2.54x income. Mortgage is my only debt. Bought a nice home in a nice neighborhood to grow a family in someday. I'm by far the youngest in the neighborhood.
I live in North Texas. Home prices are low but property taxes are high. Wife and I both make > $100k and our 3200 sq ft home was $300k two years ago
2.23x gross income without taking into account fiancee's income, which is not much. Feel pretty comfortable with payments, low amount of student loans at this point.
I get what you are saying. I've always been told by my dad to de personalize the home as much as possible so potential buyers can see themselves in it.
The idea of buying a house for less than a $100 a foot is crazy to me. And we wonder why urban sprawl is an issue.
My house is .9X my yearly Spoiler It's too fucking small but that retirement account game ridiculous.
Yeah, that is insane. A house in my neighborhood just went on the market for 700/foot. Crazy prices in California.
In the process of getting my second loan for home. First one was fha in MS. This one is conventional in FL. I don't know if it's be of a different loan type or different state but man are they asking for a lot of documents. Seems like everyday I get an email from processor of signing a new form and questions about what we submitted. I know everything will be fine but it does put that little bit of doubt in your mind of is it gonna go through.
A guy I work with just bought a brand new 4000sf house for $60/sf. I'd be a little concerned with the quality at that price point, but he thought he was getting a steal. Crazy...
we must've had a good mortgage broker because this never happened for us. we sent him all of our financial stuff, he had to ask for like two more things, then we went in and signed application documents (maybe 30-45 minutes?) and then he finalized it a little later and at closing we signed our closing docs and then we owned a house. it was honestly really easy for us.
That's how my first time was. I guess the people I'm working with now are more detailed and want to verify beforehand with this being a big foreclosure market.
Doesn't depend so much on the broker, depends more on the specific underwriter processing your loan. Our broker said that our underwriter was known for being extra stringent
I wanted to murder my mortgage broker. Every fucking day they needed some new document, proof of this, sign this. Had to push back closing three times because of those fuckers. Sellers almost backed out.
They asked for my DD214 like 4 different times. I finally told them if we didn't close by that friday than we were done. I was going out of town for work the next week and I'd look for a different company when I came back.
Meet with a realtor on Tuesday to discuss options in DC. Not looking forward to what he has to say. Primarily because I know my fiancé will want to max out our budget for something that we will likely only live in for 2-3 years tops.
I'm being contacted by two people from my credit union. So they keep asking for the same thing and not sure if they're really sharing information. Pretty annoying.
I used Suntrust and almost lost my damn mind. I sent several documents up to 4 times. Then nothing would get done and I would call one person and they would say they were waiting for something from another department. Then I would call that department and they said no one had contacted them. There was no interdepartment communication. The day of my closing came and they didn't get the closing package to the attorney until 30 minutes before. I'm pretty calm but they sent me over the edge on a daily basis.
I learned the hard way that local is better. I was going with Quicken and they were solid up until the point where I got the fee sheet and it was a good bit higher than advertised. At that point, I had under 30 days to close. Went with a local broker my realtor suggested. Was ready to close in 5 days. The broker was able to do stuff like walk down the hall and talk to the underwriter and personally retrieve the faxes. Everyone that needed to be involved were copied on the same email chain. Literally everyone that worked on my loan was in the same exact office. That's invaluable.
The funniest part was two weeks after my closing, those fuckers sold my loan to a national bank. Made me go through all of that bullshit and they sold the loan before my first payment.
Completely unrelated to the ongoing discussion, but we recently refinanced our house. Our mortgage broker was aghast at out insurance premium. We have always used USAA and had never shopped it. Frankly, we just paid into our escrow and were done with it. At our broker's insistence we shopped it. Went from $11K to $3.5K. So, if you are FL and have USAA for home insurance, switch up.
At time I bought my house, 4 years ago I was more worried about the payment/taxes/insurance as a percentage of monthly budget than home price. Just did the math and it was 1x2.74 of my wife's and mine income when we purchased. Although it only made up ~30% of our take home budget. 4 years later we are closer to 1.3 times our salary and are choosing to remodel since home prices have sky rocketed in our area.
Didn't I tell you not to go with quicken? They suck price wise. Brokers are usually the way to go. Credit unions suck because they don't do a lot of mortgages so they don't know what they're doing. Your broker was probably talking to their processor, brokers don't have underwriters in house, they send your file to wholesale lenders who underwrite the file. If the place you worked with had everyone who worked on the loan in house then they weren't a broker, they were just a small retail shop most likely. They make you go through all that for that exact reason. The investors or company that purchases the loan from them set the standards on what loans they take and what documents they require.
Just refinanced to a 15 year from a 30 year this month. Payment up $300 a month, interest rate dropped from 4.75% to 3.0%. It literally flipped my interest/principal ratio around. My taxes will hate me, but dat principal game do.
You (almost) always want to go broker over a large corporation. They're more hands-on and have to protect their reputation within the community, and rarely treat it as a "job." They make the same (or more) when getting you a better deal, and know that you'll refer the shit out of them. It's like realtors - very rarely will they ever work to get you $10K more on your home sale, because they'll only walk away with an extra $100-200.
True, I should have stated, for equivalent cost I got 3% from a broker as opposed to 3.75% from a large bank.
Hey friends! Now that my GF has moved out I can finally repaint the bedroom! These colors were decided because they matched the bedspread. I think I want to keep the grey on the bottom, but obviously want to tone down the top. Should I get bedding first then shop for paint? The bedroom furniture itself is all white.
No worries, it's just a large misconception for people who don't know mortgages that companies offer one rate and that's it, that's the rate for every loan they do that day.
We put an offer on a house and it was accepted. We were trying to get our loan set up yesterday but ran out of time. So we had to wait until this morning for the new rates to post or whatever and they went down .125 over night. HIYO.
Tell me about it. Just need a color that would go good with the grey bottom and white furniture. Very excited about the change
Yea I'm not sure I'd paint to match a bed spread. I'd go neutral so if you change furniture, etc you're not wanting to repaint again. Then again I'm no interior designer.
I'd go lighter gray. We have something similar in our dining room that needs to be repainted. I think I'm going to do something like this but with a darker navy on the bottom. Different shades of the same color can be a very good look. Just go to the paint store where you got the gray and look on their color sample for one of the lighter tones. Sample with grays: