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Thank god for an election year if this was last year man
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
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Right - humans are naturally greedy and shortsighted and will always bite off more than we can chew. It’s even more debilitating when it involves 6 figure debt + the roof over your head.
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アミーゴ
why buy cash when rates are cheap? Or is it because you’re buying in a highly competitive market so as a cash buyer you can close easy/they’ll take your offer ....otherwise if it’s not a hot market like seattle then 20% down seems to make more sense, no?
[/QUOTE]
I’m only looking to buy in hot markets, which it seems like most people in here are as well.
What rates are people seeing?
nawghtyhare
what was yours??Quick search still shows 3.5 on a 30
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otherwise if it’s not a hot market like seattle then 20% down seems to make more sense, no?
I’m only looking to buy in hot markets, which it seems like most people in here are as well.
What rates are people seeing?
nawghtyhare
what was yours??Quick search still shows 3.5 on a 30[/QUOTE]
mine was 3.5%
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Yep that’s what I thought
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yea just got offered 3.625 from a lender
gonna start process or reaching out to credit union tomorrow to see what they have to offer
gonna start process or reaching out to credit union tomorrow to see what they have to offer
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Stocks over real estate? Na. Buy property.
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I'm hearing folks getting below 3% without using points. My girl and just started engaging with a relator. I'm a disabled vet but I don't think that was her point cause we didn't tell her.
DC Area
DC Area
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solewoman
Staff member
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My coworker just got 2.75 on 800k market in md close to dc. I can’t wait to get ours redone
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Man I need to get a mortgage loan broker. Any cons to getting one? Are the fees big?
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My girl and went to check out a place in DC (Old City). We chopped it up with the relator (Sotheby's), it's not a really nice area, I (6'3" and black) walk in and the relator (short brunette) seemed a lil uneasy, my girl (short brunette) come in behind me and she calms down.
We check out the place determine it aint for us but we chop it up with the relator. She says there's a frenzy for anything below $750k in DC, she has noticed a slow down since the market has dropped and has already had one buyer balk.
I told my girl we should stack $200k for a down payment, relator said with people getting below 3% down payment aint really necessary. She imagines it dropping more in the summer. With VA disability I should be exempt from PMI and funding fee. She recommended a loan officer but I would like to fine Mortgage Broker that has connects with people that have knowledge with VA Loans.
We check out the place determine it aint for us but we chop it up with the relator. She says there's a frenzy for anything below $750k in DC, she has noticed a slow down since the market has dropped and has already had one buyer balk.
I told my girl we should stack $200k for a down payment, relator said with people getting below 3% down payment aint really necessary. She imagines it dropping more in the summer. With VA disability I should be exempt from PMI and funding fee. She recommended a loan officer but I would like to fine Mortgage Broker that has connects with people that have knowledge with VA Loans.
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I don't think the fees are any different using a broker than a stand-alone bank / CU
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My pops is into real estate heavy and he has broker, he would call dude at 11pm in the early days. He tried traditional lenders but you're bound to their office hours.
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Depends on your credit score, too. You should be able to find a mortgage broker who will run your application across multiple lenders. Thats how I did it - made a post on BiggerPockets forum asking for lender suggestions. One of them was a broker that I ended up going with. You can also use Zillow mortgage and other online sites to compare rates, then reach out to those lenders. Rates are kind of up right now (from recent lows) but I think they'll drop again - if you are already in contact with lenders, you can tell them to "lock" the rate once it drops enough for you.
Check Mortgage Rates | Purchase and Refi | First Internet Bank
View current home loan and refinance rates for 30-year fixed, 15-year fixed and more. Compare rates to find the right mortgage to fit your goals.
Get Customized Loan Quotes From Zillow
Instantly see customized loan quotes from multiple lenders for all types of loans.
www.zillow.com
I did a quick search on that Zillow link, with 760+ Credit Score, VA Loan, 20% down, $600k purchase price - and the best current rate is 3.375% with New American Funding.
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just spoke to lender who helped get me into my current home rates already jumped smh
have to be more ready to act next time smh
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Yea they've been going up and down like crazy lately. I would just stay ready with a lender / broker, and "lock" once it gets low enough. I think they'll drop again in the future.
This link shows how the average 30y rates have fluctuated by day: http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx
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Yo like i said .
1)credit is important 760+
2)have 20% down payment, it helps
3)THE MOST IMPORTANT ( 28/36 Rule) <-look this one up !!!!! TRUST ME!
4)Find the bank/credit union you’d like to use.
5)get approved by bank/credit union -
6) start looking for home . Alone or with an agent. Go alone to a few open houses. Feel it out first. Find out what you like.
7)find home ! Can you afford it?
8.)make an offer! Agent needed (yes/no)
9)tell your bank
10)find your own lawyer
1)credit is important 760+
2)have 20% down payment, it helps
3)THE MOST IMPORTANT ( 28/36 Rule) <-look this one up !!!!! TRUST ME!
4)Find the bank/credit union you’d like to use.
5)get approved by bank/credit union -
6) start looking for home . Alone or with an agent. Go alone to a few open houses. Feel it out first. Find out what you like.
7)find home ! Can you afford it?
8.)make an offer! Agent needed (yes/no)
9)tell your bank
10)find your own lawyer
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I agree with #3 being most important.
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Been searching for a condo, but I think I'm going to put it on hold with everything going in the world.
Don't want to get caught slipping even though I have enough saved and good credit.
Don't want to get caught slipping even though I have enough saved and good credit.
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AGAIN PEOPLE 28/36 !!!! Look it up thank me later ! Credit ain’t ish if you don’t understand this first .
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#4.... I’ve always worked with mortgage brokers who find the best possible rates, and I’ll have at least 2 highly reputable brokers compete for me, and I’ll go with whoever wins. Your method of choosing a bank or CU and using their rates, doesn’t sound very appealing to me....
Only other thing that didn’t jive with me is getting all the way to your 8th step and possibly not using an RE agent.... imo you should have an agent very early if you’re not your own agent.
Other than that, post was good
But maybe I’m wrong and you’re right , if so let me know
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You want to window shop before you go wasting someone’s time.... see what you like ..... see what you can actually afford. When you get a good idea 
get an agent . Agents will agree on this.
get an agent . Agents will agree on this.
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Anddd the rate thing is serious.... it’s a game changer ! Rates change Monday -Friday 11:00 am -5:00 pm doesn’t matter with which mortgage broker you go with. All that matters are the rates. He or she can’t change a rate unless you had priced locked it .
Example Monday rates were 3.5 today they’re 3.8 and most likely going up higher. Best I’ve seen was 3.1 (conventional home loan 30 year)
Example Monday rates were 3.5 today they’re 3.8 and most likely going up higher. Best I’ve seen was 3.1 (conventional home loan 30 year)
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