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jhoc posted:Rate: 3.75% 5yr fixed Why only 5 years? From what I understand, you should lock down these lows rates for as long as possible. (I'm assuming the rates in Canada have dropped like they have in the US.)
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May 8, 2009 16:27
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Ahz posted:Canadian mortgages don't allow you to lock in for longer than 5 years. Well that's not entirely true, you can go nuts and lock in for 10 years but the guaranteed rate will skyrocket. Ah, interesting! I hope that costs less than what refinancing costs in the US?
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May 8, 2009 16:55
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I just closed on my first apartment today. We had to wait two hours for my lending bank's attorney to show up because the bank was still finalizing things. Wells Fargo really dropped the ball multiple times throughout the entire process, but 4.75/30 is a kickass rate. Total costs including application fees, closing fees, flip tax, lawyer and mortgage fees/points were about $7,500. That hurts so much, but everyone has to bite that bullet I guess. I can't help but think the entire process could be more streamlined (and thus cheaper), but everyone needs their piece of the pot. This entire process sounded like it would be fun, but it wasn't at all and thank god it's over. Now come the renovation shockers 
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Jun 4, 2009 23:56
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Why would you want to pay a penny more than its appraised value no matter how nice you think it is?
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Jul 9, 2009 00:40
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ChuckMaster posted:We didn't get an appraisal, that was the Allegheny county assessment. They're notoriously low. Ahh, I see. Well as was already said, don't get hung up over lovely sellers. I recently purchased and I'm glad first the two offers I made on other places were kicked back. Ended up finding a nicer place for less money.
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Jul 9, 2009 03:10
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dreesemonkey posted:Unrelated note: I closed yesterday and I'm now a home owner! The closing was the most anti-climactic thing yet, it was like "sign these bunch of papers, here's a key ok see ya!" I think the people around me were more excited than I was. I wasn't excited at all. My experience was more like "Thank loving god this is over..." followed up shortly after by "poo poo, this is just the beginning." Over a month later, I'm still living at home and finally last night got a decent kitchen remodel labor quote. I'm really tired of having to go at the pace of the slowest link. I want to be finished!
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Jul 16, 2009 17:46
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95%? Probably once you've scheduled the closing date. Cut it too close and you're going to risk being homeless for a while 
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Jul 26, 2009 02:37
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Mister Fister posted:newbie question here... i'm a 1st time homebuyer. I was wondering, before going out to look for a house, is it possible to get preapproved for a mortgage BEFORE you start looking for houses/negotiating with realtors? I understand the application process for a mortgage can take a while so it makes sense to me if you could get approved before you start haggling. Yep, you sure can and mostly like should/need to. It's not really a thorough check and you'll still need to go through the long application/approval process later. It will give you some perspective though.
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Aug 3, 2009 19:04
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Mister Fister posted:huh, that's weird, i'd rather go through the long application/approval process first without having to do another one when i'm looking at houses Yeah, it's definitely a lot of waiting around twiddling your thumbs while people shuffle papers around. Once you find a house you like, your offer is accepted and you sign the contract, then you'll start the real mortgage application. The contract should be contingent on obtaining the mortgage.
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Aug 3, 2009 21:47
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Mister Fister posted:So i should get pre-approval for a mortgage first before i actually go out and get a real estate agent, right? It would suck to find your dream house and find out the seller requires buyers to be pre-approved before offering. I don't know how common that is, but you have nothing to lose by getting pre-approved. I just walked into a bank and sat down with a mortgage specialist. It didn't cost me a penny.
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Aug 11, 2009 22:18
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Leperflesh posted:Some notes. I carry a balance on two cards at 6% and 5% (about half each). I scanned a few times, so I'm sorry if I missed this, but how large of a balance are we talking about here? Edit: Nevermind... Found it 
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Aug 20, 2009 04:15
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I still don't understand how you're seriously considering buying with 5k in savings, 13k in CC debt and 40k in student loans. Also, your posts are long.
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Aug 24, 2009 19:16
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Pinkied_Brain posted:A big problem with having TICs and a big reason for why they are cheaper than condos, is that only a handful of banks offer mortgages on them, and the terms are always much worse. With my 780 credit score and a 60% downpayment, I got a 6.75% Adjustable Rate Mortgage (5/1 LIBOR ARM). On a condo, the same terms would give me about 5% fixed. Which bank did you go with? I got a 30 year fixed at 4.75% and 20% down payment with Wells Fargo. I got really lucky locking my rate at the bottom of the dip earlier this year.
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Sep 2, 2009 22:31
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Pinkied_Brain posted:Wells Fargo does not offer TIC financing. In fact there are simply NO fixed rate mortgages for TICs unfortunately. That's why the rates are not competitive, which is why if you get a TIC, you better have a big downpayment ready. Fair enough, but I guess they're not that similar to co-ops then because that's what my apartment is. Or, I should say, maybe they're similar, but there is some very important difference. Either way, sorry, that sucks.
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Sep 3, 2009 03:56
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Inferior Third Season posted:Will I still have to pay for an appraisal at this point, or will I only have to pay for the PMI premiums for the months between closing and me getting my tax credit? You should only need one appraisal and that's when you're getting the mortgage. Even if your house appraised for half the price two months later, 20% of your loan is still the same.
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Sep 13, 2009 05:42
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SlapActionJackson posted:Most lenders don't require a second appraisal to drop PMI at 80% original LTV, but they are allowed to make you get one to ensure the house has not dropped in value. God drat, I'd like to say I'm surprised, but I'm really not after having closed in the past few months. I really pity people going through the process 
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Sep 14, 2009 17:06
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moana posted:Just got the $8k check from the IRS.
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Sep 16, 2009 14:18
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moana posted:June. Altogether not too bad, but I still wouldn't have wanted to count on the money being there anytime soon. I wish we had been able to do an extension but we weren't sure we were going to buy so soon. Ouch, sounds like I'll be waiting another month for mine... I'm doing lots of renovations, so having that money now would relieve a lot of stress. I could survive without it, but seeing the bank account numbers constantly dropping is painful.
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Sep 16, 2009 17:39
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IndyPunkOne posted:I looked at a home Friday on a lake lot and noticed a bunch of duck poo poo and feathers in the side yard. I'm curious if anyone has had first hand success using repellent sprays (concord grape) or decoys (coyote or owl) to control ducks and geese on a lake lot? The back of my parents house was always overrun with geese until this year. They bought two coyote decoy cutouts and they worked like a charm. A little pricey and ugly, but it's so worth not stepping in poo poo constantly. I feel the need to upload a picture of baby geese and this fox that would hunt them last year:  
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Sep 20, 2009 20:09
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Inferior Third Season posted:I looked at a bunch of houses in the past few days, and have narrowed it down to two. They are about the same as far as asking price. The first one is your standard ranch style, with just a main floor, and a basement. The second, and the one I like slightly more, is a quad level. It is still quite spacious, and I like the layout. However, I hear that quad levels are not so good from a resell perspective. Is this true in general? Do a lot of buyers filter out quad levels in the listings they'd even view? All else being equal, I'd go for the quad level, but if I'm going to have trouble unloading it later, I would go for the ranch. My thinking is always buy what you'll enjoy. The seller found you and you'll find a seller one day. Hopefully selling won't even be a concern of yours for many years to come anyway. Saying that, whereabouts is this property? I would imagine a place like Florida would value a ranch style house for its lack of old person knee crushing staircases.
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Sep 21, 2009 15:49
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Pinkied_Brain posted:I have a little dillema Is your salary over 75K or is your AGI over 75k?
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Sep 30, 2009 03:42
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First time home buyer tax credit question: Was your check sent to your old residence or the new one?
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Oct 21, 2009 17:13
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Inferior Third Season posted:A quick question: I'm filling out the 1040X and 5405 for my $8000. It doesn't ask me anywhere to state the purchase price or provide proof of my having bought the house. Do I need to attach something to it when I send it in, or do they just trust me and all I need to send is the forms? This a million times. I'm pretty sure the form says nothing about what proof you have to provide and it pisses me off. I keep reading about people having the IRS kick back their amendment requesting proof of ownership. I also keep reading about people waiting over 6 months and some waiting only 3 weeks for their credit. It sounds like such a clusterfuck. I just want my money
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Oct 27, 2009 17:12
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Bong Goblin posted:I'm 95% sure I'm ok but... there's nothing wrong with waiting until I do 2009's taxes to take the credit, right? I cashed some old bonds this year to use as a down payment, and I thought it'd be a good idea to have the $8k credit help offset the extra income tax. At the speed they're doing the 2008 amendments, waiting for 2009 taxes is likely going to be faster.
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Oct 27, 2009 17:40
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Besides, using other people's old carpet is kind of  There is probably  mixed in.
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Oct 28, 2009 17:00
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gently caress this poo poo. I waited 16 weeks for my tax credit. Called tonight, I'm getting audited. I've got nothing to hide, but now they're going to take their sweet rear end time getting paperwork to me and yada yada. gently caress. You. IRS.
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Dec 18, 2009 01:55
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IndyPunkOne posted:Looks like long waits for those of us who closed after Nov 6. I filed in August and still have not received anything from the IRS. I called a few times and a month ago they told me I am being audited and will get papers in the mail. Yeah, it takes a month to mail papers? Guess I need to call them again. I don't buy this "don't blame the IRS, blame the scammers" poo poo. When I filed my papers I was thinking: "Uh, so what proof do I need to send with this?" The forms didn't ask for anything. You're telling me it took scammers for them to realize they should require proof?
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Jan 17, 2010 03:17
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 Waited over 30 days for the IRS to mail me a list of requested documents. Called today and they're going to "resend" within another 30 days. God bless America 
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Jan 21, 2010 03:46
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IndyPunkOne posted:Wouldn't it be the same listed in the instructions for form 5405? Yep, probably exactly the same, but I can't send anything in until I get their request. It's beyond me why the original form didn't request proof. It's not rocket science, but it is the IRS after all...
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Jan 22, 2010 06:04
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IndyPunkOne posted:Got my FTHB credit (filed with 2009 taxes) in 30 days so I definitely think the process is smoother without the amendment. When I amended in August it was funny to joke around that I should have waited for 2009 taxes. It's not so funny any more
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Mar 27, 2010 17:48
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