Home buying thread

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Brando

Asshat Brando

Potato del Grande
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For refinances 2-3 months isn't bullshit, Wells Fargo requires 90 day locks right now on any portfolio loan. Maybe it's just CA and the amount of business going on but the best I've seen any company do is guarentee a 14 day close and even then that's only if it was $417,000 loan amount and below and 80% LTV and below. Maybe other markets are different but you basically have to fit perfectly in the box to get faster than a 30 day close on purchases, keep in mind that's what every company gears their Ops towards as that's the standard contract length.
 
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Corndog

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So got off the phone with the 4th Person handling my loan. Person #3 is on vacation for a week. Person #2 I just found out is no longer with the company. Now I'm waiting for a call back... It's hilarious, person #4 is now asking why a second appraisal needed to be order as it seems fine... Now they've gotta talk to their supervisor. I Just want to scream, can someone just put me on the phone with someone who can actually get this job done? I don't know if that is you or someone else. But I close in 8 business days and I don't have time to be your training wheels.
 
TomServo

TomServo

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sorry corndog
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Picasso3

Silver Baronet of the Realm
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fiance buying a 300k crib. told her it was fine to put it all in her name as she's putting the 20% down.

Think I'll regret this later? much benefit for me to be on it?

We going to have two rentals and this place now so taxes are prone to get conplicated.
 
Khane

Khane

Got something right about marriage
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I don't see why you'd care to be on it unless you're going to be paying half of the mortgage/repairs/maintenance
 
Selix

Selix

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Picasso_sl said:
fiance buying a 300k crib. told her it was fine to put it all in her name as she's putting the 20% down.

Think I'll regret this later? much benefit for me to be on it?

We going to have two rentals and this place now so taxes are prone to get conplicated.
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If you and her get married within like the next 5 years and don't divorce for a few more years after that then the judge won't give a damn. The equity would be divided in half. This is coming from someone going through it now. Only if she has the house for a significant amount of time before you get married will it matter. Doubly so if you and her produce children.
 
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Picasso3

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Looking like 2800 in closing costs for 3.625 on a 30 yr fixed with 20% down and 751 Score. Sounds lile a fair deal to me.
 
Khane

Khane

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grumblethorn_sl said:
holy crap your closing costs are mega low. Maryland closing costs are outrageous.
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Keep in mind origination fees are a percentage of the loan value so closing costs are higher on larger loans. I don't think the percentages exceed 2% anywhere in the country so Maryland shouldn't be any more outrageous than anywhere else unless there are some other kinds of predatory fees banks in MD are allowed to attach to closing costs or outrageous title search and attorney fees.
 
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Picasso3

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Processing 665 closing 225 title ins 725 title exam 400 appraisal 500 and a few hundred in bullshit
 
Gravel

Gravel

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Looks like I'll need to shop around for a different lender when we make an offer.

The one we got preapproved with had about $8k on a $220k loan at 3.5% (although that includes a VA funding fee of $4730). Wife and I both have 800+ scores.
 
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Picasso3

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Offered 275 and 3500cc on 299 and they came back with 295 and 2500 cc. hoping to get my gf to settle down on this one and make them sweat
 
Palum

Palum

what Suineg set it to
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Selix_sl said:
If you and her get married within like the next 5 years and don't divorce for a few more years after that then the judge won't give a damn. The equity would be divided in half. This is coming from someone going through it now. Only if she has the house for a significant amount of time before you get married will it matter. Doubly so if you and her produce children.
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That really depends on the state.
 
Brando

Asshat Brando

Potato del Grande
<Banned>
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Even though your VA funding fee is financed all lenders have to include that as a cost.

The other thing to keep in mind is that all lenders are supposed to disclose any and all costs that may be associated with a transaction even if you're not responsible for them or they will not apply. You should just look at what the lender is charging you, not all fees.
 
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Corndog

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So our second appraisal came back. 45k lower than the selling price. We're still just going to go with the new lender. But I swear something shady is going on. From the day they mentioned needing a second appraisal, they've said be prepared in case a lower appraisal amount comes back. I think they either farmed it out to a company who will give a low appraisal or asked for a low appraisal to get out of it somehow.
 
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Corndog

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Moreover what is the likely hood of one appraiser coming in at 320k on a house. Then the next coming in at 275k?

Here is the market analysis he provided in the appraisal. I should mention the house is 3 bedroom, 1.75 bath.
rrr_img_94914.jpg
 
Palum

Palum

what Suineg set it to
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No $/sq foot analysis and NINE HUNDRED AND FIVE COMPS? 179 in 90 days? 1/1.5/2 stories all in the same pull? Rofl.
 
Brando

Asshat Brando

Potato del Grande
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I've never even seen something like that in an appraisal. A standard appraisal needs 3 closed sales comparables, that's it. What' the name of this lender and where is it?
 
Cad

Cad

scientia potentia est
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Corndog_sl said:
Moreover what is the likely hood of one appraiser coming in at 320k on a house. Then the next coming in at 275k?

Here is the market analysis he provided in the appraisal. I should mention the house is 3 bedroom, 1.75 bath.
rrr_img_94914.jpg
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For the 17th time this thread find a new mortgage broker.
 
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