Did rates really rise from 3.0% to 3.5% in the last two weeks? Looking at 30 year fixed rates with excellent credit. Real Estate |
- Did rates really rise from 3.0% to 3.5% in the last two weeks? Looking at 30 year fixed rates with excellent credit.
- Seller shut off utilities before final walk through. Need opinions
- Better Mortgage Experience
- did you end up staying in your 'Starter Home'?
- Why do people say that the market may peak, but then it will plateau in the US?
- Rehab loans for multi family
- For sale by owner advice? Seller is in a little to much if a hurry to close and I think something shady is going on. Inspection on Friday anything I should tell the inspector to pay more attention to?
- Blind Reassurance on New Construction Wanted
- Closed on home and found leaking ceiling one week later (CA)
- Benefits of passing the Broker Exam?
- Got PMI Removed on Conventional (timeline)
- Does it make sense to buy more points to lower 2.75% mortgage rates?
- Living in New Residential Development Construction zones .. how bad is noise (indoors)?
- Payment management software?
- Need Advice on Buying Home As Married Couple in CA
- Is a draw down test really necessary?
- Post-Inspection Findings
- Payoff amount when mortgage was sold from Company A to Company B is different. Now we are close to closing and Company A is not providing proper documentation to show this. Can we get the difference back AFTER closing?
- FTHB: adding an elevator to new construction production home
- Foreclosure process in FL
- Feeling Depressed About the Market? A House by Me Just Went for $1.1M over asking.
- Black Stuff Coming Out of Water
| Posted: 07 Jan 2022 10:01 AM PST Title explains it all. Was looking to lock in a 270 day rate lock for a new construction home. The rates two weeks ago were 3% and they added 0.25%…making the 270 day rate lock 3.25%. Today, we went to do the lock and I was told rates were now a 3.50% and with the 0.25% cushion, it's going to be 3.75%. Did the 30 year fixed rate really go up that much over the last two weeks? [link] [comments] |
| Seller shut off utilities before final walk through. Need opinions Posted: 07 Jan 2022 04:18 PM PST I am supposed to close on a house on 1/11 but the seller has the utilities shut off. The seller is offerpad and my realtor has spoken to them many times regarding this and offerpad keeps saying it's on. I have gone to the house twice after the inspection and the power and water was off both times. My realtor went again this week and same situation. I called power and water companies to switch to my name on 1/11 and they said no issue for it to switch to my name but they also confirmed both have been off since 12/17. My concern is there may be issues with the utilities after being off for 3 weeks. I am in North Carolina so it hasn't been too cold but it has got to below freezing a few nights. I don't want to sign the closing docs if the utilities aren't on at the final walkthrough. What would you recommend I do in this situation or am I just paranoid? [link] [comments] |
| Posted: 07 Jan 2022 08:02 PM PST We just closed on our home using Better Mortgage and I just wanted to share our experience to help anyone who may be considering them. I will list the pros and cons and then my final review. Pros: - Better Mortgage pre-approved us for the most amount (almost 40% more than our target price). We tried looking at local lenders, local credit unions, Rocket Mortgage, and two corporate banks (Wells Fargo and Chase). Everyone was only able to approve us for half of what Better was approving us for. This could change for YOUR situation depending on how much money you have for a down payment (we had 5% of our target price). The other lenders seemed to put more stock into the down payment whereas Better put more stock into your DTI ratio (our ratio was only 6%). - Better Mortgage had the best rates. We ended up with 2.675% on a 15 year with $1500 in lender credits. I forget who was the next closest but for 15 year with ~$1500 lender credits was about ~3%. This could differ depending on where you are and the price of your home. - Easy to navigate portal. I love having the convenience of a portal to do all my work in so this was a plus for me. You can upload all your requested documents straight through the portal. From previous home buying experience I would have to send documents through emails to the lender but the portal made it easy to upload it instantly. Your "Tasks" are easily accessible and lets you know what documents are needed. You have access to your "Lending Team", your rate, pre-loan estimate, and other resources. - If you work with Better Real Estate then you will get up to 1% of the purchase price in extra lender credits. For us we received the full 1%. - No seller/origination fees. - Closed on time sorta. Stressfully but on time. More on that later. Cons: - Communication could've been better. It wasn't terrible but I did feel like if I didn't initiate conversations then there would've been minimal communication and movement. - They will do what they need to do but not in a timely manner. I had to call them to get them to start looking at things when I felt like we were running out of time. For example, I needed wiring instructions from our title company THE DAY BEFORE closing but they said they have not heard from Better in regard to Final Closing Disclosures. I had to call Better to push them because of the urgency and they finally sent things over. I had to move closing time 2hrs later because my bank was closed and I couldn't go wire the funds the day before closing. - They didn't provide funds til AFTER closing. It was about an hour or so but this did give us a mini-heart attack. - They could've done a better job to push other parties to get their job done, ie appraisers. We waited almost 2.5 weeks for this when I felt like a simple phone call could've sped things up. The process was estimated to take a week. Again, simple communication nitpick. - Because of their lack of urgency, it caused our seller to doubt that Better would close on time. The seller didn't prepare to move out of their home and we had to extend her stay for a week. This could be more of a seller issue rather than Better issue but I felt like if they would've provided a better experience then we could've moved in closing day instead of the week after. Review: My experience with Better Mortgage was on par with other reviews I've read before choosing them. You will have to hand hold and babysit them to make sure that they meet your closing date. I had to call to get them to move their feet at some steps along the way. They did a good job at picking up the call every time so that's a plus. The last two weeks on multiple occasions I really felt like we would not close on time. Again, this was due to them not really moving their feet to get simple things done like getting documents to appropriate parties. From a money point of view I don't think anyone could touch what they are offering in terms of rates and lender credits. I received $4800 worth of lender credits (they max out at $5000) and my closing costs were a lot lower than I expected, so an A+ in my book. If you are willing to deal with a little bit of stress towards the end and do a little bit more work then the savings are worth it IMHO. Would I choose Better Mortgage again? Yes 10/10 times. Granted, I love a good discount and will choose a good price over service because I can deal with subpar service (I'm the guy that will haggle prices for everything). Feel free to ask any questions about the process! [link] [comments] |
| did you end up staying in your 'Starter Home'? Posted: 07 Jan 2022 11:45 AM PST Hi all, We are in the process of buying our home (likely a 2-bed) in a San Francisco and are trying to figure out how to think about financing. Folks keep telling us that since we are buying a smaller 'starter home' that we should go with a 10yr ARM vs a 30 year fixed because we will likely buy up or refinance to expand in the next 5-10 years. This makes sense, and the ARM has lower interest rates making it more affordable for us but we are worried that if we buy a home we really love and don't want to leave, this could be a big gamble. Did any of you buy a 'starter home' and then end up wanting to stay? Any other insights we should be aware of around risks here? [link] [comments] |
| Why do people say that the market may peak, but then it will plateau in the US? Posted: 07 Jan 2022 09:50 PM PST I've been following the market for 30 years. And I looked back at data and charts going back 100 years. I see that there have been multiple cycles in the real estate market. The market only goes up or it goes down year over year. You can't have much more predictable data than 100 years. Plateaus don't happen, unless possibly in a specific local market. The cycles can be long, as in 10 years to go from a low to a high. But 10 years is still a very short time frame to form an opinion on real estate cycles. I feel that some of these people may be forming their opinions based on a narrow viewpoint. I see that these cycles have a lot of psychology built into them. But it just amazes and frustrates me that people get fixated into what has happened in a short time frame and think that it is now just how things will ever only be. [link] [comments] |
| Posted: 08 Jan 2022 02:55 AM PST Hi, I'm planning on purchasing my first home in MA. As you all know, the pandemic has inflated the house prices beyond reason. I was thinking of waiting but this is not another 2008 bubble and prices are just going to keep increasing. So I have decided to take the plunge. I have about $50k in savings for a down payment. I know I'll be paying PMI and that's ok. Typical 4b/3b single family homes that don't need much rehab go at about $450-$600k. But that will cost me a lot in interest payments over the years. I'm able to find multi family homes with the same room configuration for around $300k-$450k. But they are almost always outdated and significant work needed. I figured that if I can rehab it, I can rent on of the units while staying in the other one. My question is, how can I do that with my $50k? Assuming around $40k will go towards fixing up the multi unit, would a bank loan me money for only 3% down on a multi family? My plan would be to pay down 20% equity or more as soon as possible (hopefully with a tenant). [link] [comments] |
| Posted: 07 Jan 2022 07:35 PM PST |
| Blind Reassurance on New Construction Wanted Posted: 08 Jan 2022 04:52 AM PST Hi All, I need some blind reassurance before I sign on a new construction today. Our timeline is anywhere from 10-18 months. We're moving into our forever home after we quickly outgrew our townhome, at nearly double the price of what we expect to sell this for.
My biggest fear is we sign this deal today, market crashes 20% before we close... our new construction goes from $600k to $480k in value. My townhome goes from $300k to $240k in value (before it is sold). And I am stuck trying to convince my wife to walk away from our dream home and lose our $15k earnest money because it is the "financially wise decision". I know this is not like the housing crisis in the late 2000's due to mortgages being given to higher credit individuals... but of course I'm programmed to think worst case scenario. Make me feel better reddit! [link] [comments] |
| Closed on home and found leaking ceiling one week later (CA) Posted: 07 Jan 2022 02:28 PM PST We are first time homebuyers. On the day of the final walk through, we noticed a crack on the downstairs bathroom ceiling, which the seller promptly fixed and we closed the next day. We moved into our townhouse last week and yesterday, we found a puddle of water on the downstairs bathroom coming from the ceiling. Another crack had formed and water was dripping out. We called a plumber who cut into the ceiling and confirmed to us that the drywall was soaked and the leak had been happening for some time already. Definitely could not have been us even if we had been there for a week. The leak was coming from the upstairs toilet due to a failed wax ring, which the plumber replaced. Now, we have to figure out how to clean, dry, and restore the damage. The plumber gave us a number to contact for damage and restoration and when those guys came, they said they would need to remove the rest of the ceiling from the downstairs bathroom and potentially remove the flooring from the upstairs bathroom to dry it out. They were hesitant to give us an estimate and instead said they needed to start working on it first before they could tell how much the cost would be. They also said they would prefer to work through the insurance company to get pricing done instead of giving us a quote upfront. We are really stressed out and at a loss of what to do next. 1) Is there anything we can do or ask from the seller? Can they in any way be responsible for this or are we shit out of luck? We have only been there for a week. 2) Is it normal for a damage and restoration company to not give an estimate first and to start work right away like this? We do have homeowner's insurance. Our fear is that they start work without giving us an estimate, and then insurance rejects the claim, and then we are stuck footing a huge bill. Thanks [link] [comments] |
| Benefits of passing the Broker Exam? Posted: 07 Jan 2022 07:20 PM PST I have been in real estate now since October 2020. In less than a year I will have the two-year requirement to sit for the broker exam but I'm not sure what the real benefits are? [link] [comments] |
| Got PMI Removed on Conventional (timeline) Posted: 07 Jan 2022 09:23 AM PST After reading some posts here on this subreddit I decided to try and get PMI removed from our loan. Home was purchased in Oct 2020 with 10% down as conventional loan. Loan was sold to Freddie Mac end of 2020. PHH is our servicer. They have been OK to deal with for the most part. Oct 5 2021 - Contacted PHH to request PMI removal and start process. They told me they would mail a letter which would give us options. Oct 22 2021 - Few weeks later we received a letter in the mail giving us the option to pay $105 for an appraisal or $105 for BPO or pay to bring the balance down and they would remove PMI. We mailed them the check for $105. Check was cashed 5 days later. November 26 2021 - Local broker calls us to schedule time to come out to the house for a 15 min BPO visit. We are one week out from starting two bathroom remodels, and getting new windows in the house so a little worried this might impact amount since work hasn't been done yet. We have done other work in home to justify. Dec 6 2021 - PMI removed (noticed the payment amount decreased by what we were paying for PMI). Called PHH and amount came in about 10K over what we needed. This is good as the bathroom renovations and new window hadn't been factored in yet. Still think amount is too low as house three doors down which is smaller and just sold for 70K over our BPO price. Dec 10 2021 - Official letter arrives from PHH confirming cancelling of PMI [link] [comments] |
| Does it make sense to buy more points to lower 2.75% mortgage rates? Posted: 07 Jan 2022 06:46 PM PST I'm using a VA loan and I was offered 2.75% zero point. Does it make sense to buy more point to lower my rate for 30 year mortgage? Thanks for your candid advice. [link] [comments] |
| Living in New Residential Development Construction zones .. how bad is noise (indoors)? Posted: 08 Jan 2022 02:16 AM PST A few years a go I lived through my next door neighbours new house build. I was in an old 100 year old house . It was loud, difficult to live through and work remotely although nose cancellation earphones helped a bit. I got head aches a lot from hammering etc. Now I'm looking for a house in some new developments ... where typically houses are already built on either side of me but a few lots down or across street lots are empty soon to be built on. Of course realtors are saying it's not too noisy when you're inside my proposed new house which will be typically 1-3 years old (so hopefully more sound proofed than my old house with lead windows) Hoping it will be better, less painful than my last experience, but maybe I'm kidding myself? As a few homes will be built probably all at once and that's not including surrounding streets that also have some houses to be built. Thoughts...has anyone lived through it? We're you able to concentrate & do office work inside while living in construction zone? Thanks in advance [link] [comments] |
| Posted: 08 Jan 2022 02:06 AM PST How do you guys track all your payments coming in from various renters/installment buyers? I hope the best answer isn't Excel / Google Sheets [link] [comments] |
| Need Advice on Buying Home As Married Couple in CA Posted: 07 Jan 2022 10:35 PM PST California Home we are looking at is 580K We are a married couple, one spouse US Army Veteran, 220k gross income (10+ years both in our fields), both poor credit scores (590's) 40k in cash available for down payment. Any tips or advice on what we can do to get approved for a loan to get a house we want? We know our credit scores needs to improve but is there any way we can get approved with current scenario/scores? Any advice is appreciated! [link] [comments] |
| Is a draw down test really necessary? Posted: 07 Jan 2022 06:33 PM PST So our agent is suggesting a drawn down test to verify gpm. The homeowner said it's 3gpm, and as a buffer, he installed a 3000 gallon tank that the well fills and the house, etc pump from that. It's $650 for the draw down test and we wonder if it's necessary... [link] [comments] |
| Posted: 07 Jan 2022 06:19 PM PST Just did an inspection on a house and found that we need to tent the whole house and do fumigation, and also tear down the backyard patio (wood), or repair it at a more expensive cost. The minimal cost (tear down) will be $12K! Does anyone have advice on what I should do next? I'm obviously concerned, but am holding out some hope in regards to a negotiation strategy. The house has been on the market for 2+ months, and apparently they haven't accepted any offer prior to mine. I never got an inspection report from them beforehand either, but am a bit skeptical & feel they just didn't disclose these things to me... [link] [comments] |
| Posted: 07 Jan 2022 02:04 PM PST Long story short, our mortgage was sold from company A to company B about 6 months ago. Now that we are deep in selling (scheduled closing within 24 hours) we have yet to hear a solid response from Company A regarding the mistake. The mistake is this: Company A had a remaining principal of 30K, but when they sold the mortgage to Company B, Company B says we have a remaining principal of 50k. It seems Company A initially provided Company B with the incorrect number, so our paperwork says around 20k got lost. Since we are in crunch time to close (both buying and selling) Can this be resolved after closing and can we somehow try to get our money back after paying off Company B the 'wrong' amount? Or should we try and hold things up and get them cleared? Our agent is telling us to just close asap. [link] [comments] |
| FTHB: adding an elevator to new construction production home Posted: 07 Jan 2022 11:02 AM PST (cross-posting for inputs) SF Bay Area if it matters. We are looking for low maintenance new homes and our search criteria has narrowed to either single-story homes or multi-story with an elevator. There aren't many new constructions in the South Bay Area which meet these requirements. None of the builders we spoke to are interested in adding an elevator during construction. In the lack of new-construction single-story homes (just a couple of condos with insane HOAs that I have seen so far), a private elevator is our only option. It's a necessity, not luxury. What are our options? Do I need to get the new home and then work with the city to get an approval for an elevator? If it's declined at that time, the top floors will be unusable (we can only use first floor). If I need to ask on a different forum, please redirect! [link] [comments] |
| Posted: 07 Jan 2022 07:37 PM PST My father passed away in 2008 and at the time was married, but my step mom was not on the deed of the home. After the probate process, she was granted a life estate to live in the property for the rest of her life and my brother and I are remaindermen. I'm not on the mortgage, but am on the deed because of this. If she ever stopped paying the mortgage, would the banks be required to notify me? I would want to step in and save it from foreclosure if it ever came to that but I'm afraid I won't be notified until it's too late since I'm not on the mortgage? Any insight is appreciated!! [link] [comments] |
| Feeling Depressed About the Market? A House by Me Just Went for $1.1M over asking. Posted: 07 Jan 2022 07:26 PM PST Located in Nashville. Final sale price was a little below 3M. Lot is sub-dividable, either. There's a 2,000sqft ranch that will most likely be torn down for a new build. [link] [comments] |
| Black Stuff Coming Out of Water Posted: 07 Jan 2022 01:18 PM PST In my house black stuff has been coming out of the tub water (and maybe the shower too, but less so). IT IS ONLY HOT WATER THAT COMES OUT DIRTY. I changed the water heater but it keeps coming out black and did some pipe drains but it keeps coming out dirty. Any suggestions as to what it might be? Picture below [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment