Home buying thread
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Pops
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ver_21
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Maybe, but for how long? The sub 3% lasted for a full day. The seller took all that day and half of the next to contract. So I locked at 3.5.
So part of me definitely says damn.
But then, where we are, there aren't many homes for sale, and even fewer good ones. We snagged a decent fixerupper with no competing bids. So that's something, too.
The low interest rates and low inventory are making buyers throw around stupid money on offers. Went to two houses prior and it was like halloween with 10+ buying parties touring the same houses at the same time. Fuck that.
So maybe it's just good to have the contract and rate fixed and avoid all the BS.
Beyond that I dunno. It feels like everything is upside down right now.
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ver_21
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U.S Mortgage Rates as Lenders Look to Curb Demand
Supply led to a rise in mortgage rates last week as demand surged in response to falling yields. There could be more of the same if volatility persists.
This was what I saw by Friday---lenders trying to deter new applicants.
Maybe check with a credit union.
ver_21
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For anyone as insane as I am to be buying and/or selling a house at the moment, it still seems possible to pull off--no one involved wants contracts to fall through.
One thing though: realtors are suggesting addenda to allow for settlement extensions due to COVID-19. As far as I can tell, these don't make sense to sign because they don't have any impact on rate locks.
One thing though: realtors are suggesting addenda to allow for settlement extensions due to COVID-19. As far as I can tell, these don't make sense to sign because they don't have any impact on rate locks.
Asshat wormie
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They make sense if your seller cant sell due to kungflu and need extra time that would not be available under a regular contract.
Oblio
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I posted this in the Grown Up Corona Thread. Probably more useful here...
Some new information came out today from Fannie Mae. There is a lot to unpack but the gist is they are trying to move as many Appraisals to Exterior/Drive By as possible. A lot of things will factor in like LTV/CLTV, Purchase or Refi etc. From what I can tell it will ultimately be at the Bank's discretion based on their risk assessment.
Our Approach to COVID-19 | Fannie Mae
Fannie Mae is fully operational and taking every step to help ensure a safe and sound housing market amid the Coronavirus (COVID-19) crisis. We’re focused on the health and well-being of our employees, customers, and communities, and we urge everyone to take precautions to protect themselves.www.fanniemae.com
Basically good news for those looking to Refi, but do not want to have an Appraiser walking through their home.
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Any no closing cost refis around? My 5/5 arm just triggered rate up to 4.6. Principal is only 60k so not a huge deal but still worth investigating. Prob is closing costs kill the savings.
Pops
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GuardianX
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So, don't know if we have a thread for this already, where should I be looking for these insane deals?
I'm on costco's mortgage center since it compares like 5 or so different lenders at least and their rates, without points, are terrible.
30 year:
with points (various):
15 Year:
I'm on costco's mortgage center since it compares like 5 or so different lenders at least and their rates, without points, are terrible.
30 year:
with points (various):
15 Year:
No Points:
Points (various):
Points (various):
Pops
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ver_21
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Try credit unions. The deals kinda dried up a bit with so much demand. If they exist, they bounce around by lender and day. CUs seem to be a bit more stable and less points.
Also, a lot of settlement dates are pushed out really far right now. Like 60 days minimum.
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Khane
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Nerdwallet is usually up to date with current rates:
www.nerdwallet.com
Current Mortgage Rates: Compare today’s rates | NerdWallet - NerdWallet
Compare mortgage rates when you buy a home or refinance your loan. Save money by comparing free, customized mortgage rates from NerdWallet.
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GuardianX
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Nerdwallet is usually up to date with current rates:
Current Mortgage Rates: Compare today’s rates | NerdWallet - NerdWallet
Compare mortgage rates when you buy a home or refinance your loan. Save money by comparing free, customized mortgage rates from NerdWallet.
All the other sites are seriously terrible and get me no results at all OR insanely high rates:
Bankrate.com
Nerdwallet I get ONE offer:
Nerdwallet I get ONE offer:
GuardianX
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Yeah, I'm in no hurry ATM. Can't even "Go in and Speak" with someone and no one is answering their phones because apparently Corona Chan transmits via telephone now too.
EDIT:
As is, Costco doesn't see too bad for rates (with points) but without points they, and everyone else, are trying to limit their incoming applications by charging rates that are hyper-inflated compared to the rate they are borrowing money at.