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Evil Robot posted:I locked rates for a jumbo 30 year loan at 3.875% in CA on 7/28 with Wells Fargo for what it's worth. Loan is a small multiple of income and my credit rating is >770. My understanding was that interest rates had declined slightly in August. But for some reason non-jumbo loans have higher interest rates than jumbos, so who knows. Wells quoted me yesterday 3.5% for a 30 year fixed. You need to have a relationship discount and deposit 250k but what you can do is park your down payment at the bank and move extra other money. And then move it back out after you buy.
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Aug 24, 2017 18:58
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Tricky Ed posted:Indeed, I quickly recognized a phrase my realtor used: "I think an offer of $X will get it done." This is not the best price for you, it is the price your realtor thinks the other realtor will push their client to accept. In my case, my realtor's number turned out to be $25k higher than my initial offer and $7k higher than the final accepted price. So, yeah, that would've gotten it done, and he would've made more money doing less work. Hmm. We offered list price on a house this week, since our realtor advised us that the house was appropriately priced. The selling realtor replied back that they received offers for 25k more than list and would be countering those offers instead. I guess here's one data point for a conservative realtor then.
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Aug 24, 2017 19:34
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Andy Dufresne posted:Yeah, I don't think it's at all unusual for the buyer's agent to informally ask the seller's agent whether they've been getting a lot of offers. Obviously you put the response through a bullshit detector filter, but sellers agents are always eager to tell you if they've received offers well over listing price. If your agent didn't do that they are probably a complete amateur. The seller's agent told us there were 3 other offers by the time we put ours in. You're right, though, I was annoyed that our buying agent didn't find out what those numbers were. He ran comps in the tract to come up with his opinion, and we did tell him we didn't want to get involved in a bidding war. Now I'm a bit worried about his competence in predicting what a house will eventually sell for.
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Aug 25, 2017 01:52
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House buying would be a lot easier if people didn't attach emotions to their dang homes!!!
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Sep 19, 2017 04:54
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I know how to find a General Inspector, but a Sewer Inspector? Do you just ask the general for a subspecialist referral? Did you guys get a termite or any other specialized inspector?
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Sep 26, 2017 21:01
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Are Angie's List reviews pretty reliable for evaluating a home inspector?
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Oct 2, 2017 07:40
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Also, I'm getting rate quotes from Big Banks that I think are pretty good (3.6-3.75% APR) - any tips on getting them to beat each other in a race to the bottom (of rates)? I'm not seeing better rates quoted on HSH.com or the big online lenders, does this mean it's not worth reaching out to QuickenLoans/LoanDepot/etc?
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Oct 2, 2017 08:49
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I'm getting jerked around by a Big Bank guy too. The loan estimate isn't what his verbal was because he needs to get approvals. Feeling super nervous because we have 25 days til close and he hasn't sent me an official rate lock yet. Great rate and no points but dang my anxiety
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Oct 4, 2017 17:48
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Big Bank guy came through! 3.5% no points on a 30 year fixed. Nice. Locked in writing on a Loan Estimate. Now I'm worried about closing on time. It's locked until 2 days post close, which I don't know if he's trying to tell me something..H110Hawk posted:Get 3 locks. They're free! I thought a rate lock meant you were on the hook for an appraisal? That's $500 I don't feel like paying x 3 if the loan is not going to happen.
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Oct 4, 2017 21:37
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Homebuying adventures, halfway into a 30 day escrow: 1. Bank's home appraisal came back 3% lower than the contract price and 2.3% lower than the listing price. Bank tells me I need to put in more down, due to LTV, or rates will go up 1/8%. 2. Bank tells me that initial underwriter approval has not yet been achieved, despite already having a loan estimate and rate lock. ETA is next Tuesday/Wednesday. Our purchase contract tells us we should remove loan contingencies by Monday, which is prior to that. 3. Bank further tells me that final loan approval will only be a week after that. That will be more than 7 days past our theoretical loan contingency removal. My (buyer's) real estate agent is telling me there's nothing to worry about. I'm in a state of mild panic.
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Oct 13, 2017 18:30
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Our bank is asking us to pay $1,500 in points to make up for the appraisal being 3% lower than the contract price. I told them I can go to Wells who offered me the same rate/no points, and bank said there's nothing we can do, their appraisal will come back lower too. Ffffffff The crazy thing is that there's another house down the street that sold for 10% more per sq ft with the same number of bedrooms literally 0.08 miles away, 3 days after our contract was signed. totalnewbie posted:Yeah, I know. I'm just waiting to see how much the sellers are willing to lower it by. Hey, maybe they lower it by the whole 20% and I get a cheaper house Did anybody else bid on the house? Good luck Mandalay fucked around with this message at 01:59 on Oct 14, 2017 |
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Oct 14, 2017 01:56
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Andy Dufresne posted:I know this is a lovely situation for you, but your bank is doing what every bank would do. LTV is hugely important to them (and *cough* their ability to sell your mortgage), and they don't bend on those. That's part of the reason why most contracts allow you to back out of the entire sale if the house appraises low. I'm a guy who also had to bring extra cash to closing for a low appraisal. The $1,500 in points sure feel like "a fee to some bank." Unless you mean you put down more in your down payment?
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Oct 14, 2017 22:50
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I was told that in the Los Angeles area, construction per square foot will be about $150-$300. From my experience, dealing with contractors/construction always ends up costing more than you think...
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Oct 17, 2017 03:04
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Welp, the loan contingency "deadline" of 17 days past purchase agreement has gone and nobody has said a thing. We haven't removed the conditions, and the selling agent hasn't sent a Notice to Perform. Our bank is telling us that the loan will be underwritten in the next 1-2 days, and they would advise us to remove loan contingency at that time. But apparently that is not the same thing as final loan approval (or actually funding the loan). Should I be worried? Subjunctive posted:Isn’t it the buyer’s lender, rather than the buyer, who chooses to have it appraised and by whom? Or is that different in the US? yes
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Oct 17, 2017 20:11
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Still in escrow. Everything is late. Repairs, mortgage, termite remediation, seller response on repair credit, etc. Got an email from the bank with 23 requests for explanation yesterday. And everyone is extremely relaxed about it. What was the point of all this strong language in the contract about timelines??
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Oct 25, 2017 02:08
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You want a pre-approval not a pre-qual. With our bid we submitted 3 pre-approvals from 3 different lenders (2 banks, 1 mortgage broker) to show that we were serious. It is a seller's market here with well-priced properties going from listing to contract in ~8 days.
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Oct 25, 2017 23:01
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You run the risk of the house under appraising and increasing your LTV with a higher purchase price, right?
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Oct 30, 2017 21:03
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Just did what was supposed to be a final walkthrough. Seller didn’t do half of the repairs that they said they would do on the RRRR. Ugh
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Nov 1, 2017 02:54
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Call another lender asap
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Nov 9, 2017 03:07
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Dukket posted:Every client of mine that has used a bank for their loan has been unhappy by the end - poor communication, too much bureaucracy. Small dedicated mortgage lenders are not automatically a good experience, but I've had 100% bad experiences with banks. I am using a big bank for my loan and I have been unhappy with the poor communication and too much bureaucracy. We were supposed to close 12 days ago.............................. But I'm happy to have 3.375% on a 30 year fixed
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Nov 10, 2017 06:12
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You get get pre approved without a signed purchase agreement but I don’t see how you’d continue with the mortgage underwriting process without a signed contract. You can argue about repairs later because you have an inspection contingency (I hope)
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Nov 21, 2017 11:08
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Took a dump in my new home. Now it’s truly mine.
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Nov 26, 2017 00:50
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the littlest prince posted:What is the current recommendation for comparing rates? A credit union, a big bank, and an internet lender? Anyone specific in that last category? I closed a few weeks ago at 3.375% on a 30 year fixed. All the best rates I got were from big banks (3.375, 3.5, 3.625) with no points. I also did shop local mortgage brokers who gave me uncompetitive rates (4.0, 4.25). Unlike the big banks, they declined to compete rate wise when I told them I had more competitive offers. I also got various rate quotes from other big banks and internet lenders (HSBC, Quicken Loans, random Zillow references). I was able to leverage relationship discounts with banks, which really helped. Dealing with a big bank (when we were actually funding the loan) was a pain in the rear end in terms of slow customer service, endless documentation requests, and ultimately, a delayed closing. Luckily the seller and I were in no rush to close. Hope this helps.
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Nov 27, 2017 20:32
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baquerd posted:That's insane, which bank if you don't mind me asking? It doesn't make any sense for them to offer that without huge origination fees. Sent you a PM. My realtor expressed surprise at how low the rate was, but the second-lowest bank was within an 1/8th of a percentage, so it wasn't that much of an outlier.
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Nov 27, 2017 23:49
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Removed cabinets from the garage. Found a bunch of mold outside. There’s probably more mold inside. We’ll find out when we tear our the drywall. Seller didn’t disclose. gently caress. 
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Nov 29, 2017 05:51
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Our escrow cost went up from our LE to CD inexplicably (Section C). I think we got hosed by Escrow. Selling agent insisted on being the escrow agent as well, which sucked. We ended up coughing up over $2000 extra. Our agent told us the fee was normal. RIP
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Nov 30, 2017 23:29
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Sudden Loud Noise posted:Isn't that like... The exact opposite of what an escrow agent is by definition? Yep. Not recommended. Our agent said it was fine so we went with it. I would insist on a neutral third party next time. Preferably with transparent costs.
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Dec 1, 2017 07:24
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Impressive. I didn’t think to poop before purchase. That’s a bit presumptuous
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Dec 15, 2017 07:17
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Azuth0667 posted:Is there a way to download the MLS as a spreadsheet? Redfin let me export to csv
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Dec 27, 2017 05:20
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I definitely wired more than 25k not sure what limit you are talking about.
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Dec 31, 2017 21:21
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Focus on getting Loan Estimates from lenders. Clock is ticking. A LE is a standard document.
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Jan 2, 2018 10:38
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I would wait until the housing market slows down if you have that flexibility. (And willingness to wait a few years if possible)
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Feb 3, 2018 22:56
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Jose Valasquez posted:Anyone have any advice on quantifying the costs of an older home vs a newer home? Pay for a really good inspector.
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Feb 7, 2018 01:37
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Seller credit.
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Feb 11, 2018 21:00
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tortilla_chip posted:Are all lenders roughly equal from a cost perspective? If interest rates are basically set by the Fed, is it worth shopping around with different lenders? Will I see large differences on closing costs or is the mortgage industry basically a commodity? Interest rates are definitely not set by the fed. We got rate quotes from 4.25%-3.375% for our thirty year fixed no points loan. All within a 2-3 week window. The highest quote came from a mortgage broker and quicken loans. The best quote came directly from a big bank. I spent tens of hours shopping loans and it was the best investment of my life given that we will be in the house for a long long time.
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Feb 14, 2018 01:11
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The answer is yes all of be above. The best rate is not advertised. You’ve gotta get it out of them by making lenders compete against each other for your business. Why stop at one bank? Use brokers, use online lenders, use better.com, use hsh.com. Do your homework and get all the rate quotes. Get LEs. Good luck.
Mandalay fucked around with this message at 10:08 on Feb 14, 2018 |
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Feb 14, 2018 10:05
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Mahoning posted:Each area is different but in my area, the independent mortgage brokers typically have the lowest closing costs compared to the big banks who typically have the highest. I would almost always recommend to shop around only with local banks, local credit unions, and local independent mortgage brokers. They not only tend to have the lowest costs, they are typically more flexible too. And as someone rightly said earlier, all things being equal, you want someone who is capable of closing the loan on time (or sooner!) because that is honestly the #1 thing that delays closings. Any good realtor or real estate attorney is going to know the lenders who are cheap and/or can close a loan in the promised amount of time (or at least who to stay away from). In my area the big banks were the cheapest in terms of rate, which dwarfed any closing costs differences. Our loan took half a month longer than expected to close but honestly the seller was the party in a rush not me.
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Feb 15, 2018 08:18
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Yeah. That’s why I was really happy with my purchase of the Nolo guide to buying a home in California (a book). They had specific advice for Southern California customs and such.
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Feb 15, 2018 16:18
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After our offer was conditionally accepted, we scheduled both a general inspector and a plumber (Thanks H110Hawk). The plumber offered to do a sewer inspection for $225 (scope with a camera) and offered to inspect the overall plumbing + sewer inspection for $375. The guy gave his blessing with the caveat that plumbing could fail at any time in the future but that we should cross that bridge when we get to it. I get the impression that plumbing being a ticking time bomb is just part of the joy of homeownership.
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Feb 19, 2018 20:59
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QuarkJets posted:Wait so he said the plumbing was fine but also could fail at any moment? Was that maybe just a legal thing since you can't really thoroughly inspect the plumbing without opening the walls? Yep I think so. I asked the plumber how long the pipes would last (this is our first time owning a house) and he gave approximately that answer.
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Feb 19, 2018 21:52
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