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MrMidnight posted:I'm locking in my rate today. I don't see these dropping anytime before the end of the month at least. I rather still get a decent 5.5% before it jumps to 6% I would as well but I don't get in 60-day range for 12 days yet. Anything beyond 60 is considered a long term lock and the rates are automatically .25% or more higher. So I need to stick it out.. After I lock, I have a credit for one float-down, so if rates do drop back down I can at least re-lock once.
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Jun 9, 2009 15:21
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FidgetyRat posted:I would as well but I don't get in 60-day range for 12 days yet. Anything beyond 60 is considered a long term lock and the rates are automatically .25% or more higher. So I need to stick it out.. I see. Well best of luck to you. Back when I was home shopping earlier this year I was approved for a bigger loan and a 4.75% rate. One destroyed car later, I'm having to settle on a cheaper house with a higher mortgage rate.
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Jun 9, 2009 15:25
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This was the first negative thing I can say about building a house vs. buying one.. Back when we started building and down payment was made, rates were in the Mid 4s.. You don't actually get the current rate until actual closing lock. Gah..
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Jun 9, 2009 15:59
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Our first pre-approval came in at 5.85% for a conventional  And my wife and I both have good credit (her over 700, me almost 800). We have another meeting tomorrow but it looks like their rates are the same as well. Still haven't made a decision on the house yet, but we're looking at it again today. The realtor said two other couples have been through it twice, so it looks like there is some interest. If we decide in favor of it, we're going to offer $145k with 3% sellers assitance, but I'm unsure if they'll take it. The 3% is key, it's a difference of $4800 or so. At this point I'd almost be relieved if we didn't get it, just so I wouldn't have to worry about it anymore 
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Jun 9, 2009 18:45
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Typically 740+ is the best rate bracket, so with her being slightly under, it may drag you both down one notch, but not much. The TBill has held constant the past few days and seems like the current going rate for 30-fixed is about 5.51%. This is all also completely based on how long your lock-in period is, etc. And yes, I know the feeling about worrying about it. After watching the bonds market shoot up, and then checking it every 30 minutes because I'm paranoid, I just want it the hell over with. 12 days can't come fast enough.
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Jun 9, 2009 18:50
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This might be a dumb question, not sure, but in my area the housing market never really took a nosedive, however it didn't really go up much during the bubble either. This is probably due to the fact that I live in a small town in the middle of a bigger rural area. I was recently thinking about moving out of my parents' house, seeing as I graduated college back in December, and looked into renting around here, it seems as though the minimum to get anything starts at $300/mo + utilities, and the decent/nice places are $400/mo + utilities. The thing is, not many people around here, or in towns nearby, rent. The average home price for a house with 2-3 bedrooms and 1.5-2.5 baths with a 2 car garage is around $80k. Plugging $80k into this mortgage calculator: http://www.ucmortgages.com/qualifier-calculator.htm $10k down, 5.25%, 30 years, I get a $395/mo mortgage payment, with a $525/mo total mortgage+insurance+PMI Going $21k down, same stats, I get a total payment of $434/mo. There are cheaper homes as well, but I like to use $80k as a good middle ground. With these kinds of numbers, I just don't think I can justify renting over buying. Here are my numbers because I'm sure people will be asking. Income: $55k/yr. Take home - I'm self-employed so I just lob off 1/3rd of whatever I bring in and put it into a savings account for taxes, (around $80k/yr. gross) Monthly expenses: Gas: $100 Food: $250 Entertainment/Misc.: $500 Total: $850 (If I were to buy) Electric: $200 Gas: $100 Water/Sewage/Trash: $100 Mortgage/Insurance/Taxes: $450 - assuming $21k down. Grand Total: $1700/mo. The rest pretty much all goes into savings. Would it be a good idea to just hang out living with my parents for another year or so while I build up the $21k downpayment + emergency money to buy, or should I do all that saving, rent for a couple years, and then buy? Also a couple of side questions, I put around $2400/month into the savings account for taxes, if I bought a house, would there be any special write-offs so I could use some of that money towards the down payment? And with that $8k tax rebate for closing before Dec. 1, would I actually get a check from the government for $8k, or would I just have to pay $8k less in taxes next year?
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Jun 10, 2009 03:40
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How does a tax lien sale work. After I pay off the delinquent taxes what do I do next?
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Jun 10, 2009 04:10
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joebuddah posted:How does a tax lien sale work. After I pay off the delinquent taxes what do I do next? Tax lien sale can mean two things. 1. Selling of ONLY the tax liability, meaning you pay the government and you get to put a lien on the property OR 2. Selling of the property to SATISFY a tax lien, meaning the owners havent paid the taxes and their property will be sold at auction to satisfy the lien. My dad looked into this a number of years ago and it can get very murky, he had a real estate lawyer look into some property he wanted and they advised him to run away from it. I wouldn't look at any type of tax lien auction property without hiring a lawyer and in addition to that getting a title search done.
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Jun 10, 2009 04:20
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HankHill posted:$80k, jesus christ, where the hell do you live?
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Jun 10, 2009 05:41
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HankHill posted:Your total expenses after purchasing are $1700/mo and you take home over $4K. You could write a check for ~$2000 each month for your mortgage and have the place paid off in under 5 years if you wanted to. That said, consider things like the stability and future outlook on your job, and also whether or not you want to stay in the area. Other than that you are pretty set, PMI or no PMI. If you purchase before Dec 1st you can choose to amend this years taxes and get an $8000 check a few weeks later (Your tax person can do this for you if you have one, being self employed and all). Or you can save it for next year.
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Jun 10, 2009 12:27
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moana posted:I'm still in shock over an $80k house. You're definitely financially able to do it, and the only reason I would suggest hesitation is if you don't know you want to stay there - is your job local or could you move your business anywhere? If you end up in a relationship and they don't want to stay there, would you consider moving? As long as you make it a priority to get 20% of the principal paid off so you don't have to pay PMI anymore, you're fine. Yeah I need to stop reading about places with prices like this, it's going to give me an ulcer. I think if your house price is equal to your gross annual income, you are in pretty good shape...
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Jun 10, 2009 12:39
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Well someone put a bid on the house we're interested in, today we're also submitting a bid. What we have going for us is our realtor also happens to be the listing agent, so the seller would get a slight break on their fees by going with someone through their agency vs. another realtor. We went to look at the house for the second time yesterday and it actually looked better to me this time than it did before which I was very pleased about. Hopefully by tomorrow evening we'll know if we've bought a place or not! Hank Hill - You make tons of money, I would definitely buy over renting in your situation, and I wouldn't bother with a 30 year mortgage, definitely do a 15 year for your income vs. what your payment would be. I'm no tax expert by any means, but I heard one way to access the $8000 obama money is to alter your W4 (for normally employed people) to take less income tax from your checks to get the money that way. So I'm assuming since you're self employed you could do something similar and then just pay in $8k less than you normally would. Aside from your down payment, don't forget to budget for closing costs. On the house we're looking at we would need about $6k to close aside from the down payment. It's more pricey than what you're talking about but still a lot of the fees are fixed, so figure in at least another $4000 or so if you don't get seller's assistance.
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Jun 10, 2009 12:56
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dreesemonkey posted:The seller would get a slight break on their fees by going with someone through their agency vs. another realtor. Does it work that way? I always assumed that the sale fees were split between the buyers and sellers agents.. In the event that agent was both, he/she would simply keep both halves.
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Jun 10, 2009 13:48
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quote:The average home price for a house with 2-3 bedrooms and 1.5-2.5 baths with a 2 car garage is around $80k. I'd say go for it, that is incredibly cheap based on your income. I make ~$50k a year and houses in my area are ~120-150k. Hell, you could buy 2 houses and rent the other one (probably not such a good idea, but you get the point).
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Jun 10, 2009 14:09
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FidgetyRat posted:Does it work that way? I always assumed that the sale fees were split between the buyers and sellers agents.. In the event that agent was both, he/she would simply keep both halves. I thought that too, but the realtor said that in those types of cases they do offer a small break (probably 1%). He said it wouldn't be a lot ($1300-1400), but every little bit helps when you're the seller.
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Jun 10, 2009 14:37
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I finally got a realtor from a friend's recommendation (who's in India right now - go figure) and we are going to see houses tonight and tomorrow. What are things to look for when you go through a house - roof, foundation, water damage etc? I know the home inspection will catch a lot of things later but I don't want to miss anything that's glaringly obvious that will save us from hassle down the road.
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Jun 10, 2009 15:03
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Yes, those are the obvious things. Check for odd smells, mold, etc. "Designed to sell" features like cheap laminate, anything that may have been added recently (and cheaply) to make the house sell but will likely fall apart in a year. Does the roof look old? How many layers of shingles are on the roof (generally you can get 2 before they all need to be stripped, so often times when the re-roof the first time, its just a cover-up job). Age of appliances, especailly things like the water heater. what you really want to be cautious of is buying a house that then needs thousands of extra dollars in replacements in the next year. Also keep in mind interest rates are all screwy right now, so at the moment count on a LEAST a 5.5% 30 year And yes, you want to catch these things before the house inspection as you pay for that yourself out of pocket.
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Jun 10, 2009 15:09
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The thing that's really stressing me out about the home buying process is the shear amount of information that these lenders require from you. Every single day its another statement, another form and what have you. This, added with the fact that I travel a lot for my work, requires me to scan and email a bunch of these things. I'm wondering just how safe and protected all this information really is. God, I just want this poo poo over with. Looking for the house was fun, this whole loan poo poo is a pain in the rear end.
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Jun 10, 2009 17:31
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MrMidnight posted:The thing that's really stressing me out about the home buying process is the shear amount of information that these lenders require from you. Every single day its another statement, another form and what have you. Most statements don't have full account numbers on them, so they should be relatively safe. Its true though, they require ALOT of paperwork, much more then they used to.. When I updated my mortgage application to include my graduate degree, they actually wanted a copy of my grad school transcripts as proof.
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Jun 10, 2009 17:36
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FidgetyRat posted:Most statements don't have full account numbers on them, so they should be relatively safe. Its true though, they require ALOT of paperwork, much more then they used to.. Well, yesterday my lender had requested a statement showing the actual earnest money withdrawl from my checking account. Since I had done this about a week ago, I still didn't have an official bank statement. I decided to print out the online activity page and I sent that to her. Today she emails me saying that its not acceptable because it needed to have my full name and full account number at the top. Whatever. She just told me that everything has been sent to underwriting so I assume she finally has everything she needs.
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Jun 10, 2009 17:47
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Fidget, are you going to be like  today at 2? Bernaki is giving another "yay economy pep talk". We just met with another lender and she said it's going up today for sure Again.
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Jun 10, 2009 18:27
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Gravitee posted:I finally got a realtor from a friend's recommendation (who's in India right now - go figure) and we are going to see houses tonight and tomorrow. What are things to look for when you go through a house - roof, foundation, water damage etc? I know the home inspection will catch a lot of things later but I don't want to miss anything that's glaringly obvious that will save us from hassle down the road. Look for a place you'd like to live in more than anything else. Anything glaringly obvious will be found by the home inspector (your realtor probably knows a good one if they've been doing this long) and anything not glaringly obvious will likely go unnoticed by you/require specialized tools to find. Also, your realtor will be able to point out any problems that are major enough to warrant you passing on the house (so as to not waste your money on an inspector that will tell you the roof has a giant hole in it).
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Jun 10, 2009 18:45
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dreesemonkey posted:Fidget, are you going to be like Pretty much. Earlier today the US tried to auction more 10-year bonds in which the auction went pretty lovely, so that means fears of inflation may drive the bond up even higher.. We may actually see 6% mortgages in the coming weeks if the fed doesn't step in and artificially lower it again. Already at 5.5% mortgage applications have dropped dramatically and the same for refis. Any lower and the housing market may crash again, so they better step it up asap.
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Jun 10, 2009 20:11
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I have a "sticky" situation. I know better than this but made a mistake due to pressure, so no lectures please. I want to buy a home. Someday. I'm 24 and can't afford a down payment right now, as my savings are effectively 0 due to some stupid poo poo that has happened lately. I have expressed this wish to my parents in casual conversation. I often go to open houses with them for fun and to motivate me to save. Since the 8k$ tax credit, both them and my girlfriend have been pushing and pushing me to "dive in" and buy a house. The final push was when Kentucky housing announced a 4.5k$ down payment advance that takes advantage of the tax credit. After all of that pushing I decided to give it a whirl. I found a good agent and started talking with him. He went ahead and showed me a bunch of houses and told me I can work out the financing after getting an offer together. Fair enough, he knows more about this than me. I found a great house and after some back and forth, we settled on an offer of 163k$, with the seller providing 4k$ in closing costs. I went to a mortgage broker and we started working on a 3.5% down FHA loan. (oh god oh god I knew better than this, but I'm bad with familial pressure) It turns out the down payment advance is honored by basically no lenders, so that's not an option anymore. Now I have my broker and agent wanting me to take out a loan secured against my car or getting gifts or some other batshit insane ways of getting down payment money, which I will have none of. I went ahead and chewed out my agent for advising me to offer first and finance later, and he's acknowledged that, but is still trying to talk me into it, and has asked me to get some advice before turning him down. I went ahead and told my parents off as well, and drew a very hard line in the sand regarding financial stuff. I want a house, but this is a situation I think I want out of. Long story short, feel free to skip to this Can someone give me some concrete facts on on why or why not it might be better for me to buy a house now, rather than wait and do it The Right Way? My agent is telling me I'm making a huge mistake by not buy a house right now. My big concern of course is money wasted on PMI, but he says that I can have 20% of my principal paid off in a couple of years if I use what I have left of the 8k$ and pay it as a lump sum and pay a little extra on the mortgage each month. He's also saying that I won't get an interest rate like this in a few years, saying that it could be something like 9%, and that most importantly I won't be getting 8000$ for free. My bullshit detector is going nuts right now, but I don't know enough about this stuff to clearly articulate to him that he is full of poo poo.
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Jun 10, 2009 20:12
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Don't let the 8k stimulus trick you into buying a house like it seems to be for so many other people. Right now prices may be low, but they aren't going to skyrocket anytime soon. Furthermore, if you heard my bitching earlier in the thread, interest rates shot up almost a full 1% in the last 2 weeks which may actually hurt the housing market yet again. Do not take a loan for a down payment. I can't believe any mortgage banker would even allow that. You also mentioned some "stupid poo poo" that has caused you to lose all of your savings. What will happen if some "stupid poo poo" happens yet again after you signed for the house? Now you have absolutely no savings, a mortgage, and another stupid loan for the down payment you get to default on. You are in NO shape to buy a house. One thing your agent is right about is interest rates may be very high, mainly because of inflation and the debt the gov't is putting itself in right now to help recover.. Though this is all speculation. Don't risk your entire future on a whim of some banker who profits from you getting a loan. Even if rates skyrocket in a years time, then just hold out until you can afford a house. There is nothing wrong with renting, especially at 24. FidgetyRat fucked around with this message at 20:30 on Jun 10, 2009 |
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Jun 10, 2009 20:27
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glompix posted:A mess I don't even know if you borrowed against your car or whatever if you'd still be able to qualify for and FHA loan. Having sat through two lender meetings this week it's my understanding that FHA looks at your finances very closely to avoid people doing exactly that, borrowing a down payment. I can't comment on KY in particular, but PA has some of the nations highest closing costs. Closing on that house with $4k sellers assistance here in PA would be an additional ~$4k out of your pocket. The house we're putting a bid on tonight ($149k asking price) is about $6500 to close on, we're hoping for the seller to agree to 3% assist. So the question is, how can you back out of your sales contract? Lecture: You're not ready to buy a house.
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Jun 10, 2009 20:32
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dreesemonkey posted:So the question is, how can you back out of your sales contract? Lecture: You're not ready to buy a house. There's a clause stating that the contract is completely nulled if I cannot get financing. From the sounds of it, that's exactly where I am. And yes, I had a feeling I was getting into a mess from the start. I basically just knew I needed 20% for some reason, and that I didn't have that. This thread is amazing and now I feel a lot more confident in myself and can rightly tell my agent, parents, and girlfriend to gently caress off. Thanks a ton.
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Jun 10, 2009 20:43
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As a Canadian, I have to wonder what all these 'closing costs' are for USA buyers. I don't know it just seems like extra ways to screw buyers when buying a home. In Canada you have legal fees to transfer the title (About $1k) and possibly real estate agent commission and that's it. Up here the lawyers handle any escrow issues, what else do you need to pay for?
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Jun 10, 2009 20:53
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glompix posted:There's a clause stating that the contract is completely nulled if I cannot get financing. From the sounds of it, that's exactly where I am. Double sheesh.
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Jun 10, 2009 21:06
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moana posted:Yeah, don't let them pressure you into anything. What is your girlfriend doing trying to push you into something like that anyway? Shouldn't she be helping? My boyfriend and I are both on the drat mortgage. If she's not even going to help, she has no right to coax you into $160k worth of debt. Same with your parents - if they're not even going to gift you part of the down payment, they shouldn't be pushing you to get into a bad mortgage that requires PMI. Sheesh. Yeah. My parents are in a terrible financial situation themselves so I probably shouldn't listen to them anyway, and my girlfriend whom I've been wanting to break up with for a while anyway is pretty selfish. Sheesh most accurately describes it.
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Jun 10, 2009 21:10
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FidgetyRat posted:Right now prices may be low..
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Jun 10, 2009 21:12
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glompix posted:stuff You've decided against buying the house--and that's good--but I'm gonna use your post as an example in my "wtf is wrong with people" post. Your parents, girlfriend, and every average person it seems, still think housing is a great investment, based on historical trends, AFTER house prices have plunged 35% in a year, and are continuing to do so. It's unbelievable how much that thought is ingrained into our heads...and because of this, it is my thinking that houses will NEVER be undervalued, unless somehow this perception is changed (my guess is that it won't be). After big stock market crashes, the people who say "don't invest in stocks, stocks will never supply the same return, yadda yadda" far outweigh those who say "oh it's cheap, because it's cheaper than it was yesterday, buy now!" However, you can flip those statements, as more people now think housing is a great deal because it's cheaper than it was yesterday than those who are saying it's over, and housing will never provide the long term gains that they used to. I wonder why that is.
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Jun 10, 2009 21:16
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I was hoping that you guys could take a look at my numbers and give me a nice slap in the face. Since she found out about the $8,000 credit, my girlfriend is really gung ho about a house. I'm a little more cautious. Job situation: Girlfriend just out of school. I've been working about 5 years in publishing but, now that we have two incomes, I'm looking to sell out and get a marketing/advertising/communications job that should push my income higher. The current job is steady enough, of course things are shaky all over right now. Salary: Combined income right now is $62,000. Girlfriend is working at a stable but underpaying marketing job but will be starting her career now and both our incomes should improve. Basically, we've outgrown both of our positions and our incomes have leveled off for the past couple years so it's time to move on. Savings: Only $1,000 or so. Haven't been able to save much while she was in college. Debt: About $500/month combined in student loans. (both of us, total) She has about $1,000 in credit cards (I have $0.) Renting: Currently renting a huge 1,200 sq ft. apartment for about $800/month. Local market: (from S&P/Case-Shiller Seasonal Home Prices) At the top, in 2006, it was at around $170,000. Now it's at $111,000, which is circa 2000 levels. Mortgage: We sat down with the broker in the real estate office (probably won't go with them though) and got a good faith estimate that topped out at a ridiculous $230,000-something. Mortgage numbers: 30 year FHA fixed at 5%: $171,000 (absolute highest, we're hoping to get something around $155 or so) Monthly payment: $1,231 (we told her to work backwards from a ceiling of $1,200/month) Cash at closing: $7,159 So the girlfriend has already got us looking at houses and working with an agent. She's gotten her parents to agree to front us the $8k (then pay them off with the credit). To give you an idea of the market: we've found place that is actually really nice: 1 story rambler, completely finished basement, 3 bedrooms, 2 bathrooms 1,400 sq ft hardwood floor and trendy painting. Also basement bar. $169,000, been on the market 31 days. Right on a park on a dead-end street. I'm still a little wary of all this. We can handle the monthly payment but would need our parents to help us out with basically all of the upfront costs. I'm on the side of getting new jobs and building savings first, but the girl wants to jump on the $8,000 credit and low interest rates. 
Ashley Robertson fucked around with this message at 21:44 on Jun 10, 2009 |
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Jun 10, 2009 21:42
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Ashley Robertson posted:stuff Most importantly though, you shouldn't buy a house until you're more stable in your life. Wait until you get married, are well established in your careers, and have a decent down payment saved.
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Jun 10, 2009 22:01
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swenblack posted:First of all, good job on doing some research. Second, that payment sounds high for the amount borrowed. That's not at 5% according to my calculations. Also, you should factor in insurance, taxes, and utilities. Sorry. $1,231/monthly includes .55% PMI/FHA, $2,000/annual taxes and $780/annual in homeowners insurance.
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Jun 10, 2009 22:12
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swenblack posted:drat it, you have got to stop repeating this. Prices are not low right now. In most markets, prices are still relatively high compared to historical trends. With interest rates going up and wages going down, prices are likely to keep going down. Ok, let me rephrase. In most areas prices are low, but they could possibly go lower. Hows that. All I know is I was able to build a brand new house for less money then a 30 year old comp in my area, and since I signed the escrow, the builder increased prices by $30,000, so I stick to what I said.
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Jun 10, 2009 23:07
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FidgetyRat posted:Ok, let me rephrase. In most areas prices are low, but they could possibly go lower. Of course housing prices look low compared to the biggest housing bubble in modern times. Its like a guy who's house got completely inundated in a flood saying "The water's low now; I can see my roof." One anecdotal story on the internet carries very little weight.
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Jun 11, 2009 00:10
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Tell me I'm not crazy for wanting to buy right now: My info: 24 years old engaged to be married in November (Wedding cost is conservative and covered) Salaries: Me - $47k / year Fiance - $35k / year + Overtime We both work for a fortune 500 company in Agricultural Research. We have been there for one year now. I have been promoted twice in this time, she has been promoted once and is in line for her second within the next year. I am, however, not counting on this "future money" to finance this house. I have $18k in savings and another $3k accessible in a Roth IRA. When we graduated from college 1 year ago we had combined about $80k in student loan debt which we have now gotten down to around $50k all of which is in federal loans (Staffords and Perkins). The monthly payments on these loans comes out to about 500 per month. We have been doing this by paying ALL of my Fiance's salary into our loans while I cover all other expenses. We are currently renting for $610 a month and I currently save out of my own paycheck an additional $800 a month. We have no credit card debt or car loans (We actually only own one car). The house we are looking at is a two story, four bedroom home with a two car detached garage, unfinished basement, and a pretty kicking deck in the back yard. It is listed at $169,900 and valued at $178,520 according to this years tax assessment. It has been on the market for 340 days so I think I can probably offer something in the $160-165k range. I could put down my entire current savings as a down payment and we could cover closing costs by saving that money between now and closing. I would then ammend last years taxes to receive the $8000 and use that to re-fund my emergency account. I figure the monthly payment would come out to $1300-$1400 for PITI. This is around what I spend on rent and savings now. I know utilities will be higher but that's where the untapped potential of my fiance's salary comes in. Am I getting in over my head or does it sound like we can really do this?
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Jun 11, 2009 00:11
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Sounds good to me so long as you both feel like spending time where you are buying for a while. You guys seem to have a plan, and actually have savings unlike many of the other stories in this thread. Good luck! Your estimation of about 1300/m looks to be pretty accurate with 10% down and half PMI. Don't touch the IRA unless absolutely necessary. Adding on another $3k to the down payment won't change the PMI rate, so its not exactly necessary. Edit: Also, don't forget wedding gifts.. That could help if you close after november, otherwise it could certainly come in handy for boosting savings or buying new utilities. Any chance of getting a loan for the 8k stimulus (from family member, not a bank loan) to be repaid in full once you amend? That would bring you to 15% down and lower PMI another notch. FidgetyRat fucked around with this message at 00:51 on Jun 11, 2009 |
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Jun 11, 2009 00:30
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Ashley Robertson posted:Since she found out about the $8,000 credit, my girlfriend is really gung ho about a house. Your income looks fine, but the fact that you haven't been able to save more than half a paycheck is setting off warning bells. Don't count on getting better jobs in this economy. Get them, and THEN plan on buying a house. There will be plenty of good deals next year, and the year after, and the year after that.
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Jun 11, 2009 01:30
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