3.03 apr Real Estate |
- 3.03 apr
- We CLOSED today! :)
- Has anyone seen these 2.5% rates that UWM advertised earlier this week?
- Completely at a loss - where do I start?
- Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds (Commercial Real Estate)
- Lost out on a house because of down payment. :(
- Can someone help me with understanding Discount Points? Maybe ELI5. I want to understand it Forwards and Backwards.
- Debating how many mortgage loan applications to apply for
- 1 month from closing..change lenders?
- Looking at a house today -- has been on the market for a year, price dropped dramatically during that time period, and the house is being sold "as is."
- CV-19 has us sitting and waiting, what should we do to put ourselves in the best position to buy when we do find THE house?
- New forebearance repayment plan?
- Can I walk out of a contract even if the seller agrees to the repairs?
- Looking to buy first home. Worried about mold.
- Sold my condo! Did I do OK?
- Buying a house from opendoor, any advice?
- Chicago: Low rent for high priced neighborhood: question on bugs
- I’m confused about closing costs
- Any advice on how to get hired on with a home builder?
- Underwriting - Job relocation & pay change with it
- Going to view a house that's gonna be hot on the market. Preparing for a bidding war. Tips?
- Is age a factor at the negotiation table?
- Putting investment properties into LLC's while holding conventional loans
| Posted: 15 May 2020 12:24 PM PDT I locked in a 30 yr conventional loan at 3.03 apr a few days ago. I put 20% down, which was ~115,000. My payment is ~2,500 a month (1900 principal/interest, 150 insurance, and 450 tax). It's a 4,000 sq ft lake house in Minnesota. I know the value of my home could change drastically due to unemployment, foreclosures, urban flight, speculation, inflation, student loan crisis, silver tsunami, and other things I cannot control. I don't really care though, because I have an awesome lake house!!! [link] [comments]  |
| Posted: 15 May 2020 09:07 PM PDT We closed on our house today finally! It feels sooooo good. Spent all day today painting and ripping up carpet. Also got landscaping done too in the front and backyard. My puppy is having the time of his life having a great sized backyard finally! This home just feels like a long, long term home. Our closing did get pushed back a week with some issues on the other side, but we made it. Just wanted to post some good news in this subreddit :) [link] [comments]  |
| Has anyone seen these 2.5% rates that UWM advertised earlier this week? Posted: 16 May 2020 02:03 AM PDT I saw this ad on Facebook yesterday, but I have not seen any rates coming close to this. Is this real or a marketing gimmick? https://www.housingwire.com/articles/uwm-now-offering-interest-rates-as-low-as-2-5/ [link] [comments]  |
| Completely at a loss - where do I start? Posted: 15 May 2020 10:29 PM PDT Hi all. I'm in MA. I make around 72k a year (mid 30s and planning on being single forever) and live around the Boston area. I can move to any suburb with no problem. I am currently renting and am sick of "throwing money away" as my mom puts it. I have had a rough life and don't have too much saved up. I have about 20k to put on a home. I'm looking at 300 to 400k condos, because well...Boston is ridiculous and these are like 800 square feet we're talking still. Now, I was looking at HUD loans, but it seems like it might be a bad deal because you can't really make any profit when you sell. Why do people use these? Isn't the purpose of owning a home (for a lot of people) to eventually sell for profit? What's the point of using this when the amount you put into the home is essentially stagnant? Sorry, I'm asking stupid questions. If I don't use this, what is the alternative? And finally, where the hell do I start? Thanks to anyone who takes their time to answer this. [link] [comments]  |
| Posted: 15 May 2020 07:26 PM PDT Will this have any impact on residential real estate as well? [link] [comments]  |
| Lost out on a house because of down payment. :( Posted: 15 May 2020 09:05 AM PDT So we finally made our first offer on our first house! It was stressful and exciting. We live in a very competitive market, so I was not getting my hopes up. It was just exciting to go through the process. We offered $5k over asking. I wasn't super surprised to learn we didn't get the house. But what was surprising was it was because the other buyer had a bigger down payment. Not that they offered more. They said it was very close and offered us to be "back up". I get being outbid and expected it. But why should the seller care what our down payment is when the lender doesn't? We have excellent credit and 5% down. I realize it's not 20%, but it's our first home and we're just trying to get our foot in the door to home ownership. I'd rather not spend another few years wasting money on rent while we save more for a bigger down. Especially when we more than qualify for a loan! I'm sure the other buyer seems more "serious" or something with a bigger down, but how are first time buyers supposed to compete with that in such a tight market? Frustrating. [link] [comments]  |
| Posted: 15 May 2020 07:20 PM PDT What is it? How do I use it? When do I use it? What is the Math Formula? I realize i'm asking something complicated and I will be very grateful for the information. Thank you much! [link] [comments]  |
| Debating how many mortgage loan applications to apply for Posted: 15 May 2020 09:32 PM PDT Hello Reddit! Appreciate your help in any way. My fiance and I put in one mortgage loan application today because of a really good quoted rate with a smaller bank near us in Georgia. Specifically, a doctor's loan that requires 0% down payment without PMI and had a good rate without points. We are comfortable putting in 5% down, however, for a house in the 700-850K range. I know we're supposed to shop around and have banks basically compete for our business. What is the recommended number of loan applications generally speaking to ensure you get the best rate and of course able to compare closing fees to see what the cost of the total package will be? I know that multiple credit inquiries won't actually mean anything for this in terms of FICO but I also read that too many is not a good thing. To clarify, I have made about a dozen phone calls for verbal rate quotes from different lenders to get a general idea of what kind of rates we would be offered already. I just am curious if there is a recommended number of actual loan applications to submit for from the list of lenders that I have narrowed down to...I have 4 or 5 on my list that we are considering including 5/3, Fairway, Laurel Road or KeyBank, and/or SunTrust. Credit scores are >800 No student loan debt if that helps any. [link] [comments]  |
| 1 month from closing..change lenders? Posted: 15 May 2020 06:50 PM PDT So, I'm in the middle of everything with my bank and lawyer toward buying a house. But now I've found a potential .625% savings with another lender quote on a 30 year. Would it be possible to cut over to a different lender? How shitty would that be? [link] [comments]  |
| Posted: 15 May 2020 09:02 AM PDT
I'm a first time buyer, and I know very little about what to look for in terms of structural issues. Luckily my friend knows a lot (he renovated a fixer-upper with his own hands) and is willing to check it out should I go for a second look. What do you guys think? On one hand, I LOVE so much about this house (big, layout seems odd but charming), but I'm worried about it being a trap. If I can get something under budget, make it what I want by the time I move in (since I have the cash), then it sounds like a no-brainer. If there are serious problems that I'm going to regret later on, well yeah I would like to avoid the purchase. [link] [comments]  |
| Posted: 15 May 2020 10:51 AM PDT Wife and I started looking for our first home in January, saw a few options but nothing we felt strong enough about to offer on. Once CV-19 started picking up the market around us has slowed but not stopped. Fewer houses are coming up and, in general, sitting longer. I alone was approved for $350K, we don't expect to spend nearly that much, I would love to stay close to $250K. Because of this, the person I am working with for the mortgage preapproval said it would be best to leave my wife off, no reason to have her on there if we don't need to be approved for more, as her credit score is lower than mine. He estimated I could get a conventional 30yr with 10% down for mid 3%, that was in January I expect it has gone up Our question is, what are the things we should be doing to put us in the best spot to buy when we do find the right one? Specifically, I was hoarding cash leading up to starting the house hunt, now I'm debating taking part of that and putting toward debt to lower our DTI ratio. Combined HH gross income: $112K (I'm $71K of that) $43K in savings I have $6K in student loans and $6K in an auto loan both around 4% Wife has about 20K in student loans, not sure how relevant that is to the mortgage considering she most likely won't be on there (unless we re-fi down the road) The loans are all in good standing and ahead of schedule (don't have a payment due for a few months). Right now I'm thinking with how uncertain everything is, it would be best to just hoard cash. Thanks for any input -Bromo Edit: while you are here, what is your opinion on our ability to afford a house for around $280K. Our agent said she has a meeting next week with a couple selling their house, she said it sounds like a great option for us, but is a bit higher than I hoped to pay. Thanks x 2 [link] [comments]  |
| New forebearance repayment plan? Posted: 15 May 2020 08:42 AM PDT I'm not sure we've seen this posted here, I thought this was interesting: This week, federal regulators as well as the Department of Housing and Urban Development announced a more palatable option. Borrowers can now make up the missed payments when they sell their homes or refinance their mortgages. The industry largely applauded the change. "The payment deferral option gives mortgage servicers a practical tool to help homeowners through this unprecedented time," said Bob Broeksmit, CEO of the Mortgage Bankers Association. "A primary benefit of this option is that a homeowner's mortgage payment will not change once the forbearance period ends." [link] [comments]  |
| Can I walk out of a contract even if the seller agrees to the repairs? Posted: 15 May 2020 07:12 PM PDT I read my contract and it stated I can cancel the contract for no reason and all deposits should be disbursed. My agent said he's certain the buyer will deny doing any repairs and I'll be able to walk out and get my money back but what if the guy agrees? I don't want the house regardless, I'm just not in the right mental state to be a homeowner. should I let my agent know that I need that earnest money deposit back ASAP? [link] [comments]  |
| Looking to buy first home. Worried about mold. Posted: 15 May 2020 10:36 PM PDT My husband and I are on the hunt for our first home. We found a home we're in love with but there's two things we're a little worried about.
Here is an example of what i'm talking about: The back brickwork: https://imgur.com/a/ieUQm8C A chunk of the patio: https://imgur.com/a/Pcgmjmt [link] [comments]  |
| Posted: 15 May 2020 04:05 PM PDT Greetings, I bought my ~600sqft 1br condo when I was 19 & I'm ready to upsize now, 14 years later. It's just me living here (w/ 2 cats) but I'd really like a spare room for a home office and my cats are going to LOVE the screened in back patio at my new place so they can get some fresh air & sunshine without being able to escape. I overpaid for my condo in 2006 right after Hurricane Katrina. You'd think the condo would have been cheaper after the storm but my place was on the Westbank that didn't get flooded or damaged and I suppose it was a desirable location. I bought it for 80k and have put in roughly 25k in it over the years I've lived here. Breakdown of the 25k: 2006: ~ 2k? Laminate floors Living Room, Bedroom, repaint walls 2010: ~10k? kitchen remodel (granite countertop, nice cabients), repaint walls 2019: 9k New HVAC (I know, I was screwed over because I don't have a "guy", I went with a company) 2019: ~5k? Bathroom remodel (sink, toilet) Not a single 1br condo in my subdivision has sold for over $74,500 in over 5 years. They mostly go for $60-72k, even the renovated ones, like mine. My agent put it on the market for 84,500. eyeroll Never gonna happen. Had my first showing after 7 days on the market, signed a purchase agreement the next day, we settled on 79! I I have just under 10k on the mortgage so after agent & other closing costs, I'm going to walk with over 60k. I think that's really good and something to be excited about but...is it? Just checking with the experts! [link] [comments]  |
| Buying a house from opendoor, any advice? Posted: 15 May 2020 06:02 PM PDT Looking to buy a house from opendoor. It's been on the market for over 100 days and they haven't changed the price. The house needs new flooring, updated appliances, rebuilt deck, lots of yard work. I offered 20k less than what it's listed at but they countered with the same asking price. Should I move on? Up my offer? Or wait and see if they change their mind? [link] [comments]  |
| Chicago: Low rent for high priced neighborhood: question on bugs Posted: 15 May 2020 06:00 PM PDT Hi everyone- I found an apartment in Chicago in the Lincoln Park area. This is a nicer area and typically rent is about $800 and up. I found a place that the rent is $535 + utilities. It's a small bedroom in a 3-flat. Pretty average inside, similar to a college apartment. I'd be with 2 others girls my age. My question is- could the rent be low due to bugs? I've asked the current tenants if they've had any issues and they said no. I'm just leery as to why the rent is so cheap? It's hard to tell now too due to quarantine. Is this an indicator you know of that would point towards bugs/rat issues? Or does the rent seem fair for the deal (tiny bedroom in a 3-flat)? [link] [comments]  |
| I’m confused about closing costs Posted: 15 May 2020 09:17 PM PDT Hello. Any help would be appreciated for a couple of first time buyers. My wife and I had an offer accepted to buy a house for $660,000 in CA with $3,000 down. We were approved for a VA loan at 3.25% APR. The issue I am having is with my realtor and closing costs. First we told our realtor that we wanted to close around the middle to end of June. She then put the offer in to close June 8th. Not a huge deal I guess, she said this was more appealing to the seller. Then she said that $6,000 should cover the closing costs no problem. Now she is saying that we need more money. So we said okay will another $7,000 cover it you think? She said sure. Then today she said well can we get another $10,000? We told her that if the closing costs are going to come in over $13,000 then that feels too much from where this all started. We are so confused. I spoke with my mortgage broker and he said that due to Coronavirus they aren't getting any points on the loan. So they need a large fee or something at closing? He said he is going to ask management to lower the fee. I didn't ask him to do that but I think he feels they will lose the deal if they trying to charge me so much at closing. Again, my wife and I are first time buyers. We don't have any family to ask about this and not a lot of friends with experience in this area. If I am being unrealistic or unreasonable please let me know. I'm just kind of lost at this point. Any advice is appreciated. I'm honestly kind of embarrassed asking this stuff. I feel like I should know this stuff but I just don't. [link] [comments]  |
| Any advice on how to get hired on with a home builder? Posted: 15 May 2020 08:57 PM PDT I've recently been looking into trying to get hired on with DR Horton or David Weekly. I am finding that I have almost all of the qualifications except I do not have my bachelors degree. I would love to hear any input from anyone who works for a builder or has any experience with those specified above. Thank you. [link] [comments]  |
| Underwriting - Job relocation & pay change with it Posted: 15 May 2020 05:09 PM PDT Currently in underwriting, a few months back I took a relocating package for work. Same company, different location (moved from HCOL to MCOL) so I took a 15% pay cut due to the adjustment the company has. Will this pay change be something that might throw up red flags to an underwriter? Or will it vary from person to person? FWIW - I was preapproved at my new pay rate (15% less) and have been very forthright with my paychecks, but the first paycheck that was requested for the loan was at the higher rate but the last 3 checks submitted are at the new rate. [link] [comments]  |
| Going to view a house that's gonna be hot on the market. Preparing for a bidding war. Tips? Posted: 15 May 2020 08:26 PM PDT So I've been watching this particular spot for a long time and this house is by far the best thing I've seen in months. The right location, right school, ideal layout, interior I wouldn't dream of changing, the right bed/bath count, etc. I have a viewing scheduled tomorrow and if the house is what I see on the online listing, I'm putting in an offer. One thing I think I have going for me is I currently do not own a home, so I can be extremely flexible and accommodate the seller in terms of closing, among other things. I'm pre-approved for the loan of course. I'm reading that my agent can do an escalation clause, which is fine with me. If I saw this house for more than it's listed I would lay down that offer. I know it all sounds hasty, but any house that is good in this area does go in a week. I need to jump on this one. What else can I do to make the seller want my offer vs. another's? [link] [comments]  |
| Is age a factor at the negotiation table? Posted: 15 May 2020 07:30 PM PDT Fiancé and I are 27, and looking to purchase our first home. Pre approved for 300k, and both of us bring home combined 95k before tax from our first "adult" jobs out of college. We fell in love with an adorable home for 275k, so we made an offer with 8% down and ability to handle closing costs (no sellers assist contingencies). 2 other offers were made on the home today as well. Realtor informed us that the seller has hesitations on our age and our commitment. Is this typical in the real estate market to be not taken seriously due to age? What stipulates being taken "seriously?" Is a larger down payment the end all be all? Thanks for any input [link] [comments]  |
| Putting investment properties into LLC's while holding conventional loans Posted: 15 May 2020 05:49 PM PDT Hoping some of you smart folks can help me finally get to the bottom of this. I just refinanced two of my investment properties (have 4 total). Wife and I are currently on each title and I've been wanting to put them into individual LLC's for a while -- However, I've been getting conflicting info on if this is possible. These are 1-4 unit properties. The banks have always told me that I cannot have a loan under an LLC. When I asked the loan officer who did my latest refinances about obtaining my Refi's under LLC's he responded -- "No, the loans need to be under your name. Have I seen it happen after the fact, yes." My investor friends say that I can in fact do so, but those investor friends have also purchased their properties with cash and don't have any loans. So banks weren't an issue regarding how they took title. My fear is that if I put the properties into individual LLC's and RECORD title, that my loans will be accelerated. So my question is -- Can I put my properties into LLC's, without recording title, and it still serve the same purpose? My wife and I have some un-recorded quitclaim deeds so I have done this before, but not sure what's possible with regards to LLC's and how to best protect the assets, and if the titles must to be recorded to ensure that I'm fully protected. Any insight will be helpful. Thx in advance! [link] [comments]  |
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