credit reports and bank statements for everyone who is on the title. Your other post implied you were not willing to provide those things for her, but if you did, then yeah they're asking for nonexistent W-2s or something? Oh yeah, I could’ve been clearer, sorry. They had credit reports, joint bank account statements, etc. They were hung up about not seeing any paystubs or income for her even though I reported her income as zero.
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Aug 25, 2020 02:17
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Sundae posted:Mine was "Mr. Sundae, a Married Man." It feels really weird seeing that verbiage, like there's something seriously judgmental going on. "And this rear end in a top hat, A MARRIED MAN, is performing treachery by..." or like I've committed real estate adultery or something. So the martial status on the deed thing is because in many states it's required if you want to sell or refinance that your spouse sign unless there is an interspousal grant deed saying it it your sole and separate property. The reason for this is that it could become a marital asset during a divorce and also because they could be kicked out of the marital home if you gently caress around and get foreclosed on. I used to know an unmarried woman in her 50s who got her loan during the mortgage boom from the Bank of Scotland or something and her deed said Ms Underhill, spinster. She was not happy about that one.
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Aug 25, 2020 02:57
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) They kept insisting they needed her tax records, income statements, etc etc, in order to do the loan. I kept telling them right back, "Don't consider her income. Base your review entirely on mine, drat it. She's a stay-at-home housewife / mother." 
Now I'm working with our trust to transfer the asset into it so that she has all the rights she ought to have anyway, but that they wouldn't acknowledge because apparently stay-at-home moms are a thing of mystery and wonderment to Quicken.
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Finally started moving on a refi today, in that we got a rate lock and forked over all our personal info. Can still jump ship, haven't committed any money yet, but after waiting so long I just want to be done with it. Getting 2.615% for a 30-year. Not sure how it's 2.615% and not 2.625%, but whatever, we're at 3.625% right now so it's a win. Technically some paying points to get there, but we'll be really happy with it. Closing costs pay back in about 17 months based on what we're saving on our monthly payment, and even if we carry it to 30 years at minimum payments we're still saving nearly $20k in interest.
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Aug 25, 2020 03:23
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Sundae posted:Oh yeah, I could’ve been clearer, sorry. They had credit reports, joint bank account statements, etc. They were hung up about not seeing any paystubs or income for her even though I reported her income as zero. Not sure what state (we were WA)but we disclosed everything even though my wife made pocket change. Our lender ran everything based on my income and hers was for transparency.
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Aug 25, 2020 04:01
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DaveSauce posted:Finally started moving on a refi today, in that we got a rate lock and forked over all our personal info. Can still jump ship, haven't committed any money yet, but after waiting so long I just want to be done with it. Where the hell are people getting the refi rates? Every place I check it's hovering around 3-3.25 and that's for a new mortgage not a refi which ends up being higher.
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Aug 25, 2020 04:03
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Popete posted:Where the hell are people getting the refi rates? Every place I check it's hovering around 3-3.25 and that's for a new mortgage not a refi which ends up being higher. I've been scouting the usual suspects of Better.com, the Zillow lenders search engine, etc. for about a month now and bottoming out at 3% the whole time. Thursday AmeriSave hard pulls me when their site claimed it was a soft pull. Then Friday I get cold called by LoanDepot.com and offered 2.75 no points, costs rolled into loan, no appraisal. I let them hard pull my credit to get a loan estimate and then immediately handed it to Better and got offered a 2.625 no points, appraisal, etc. It's weird, but it seems once one place gets you to hard pull all of the other places will jump in to try and give you the good rates. I have no idea if that's true, but it's the sequence for me.
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Aug 25, 2020 04:12
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Popete posted:Where the hell are people getting the refi rates? Every place I check it's hovering around 3-3.25 and that's for a new mortgage not a refi which ends up being higher. Didn't somebody post earlier about refi rates going up .5% on September 1st? They are probably showing that any refi started now will finish in September so they are adding the .5 on?
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Aug 25, 2020 05:59
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D-Pad posted:Didn't somebody post earlier about refi rates going up .5% on September 1st? They are probably showing that any refi started now will finish in September so they are adding the .5 on? Both LoanDepot and Better told me they were eating that cost for applications started now for prime-rate customers.
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Aug 25, 2020 06:23
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What’s the etiquette for bringing a contractor to view a house? I am in an exceptionally hot market. I need to know what needs to be changed and how much changing things will cost! Can you bring a contractor on your first viewing?
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Aug 25, 2020 06:43
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Yes, in a hot market there is no worries about bringing a contractor. Just say that they are your friend.
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Aug 25, 2020 07:54
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I think my biggest concern with bringing your contractor, is that they're gonna bid you up. As a seller, seeing someone walk in with a contractor tells me they're already emotionally invested in the property, and they're gonna pay premium to get it. That's just a thought. If your realtor can get access to the property you can bring the contractor in after hours. I dunno how hot your local market is, though
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Aug 25, 2020 07:56
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Yeah a contractor friend of mine let slip that you NEVER mention how long you've lived in a house. If you've been there under 3 years, they know you moved in with the plan to redo that kitchen or bathroom or whatever, and that you'll pay whatever it takes.
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Aug 25, 2020 07:58
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GoGoGadgetChris posted:Yeah a contractor friend of mine let slip that you NEVER mention how long you've lived in a house.
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Aug 25, 2020 11:45
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Popete posted:Where the hell are people getting the refi rates? Every place I check it's hovering around 3-3.25 and that's for a new mortgage not a refi which ends up being higher. Been watching bankrate.com for a while. Lots of cut-rate companies there, but usually you only get sub-3% rates if you buy points. Lowest rates tend to be in the early AM, then they dry up as the day goes on from what I've seen. They'll keep advertising 2.5%, but to get it costs more points. Mine is through Sebonic. We'll be paying about $3,800, which includes some points. Not ideal certainly, but the best our old broker could do was $2,400 in closing costs for 3% (no points, but they were available), so we figure it's a good deal. We could just get a higher rate and not pay points, but we plan on being here for a while yet. It's a gamble, but we think it'll pay off. Anonymous Zebra posted:I've been scouting the usual suspects of Better.com, the Zillow lenders search engine, etc. for about a month now and bottoming out at 3% the whole time. Thursday AmeriSave hard pulls me when their site claimed it was a soft pull. Then Friday I get cold called by LoanDepot.com and offered 2.75 no points, costs rolled into loan, no appraisal. I let them hard pull my credit to get a loan estimate and then immediately handed it to Better and got offered a 2.625 no points, appraisal, etc. It's weird, but it seems once one place gets you to hard pull all of the other places will jump in to try and give you the good rates. I have no idea if that's true, but it's the sequence for me. AmeriSave won't lock you until you pay their application fee, and even then they said it could be a few days after you pay the fee until the underwriters come back with a pre-approval. That ended my dealing with them... not going to pay $500 up front for a mystery rate when everyone else is willing to lock for free. The loan officer I spoke with also did a hard sell on rolling in closing costs and buying down the rate. Felt very "used car salesman" to me. D-Pad posted:Didn't somebody post earlier about refi rates going up .5% on September 1st? They are probably showing that any refi started now will finish in September so they are adding the .5 on? My understanding is that this is just a 0.50% fee on the amount of the loan that Fannie Mae charges. It's a one-time deal, not a rate increase of 0.50%. Our broker said that this is essentially being priced in to the rate, rather than being charged as a closing cost, and has resulted in a 1/8-1/4 bump in rates.
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Aug 25, 2020 12:27
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I just locked 2.5% through Redfin Mortgage on a new purchase, FWIW. I was quoted 2.375% but couldn't lock it in time. On another note, the sellers performed a pre-inspection that looks pretty thorough and my agent agrees. They have a septic system and, due to past trauma, I am 100% paying for a full scope/inspection and not just the perfunctory county inspection - but I'm thinking about not paying for another general home inspection. Sound stupid?
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Aug 25, 2020 17:34
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Hadlock posted:I think my biggest concern with bringing your contractor, is that they're gonna bid you up. As a seller, seeing someone walk in with a contractor tells me they're already emotionally invested in the property, and they're gonna pay premium to get it. That's just a thought. If your realtor can get access to the property you can bring the contractor in after hours. I dunno how hot your local market is, though It sounds like you are talking about home seller but GoGo is talking about the contractor. Contractors increasing price seems fine because there are many contractors. It seems easy enough to get at least three different contractors to triangulate a fair price.
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Aug 25, 2020 20:33
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Bernie Panders posted:I just locked 2.5% through Redfin Mortgage on a new purchase, FWIW. I was quoted 2.375% but couldn't lock it in time. You should hire your own inspector. The $500 or so that you spend is worth it. The sellers' inspection is not for your benefit. Your agent's agreement with just using that one is a sign that your agent would rather you close on the house and pay your fee, than find out what there is to be discovered and potentially complicate the sale with repair demands. This is obviously not in your best interest.
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Aug 25, 2020 20:40
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Don't be like that guy from a while ago in this thread who took the sellers (an architect lol) disclosures at their word and then discovered the whole house was starting to tilt after moving in
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Aug 25, 2020 20:49
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I was following 'hoodwinked house' for a while. The guy was recommended an inspector by his real estate agent, who was flipping the houses himself (I think that's how it worked). The inspector 'didn't find anything' and it was totally legal in <whatever cold state>. The person's house ended up needing like, over 200k worth of repairs and they're still finding problems with it. My point is, never trust any inspector you are recommended by anyone who could profit from the sale. I've never bought a house before so I expect to be told I'm super wrong (also I'm not 100% sure on the hoodwinked house details, but here it is) https://www.facebook.com/hoodwinkedhouse/ They used to have a blog but I think it might have been taken down as part of the settlement or something.
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Aug 25, 2020 20:55
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Any good podcasts about buying a house and/or remodeling/upkeeping a house?
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Aug 25, 2020 21:09
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Inspections today. Only major issues of concern were a ~25 year old boiler that may be nearing the end of it's functional life, even though everything was working as intended. He also came up with bulkhead rot on the walkout that will likely need replacing at some point. Not a huge deal. The rest being cosmetic or minor fixes. We might try to claw back some closing costs based on the report but overall I'm much more confident in this going through than I was. Also able to rate lock @ 2.875%. 
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Aug 26, 2020 21:00
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So I've just heard that our accepted offer might be rescinded - apparently someone came in during the 3-day attorney approval period and made an offer good enough for the seller's attorney to advise taking it. Still don't know what that offer is - probably cash or waved inspection or something.We're going to try to salvage it, but it's not looking great  House buying sucks.
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Aug 26, 2020 21:08
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Rhusitaurion posted:So I've just heard that our accepted offer might be rescinded - apparently someone came in during the 3-day attorney approval period and made an offer good enough for the seller's attorney to advise taking it. Still don't know what that offer is - probably cash or waved inspection or something.We're going to try to salvage it, but it's not looking great Does this mean you get their earnest money?
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Aug 26, 2020 21:31
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H110Hawk posted:Does this mean you get their earnest money? Nope, didn't have any, and we were about to send our own deposit today - we only had the signed offer since yesterday. We even went through a couple iterations of that offer at their attorney's request before they accepted it. Cash (I'm assuming at this point) is king, I suppose.
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Aug 26, 2020 21:49
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I’m guessing the answer is “seller’s market” but does the contract have any penalty to the seller for breaking the contract? If you want to pay lawyer fees you could look into suing for specific performance.
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Aug 26, 2020 22:01
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crazypeltast52 posted:I’m guessing the answer is “seller’s market” but does the contract have any penalty to the seller for breaking the contract? If you want to pay lawyer fees you could look into suing for specific performance. Yeah, it's a seller's market and not worth the hassle in any case. I'm not expecting there's anything I can do about it except make another offer they maybe like more, likely involving giving up some contingencies. It's just emotionally draining and I needed to vent.
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Aug 26, 2020 22:27
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When I brought up scenarios like this to my realtor he was adamant, with examples, that there’s no way out of a signed agreement with a buyer. As he explained it, the buyer doesn’t have to close but they would be stuck in court for a year+ before they could sell to someone else. Guess it depends on your specific contract though.
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Aug 26, 2020 23:43
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Summit posted:Guess it depends on your specific contract though. Yeah - this contract had a 3 day attorney approval clause on both sides. Seller's attorney cancelled it with 2 hours to spare, apparently.
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Aug 26, 2020 23:54
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Rhusitaurion posted:Yeah - this contract had a 3 day attorney approval clause on both sides. Seller's attorney cancelled it with 2 hours to spare, apparently. Oof. That sucks.
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Aug 26, 2020 23:56
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crazypeltast52 posted:I’m guessing the answer is “seller’s market” but does the contract have any penalty to the seller for breaking the contract? If you want to pay lawyer fees you could look into suing for specific performance. Generally in states that go through attorney review you aren't actually under contract until you finish attorney review and are done with inspections, and usually at that point the buyer makes a substantial deposit. It depends on the purchase agreement and the specific state though In other states as soon as you have an accepted offer the seller can't terminate unilaterally. If they get a better backup offer they can refuse any repairs or credits or to delay closing.
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Aug 27, 2020 05:02
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My realtor had a specific deal he had worked on where the sellers accepted but then got a better offer. When the first buyer attempted to negotiate post inspection repairs the sellers tried to back out entirely to take up the better offer, even going so far as claiming the deal was off. But at least around here the purchase agreement seems to be ironclad. The first buyer had to give up getting any money back but otherwise had the right to the purchase going forward so long as they didn’t alter it.
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Aug 27, 2020 06:11
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my loan is approved *slamming fists on table* DEBT DEBT DEBT
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Aug 27, 2020 20:41
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Deviant posted:my loan is approved Interest rates are so low it's basically free money.
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Aug 27, 2020 21:30
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skipdogg posted:Interest rates are so low it's basically free money. do you hear me complaining about my 2.5%?
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Aug 27, 2020 21:42
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Getting started on the refi train. I'm not sure whether sticking with the same title company as my original mortgage makes sense or not. Are there benefits in staying other than any cost differences?
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Aug 27, 2020 21:51
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skipdogg posted:Interest rates are so low it's basically free money. What's interesting to me is that it seems this is the exact same thing that happened to college. Money got cheap, so demand went up and prices skyrocketed. So now instead of paying a ton of interest, we're paying a ton of profit to the previous owner. My townhouse almost doubled in price over 14 years while my salary went up barely 15%. So what's next? Mortgages becoming non-dischargeable in a bankruptcy? Whatever it is I can't imagine it's sustainable.
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Aug 27, 2020 21:53
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Fed just announced that they're happy and willing to let inflation go to 2.5% (up from a max of 2.0%), and looks like anybody with a decent credit score is getting 3.0% rate now? What's it called when mortgage rates are lower than inflation? If rates stay really low and new housing is slow to be built this year due to covid, this pricing bubble can only go up up up right Not sure how much longer we can keep running the economy past the red line, but it's been a fun ride so far Hadlock fucked around with this message at 22:51 on Aug 27, 2020 |
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Aug 27, 2020 22:48
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Hadlock posted:What's it called when mortgage rates are lower than inflation? Temporary. Because if mortgage rates are lower than inflation for 15-30 years, we're going to have WAY bigger issues.
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Aug 27, 2020 23:12
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spacebard posted:Getting started on the refi train. You already have your title, so I wouldn't worry about it at all. Lowest price wins.
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Aug 27, 2020 23:27
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Are these 2.5 rates only for 20% down? My credit is top tier but can only put down 6% because the remaining 14% is locked up as equity I won’t have available til after I sell my current house. Being quoted a 2.99% rate.
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Aug 28, 2020 00:33
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