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For all of you guys who are homeowners or newly owned

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Old 12-02-2011, 01:06 PM   #73
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Re: For all of you guys who are homeowners or newly owned

Tedious doesn't even start to describe it haha, I must have sent over my bank/401k/IRA statements about 5-6 times while it was going through underwriting. It seemed like every few days my broker would call and instead of telling me "Great news the mortgage is approved!" it was always "So...they want to see updated statements again" or "They claim they never got the last ones you sent over". Plus I had a cash gift coming from my parents to help with the down payment (it was really a loan which I paid back, but you definitely do NOT want the bank to know that) so the bank wanted to see all of my parents statements AND they had to explain where their previous two months worth of deposits had come from.

I heard somewhere that the underwriting companies are rated on how many mortgages they let through that wind up in foreclosure. So if you are buying close to your pre-approval limits or don't have a lot of cash reserves after downpayment and closing (both of which applied to me at the time) they are going to be rougher on you, so yours might go a lot smoother than mine did.

Basically, be prepared to deal with alot of BS and them asking for tons of documentation and such, just gotta grin and bear it until its over.
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Old 12-02-2011, 01:17 PM   #74
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Re: For all of you guys who are homeowners or newly owned

I hear you man.. that sounds like insanity in itself

I took bigeasts advice and put everything in PDF format. I think he might've tried to tell me what you just said without saying it lol

I plan to ask you guys alot of questions though so keep checking in on this thread

I really hope it doesnt take us long to find what we need, and no I dont plan on paying close to that maz amount.. that would be like paying 4 grand a month just for the mortgage, and I refuse to do that in a very first home
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Old 12-02-2011, 03:44 PM   #75
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Re: For all of you guys who are homeowners or newly owned

Luckily my mother works for a real estate lawyer, so she helped me out tremendously along the way in the purchase of my house.

My bank allowed up to 29% of my monthly income to go towards my mortgage payments.

Bought the real estate for 25,000$ and added in 15,000$ for complete remodeling of the existing house which was damaged by fire. My father is a carpenter, so we did the work ourselves for free.

Ended up paying around 1,500$ in closing costs, with no money down and mortgage payments of 335.16$ (including home owner's insurance and real estate taxes in escrow) for 30 years.
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Old 12-02-2011, 04:46 PM   #76
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What did you buy that was that cheap?

I watch diy network all the time. The remodel jobs all look nice but I respect the carpenters work so much more

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Old 01-20-2012, 05:08 PM   #77
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Re: For all of you guys who are homeowners or newly owned

Process slowly moving along guys

Got approved for a really cool amount, but wont use all of that of course

I've run across alot of funky things so far though with people out there...
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Old 01-24-2012, 01:13 AM   #78
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Re: For all of you guys who are homeowners or newly owned

Man so my broker that was reccommended was not as hands on as the wife liked

She showed us a few listings in the beginning after the pre approval process and what I'd do is shoot her over a few here or there.... for the most part there wasn't much follow up

What I mean is she wasnt looking very much, gave me a site to look myself but that was it. Mind you we started this in November and the holidays and whatnot were around so there were times where I'd get email responses like "I will check when im in the office"... which might've been a couple of days later or so

Other than that, no proactive listings were sent to me so im pretty sure that pre approval has expired... no call, no email, no urgency.. and the wife was no happy

She emailed the agent 2 Friday's ago, and the lady just sent a follow up email on today... needless to say its too late because the wife had decided she didn't feel the love and that the agent wasn't doing the kind of work she was really looking for.

Mind you the lady is very sweet and probably very busy, but there are things that were brought up that the Mrs didn't like... such as

Ok, she's not even emailing saying hey im busy but I haven't forgotten about you guys, or you know... if she's not talking to us much now, what about all the time sensitive things, and escrow and so forth... so the more I thought about it the more I was inching away from her

I picked a lady I knew from some time ago, old friend that does real estate just to get her views on some home stuff, and she proactively without trying to work for us just started sending me stuff and looking around for me and telling me things so we just went with her and she is hyper excited and looking all the time, came by gave us sample mortgage papers and showed us more listings, then took us to a place after we were done

In the process, I've been approved through my credit union for a much lower rate.. in the 3% range and up to 500k... which no im not going to max out


Lots more but thats a small update... how do I tell the other agent we aint using her though.. .I never answered her email
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Old 01-24-2012, 09:41 AM   #79
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Re: For all of you guys who are homeowners or newly owned

If she contacts you by phone...politely tell her that her services are no longer needed in this part of your process.

Definitely don't feel obligated to be tied to a broker. Clearly her commission from another one of her clients is more valuable than yours.

In this kind of real estate market...there are plenty of brokers out there that would love giving you all the time you need.
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Old 01-24-2012, 12:06 PM   #80
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Re: For all of you guys who are homeowners or newly owned

Isn't the real estate market still pretty shaky?

Especially in Cali?

How busy could that woman possibly be that she could not contact you with in 2 weeks? I agree, go with some one else.
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