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Just get the 30 year loan at the low rates of today and make extra payments. Just treat it like a 15 year loan with the benefit that you have flexibility of a 30 year. Also if you can get a $400k loan it doesn't mean you have to. Get a $250k home and you can clear the debt and limit the interest rather easily.
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May 12, 2014 00:31
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You are not excluded though. Bring a bigger down payment or go for a cheaper house. The bank is willing to loan you something based on your verifiable income it sounds like it is just not the amount you want.
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May 12, 2014 05:12
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^if it is Bromfield then close but not my neighbor.a shameful boehner posted:I finally found a home in the Denver area for a reasonable price... Not going to lie it sounds like you are going to be my neighbor. What cross roads will you be near?
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May 13, 2014 00:31
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a shameful boehner posted:It'll be off 104th, a few blocks to I-25. Ah cool, good luck with closing it all down. I am at 80th and Wadsworth. spwrozek fucked around with this message at 01:59 on May 13, 2014 |
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May 13, 2014 00:51
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2 things to consider or remember is that the house could have asbestos insulation, especially in the attic, and the house wiring could be under powered for today's loads. Also did they have GFIs installed in all the wet locations (my house from '78 had no GFI and the wiring is funky as hell)? Does sound like you have some good bones though!
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May 14, 2014 05:51
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canyoneer posted:I get it. You get it. That doesn't mean it couldn't turn into a big public relations outcry Actually it wouldn't because to get those discounts the power company gets to call them up and tell them to shut down to keep the AC on when everyone is cranking it because it is 105 degrees out.
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May 17, 2014 01:33
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shortspecialbus posted:I don't think they'll fuss much - it's probably covered by the home warranty from the looks of things, but I really don't have a clue how those work. My experience is they excluded anything that is known to have problems based on the inspection report. I guess if you paid a lot more they will cover it though. My agent bought it for us as a gift.
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Jun 5, 2014 00:08
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If you want my guys number in Denver just let me know. He was pretty awesome and had me all set in under a week. We locked everything in about 40 days out as well.
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Jun 5, 2014 04:14
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I would buy less house. It is the best way to go. You are really stretching it IMO. We got a loan at 1.59x of gross salary and PITI monthly payment is 11.5% of gross, 20% of net. It is nice to be able to have a huge cushion and money to save up and make cash improvements to your house.
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Jun 11, 2014 19:34
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shortspecialbus posted:Maybe I don't understand something here - do you know if there are already offers on the house? What we did for the one we're buying was offer exactly the asking price, but only made it valid for 48 hours. They can't refuse an offer that's the asking price without paying all the commissions unless they have a higher offer in hand before the expiration of the offer for asking price (at least in our state, I'm told - don't know about MI.) I guess I don't know why you would start higher than the asking price unless you knew there were other offers on the table already. That sounds like a crazy law. Also DFW is in Texas.
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Jun 11, 2014 23:28
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My ex is trying to buy my out of our house. She doesn't live here and I do currently. She lives about 2 hours away since she works in construction management and is on job sites. She has been there 2 years with 8 months to go. She wants to buy me out so she can have a home to come to when the project of done. Her employer pays for her to live in an apartment near the job site. Seems pretty straight forward. Well here mortgage guy is dumb and somehow messed everything up and the underwriter is convinced this is her second home and will only give her a second home mortgage. Which doesn't work for her at all for a variety of reasons. Now it is back to starting all over for her. I feel bad for her. Getting closer to not owning a home though  . Of course rent is gross in Denver and I will probably be paying more to rent until I buy another home in a year or two. I just wish developers would stop scraping everything.
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Mar 2, 2016 21:45
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We have a letter from us and her employer. Many of her co-workers have bought places while bring on assignment so it is doable. And she is on the mortgage now, mail comes to the house, she has a room in it, is there 1-2 times a month. She probably is going to have to start with a new group but it should be doable. It is her primary residence right now. If she was in a hotel while on site it would not even be a question but it is way too expensive. Anyone who works remote would never be able to buy a house for their family with some of these rules.
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Mar 2, 2016 22:44
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I am really curious how much you took out in loans, what you make at you job now, and if you think it will actually work out in the long run? The six pharmacists I know all pull down $120k+ (all with 0-3 years experience). I would be curious if 10 years of (what I assume it's very low pay, $50k/year?) pays off in the end for you. You don't have to share any of that if you don't want to. Bummer you can't get into a house, especially since you have 20% to put down.
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Mar 5, 2016 16:52
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DaveSauce posted:We wrote off our credit union last night. They've been pretty awful in terms of responding to us. They're slow and don't really answer the questions we ask. They just want to fill the paperwork out and get things moving. Which is too bad...their rate is a tad higher, and their closing costs are much higher, BUT we'd be eligible for a bonus dividend every year based on how much interest we paid on the loan...which for last year was about $200. That adds up quick. Plus, we already bank with them, so paying them is dead simple, and being that they're a credit union they're unlikely to sell the loan. You are basically going with a mortgage broker. It is no big deal. They sell it and on you go. My loan had been sold 2 times. It is with Ocwen right now. I pay them money online and all is well. I would really not worry about that. Just go cheap and with someone who can get things done.
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Mar 5, 2016 21:25
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Pryor on Fire posted:Yeah I'm generally opposed to the awful criminal justice system and getting dragged into it needlessly but EVERYONE around here seems to think it's A-OK to hit up happy hour after work and get sloshed and then EVERYONE drives home and nobody seems to think this is odd but me. Maybe it's just a Colorado thing, as long as we're affluent white people drinking microbrews it's ok right? I only had 2 pints with 8% ABV and a one hitter rip I'm good! There's just this whole attitude around here that life should revolve around getting wasted and all the good times are only good if they are strongly linked to booze/weed. Getting real loving sick of seeing this on the daily, so I'm conflicted on the topic of how much DUIs should ruin lives. Slab houses are generally bad news in Colorado. We have rather expensive soils, especially in the front range, which when they move they can move a lot. If your house is on a slab the whole thing can move and basically break apart. If you watch the news in Denver you see it every year it seems. Typically in Denver if you have a basement it will have a floating slab, where the slab is not connected to the basement walls or foundation. Looking at the slab and seeing how many cracks in a 40 year old house is a good indication at what is going on. It is also why you have to build floating walls in the basement. Also working downtown Denver no one drives home after happy hour. We either get on light rail, bus, bike, or uber it. But maybe everyone I hang out with isn't crap. You really need better friends.
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Mar 7, 2016 16:26
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FakePoet posted:My brother and I just recently closed on a house in North Dallas (Plano), and yeah, we saw a ton of houses before managing it. A former co-worker recently sold his house, which he bought for 160k 3 years ago, for 300k, in the same general area. Granted, they'd done some fairly significant renovations, but maybe 25-30k worth. We didn't believe it until we saw the actual paperwork. What do you consider fairly significant? $30K really doesn't get you too much if it is actual quality work and material.
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Mar 29, 2016 04:33
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Doing it yourself does save money for sure. I spent $17k on a complete gut of Master bath and bedroom, did it completely myself except $300 of plumbing work. Nice cabinets, granite, drop sinks, real glass in the shower, nice tile, good wood, solid wood doors, real quality faucets, etc drive the price up a lot. A faucet from home depot is made with a lot of plastic and will fail in 5 years very very often. Compared to something made of metal with real quality that lasts way longer than it is in style. But option one is ~$50 and option 2 is ~$300. Most people choose option 1, looks nice when you flip a place though!
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Mar 29, 2016 16:33
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Radbot posted:Checking in to say that I love and hate my new house. Hate, because it cost me like $8k more to get the septic finished than we thought, though we did get a huge chunk of the total price off the house initially. Love, because it's nestled in the Colorado foothills, surrounded by parks (dog wonderland!), and 29 minutes away from work. It was still in the mid $200s (a lot to me), but gently caress, every ticky-tacky bullshit house in Denver is that price these days, and they're usually stacked right on top of each other next to the freeway. Lol... Mid 200's in Denver (proper). You make me laugh. Realistically best bottom dollar is $350K but good luck getting that even.
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Mar 29, 2016 17:22
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Radbot posted:There are homes under $300k, just not in desirable (read: white) areas and served by terrible schools. Barnum, Valverde, Villa Park, etc. have these homes. I used to live in one of these neighborhoods and it was awesome, since the bus was walkable and great food was nearby. If you look on Zillow there are 135 homes under $250K and 1060 homes above $250K. The cheaper places are either condos (no thanks), in aurora (wrong side of the city for sure), or south of 6th ave down near Garfield Lake and Harvey Park (which not really bad is just kind of a meh location as far as city living goes).
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Mar 29, 2016 23:35
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I almost don't own a house. 20 days to go. woo.
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May 7, 2016 00:56
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Just a gut check here but the local mortgage guy with $1000's in APR fees ($2300), non APR costs ($2400), and Points ($1600) is just me paying unnecessary money right? These online places that are pretty much flat fee, no points, and better rate are the way to go?
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Jun 10, 2021 17:20
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Tyro posted:I don't know what kind of rate you're getting, but on our 30 year fixed the only fee i am paying is $600 or so for the appraisal, and the bank is giving us a $2200 credit at closing. I have used this guy for two other properties I bought and it as more reasonable. But he is at 3% with $7K estimated at close. and other place is at 2.65% with $2200 in credits, $1300 flat fee plus appraisal. So it seems like a no brainer. DaveSauce posted:Basically yes. Yeah he works for a smaller place and they sell it immediately (at least on my last 2 properties). On my other place I own I did the refi with an online place and it was smooth as butter. Thanks for checking my thinking guys. E: probably will get out bid by $100K again so this will never actually matter...
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Jun 10, 2021 18:53
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lampey posted:This is from yesterday but I didn't see anyone go more into the specifics. Many online lenders will have some or all of the same fees even if they don't show you them in ads upfront. Really you are shopping on the overall costs and rate, with a higher rate you can get a lender credit for the points, to offset some of these fixed costs. The APR factors most of these costs in, but you can't just compare APR because some lenders can be omitting certain costs, or have inaccurate figures that you will need to pay. You should shop around and get multiple good faith estimates and compare them line by line. If a lender won't give you an estimate they are probably hiding something. You can ask the local guy to match the best one. You won't really know if the current lender is competitive without shopping around, if those fees are normal to get the rate you were quoted. Also the fees can change some until you lock it in. They did give me an cost estimate. I decided to send them all the docs so they could get it all approved and provide a true estimate. So we will see. Then I can compare them both and we will see. My realtor (who we like and have used to buy another place) would like me to use the local guy since I used him last time, thinks it makes our offers stronger. Saving money is saving money though. Most likely we will keep getting out bid so it will not matter. actionjackson posted:reddit: I make 77k/year, can I afford this 375k house? A guy who works for me just bought a place for $500K with $50K down, $630/mo HOA. He makes $84K. Apparently his GF is moving in. Hope it goes well.
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Jun 12, 2021 05:56
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E: ^ This is also a good take. It takes no time to fill out the paperwork and e-sign it.Big McHuge posted:Gutcheck time at the McHuge household. We went to a half dozen open houses yesterday, and one in particular I put on the list just because we were in the vicinity already. It was at the very top of our budget and would have to check all the boxes, and what are the odds of that, right? You REA should just ask if list is in the running. Ours does that for us. No point in writing it up and wasting people's time if you are not going to be close. We have seen several places where we would put an offer in, wait a day, she calls to gauge it. Some people will not say anything but others are pretty cool and let you know. The most recent one a few weeks back was listed for $600K, we would have considered up to $630K, the next day it was also offers up to $700K so didn't even bother. Maybe just a Denver thing with us but You should be putting your REA to work for you, they should be helping you get a house. spwrozek fucked around with this message at 17:29 on Jun 13, 2021 |
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Jun 13, 2021 17:25
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Vice President posted:my REA has been pretty good about getting a vague yet accurate gauge of where my offer has ended up on the list so essentially it's just been firing best and final offers left and right and finding out how close I was to the top spot inevitably taken by an all-cash offer. Yup. We were in at $630 this weekend. She was all on it and 2 other places had some escalation clauses (f those thank you very much) so we pushed it to $650 hoping that 20% down would maybe win out. Turns out the 2 with escalation both went to $680 and one was all cash. So we lose again... It seems like the few things going against us are not willing to chase places with money, not having all cash, and not writing love letters (last one I don't really know but I really want to meet the people who write these love letters). I am pretty close to just calling my landlord up and getting terms for another 12 months lease. Probably give it one more go if anything comes out this next week. QuarkJets posted:The agent is basically useless for the searching part; NWMLS is regularly polled by all of the nice online home sites (zillow, realtor, redfin, etc) and has its own very lovely web interface that you could use if you are a masochist. Searching digitally is how you should find houses that you're interested in. The agent is only useful when you're ready to see properties in person and make offers on some of them. So get an agent, tell then what you're looking for, then you should digitally find houses you like that meet your criteria and say "hey I want to see the homes on this list" and get their help submitting an offer when you're ready to do that. You may be thinking "it doesn't sound like a buyer's agent is very helpful" and you'd be right, they're a guiding hand reaping a huge payout for relatively little work. This is pretty well spot on. I will say our agent is pretty good and I would say she is making (some) her money. She is constantly hitting us up about new places before they are out on zillow. Plus with the 15 min booking windows you would never see a place without one. Of the 40-50 places we have seen none have had an open house. depending on the market I wouldn't say they do nothing, is she doing $18,000 worth? doubtful. Honestly buyers agents are working way harder than sellers right now in Denver.
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Jun 14, 2021 02:47
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spwrozek posted:A guy who works for me just bought a place for $500K with $50K down, $630/mo HOA. He makes $84K. Apparently his GF is moving in. Hope it goes well. Update: Today he told me the deal is very close to falling through. He will find out by Thursday. I guess the seller lost her job and her dad was a cosigner on the place. she stopped paying the mortgage and HOA. Puts the place up for sale. They owe $50K to the bank to pay off the unpaid HOA and monthly payments. She knew all of this but I guess pops found out yesterday afternoon. So now he decides to pay it off and complete the sale or the deal falls through and the bank forecloses on them. He is pretty bummed since he lost a few weeks of looking if it falls through and he is month to month on his lease at $3K/mo (vs $1750/mo in a 12 month lease). Having it fall through and hopefully getting a cheaper place is probably the best outcome though.
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Jun 15, 2021 20:25
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Motronic posted:This will totally depends on the state/forms used/etc, but my guess if this were to happen in PA on the standard forms and during a pretty normal transaction there would be multiple methods for the buyer to walk away from the deal. In addition, you couldn't just "kick them out" because they are tenants by law. The contract both you and they signed is a separate matter to be dealt with separately. This is why there is always something in that contract requiring vacancy, otherwise you legally have tenants that need to be evicted using the (very lengthy and expensive) process in your state/county. All of our offers have a vacancy date with $250/day damages if they don't leave. Hope it never would come to that, would I get comped... who knows. I like putting offers on empty places though.
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Jun 15, 2021 20:35
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BigHead posted:I'm closing in less than a week and I just learned that Comcast has a monopoly in my neighborhood. I check on all of the options before putting an offer in. There are tons of super weird spots in big cities with terrible internet.
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Jun 16, 2021 01:44
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Queen Victorian posted:Comedy option: friend could consider pre-WWI houses. Asbestos as a building material additive didn't really take off until the 1930's, so houses built before that period have lower risk of hidden asbestos. And then you could just exclude 20's houses and anything with extensive alterations from 1930-1990 for good measure. The nice thing about super early uses of asbestos is that they are often clearly labeled, unlike the shittons of asbestos-laden building materials that came later. There really isn't anything wrong with good, intact asbestos. I understand why people don't want it but from those pictures I wouldn't have any issues being around it.
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Jun 18, 2021 18:00
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GEMorris posted:I'm not posting the petty details because honestly it would be boring. But my lender seems to make loving things up their hobby. Thus I feel the need to warn the thread against using LoanLock. well that is not great news as I was considering them.... Zarin posted:It does make me wonder if the issue could be "aluminum wiring", but that wouldn't have triggered the amendment anyway because it states "anything that was code at the time, and is not now, but is in good working condition is not a material defect" there is about a 0% chance of an inspector actually knowing this in my experience.
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Jun 19, 2021 18:54
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Offer #4 is in. now we wait in see. It is only a mile from where we live now but definitely has a different nighttime vibe.
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Jun 20, 2021 05:33
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spwrozek posted:Offer #4 is in. now we wait in see. It is only a mile from where we live now but definitely has a different nighttime vibe. Well we are under contract. My partner is very excited, good bye money.
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Jun 21, 2021 02:24
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Glumwheels posted:Congrats! We’re there multiple offers? List was $600K, We offered $610K with escalation to $635K. Our deadline came and went and they didn't accept since other people were "threatening to offer" so we resubmitted the same offer giving them 6 more hours. They got an offer that escalated up to $618K so they countered us at $621K. We signed the counter at that number. Another place we looked at the listing REA called and asked if we were interested as they had no offers. It feels like things are slowing down a bit according to my REA.
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Jun 21, 2021 14:33
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I decided to go with a slightly more expensive local person vs the online folks. Maybe not worth the extra cost but probably worth it for my sanity. Begin the house money pit. Residency Evil posted:Congrats! We will see what happens. Two other folks trying to buy this weekend offered on places with 5+ others (and they lost).
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Jun 22, 2021 00:07
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Pilfered Pallbearers posted:Do consider they are just as likely to gently caress up. And if you’re talking even like .15% that is an enormous amount of money over 30 years. Same rate but about $1500 more in closing. Still dumb but what can you do, houses are not sound financial decisions. Also if I was truly smart I would never leave my one bedroom apartment soooooo.
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Jun 22, 2021 01:37
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We just got the appraisal back this morning. We are under contract for $621K and it came back at....$620K. We have appraisal gap and all that but my REA was pissed. She said just give me a bit of time. About an hour later I received an updated appraisal for $621K. Everything about this is dumb as hell.
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Jun 25, 2021 21:28
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Denver which is just as dumb for housing but a lot cheaper.
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Jun 25, 2021 22:27
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m0therfux0r posted:Just initiated the wire transfer for my closing coming up on Tuesday and was expecting everything to be super slow and take until the last minute like a lot of people in here have experienced. I am shocked and pleased to say that right now, an hour later, and the money has already been taken out of my account! Last time the wire was such a giant pain in the rear end that I just put the money into a chase checking account and I am going to go get a cashiers check. Sundae posted:The thread, or me trying to read my HOA's manual? Our HOA does basically nothing (snow removal and flowers/yard along the street) and it took 5 hours to read the whole thing.
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Jul 1, 2021 20:41
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So we are possibly stuck at underwriting because I can't get a Q2 401k statement (based on past history they come about July 25th for Q2). I am not doing anything with my 401k and it really has nothing to do with the purchase but you know... stupidity? Supposed to close on the 20th...
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Jul 6, 2021 22:07
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H110Hawk posted:Does your 401k have to be listed as an asset at all? If not, ask them to remove it. Bingo bango no more statements needed. That is a good idea. I just sent them all my stuff and let them roll with it. Once they call me back I see what is what... E: This was the solution. spwrozek fucked around with this message at 02:44 on Jul 7, 2021 |
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Jul 6, 2021 22:56
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