Set up appointment with a Loan Officer

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MemberSince99
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Set up appointment with a Loan Officer

Postby MemberSince99 » Fri Apr 18, 2014 6:44 pm

To get preapproval on a mortgage. Then it's time to get serious.


It's for about a month from now. So I won't bother even changing my seedling to a bronze spade when the time comes in another 10 days.


Once that happens I am really, truly, seriously in the garden until closing. There is nothing I could want enough to raise eyebrows in the middle of that process. I can't do so much as take a hard pull for a CLI until close.


Should be interesting.


mdl28
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Postby mdl28 » Fri Apr 18, 2014 9:03 pm

All your hard work and past experiences will be well worth it. Best of luck.
MDL

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JoDa
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Postby JoDa » Sat Apr 19, 2014 10:14 am

Are you applying with multiple lenders? You can apply with most any major bank over the phone/online (call them and they'll set you up with an online app). If you're doing FHA or VA, there's not much point, the rates are pretty standard. If you're doing conventional (even with less than 20% down), do shop around since rates/fees/points can vary pretty good. With this last one, I did three apps and got: one guy with no points and a .5% higher rate, one guy with the lower rate but $1900 in buy-down, and the lender I went with for the low rate and no points. Minimum I would have forked over $1900 if I hadn't shopped rates.
CSP $19K
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UMP $11.5K
Target Visa $1.5K

MemberSince99
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Postby MemberSince99 » Sat Apr 19, 2014 10:56 am

No I've decided which bank I want to go with (Associated) based on my mom's experience with them and my history with them. I'll only give another lender a shot if for some reason Associated doesn't pan out.


I'm giving thought to doing a 5% conventional simply because of PMI. I really am not sure I want to be saddled with that throughout the entire loan as it does nothing at all for me only the lender. (It would be different if it actually did, then I wouldn't mind). So I'm going to actually discuss both of those options when we meet.

JoDa
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Postby JoDa » Sat Apr 19, 2014 11:51 am

PMI is going to most likely be less than FHA (they've really jacked the rates up recently), and you can appraise out of it. If the lender will do a 5% conventional, it will probably end up being your best option. I'm paying PMI on my new place, with a higher balance than when I bought my current place under the OLD FHA rules, and it's *still* less than my *old* FHA was (and only the monthly fee...it was *either* up front or monthly, not both like FHA). Plus I can appraise out in only 2 years if I can get to 75% LTV (5 years for 80%).
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

MemberSince99
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Postby MemberSince99 » Sun Apr 20, 2014 3:25 pm

I'll be sure to compare conventional vs FHA with the Loan Officer when we meet. If I don't have to pay it forever, great. I can go conventional, in terms of the 5% down, the real reason I wanted FHA was for the benefits of it rather than just a 3.5% down payment. But if it will cost me dearly vs conventional maybe it's not worth it. I'll ask to compare the two and see what we come up with.


By the way, I'm sure the local area here is VERY different from other areas of the country, as you guys had told me if I found a house I like I need to be prepared to jump on it, but as I've said the economy here is not much above a few years ago, we never saw any "recovery" (I still wonder what the hell the media is talking about when they bandy that about) and it's clearly a buyer's market here - there are homes that are nice and they simply can't sell them. One I looked at over two months ago sold for 174,000 in 2006. It was listed at 119,000 in November 2013, and they have not gotten a bite on that, I mean they can't sell it for that. I kid you not, that's what the market here is like. I see home after home listed at 58 days on the market, 115 days on the market, some over a year, price drops, etc. A few get an offer reasonably quickly but the vast majority do not. I have a list of about 20 of them that are prospects I've been compiling from the emailed listings I get and last week I checked to see if they are still on the market, and every single one of them was. So, I think we can all draw our conclusion on what sort of market it is here.

whit
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Postby whit » Sun Apr 20, 2014 3:33 pm

It's amazing how the market is,

I've helped people purchase a whole condo, two bedrooms, in Rochester for a little under 40k, taxes and all..and someone else put 3% initial down payment of 50k for a home that they were lucky to get for about a mil and a half. only.

Sf housing market was worthy enough for a techcrunch write up, though to be fair it has gone downhill fairly since aol acquisition

Wish you the best of luck

JoDa
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Postby JoDa » Mon Apr 21, 2014 8:56 pm

Whatever your market, it will be less stressful to go into an offer knowing your financing is secure. And the variance in rates and fees from the banks apply in all markets. Today, I see only one benfit of FHA, and that's that you can transfer the loan terms for the balance. With rates going nowhere but up, this is a nice bonus, but only if you're going to sell within 3-7 years. Otherwise the MUCH higher fees are money down the drain if you could do a conventional with cheaper PMI.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

JoDa
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Postby JoDa » Mon Apr 21, 2014 10:04 pm

Not to mention, even if things linger, you might be able to score a deal by being ready to go. I beat out a MUCH higher offer because I could close in about 30 days. In a weak market, you could give a low offer with quick closing and have a shot of saving $$$.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

MemberSince99
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Postby MemberSince99 » Tue Apr 22, 2014 6:53 am

I have to be careful about how quickly I want to close. I'm stuck in a lease through October, and I expect no favors from this place (why should they - it's turning down $$$ and no business does that). So I can't close particularly fast due to that unless I'm willing to just pay these people off and get out of this lease that way. That's a hell of a burden and I'm not sure I want to do that.



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