Popular Post kingtermite Posted October 7, 2014 Popular Post Share #1 Posted October 7, 2014 I went and got pre-approved tonight for a home loan. I was happy to find that I qualify for what I wanted and more. We found a house last weekend that we loved, but aren't ready to pull the trigger without a tad more research and possibly checking a few more houses first, but if all goes well, we "might" be buying a house and moving into it in the next month or two. This will technically be my first house. 6 Link to comment Share on other sites More sharing options...
Longjohn ★ Posted October 7, 2014 Share #2 Posted October 7, 2014 I like buying houses, realtors and banks, not so much. 1 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted October 7, 2014 Share #3 Posted October 7, 2014 I Shirley thought this post would be from Krazy. 2 Link to comment Share on other sites More sharing options...
Square Wheels Posted October 7, 2014 Share #4 Posted October 7, 2014 Yay! Link to comment Share on other sites More sharing options...
Scott in MN Posted October 7, 2014 Share #5 Posted October 7, 2014 Good for you KT. I hope you two enjoy home maintenance. I've been building a house the last few years just across the river in Czechoslovakia, I mean Wisconsin. My work has just started due to all the work I'll have to do once we move in. What kind of house you looking for? Old, new ...? What part of town? Link to comment Share on other sites More sharing options...
KrAzY Posted October 7, 2014 Share #6 Posted October 7, 2014 Congrats!! how far is this from where you are now? Link to comment Share on other sites More sharing options...
Gump Posted October 7, 2014 Share #7 Posted October 7, 2014 Nice! Does the new pad have room for visitors? Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #8 Posted October 7, 2014 What kind of house you looking for? Old, new ...? What part of town? We have been looking at new houses, but mostly to get a good idea of floorplans to determine what we like and don't like. We aren't set on a new house, but don't want one that's too old either. This one was built in 2004, so it's not bad at all. Congrats!! how far is this from where you are now? Probably 10ish miles. 10ish miles further away from work, but considering I could walk to work in a pinch now that's still not far. Nice! Does the new pad have room for visitors? Of course! Technically, the place we are in now has a spare room. Destination has used it. Others may be using it soonish. Phoenix plans to visit out here before the years out or maybe next year. Ajax is coming here soon, but probably won't stay with us (by his own choice...I offered the room). I offered it to PetitePedal when she was going on vacation, but she snubbed me and went East instead of West. Link to comment Share on other sites More sharing options...
jsharr ★ Posted October 7, 2014 Share #9 Posted October 7, 2014 Save me a corner in the basement please. Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #10 Posted October 7, 2014 Save me a corner in the basement please. It's already prepared. 1 Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #11 Posted October 7, 2014 Congrats. That area is probably very good for estate real as an investment. Link to comment Share on other sites More sharing options...
jsharr ★ Posted October 7, 2014 Share #12 Posted October 7, 2014 Congrats. That area is probably very good for estate real as an investment. It wont be when I am done with it. 1 Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #13 Posted October 7, 2014 Congrats. That area is probably very good for estate real as an investment. The Zillow data shows that the house value has exceeded both city and zipcode average value increases for the duration of it's 10 year existence. Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #14 Posted October 7, 2014 Zillow is very inaccurate fore house values. It is incorrect for both of our homes. It rated one too high and the other too low. Zillow was nowhere close to current value. Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #15 Posted October 7, 2014 Zillow is very inaccurate fore house values. It is incorrect for both of our homes. It rated one too high and the other too low. Zillow was nowhere close to current value. Where is the more accurate place to go? I'm all green on this....provide any good data sources please. Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #16 Posted October 7, 2014 Where is the more accurate place to go? I'm all green on this....provide any good data sources please. Value is about what someone will pay for your home. I would look at a combo of tax values (which will probably be low) and call multiple real estate agents about comps. Zillow is just one source. I have just personally found it very inaccurate. Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #17 Posted October 7, 2014 Example...Zillow lists our rental value as $315K. It's worth about 140-150K. It also lists our current home at 105K and that one is probably worth closer to 120K. It's wildly off in accuracy. Link to comment Share on other sites More sharing options...
Chopped Liver Posted October 7, 2014 Share #18 Posted October 7, 2014 I like buying houses, realtors and banks, not so much. this.....when one has a 7 digit net worth, income in the top 2% of the country, and still gets turned down, there are problems with the banking system. Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #19 Posted October 7, 2014 Value is about what someone will pay for your home. I would look at a combo of tax values (which will probably be low) and call multiple real estate agents about comps. Zillow is just one source. I have just personally found it very inaccurate. I'm not arguing...I just don't know other sources to consider. Zillow estimate is just a tad below what the house is selling for. We're going to talk to our real estate agent today (we 'just' started talking to her) and probably meet with her to look at this and/or a few others this weekend. Link to comment Share on other sites More sharing options...
Chopped Liver Posted October 7, 2014 Share #20 Posted October 7, 2014 I'm not arguing...I just don't know other sources to consider. Zillow estimate is just a tad below what the house is selling for. We're going to talk to our real estate agent today (we 'just' started talking to her) and probably meet with her to look at this and/or a few others this weekend. RE Agent. Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #21 Posted October 7, 2014 this.....when one has a 7 digit net worth, income in the top 2% of the country, and still gets turned down, there are problems with the banking system. My bigger concern was that I was approved last night for FAR more than I feel I could afford. Do they really consider that a risk worthy loan? They approved me for up to abuot $550,000. That seems CRAZY. We're looking at more than $100K below that and feeling that is our top end. Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #22 Posted October 7, 2014 RE Agent. Good to know. We found, by accident, a lady that we really think is a great agent. The finance guy seems to think she's great too. We met her at a new house showing that we just happened on a few weekends ago. My wife and I both walked out of the house and said (almost simultaneously): "THAT'S our agent!". Link to comment Share on other sites More sharing options...
Chopped Liver Posted October 7, 2014 Share #23 Posted October 7, 2014 My bigger concern was that I was approved last night for FAR more than I feel I could afford. Do they really consider that a risk worthy loan? They approved me for up to abuot $550,000. That seems CRAZY. We're looking at more than $100K below that and feeling that is our top end. Do not let them sell you more than you feel comfortable with. I used 25% of combined income as a rule of thumb....my payments (P&I + Taxes + Insurance) could not be more than 25% of combined take home.....that way if something happened to one of our jobs we wouldn't be out on the street. You may choose to do something else, but at least consider that safety net. Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #24 Posted October 7, 2014 I'm not arguing...I just don't know other sources to consider. I didn't think you were. Just call some agents and get comps. Link to comment Share on other sites More sharing options...
jsharr ★ Posted October 7, 2014 Share #25 Posted October 7, 2014 this.....when one has a 7 digit net worth, income in the top 2% of the country, and still gets turned down, there are problems with the banking system. they checked some of your posts in here maybe? Link to comment Share on other sites More sharing options...
Chopped Liver Posted October 7, 2014 Share #26 Posted October 7, 2014 they checked some of your posts in here maybe? tweren't me....Ben Bernanke got turned down on a refi..... http://www.foxnews.com/politics/2014/10/06/ex-fed-chief-bernanke-denied-loan-to-refinance-his-home/ Link to comment Share on other sites More sharing options...
Square Wheels Posted October 7, 2014 Share #27 Posted October 7, 2014 tweren't me....Ben Bernanke got turned down on a refi..... and here I thought you had " a 7 digit net worth". Link to comment Share on other sites More sharing options...
Dirtyhip Posted October 7, 2014 Share #28 Posted October 7, 2014 I thought my 6 digit net worth was pretty good. Link to comment Share on other sites More sharing options...
jsharr ★ Posted October 7, 2014 Share #29 Posted October 7, 2014 and here I thought you had " a 7 digit net worth". He does. Link to comment Share on other sites More sharing options...
Chopped Liver Posted October 7, 2014 Share #30 Posted October 7, 2014 and here I thought you had " a 7 digit net worth". 2 digits on each hand, 2 on each foot, and one other..... Link to comment Share on other sites More sharing options...
Randomguy Posted October 7, 2014 Share #31 Posted October 7, 2014 You should just can that idea and get a yurt. Those are surprisingly affordable and fun! I want to live in a yurt one day. 1 Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #32 Posted October 7, 2014 You should just can that idea and get a yurt. Those are surprisingly affordable and fun! I want to live in a yurt one day. I want a Yurt for my vacation home in the mountains. Link to comment Share on other sites More sharing options...
Randomguy Posted October 7, 2014 Share #33 Posted October 7, 2014 I want a Yurt for my vacation home in the mountains. This is a nice yurt, but I am confused by the dueling beds. 1 Link to comment Share on other sites More sharing options...
kingtermite Posted October 7, 2014 Author Share #34 Posted October 7, 2014 This is a nice yurt, but I am confused by the dueling beds. When the foursome is over, each couple takes a separate bed, I'm guessing. You don't want that other loud snoring couple in your bed, do you? Link to comment Share on other sites More sharing options...
Scrapr ★ Posted October 8, 2014 Share #35 Posted October 8, 2014 tweren't me....Ben Bernanke got turned down on a refi..... http://www.foxnews.com/politics/2014/10/06/ex-fed-chief-bernanke-denied-loan-to-refinance-his-home/ KT don't be counting on any house buying just yet. You have to get through the gauntlet of the banking industry. I failed last year on a refi on a rental. Same bank. Same amount of the loan. It was cash flowing better than when we had bought it 6 years before. Easy peasy right? Nope.Knew I was in trouble when the loan person said you get a salary and you get this other money from your business? I had to do a quick explanation of profit foe her. We fell on the shoals of several lines of credit for the business. They are in the business name but we are personally liable. Very common. Esp for a banker. Oh, and the whole e mail all of your statements (for several accounts) including pages 7-43 that are blank. I think they did it so that they could keep the higher interest rate in portfolio. FU Wells Fargo. I sold it earlier this year. And put a FU in the closing docs for WF Link to comment Share on other sites More sharing options...
Randomguy Posted October 8, 2014 Share #36 Posted October 8, 2014 When the foursome is over, each couple takes a separate bed, I'm guessing. You don't want that other loud snoring couple in your bed, do you? It really does look like an orgy yurt, doesn't it? 1 Link to comment Share on other sites More sharing options...
KrAzY Posted October 8, 2014 Share #37 Posted October 8, 2014 The wife and I were looking putting up a yurt on the property we have up north.. I'm just not convinced of how long with will last with harsh winters Link to comment Share on other sites More sharing options...
Pokey Posted October 8, 2014 Share #38 Posted October 8, 2014 The wife and I were looking putting up a yurt on the property we have up north.. I'm just not convinced of how long with will last with harsh winters Thats why you use Musk Ox hide. Impervious to harsh upper midwest winters. Winters in Des Moines Ia really suck. Worse than Wausau. Link to comment Share on other sites More sharing options...
Longjohn ★ Posted October 8, 2014 Share #39 Posted October 8, 2014 I was pre-approved for my first house at six times what I intended to spend. The bank wouldn't give me the money for the house I wanted, they wanted me to spend more than I could afford. I used other financing and that is the route I have always gone all except for when I refinanced the house I am in now. I don't trust bankers, realtors, and lawyers. Link to comment Share on other sites More sharing options...
kingtermite Posted October 8, 2014 Author Share #40 Posted October 8, 2014 Quick question....is it worthwhile to shop around different lenders? Link to comment Share on other sites More sharing options...
Scrapr ★ Posted October 8, 2014 Share #41 Posted October 8, 2014 Yes. shop around. Credit Union. Or find a "good" mortgage broker. The broker can shop lots of lenders Not just the rate the Big Bank uses. I don't know how to find a good broker. Maybe ask your Realtor. They have a vested interest in making this deal work. But keep your eyes open. he can slide you into a slippery broker that maybe charges higher rates to do the deal. Once the house is sold the Realtor isn't going to help you make the monthly Link to comment Share on other sites More sharing options...
kingtermite Posted October 8, 2014 Author Share #42 Posted October 8, 2014 Yes. shop around. Credit Union. Or find a "good" mortgage broker. The broker can shop lots of lenders Not just the rate the Big Bank uses. I don't know how to find a good broker. Maybe ask your Realtor. They have a vested interest in making this deal work. But keep your eyes open. he can slide you into a slippery broker that maybe charges higher rates to do the deal. Once the house is sold the Realtor isn't going to help you make the monthlyBroker we met was the one recommended by Realtor. We did like him too. Just wonsering if there is much leeway to bring monthly down. He is with Homestreet Bank. Link to comment Share on other sites More sharing options...
petitepedal ★ Posted October 8, 2014 Share #43 Posted October 8, 2014 Well...I could still come and visit ....sooner than you thin if I sell a bike.. As to house...wow I thought they quit trying to give you more money than you want...My bank (Wells Fargo Sucks) did that when I got pre-approved 12 years ago....I thank God I didn't even go near what they thought I could afford. Nice...they hold the mortgage and don't re-sell it...not sure how that works but a couple of friends have had thier mortgages sold 2 or 3 times.... The Refi was also a PITA took me a long time to get one going...even with all the programs out there...finally got connected via the daughter of a resident who had just don a refi...I had to stay with Wells because...I am underwater. Oh and don't forget TRAINS...make sure you are far away from train tracks...even if they only have 2 small trains a week...things could change...and not to a bike trail like you imagine. I believe the real estate section of your news paper...or your county should have record of what housing is going for in the area you are looking...and property values....Oh yeah you can look up crime stats too. 1 Link to comment Share on other sites More sharing options...
Square Wheels Posted October 8, 2014 Share #44 Posted October 8, 2014 Our house is financed with Quicken Loans. We've refinanced a few times since we've been here, and this was the best one for us. 1 Link to comment Share on other sites More sharing options...
Longjohn ★ Posted October 8, 2014 Share #45 Posted October 8, 2014 Before I bought the house I'm in now I thought I would try conforming and buying through a realtor and financing through a bank. I found the house I wanted, had very large down payment and great credit rating. My realtor wanted me to use their mortgage broker, I said ok. The mortgage broker messed around and didn't get me a mortgage before the seller left to go to Europe for the summer. I had already sold my houses I owned in another county and had to find a place to live (and move all my stuff) within a week's time. That's when I found the house I am in now. I love my house and I'm glad I didn't get the other one. I found this house while looking at another one across the road. The owner didn't want me to use a bank he said he would rather finance it for tax purposes. Banks and realtors make up all kind of rules and charges and say that this is the way you have to do it, you don't. Link to comment Share on other sites More sharing options...
Scott in MN Posted October 8, 2014 Share #46 Posted October 8, 2014 Back in the late 80's when I bought my first house my Dad encouraged me to push what I could afford. Reasoning that my salary would increase and that real estate was traditionally a good investment. Not sure about the good investment reasoning any more but you got to have a place to live. Link to comment Share on other sites More sharing options...
Scrapr ★ Posted October 9, 2014 Share #47 Posted October 9, 2014 Broker we met was the one recommended by Realtor. We did like him too. Just wonsering if there is much leeway to bring monthly down. He is with Homestreet Bank. He is with a Bank? Go find a broker that can quote all rates. I like Homestreet. They are a smaller bank. And IIRC family owned. But he will quote first the Bank lending numbers. Then a "few" outside numbers. He is captured by the bank. Go outside that loop. The Realtor doesn't care that your rate is .5 point too high. The Homestreeet broker just makes mare cash. Neither one of these will pay the extra because you were lazy in finding a loan. Here is the first search i pulled up for our local area http://www.yelp.com/c/portland/mortgagebrokers One vof them accepts bitcoin. So time to unload yours Go find an outside guy Link to comment Share on other sites More sharing options...
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