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A pre-qual, afaik, does not require a hard credit pull, whereas a pre-approval does. The Michael bluejay website, while looking like a geocities page, still is a very good resource to just read through. Take any numbers he gives with a grain of salt, since I think they're all like a decade old at this point, but he outlines the entire process quite well.
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Jul 28, 2021 03:54
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Grevlek posted:I appreciate this response a ton. It helped make my fiance laugh after the fact that we've spent the last hour just yelling about nothing in particular. Same but for the last 3 days. I can't find my wife's 2019 W2. I have my W2. I have the tax returns. Can't find hers though. Why was it not all together? No idea, but I'm sure yelling at each other about it is going to make it turn up for sure. Johnny Truant posted:The Michael bluejay website, while looking like a geocities page, still is a very good resource to just read through. Take any numbers he gives with a grain of salt, since I think they're all like a decade old at this point, but he outlines the entire process quite well. I'm working my way through reading it and, man, the numbers are super depressing. Renegret fucked around with this message at 04:07 on Jul 28, 2021 |
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Jul 28, 2021 04:03
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Prequal just let's you know that the lender will lend to you and VERY roughly how much and what rate they think they could do. This is a soft credit pull and doesn't help at all with the house offer and it's mostly just for initial planning. They would have had to ask your permission to push the button on a hard pull (and grabbed things like your SSN) so hopefully you'd know if they really did. Your first steps generally are to figure out your finances (how much your want to spend, monthly payments, down payments, etc.) Which your first Initial Loan Estimate can help with, and then househunt and start making offers; You want to shop around with different lenders to get your actual rates and payments, but AFTER an accepted offer so don't worry about rate shopping just yet. Depending on your market you may need to get pre-approved (hard credit check) before your first offer to show sellers that you can deliver, but you aren't stuck with that lender. Do look at local lenders as they are usually good about closing timelines in your market and were usually competitive with big banks for us. Basically: figure out how much you want to spend and go look at houses, then get pre-approved with anyone before your first offer, then rate shop with different lenders after you have an accepted offer. PageMaster fucked around with this message at 04:43 on Jul 28, 2021 |
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Jul 28, 2021 04:38
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I work for a bank that apparently gives employees a perk if they get a home loan through them, 1% of closing costs iirc. I have a long standing personal rule not to do business with the company I work for, but in this case that rule would cost me something to the tune of $3,000. Should I look into that or continue to stick to my guns?
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Jul 28, 2021 06:34
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Lacrosse posted:I work for a bank that apparently gives employees a perk if they get a home loan through them, 1% of closing costs iirc. I have a long standing personal rule not to do business with the company I work for, but in this case that rule would cost me something to the tune of $3,000. Should I look into that or continue to stick to my guns? they'll probably sell it moments after getting the loan so you'll only be doing business with them for a few days but odds are they aren't offering the best rate anyway
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Jul 28, 2021 06:48
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Lacrosse posted:I work for a bank that apparently gives employees a perk if they get a home loan through them, 1% of closing costs iirc. I have a long standing personal rule not to do business with the company I work for, but in this case that rule would cost me something to the tune of $3,000. Should I look into that or continue to stick to my guns? You're anticipating $300,000 in closing costs? Are you sure you don't mean $300 off? Bank of America credits $600 off their loan origination fees if you have one of their higher levels of status as a client, so I'm not sure that's necessarily a huge bonanza.
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Jul 28, 2021 11:28
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Renegret posted:I can't find my wife's 2019 W2. I have my W2. I have the tax returns. Can't find hers though. Why was it not all together? No idea, but I'm sure yelling at each other about it is going to make it turn up for sure. You can just create an account on the IRS website and get a transcript of all of your tax returns if you can't find a W2 from that year. I've done this for employer background checks and recently for my mortgage on the house I just bought and no one has ever had a problem with it.
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Jul 28, 2021 17:22
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Vox Nihili posted:You're anticipating $300,000 in closing costs? Are you sure you don't mean $300 off? Sorry it's 1% of the purchase price put toward closing costs, my coworker said she got like $6,000 toward the closing on her condo. She went through buying a condo through our employer and is gonna take me under her wing and help me figure out the employee perks. The house I want to buy has the offer window closing on August 8th, I don't think I'll have my pre-approval ready by then. Dang.  It's OK though, I knew I'd never get this place. I can't compete with tech money, I don't even know why I'm trying to buy at the top of the freaking market wtf is wrong with me.
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Jul 28, 2021 18:28
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You won't know until you shop around but I would guess you would probably do significantly better on your rates with other lenders. Also, pre-approval will take all of a day or two (depending on lender) once all your docs are submitted so unless you think it'll be a couple weeks to get those you would be good by that review date
PageMaster fucked around with this message at 20:09 on Jul 28, 2021 |
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Jul 28, 2021 18:43
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Lacrosse posted:Sorry it's 1% of the purchase price put toward closing costs, my coworker said she got like $6,000 toward the closing on her condo. She went through buying a condo through our employer and is gonna take me under her wing and help me figure out the employee perks. You can get a pre-approval letter "based on self-reported information" in like 10 minutes from Better. They'll pre-approve you for a lot more than you would want to spend, but you can cap the letter itself to whatever amount you want. Its only based on a soft credit pull and whatever truth/lies you feed it, but it was definitely enough for me to see places in NY state.
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Jul 28, 2021 19:24
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Lacrosse posted:Sorry it's 1% of the purchase price put toward closing costs, my coworker said she got like $6,000 toward the closing on her condo. She went through buying a condo through our employer and is gonna take me under her wing and help me figure out the employee perks. I got an approval letter in under 24 hours after providing a few docs. you for sure can get it done and an offer in by august 8th...
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Jul 28, 2021 22:35
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Lacrosse posted:Sorry it's 1% of the purchase price put toward closing costs, my coworker said she got like $6,000 toward the closing on her condo. She went through buying a condo through our employer and is gonna take me under her wing and help me figure out the employee perks. August 8 is very generous, all the SFHs we looked at here had a single weekend of open house/viewing and then 2-5 days to get that offer in. You should be able to bet pre-approved well before August 8. You could get pre-approved by Friday if you're willing to put in the effort. The online lending places in particular tend to work very quickly on this sort of thing.
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Jul 28, 2021 22:57
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I refinanced with Better last summer, going from 4.125 to 3.125. On a whim, I wanted to see what my rate would be if I did it again. Apparently Better.com can't seem to understand I want to start a new app to see rates; it keeps dumping me into the old application, even though I say I want to start a new app. Oops.
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Jul 28, 2021 22:59
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I'm getting confused between pre-approval and fully underwritten pre-approval. I've been told the latter takes ~2 weeks, or as long as the normal underwriting process does, which isn't going to work with an offer I want to place tomorrow. Is the non-fully-underwritten pre-approval still worth anything at all when submitted with an offer? Still better than a pre-qual, right? Also FWIW, Better does provide what they call a pre-approval nearly instantly with a soft pull.
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Jul 28, 2021 23:05
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stellers bae posted:I'm getting confused between pre-approval and fully underwritten pre-approval. I've been told the latter takes ~2 weeks, or as long as the normal underwriting process does, which isn't going to work with an offer I want to place tomorrow. You shouldn’t need a fully underwritten preapproval to submit and have an offer accepted. Fully underwritten pre-approval is probably completely worthless and you shouldn’t do it.
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Jul 28, 2021 23:14
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I've never heard of fully underwritten pre-approval; you just need a 'normal(?) Pre-approval letter so you're taken seriously in an offer. It took our lender 10 minutes to email us one once they had our documents.
PageMaster fucked around with this message at 23:31 on Jul 28, 2021 |
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Jul 28, 2021 23:28
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what the hell is a fully underwritten pre-approval
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Jul 28, 2021 23:30
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Basically you provide all the documents like you would for underwriting and they give you a pre-approval letter that's supposedly more appealing to sellers than one based on self-reported income.
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Jul 28, 2021 23:32
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that was rhethorical it's complete bullshit is what it is such a thing did not exist when i purchased my house and i would have told them to go gently caress themselves had they suggested it
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Jul 28, 2021 23:34
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I'm talking to my loan officer, he asked for the address so I gave him the Zillow listing. He said I'd need to have the ivy removed from the house, moss removed from the roof, and the derelict RVs removed before close, along with a bank approved General contractor lined up. Unfortunately with this lender they don't offer rehab loans. He said this property would be difficult to lend on but we can proceed if I want to. I like this property and the area it's in (same neighborhood I've lived for 14 years) but all this sounds like maybe I'm taking on too much.
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Jul 29, 2021 00:12
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Deviant posted:that was rhethorical Pre-underwritten approval is a pre-approval letter that may be attached to a shorter than normal closing time, which has some value in a competitive market. I have a lender that provides pre-underwriting and promises a 2 week close, most others want at least 4 weeks.
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Jul 29, 2021 01:07
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Lacrosse posted:I'm talking to my loan officer, he asked for the address so I gave him the Zillow listing. He said I'd need to have the ivy removed from the house, moss removed from the roof, and the derelict RVs removed before close, along with a bank approved General contractor lined up. Unfortunately with this lender they don't offer rehab loans. He said this property would be difficult to lend on but we can proceed if I want to. I have never heard ivy and moss removal get categorized as rehab. What else is wrong with it?
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Jul 29, 2021 01:09
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spf3million posted:We've been shopping since February and Mrs spf3million has fallen in love with a house. Send help, we're the ones who are going to be stupid when we massively over bid on this offer we're about to submit. Sellers accepted our offer. Oh poo poo!
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Jul 29, 2021 01:11
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QuarkJets posted:Pre-underwritten approval is a pre-approval letter that may be attached to a shorter than normal closing time, which has some value in a competitive market. I have a lender that provides pre-underwriting and promises a 2 week close, most others want at least 4 weeks. It also means your financing contingency is less risky as you're basically already approved. I got my house because the buyer before me couldn't get approved for the loan amount.
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Jul 29, 2021 01:11
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QuarkJets posted:I have never heard ivy and moss removal get categorized as rehab. What else is wrong with it? No idea, the sellers won't say. The only info I got out of the listing agent is 'the sellers admit it's in rough shape. It'd be difficult to get financing, not even a rehab loan'. I'm being talked out out of it both by the listing agent and my loan officer. I haven't even toured it yet, but if the sellers are being this tight lipped I'm starting to wonder if the foundation is cracked or it has a bad septic system or maybe the ivy broke through the siding and there's water damage. Sounds like it might be more of a teardown than a rehab if I can't even get a rehab loan on it. Other loan officer just called to ask more questions. She ended up having me get pre-approved for $25,000 more because you can't win anything without escalating. I don't want to escalate on a place as dumpy as this though, starting to think maybe I aught to wait until the evictions and foreclosures start back up again
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Jul 29, 2021 01:54
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spf3million posted:Sellers accepted our offer. Oh poo poo! Same, but maybe the inspection will find something and I can use the contingency to escape.
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Jul 29, 2021 02:10
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Lacrosse posted:I'm talking to my loan officer, he asked for the address so I gave him the Zillow listing. He said I'd need to have the ivy removed from the house, moss removed from the roof, and the derelict RVs removed before close, along with a bank approved General contractor lined up. Unfortunately with this lender they don't offer rehab loans. He said this property would be difficult to lend on but we can proceed if I want to. If you have a lender telling you the ivy on the siding and the moss on the roof is an issue from just photos is probably need both. Insurers will absolutely positively end you a "we're dropping your policy letter" 30 days after someone does a drive-by for things like that....especially the roof stuff. You can churn home insurance every 60 days or so until you can repair it but uhhhhh....yeah, it doesn't sound like you're in a position to take on a house in this shape if you're concerned about a rehab loan.
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Jul 29, 2021 02:17
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Yeah I'll probably just skip this one as much as I like it. If the sellers aren't going to be upfront about what it needs then gently caress 'em. I'm sure Blackstone will be very happy to add this property to their rolodex of homes to rent. With the eviction moratorium lifting hopefully I'll see more inventory from landlords looking to get out of the biz. I also am seeing what I consider' dead people homes', usually ones that are listed with photos full of the person's poo poo strewn about on the floor in every room. At first I thought they were evictions but those haven't started yet, so I'm thinking these listings are from families who just want to be rid of it
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Jul 29, 2021 03:17
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CongoJack posted:Same, but maybe the inspection will find something and I can use the contingency to escape.
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Jul 29, 2021 03:46
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Is it possible to get a building permit without running power to the property? Maybe you can get a variance? Seems like getting city services costs more than DIY Installing water meter to the property: $11,000 Sewer hookup: $5,000 Electric hookup: $9,000 Total initial cost $25,000 + ~$500 monthly bill in perpetuity + power shut off during wind events etc Private well install: $15,000 Septic install: $10,000 Solar + powerwall type battery device: $25,000 Total initial cost: $50,000 + ~$100 monthly maintenance Seems like the break even point for private is 4-5 years, the main trade off is that you have to hire out $$$ and manage a workman for all but the most simple repairs. If doing an acre or two of agriculture irrigation, break even on the well happens before year 4. Seems like most of these devices are rated for 20 years.
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Jul 29, 2021 23:11
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Are you way out in the country or something? Sewer hookups in my area are like 1500 bucks. Water meter 2000 or so. No idea what electric runs.
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Jul 29, 2021 23:43
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Realtor a few weeks back: "I'll put feelers out in my neighborhood/network to get the early word on pocket listings." Realtor so far: "How about this one (a week old on the MLS)?"
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Jul 30, 2021 00:04
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Hadlock posted:Is it possible to get a building permit without running power to the property? This is a question for your specific municipality. Your septic install costs seem wildly optimistic and your 20-year estimated lifespan being applied to "powerwall type battery device" is as well.
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Jul 30, 2021 00:04
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Hadlock posted:Solar + powerwall type battery device: $25,000 A large sized solar panel install and multiple batteries is going to be closer to $50k before tax breaks. I'm assuming you'd want to oversize the system a bit if you want to be completely off grid.
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Jul 30, 2021 00:39
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Inspection for the condo came back. The water heater is almost old enough to vote, the AC needs serviced and for some reason the bath tub had no water. At least everything else is OK, I guess.
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Jul 30, 2021 01:06
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Under contract in the puget sound area  We did not submit an offer for the house that I mentioned previously, the one with the massive slant in a bedroom caused by a huge crack in the foundation, but I did hear that it's under contract at $1.4M.
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Jul 30, 2021 07:53
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Closing is supposed to be next Friday, but since my mortgage company hasn’t even sent it to underwriting it looks like that’s not gonna happen. As far as I can tell they just sat on it for the last couple of weeks freeasinbeer fucked around with this message at 12:16 on Jul 30, 2021 |
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Jul 30, 2021 12:14
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Hadlock posted:Seems like getting city services costs more than DIY This is why houses are so expensive, and no big builders are building 'reasonably-sized' (priced) homes. It's 6 figgies in costs before a single stick of lumber gets dropped off.
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Jul 30, 2021 14:20
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Does anyone have any experience with opendoor? I talked to my realtor yesterday about selling our condo and she informed me that in the Denver area opendoor is offering fairly generous offers to try to gain a foothold in the area. The idea of not having to show our place is pretty appealing.
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Jul 30, 2021 16:51
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remigious posted:Does anyone have any experience with opendoor? I talked to my realtor yesterday about selling our condo and she informed me that in the Denver area opendoor is offering fairly generous offers to try to gain a foothold in the area. The idea of not having to show our place is pretty appealing. The general thread consensus on these services is the prices they will offer will be several % less than you would get from a typical buyer. It is up to you whether that is worth it. I think of it like buying a car from CarMax, the price you pay will almost always be higher than a typical dealer but there is less hassle, and everyone values the hassle differently. e: unrelated cross post from the interior design thread, this is a fun one: https://www.zillow.com/homedetails/...tRPHQLbW8EsO3Cw Inner Light fucked around with this message at 18:08 on Jul 30, 2021 |
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Jul 30, 2021 16:57
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