Home buying thread
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Man, I wish I lived (or was going to live) in an area where housing is cheaper. I"m jealous of you guys having actual homes, while I spend $750 a month on a studio. I don"t really want the home and the yard, just more space for my dollar
Big Phoenix
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Ryoz
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So, made my first mortgage payment and I?m already having issues. My bank transferred/sold our loan to Suntrust ? I know this is a fairly common practice.
I received documentation a few days ago from Suntrust indicating that as of Oct 1 they are now servicing our loan, nothing about the loan has changed except they are now collecting the payments. They provided a breakdown of how our payment will be split amongst the principal and interest, taxes, pmi/mmi, etc. All of those individual amounts were correct, but the total payment was inflated by $160. I assumed it was a typo and called yesterday. I found out they somehow misinterpreted our MMI payment. The actual amount is $70 according to settlement documents and even the documentation they sent us. Somehow their system is indicating $230 due for this.
Now, I?m with FHA, and I?m fairly sure the mortgage insurance is regulated. After speaking with the loan officer at the bank he assured me that the amount should not have changed. I?m worried that they will be receiving a check and their payment coupon with an amount $160 less than what their system indicates. I told them, apparently they made a notation on my account, I just hope my escrow and credit score don?t get fucked up by all of this.
They asked that I call back in 3 ? 5 days. Although they?ve been eager to help and fix the issue, I?m still unnerved by all of this. Has anyone had this happen before?
I received documentation a few days ago from Suntrust indicating that as of Oct 1 they are now servicing our loan, nothing about the loan has changed except they are now collecting the payments. They provided a breakdown of how our payment will be split amongst the principal and interest, taxes, pmi/mmi, etc. All of those individual amounts were correct, but the total payment was inflated by $160. I assumed it was a typo and called yesterday. I found out they somehow misinterpreted our MMI payment. The actual amount is $70 according to settlement documents and even the documentation they sent us. Somehow their system is indicating $230 due for this.
Now, I?m with FHA, and I?m fairly sure the mortgage insurance is regulated. After speaking with the loan officer at the bank he assured me that the amount should not have changed. I?m worried that they will be receiving a check and their payment coupon with an amount $160 less than what their system indicates. I told them, apparently they made a notation on my account, I just hope my escrow and credit score don?t get fucked up by all of this.
They asked that I call back in 3 ? 5 days. Although they?ve been eager to help and fix the issue, I?m still unnerved by all of this. Has anyone had this happen before?
Relax bro, this sort of thing can happen, you wouldn"t believe how many hands touch your mortgage before all is said and done. If your closing docs said 70$, and their docs said 70$, then it"s 70$. Just call back when they indicated and keep your cool. There absolutely is no way they can inflate your MI after the fact because the loan got sold to a new servicer. You also have no idea how low the level of intelligence is in the back office of most banks. The processors who work on stuff like this are generally like, high school graduates at the most, and right now because of the high volume all of the operations centers are flooded with temps.Ryoz said:
Ryoz I"ve been through my first set of payments and transfer of my loan while on FHA just recently in these past few years so here is some info that may help.
1. On your MI when they transferred my loan my new mortgage company also tried to start charging me their own mortgage insurance but I had my own mortgage insurance through State Farm. I provided them with proof of this and they had to remove that extra month charge AND refund me for any MI charges for the time I have had State Farm MI (basically the entire period). I think they are required to refund this up to a year back so if this is only your first set of payments then you have plenty of time.
2. Second if you just made your first payment on your house -ever- then your escrow was very likely incorrect as it was probably based on a shortened period. Even if it wasn"t it is still likely incorrect given they would have to recalculate in roughly a year after you have been in your house and it could go up or down. When you get your first full year property tax bill you will see what you should expect to pay each month and then it will not likely flex as much. In any event they are required by law to send you a check for any escrow they have collected more then is owed. Everyone I know recommends you take that check, cash it and mail them the exact same amount back so you don"t owe them anything when the next property taxes are due.
I didn"t do that however. I managed my money well enough that I could pay the balance due when property taxes were due and then I just adjusted my future monthly payments. That"s entirely up to you.
1. On your MI when they transferred my loan my new mortgage company also tried to start charging me their own mortgage insurance but I had my own mortgage insurance through State Farm. I provided them with proof of this and they had to remove that extra month charge AND refund me for any MI charges for the time I have had State Farm MI (basically the entire period). I think they are required to refund this up to a year back so if this is only your first set of payments then you have plenty of time.
2. Second if you just made your first payment on your house -ever- then your escrow was very likely incorrect as it was probably based on a shortened period. Even if it wasn"t it is still likely incorrect given they would have to recalculate in roughly a year after you have been in your house and it could go up or down. When you get your first full year property tax bill you will see what you should expect to pay each month and then it will not likely flex as much. In any event they are required by law to send you a check for any escrow they have collected more then is owed. Everyone I know recommends you take that check, cash it and mail them the exact same amount back so you don"t owe them anything when the next property taxes are due.
I didn"t do that however. I managed my money well enough that I could pay the balance due when property taxes were due and then I just adjusted my future monthly payments. That"s entirely up to you.
Dis
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Thats actually stone, my wife picked it (since I told her I dont give a shit because my input wasnt wanted )Hatorade said:
It still isnt painted, we have dark colors, the columns and trim are just primed. Should look better once that is done.
Our close is look around end of October, first/second week of November.
Eomer
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It"s a 100 year old masonry building, it positively leaks out heat in the winter so the natural gas bills are ridiculous (hot water fancoils). And as I said, the fees cover heat, water, sewer etc, only other utility is cable and electricity. The building requires a ton of upkeep and maintenance, and our board is meticulous about patching drywall, sprucing the hallways up with artwork, putting wood decking on the common area patio and all that sort of good stuff.r3probate said:
We just had a reserve fund study done, and it looks like fees may have to go up because the cost of replacement for a lot of shit in the building were adjusted upwards, throwing our old plan out the window.
By comparison, my previous condo was an 850 square foot typical wood framed place, and the fees were around $200 covering the same stuff. So on a square footage basis, it"s not that outlandish. Cost of living in Canada using "absolute" comparisons to the US will always be quite a bit higher, 20-40% typically.
Wasn"t asking for anyone to feel sorry for me, just saying if you think rent or condo fees are bad where you are, there"s a good chance someone living in Western Canada has it much, much worse. A decent two bedroom apartment in Edmonton is easily 1k plus, and that would put you in the suburbs somewhere, nowhere central or trendy.TheCutlery said:Eomer also makes upper 6 figures. Hard to feel sorry for him
"Starter" homes around here begin at 250-300k, and again that"s out in the boondocks. You can"t buy a house that isn"t an absolute teardown for much less than 200k.
Yeah...same thing in Calgary. I love it when I"m driving and I hear development companies advertising AMAZING STARTER HOMES FOR ONLY 399k on the outskirts of the fucking city lol.
I don"t know much about Canada other than some old guildies who used to live in Victoria. Why are the home prices so expensive over that way? Are wages comparably high to make it affordable? I didn"t think west Canada was such a hotbed of economic activity.
Condo fees? Good lord, that"s more than I pay in my half the rent on an 1100 sq ft apartment in a good part of town.Eomer said: