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I bought my house about a year and a half ago on a 30 year at 6.125%apr. The other day the loan officer who I initially dealt with called me up talking a 100mph about an offer to drop my interest rate to 5% if I switch to a 20 year note. I can afford the bigger payment, because it's still going to be less than I've been paying with the extra I've been throwing at principle, and he swore there were no new closing costs, appraisals or anything like that. The only tough part sounds like verifying my income again, because while I'm all legit, freelance work complicates it. I'm hoping this isn't too good to be true, and if it's not, it'll make me really regret the points I paid upfront to get my rate to where it is. edit: It was Wells Fargo. eddiewalker fucked around with this message at 21:30 on Jan 25, 2010 |
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Jan 25, 2010 20:25
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Wells Fargo doesn't list a 20 year rate on their website, but the 15 year is 4.7% and the 30 year is 5.3%. I'm sure I could get a slightly better rate somewhere else, but if this really is just an in-house loan "reorganization" then it would be worth it to avoid paying $2000+ in closing costs again. The guy treated me all right the last time around, and said this deal was only available if I met several several stipulations: primary residence, never listed the property for sale since I've live here, no new liens or whatever. In an abstract sense it makes sense to me. I agree to give them more money each month, so they give me a rate closer to the current low, and they've dissuaded me from shopping around for a refinance. Maybe I'm being naive, but I'm already in the house and currently have a loan without a terrible rate that I can easily afford each month. I haven't signed anything, so I assume if this ends up being a trap I can walk away and keep paying what I have been.
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Jan 25, 2010 23:00
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I had sellers throw in a $650 warranty. I used it to upgrade my dishwasher when it died, but I still didn't "profit" and it would have been really easy to just forget about the warranty completely.
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Mar 19, 2010 19:34
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Arkane posted:check under the fridge and make sure there isn't a gigantic dust ball covering the coil that in turn breaks the fridge. That was a $150 mistake! I got the fridge cheap, but still... It's recommended maintenance to vacuum out the coils. I try to remember it as part of "spring cleanup." I'm headed down to "re buy" my house. The agent I went through with Wells Fargo two years ago called me up and said I was eligible for their "three-step no-closing costs refi." All I had to do was verify that nothing about the property had changed, and I had never put it back on the market, so as soon as I go in and get a packet notarized, my rate will drop from 6.25% to 4.875%, and I took the opportunity to switch to a 20 year from 30. The change in the rate combined with the shorter term, my monthly payment is exactly the same. I'm assuming Wells Fargo is getting a better deal on underwriting, or something, so win-win.
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Sep 16, 2010 19:04
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Slugworth posted:I am having my home appraised soon in order to refinance. Zillow.com, the accuracy of which I can't attest to, estimates that my property is worth pretty much exactly what I need it to be worth in order to get rid of my PMI. My question is, what factors will swing an appraisal higher or lower than what zillow is estimating? The house has a new furnace, new water heater, all new electric, a recently remodeled bathroom, refinished hardwood floors, etc. The only part of the house that still needs work is the kitchen floor, which is currently very beat-up looking hardwood (didn't get refinished with the rest of the house). Does any of that matter much one way or another? I will be very disappointed if I can't get rid of this PMI, as it's a big part of why I'm refinancing in the first place. Do appraisers ever even look inside the house? I may have gotten a bad/lazy one, but all my paperwork came back without ever having to let someone through the door.
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Oct 21, 2010 04:23
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ijii posted:- Have $87k in cash, but no retirement fund saved (which I will immediately start after buying a home) OPEN AN IRA. There are hard limits on how much you can contribute each year, so it's foolish not to start as early as you can. I'm pretty sure you still have a little time to throw in your $5k for 2010. There's a thread for this.
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Jan 17, 2011 06:19
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Chin Strap posted:Seems like a really simple DIY job. Crowbar and a can of paint. I'd be more inclined to fill in the TV hole and one below it, then hang a painting or something. If you tried to make it flush with the shelves, there'd be a gap in the carpet to deal with. (There's a good "quick questions" thread in the DIY subforum.)
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Jan 25, 2011 22:15
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Zillow is ridiculous. It valued my house at $185k when I bought it for $129k three years ago on a normal sale (no foreclosure, short sale etc) It's still listing me at $150k but there's no way I could get that.
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Feb 11, 2011 21:51
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Namlemez posted:Hypothetical situation: I have an existing house with a mortgage and would like to move locally to a new construction house that costs about the same. Which option sounds most realistic? Option 1 sounds like a hard sell for a builder. You know the housing market has been kind of a mess lately, right? Apparently there are a lot of houses for sale, and some of them have been unsold for a while.
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Mar 13, 2011 18:09
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FISHMANPET posted:I've seen enough poo poo on Holmes Inspection to be pretty An inspection report is a lot easier to negotiate with than, "my dad says it needs a roof," no matter what you think of the inspection process.
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Apr 10, 2011 16:12
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at the whole inspection process, I'll have to bring my Dad who really knows his poo poo, and Uncle who works in construction to take a look at whatever I plan to buy in the future.
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quaint bucket posted:He's Canadian. It's on our network HGTV with two shows: Holmes on Homes; and Holmes Inspection. We get HGTV in the US too.
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Apr 11, 2011 00:06
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Realjones posted:Home warranties are great for easy fix it jobs like this, but from what I've read they are a complete nightmare if you need something like a dishwasher replaced or some sort of major work done. I received a home warranty from the seller as well and so far haven't had to use it (knock on wood). I'm not sure if it's worth renewing if I'm going to have to fight to get any major done though. When I bought a few years ago, my agent talked the seller into paying for a $500 warranty from HMS. (I would have preferred just knocking $500 off the price, but that's that.) My dishwasher broke. I called HMS. They sent out a local general repair guy who I had to pay $75 to look at the machine. He declared it dead. A week later HMS called with the model number of a new dishwasher they were willing to provide. Their machine was bottom-of-the-line and I wanted a different color, so I opted to buy my own and submit a receipt. About two weeks later I got a check in the mail for the market value of the specific appliance HMS had offered me, about $400.
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Apr 27, 2011 04:06
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Can we get a name for the first monthly payment where the "principle paid" exceeds the "interest paid" on my monthly statement? I'd like to get it printed on a cake to celebrate.
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May 5, 2011 04:13
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Jorath posted:I bet you'd pay 2-3 times more. And you'd have to make sure that your lender approved every one of them. My lender wouldn't have cared if I had an inspection at all. They set up the appraisal.
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May 6, 2011 16:51
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Guacala posted:Anyone that has homeowners insurance - if you are going to receive money for roof repair, don't pocket the money. You'll have a harder time selling if you fail to do so. Usually insurance companies try to discourage pocketing of roof payouts by figuring an Actual Replacement Value, then just cutting you a check for the Depreciated value up front. Once an invoice for a repaired roof is submitted to the insurer, the homeowner gets a check for the rest of the ARV.
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Oct 4, 2011 21:51
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I started a 20yr mortgage about a year ago, and have paid off about 25% of my principle since then, so now my normal monthly payments are more principle than interest. Today my mortgage guy called trying to get me to refi to save a percent of interest. Amortization math is fuzzy in my head, but it seems like doing that would be bad for me because it would put my back into the early stages of a mortgage where payments are mostly interest. Am I thinking correctly?
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Oct 14, 2011 03:16
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BossRighteous posted:Yesterday was signing day, and final inspection day. With 2 hours left before the signing, Chase banks all over Phoenix lost their ability to network and create cashier's checks. After 40 minutes we were all set to withdraw $10k in cash and get a cashier's check from Wells Fargo. Right in the clutch the check final comes through. Crisis averted. I was really surprised that I was able to just write a personal check for closing costs and a 20% downpayment.
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Jul 4, 2013 06:59
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drat Bananas posted:Oh god, one month in from moving day and Mint is giving that ever-friendly reminder to do never buy (or at least save WAY more than the down payment amount): In four years I've done roof, gutters, attic insulation, vinyl siding, a sliding door, two windows, water heater, AC repair, dryer repair, new dishwasher, carpet, and fixed near-catastrophic structural problems on the house I bought because it "wasn't" a fixer-upper. Good luck being done.
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Sep 3, 2013 22:56
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Looks like free insulation to me.
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Dec 13, 2013 01:12
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There should be roller height adjustment screws on the door near the bottom, one on the front and one on the back. Crank them both in a few turns and see if it improves. That's not really a job that requires a contractor. If it doesn't work, maybe the contractor wasn't lying.
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Dec 14, 2013 00:22
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I remember my loan having a penalty for waiving escrow that would have far outweighed just keeping the money in a savings account myself. When the bank overestimates escrow, the overage just goes toward principle, so whatever.
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Jan 24, 2014 20:12
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Enjoy the next few months of constant phone calls from lenders you've never heard of. Thanks Lending Tree.
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May 21, 2014 01:55
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With some light googling, you can usually find coupon codes to get a month of Angie's List pretty cheap. I think I only paid $1.80 for the month I was looking for a drywall guy, then cancelled before renewal.
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Jul 23, 2014 05:40
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Avoid $180 vinyl window billboards and junk mail. My seller did that as a quick spruce-up but I've had to re-replace most of them. Custom sizes are expensive, so those cheap outfits just "make it fit" by stretching the frames. I either had so much horizontal play in my sashes that I could feel a breeze through the window, or frames so tight the windows wouldn't open.
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Jul 26, 2014 17:01
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Keyser S0ze posted:In my recent house shopping experiences I'm seeing a really dumb trend of people having bible verses or motivational crap painted in script on their walls. Not that I couldn't quickly paint over it by why not just have it painted on a board or something you could take with you? A lot of those are just stickers with a light adhesive. That's easier for you, as a buyer, to reverse than a nail hole. If it's actually paint, they owned the house when they did it. "I want to be able to paint walls without consulting a landlord" frequently comes up as a reason people want to buy a house, however silly that may be. Deal with it.
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Aug 22, 2014 22:23
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My realtor friend says anything he can to discourage clients from using Zillow so they don't use it for comparing prices. It may have accurate MLS data, but it's estimates for properties that aren't for sale can be nuts. Zillow showed my house's value taking a $30,000 dive when a neglected foreclosure up the street sold low, then readjusted up $40,000 a month later.
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Oct 19, 2014 15:08
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Is there any way to estimate my current expected payoff date with just my current balance, interest rate and my monthly principle+interest breakdown? I spent years randomly throwing extra payments in, and I had an Excel sheet that automatically updated my projected payoff date, but that file is long gone.
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Nov 3, 2014 19:02
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Steve Yun posted:Hey, is Lending Tree a good place to get a refi? I'm 4 years into a 20 year mortgage at 5.5% I tried Lending Tree, but didn't have much luck. What I got was 6 months of constant phone calls from blocked numbered at lenders I had never heard of and no clear way to stop them.
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Jan 7, 2015 18:06
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We’re offering 30% over asking price for a house. We expected an answer last night night but they put us off till today. Now the seller is considering a lower offer because someone else wrote a sappy note. Fuuuuck, I hope my writing skills are enough to counter.
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Apr 26, 2021 15:49
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I’m having a really hard time looking at drywall defects and little easy things I’ve been meaning to fix, but my realtor keeps telling me to  and list in the next week.
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Apr 27, 2021 22:22
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We’re still accepted at $150k over-asking. Did final inspections today and the septic needs $3k in repairs. We’ve agreed to close when the seller wants to, let them live there 2 weeks after closing for free, and we’re waiving appraisal. I figured asking for half of the septic quote would be easy, and let me feel like I got something. Nope. Second highest bidder says that God told them the house is theirs and they’re willing to beat my offer by a “significant amount” if I ask for any inspection fixes. eddiewalker fucked around with this message at 20:05 on Apr 28, 2021 |
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Apr 28, 2021 20:01
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mattfl posted:But why Because they got 18 offers in a weekend, half of them in cash and still above asking price.
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Apr 28, 2021 20:15
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Can I get help with some napkin math? We’re buying a house for $500k. I have $50k in cash, and plenty in a long term taxable brokerage account. We’re expecting to net $250k tax-free from the sale of our current house, but we won’t close until after we have to close on the new house. My tax preparer is encouraging me to only put down 5% on the new loan and take a rate that’s .2% worse than it would be with 20% in order to avoid paying ~$4k in long term capital gains from selling brokerage funds. He says after our current house is sold, I can just pay the remainder of the 20% downpayment to kill PMI and have the amortization recast, but I’ll still be stuck with the slightly worse mortgage rate forever. Am I getting bad advice?
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May 7, 2021 14:01
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I think the difference over 30 years would be about $16,000, but that’s compared to $4000 I’d have to cough up next tax day.
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May 7, 2021 14:10
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I dont know anything about a bridge loan. Is that something I can talk to my regular bank about, or do I need to talk to the loan officer?
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May 7, 2021 14:18
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My buyer’s post-inspection demands are: Remove the functional guest laundry machines, patch a drywall paper tear and move the doorbell transformer to a dedicated breaker. So, a thing I can solve with a Facebook ad,a thing that’ll take 5 minutes with a putty knife, and “wtf no, your inspector is dumb.” I don’t know why we’re talking about these things on a quarter million dollar business transaction.
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May 13, 2021 02:01
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Well gently caress. Appraisal came back $65,000 low, but the sellers don’t want to budge because their second best offer is still standing $500 below us.
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May 15, 2021 14:08
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Water Resistant posted:gently caress, the one for our new house comes in early next week and this is my nightmare. Did they tell you which comps they used or how they came in so low? The comps are all over a year old. Ours has private lakefront, the comp houses have no water. The appraiser only gave us $10k per acre for 3.5, but 5 acres of unimproved land just sold in the same area for 30k/acre. We also got no credit in the appraisal for the 24x50 outbuilding on a concrete pad. My broker thinks the appraiser will just dig in his heels despite our appeal, so I guess we’re paying up. The house somehow still feels worth it, but it’s a huge punch in the gut.
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May 15, 2021 15:34
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Insurrectum posted:drat, that sucks. Is your loan through a local lender? Local broker. The sellers have at least agreed to move back closing 2 weeks until after I sell my current house. Still sucks, but at least then I'll have my equity to pour back into the new house-shaped money pit.
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May 15, 2021 15:45
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slave to my cravings posted:Out of curiosity what’s the zestimate lol I think Zillow adjusts their estimate in line with the asking price when a house is actively for sale.
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May 15, 2021 16:11
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