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Well, rates are going back up. I was quoted a rate of 5.5% for a 30 year fixed. I'm buying a brand new house so the seller is the builder. Anybody have any experience buying directly from the builder? The builder wants to close before the end of the month so they don't have to pay interest on the property for another month. Do you guys recommend I wait to see if interest rates drop between now and then or should I just be happy with the 5.5% rate?
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Jun 5, 2009 01:26
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FidgetyRat posted:On a side note, still 12 days out from my loving lock watching T-Bill rates increase at a record breaking rate. C'mod fed, step in or we'll lose the housing market thats just starting to catch on. 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%
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Jun 9, 2009 15:11
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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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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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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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Strict 9 posted:It's not that it won't make or break the house purchase. We have $60,000 saved for our downpayment. What is limiting our house purchase is not the monthly mortage/tax/insurance payments, but the 20% down payment. I just do not want to pay PMI. I don't know, to me it seems like you've saved a massive amount of money already. What's hurting you to just save up 8k more? How long has it taken you to save up the 60k?
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Jun 18, 2009 15:04
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Zeta Taskforce posted:This is a non issue. If you don’t quite have the 20% and they want you to pay PMI, and the $8,000 tax credit is the only thing from you reaching 20%, just file the amendment after you close, and in a couple months when it comes in, just use it to pay down your loan. Then call and write your mortgage company reminding them that you now have more than 20% equity in the property now, and they should stop charging you PMI. True, but don't you have to pay for another appraisal in order for the lender to drop the PMI? Also, if he gets a conventional loan he has to wait 2 years. Five years if its an FHA.
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Jun 18, 2009 17:27
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FidgetyRat posted:In other news, got my lock yesterday at 5.5%. I actually slept last night knowing that the most I will pay is 5.5 and it can possibly go down from here if we are lucky. Whew! So you locked at 5.5%, but if rates go lower you can lock again or something at the lower rate?
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Jun 23, 2009 14:44
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Can somebody here explain this to me and tell me this is normal? I was overlooking my good faith estimate and in line 1001 (under box labeled reserves deposited with lender) there is a charge for 3 months of hazard insurance. Also, in line 903 (under box labeled items required by lender to be paid in advance) there is a charge for hazard insurance premium that's around 1000 bucks. If my lender requires this, doesn't this mean I do not have to play hazard insurance for 15 months? Since I'm already paying a full 15 months worth right at closing?
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Jun 23, 2009 19:59
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SlapActionJackson posted:It's normal assuming you're setting up a loan with escrow (impounds) for insurance. Thanks for the info man. After some research I figured that's what it was. Other than higher monthly payments, why do you recommend avoiding escrow? Is it because you don't trust the lender to pay insurance and taxes when the time comes?
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Jun 24, 2009 15:53
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Cheesemaster200 posted:You lose the short term use of your money. They need to build up a buffer, as well as pay everything in advance. Because of this, you put a lot of money down in front. I close on the 29th of this month. Is it too late to tell my lender to not set up an escrow account?
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Jun 24, 2009 16:14
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It turns out the mortgage company that is handling my loan sells it to either Chase, Wells Fargo or Bank of America. If I choose to cancel, I would have to ask either of them. I won't have 20% equity, so I should probably ask now if I want to avoid escrow. I've been reading up on this whole thing, and I've read some good things about it. The general consensus here seems to be that escrow sucks. I'm still undecided. Cheesemaster200 posted:Absolutely not, you even have three days to tell them to go gently caress themselves after you sign the papers.  What do you mean by that?
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Jun 24, 2009 18:55
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Numbnuts posted:I closed today with 20% down and decided to escrow. Main reason being that Wells gave me 5.25% instead of the 5.375% I would have got if I decided against escrowing. Everything went smooth at closing though, the check from Wells was ready and waiting Good deal. I'm kinda kicking myself for locking at 5.5% when I probably could have gotten closer to your rate if I had waited. Oh well, that's the name of the game. I close this upcoming Monday and I can't wait to be handed the keys. I'm so ready to move in to my first house! 
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Jun 26, 2009 01:09
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GODDAMNIT According to this article: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/07/BUL71AGACR.DTL&type=business, there are new higher income limits concerning the first time home buyer tax credit. If I had waited just 3 more months I would have qualified!! Is there anything I can do about this? I bought my house in August.
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Nov 11, 2009 22:00
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Inept posted:Nope, you're screwed. The whole point of a stimulus is to spur new purchases, not give refunds for ones already gone by. That's what I thought. Still sucks though.
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Nov 12, 2009 00:17
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I've got a quick question for you all. I bought my home in July of this year. I just got my original owner policy of title insurance in the mail last week from my title company. In the cover letter, it says that "its my responsibility to have the property assessed in your name for the upcoming year, with all the applicable taxing authorities". What does this mean exactly and what do I have to do (if anything)?
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Dec 15, 2009 01:04
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So my girlfriend is closing on a house today and I'm helping her with a bunch of the remodeling projects she has in mind (kitchen, bathroom countertop upgrades chief among them). Do any of you helpful goons know of where I can find a pre-made spreadsheet that lists out costs that will help us sort out the sort of budget we'll need? Thanks!
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Jun 27, 2013 15:35
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