I just locked up 3.75% 30-year fixed for our closing on the 31st

5/9/2012 3:51:32 PM

Quote :

"Anyone that has put in hardwoods: I'm trying to determine what kind of hardwood to get. I have a 50lb dog, and let's expect cats and larger dogs in the future. Even though laminate doesn't scratch as easily, I haven't found one I like the look of, and once it is scratched, there's no repairing. I'm looking through reviews and most species have reviews stating scratches easily. Are these people just dumbasses who are noticing every little scratch and never thought wood floors would scratch, or is it legit? I'm primarily looking at brazillian koa, santos mahogany, or maple select. Also, is it worth it to go with solid hardwoods? I realize you can refinish multiple times, but who really does that? Would it be better to go with engineered and save the money, have them refinished, if needed, that one time before selling? Or are people starting to refinish now? "

if it's wood and you have a 50lb dog it is going to scratch. there is nothing but 3/8" and 1/2" engineered hardwoods here and i see dog scratches all the time. if it gets bad then you refinish thats why i would propose real or an engineered with a very thick top layer.

5/9/2012 6:01:51 PM

well I know it is going to scratch; the question was, how bad, since reviews online make it seem like the floor gets scratched badly every time the dog is on it and now the floors look horrible

5/10/2012 7:38:20 AM

Use a matte finish and you won't notice scratching. I've got a gloss finish on my solid oak and can't stand it.

5/10/2012 8:02:50 AM

noticed water dripping out of my bathroom cabinet last night...drain from sink leaking

and in regarding floor scratching, I have a wild ass 80 lb dog and pergo and I don't notice any floor scratching from him.

Quote :

"I just locked up 3.75% 30-year fixed for our closing on the 31st "

Costs? and where?

[Edited on May 10, 2012 at 9:21 AM. Reason : .]

5/10/2012 9:21:05 AM

We don't have 20% to put down on a house, and I thought that FHA was going to be our only option. Well, FHA is in dire financial straits, so they have started to really take advantage of people in this housing market. Yeah, you only have to put 3.5% down, but they absolutely rape you when it comes to mortgage insurance and "upfront mortgage insurance." First of all, it's a huge percentage of the loan amount, then they roll that upfront mortgage insurance into your loan amount under the guise of "lowering your closing costs," but then they end up charging you interest on it over the course of the loan, so they double-screw you. You can read about them, but bottom line is that despite "low rates," the APR with all things considered is awful and you're just pissing money away. I'm getting fired up just thinking about it again.

I was really starting to worry about things until our mortgage broker found a 5% down conventional option that we qualified for. So, 5% down, NO upfront mortgage insurance, and a mortgage insurance rate that was HALF of the FHA option. She said that Suntrust and BB&T had identical programs. I think ours is going to end up with BB&T.

I couldn't be happier, by spending just a couple thousand more up front, my loan amount went down significantly (thanks to no UMI) and my monthly payments went down by $200/month as compared to FHA.

I'm not sure about the program requirements besides the 5% down. My wife and I both have "excellent" credit scores, so I'm not sure about credit requirements. Feel free to PM me if you'd like, I can put you in touch with our mortgage broker.

[Edited on May 10, 2012 at 10:06 AM. Reason : .]

5/10/2012 10:01:49 AM

Quote :

"Use a matte finish and you won't notice scratching."

Yep, that's what we plan on doing when we put in wood floors in the common areas. I don't need my floors looking like a bowling alley.

5/10/2012 10:36:43 AM

^^i'm more looking for refi options, so the dowmpayment part isn't an issue...I really just want to minimize up front costs, even if it means a slightly higher rate.

actually 2 refis, one for the fiancees place and one for mine. Probably gonna look at a place like DNJ or Randolph no closing cost option for hers (anyone have experience with them btw?).

Places like those require the total loan amount to be over 120k or so, and I don't need that much for mine, so I'd like to find conventional loans (probably 15 yr fixed) with low up front costs.

5/10/2012 10:52:16 AM

I'm interested, as a renter, in getting some actual numbers from some of you homeowners regarding maintenance costs.

I've never owned a home, but I am skeptical of what most stuff on the internet says about it - that you should allow for .75% to 1.5% of the value of the home per year in maintenance.

I think it's low because of all the forgotten costs, that I think should count as far as maintenance....mainly anything you wouldn't have had to buy if you were renting, and big expenses that lie way down the road for someone who occupies a long time (like the cost of a roof).

So, I would be including everything from a lawnmower to caulk to window treatments to spackle or a bigger/better vacuum, plus the cost of a storage space for items you needed because you owned.

Basically, all-inclusive of everything renting wouldn't require, how much have you spent on maintenance?

[Edited on May 12, 2012 at 4:43 PM. Reason : a]

5/12/2012 4:37:49 PM

The two big ticket items you need to look for when you buy a home for yourself is the Heating & Air System and the Roof. When those things fail it costs you in the thousands..they fail every 10-15 years. If you can find a home that they are new or have been recently replaced you can hopefully avoid that cost.

Water heaters go out too but they are >1000 to replace.

5/12/2012 4:50:53 PM

^^ Mine is around 1.5%, but I replaced my HVAC and I've only been in the house for 4 years.

My house was built in 1981, so my numbers will be higher than newer homes. If you're considering newer homes, obviously it probably won't be much. Same thing with townhomes. Depends on age, home type, and condition, how well you keep up with smaller things before they get huge, and how much stuff you can do yourself vs having to hire people.

5/12/2012 7:04:09 PM

At this point I'd say .1 % and half of that is termite protection. The other .05% is the initial cost of a mower and edger, light bulbs, air filters, and calling the ac guy once in 5 years. Bought new in 07.

5/12/2012 11:31:48 PM

That math sounds a bit fuzzy to me

Even with a $300k house, .1% is $300. So that makes $150 for termites, and $150 for lawnmower, edger, light bulbs, air filters, and the A/C guy. I'll just take that down as 'really cheap.'

Thanks for the input so far.

5/13/2012 1:01:23 AM

1% of $300,000 is $3000

5/13/2012 8:57:44 AM

Quote :

"plus the cost of a storage space for items you needed because you owned."

Not sure what you mean by this. Unless you own too much crap, everything you own should fit in your house.

5/13/2012 10:12:44 AM

Quote :

"I would be including everything from a lawnmower to caulk to window treatments to spackle or a bigger/better vacuum"

Even renters have to buy these things, so I'm not sure it's a cost of "owning a home" more than the cost of living in a house, or having a place you want to take care of (not a dorm room).

5/13/2012 11:18:43 AM

Yeah it really depends on if you are comparing renting an apartment vs owning a house or renting a house vs owning a house and then the other factors such as the amount of land, the age/condition of the house, and what is included in the lease as far as renting goes. Also to be factored in is the fact that any smart landlord who plans to make any money and isn't in a dry renters market is already passing along the cost of routine house repairs to the renters - it's built into the rent.

5/13/2012 1:34:59 PM

Quote :

"plus the cost of a storage space for items you needed because you owned."

Throw it away if it wont fit in your house. The only excuse for having a storage unit is if you are in a temporary living arrangement, like living with your SO until you get married or buy a house or something....other than that you are hoarding stuff and need to toss/sell it.

5/13/2012 1:54:43 PM

Quote :

"That math sounds a bit fuzzy to me Even with a $300k house, .1% is $300. So that makes $150 for termites, and $150 for lawnmower, edger, light bulbs, air filters, and the A/C guy. I'll just take that down as 'really cheap.' Thanks for the input so far."

Your math looks right to me. Obviously the cost year 1 is much higher than the cost of year 2 but of course that evens out the longer you own the house. As mentioned above, heating/air/roof/water heaters are the big ticket items and since I got all of those are brand new, I haven't really had to mess with them thus far.

[Edited on May 13, 2012 at 3:31 PM. Reason : sp]

5/13/2012 3:30:28 PM

Quote :

"Even renters have to buy these things, so I'm not sure it's a cost of "owning a home" more than the cost of living in a house, or having a place you want to take care of (not a dorm room)."

Yeah, I'm leaving out things like grill, patio furniture, furnishing guest room, etc.

[Edited on May 13, 2012 at 3:32 PM. Reason : sp]

5/13/2012 3:31:33 PM

Another thing I thought of that should probably be budgeted is necessary cosmetic updates. As a Realtor I see that some people do a great job of staying on top of these things, and some blatantly ignore them.

Some things actually function for much longer than they are cosmetically adequate. (think Formica counter tops, or bright brass light fixtures) If you are going to be responsible about the investment value of your home you have to consider cosmetic needs as well....otherwise you may be ready to sell and have thousands in necessary updates you did not budget for.

Some things I see in a lot of homes that are not even 10 years old that buyers today have no use for are low grade vinyl floors, Formica counters, outdated fixtures & worn carpets. Cabinets last way longer than they stay "in style" as well. Part of the maintenance of a home is the cosmetic upkeep as well as physical and mechanical.

I think some of this may become less of an issue if the economy continues to improve and the real estate market shifts back in favor of the seller a little bit but right now you pay dearly when selling a home that is not cosmetically pleasing.

Cabinets last way longer than they stay "in style" as well.

5/13/2012 3:47:27 PM

Quote :

"Not sure what you mean by this. Unless you own too much crap, everything you own should fit in your house."

storage units are EVERYWHERE here. i can't figure it out because the houses are massive. but there are storage units scattered about houston like walgreens, cvs & walmart... more i would wager

5/13/2012 5:16:08 PM

I know a guy paying like $40 a month to keep like $300 of shit in storage, he has had the storage unit for years.

5/13/2012 5:56:30 PM

Woe: a little bit of sticker shock on the bedding for my new bed. Yeah, it's a king-size, and yeah, the sheets are 750-thread count and nice egyptian cotton, but damn man, that stuff adds up. I just bought like $500 worth of fucking sheets, 2 pillows, and a comforter/duvet. First-world problems, I know, and self-inflicted at that, but that's kinda painful.

5/13/2012 8:30:52 PM

Damn Gina. I get my sheets at Marshall's & hooked up my duvet from Ikea.

5/13/2012 8:52:25 PM

Neither of those in Pensacola. I went to Bed, Bath, and Beyond, armed with a 20% off coupon, and said "Sell me your finest bed linens."

Shiiiit, I had never even heard of a duvet until I bought one today. I mean, I try my best, but at the end of the day, I'm still a bachelor, and for that matter, waaay more at home with tools than with comforters and stuff.

Full disclosure--the final tab was actually only $392, but the full price on it all would have been $502. I had forgotten how expensive it is to outfit a house. Actually, I never really got the full experience, because I kinda just only minimally outfitted my previous house, because I was gone over half the time anyway, and knew I'd be moving in a few years. This time, it's the opposite end of the scale--I plan on being here for a long time, so I'm doing everything exactly like I want.

5/13/2012 9:28:08 PM

My house A/C is leaking freon badly.

Hoping this doesnt mean a new unit, especially because mine is 12 years old.

5/13/2012 9:53:07 PM

Tyler Durden: Do you know what a duvet is?
Narrator: It's a comforter...
Tyler Durden: It's a blanket. Just a blanket. Now why do guys like you and me know what a duvet is? Is this essential to our survival, in the hunter-gatherer sense of the word? No. What are we then?
Narrator: ...Consumers?
Tyler Durden: Right. We are consumers. We're the bi-products of a lifestyle obsession.

5/13/2012 10:20:47 PM

^^At 12 years old, you should hope the leak is something as simple as a faulty service valve or something similar. Almost all leaks CAN be repaired, but anything above a couple hundred bucks for the repair service begins to get questionable for a 12 year old system imo.

[Edited on May 13, 2012 at 10:31 PM. Reason : ]

5/13/2012 10:31:37 PM

Quote :

"I know a guy paying like $40 a month to keep like $300 of shit in storage, he has had the storage unit for years. "

lol yeah that's just stupid.

Quote :

"Neither of those in Pensacola."

If they have poor people in Pensacola they have a Marshall's

5/14/2012 8:29:07 AM

Fucking banks.

My dad just bought a new truck and the bank took the money out of my account. So now my parents are writing me a check to replace those funds. I'm sure my mortgage company will love this shit. I hope it doesn't screw me on my application.

5/14/2012 1:21:35 PM

Do you and your dad have the same name or something? I don't even know how that could happen?

5/14/2012 1:24:58 PM

[Edited on May 14, 2012 at 1:34 PM. Reason : wrong thread]

5/14/2012 1:34:33 PM

^^my parents are still on my checking account

same checking account since I was 14...

5/14/2012 1:42:10 PM

oh lol I think my checking account might be like that too. Thankfully my mom is horrible about keeping up with paperwork so I doubt she even has the account number anymore.

5/14/2012 1:43:32 PM

well that's the thing; my parents don't touch my account and have no clue what my account # is. My dad called to get a check for his truck and the bank wrote it from my account.

5/14/2012 1:44:14 PM

This is exactly why I made my parents take themselves off my account a long time ago.

5/14/2012 3:14:59 PM

I probably should. It was really convenient during college since I was still on their payroll (mostly). Now it's nice whenever we owe each other money (we can easily transfer to/from our accounts); however, that's getting more and more rare.

5/14/2012 3:23:42 PM

Yikes, that's a bummer. Lenders typically freak out if they see large purchases or deposits. If you have an underwriter worth his/her salt, he will simply ask for explanation and/or documentation. I would hope they could understand such a fluke occurrence. Best of luck to you!

We are supposed to close on the sale of our house on the 31st at 9AM, then purchase of the new house at 10AM. I'm starting to get nervous, I've been burnt at the 11th hour by buyers before. Y'all cross your fingers for us!

5/14/2012 3:38:59 PM

and I get the pleasure of purchasing a new A/C system. they are coming tomorrow to install it, $6500 gone in an instant.

fuck.

5/15/2012 11:13:58 AM

Trying to sell my house, only had one visitor in a month

Anyone want to move to Greensboro??

5/15/2012 11:17:23 AM

^^Wow...that was a pretty quick turn around. What size is your unit? I'm guessing 4 tons or so based on the price.

Did they to tell you the exact cause of the leak? The cost to repair that? And then did you compare prices among a few different contractors to replace the whole system?

[Edited on May 15, 2012 at 11:21 AM. Reason : ]

5/15/2012 11:19:16 AM

Quote :

"What size is your unit? I'm guessing 4 tons or so"

Huh huh heh heh

5/15/2012 11:36:30 AM

5/15/2012 11:37:09 AM

Yeah, its a 4 ton unit.

Had two companies look at the existing one, the outside coil developed a substantial leak and needed to be replaced.

Both quotes for the new coil were around $2000.

I went with the company we normally do business with, even though their installation was a little more expensive. I kinda feel like you get what you pay for when it comes to installers/equipment.

5/15/2012 11:51:49 AM

Quote :

"Yikes, that's a bummer. Lenders typically freak out if they see large purchases or deposits. If you have an underwriter worth his/her salt, he will simply ask for explanation and/or documentation. I would hope they could understand such a fluke occurrence. Best of luck to you!"

I sold a car for a few thousand dollars right before we went through the mortgage application and all that. They made me show them the bill of sale for it and they even called the guy I sold the car to to make sure it was legit.

All over less than 5 grand.

5/15/2012 12:19:41 PM

^^Yep. :/

That price sounds pretty fair and based on the damage and repair cost you obviously made the right decision. Still sucks though

We're in the same situation as far as our unit being 10-11 years old. We've had some minor issues but I just keep waiting for that major leak at either coil or the compressor to die or something...

[Edited on May 15, 2012 at 12:21 PM. Reason : ]

5/15/2012 12:20:54 PM

I want to sale my house. I'm tired of renting it out worrying when it comes time for the lease to end will I ever be able to pay for my rent here and my mortgage. UGH!

how does selling a house below what you owe work?

pay off what you get, smaller payments for what is left?

5/15/2012 12:26:37 PM

Quote :

"I sold a car for a few thousand dollars right before we went through the mortgage application and all that. They made me show them the bill of sale for it and they even called the guy I sold the car to to make sure it was legit. All over less than 5 grand."

I just sold my vehicle as well.... so there's another large deposit (>>$5k). I also have several business expense checks/reimbursements/deposits ranging from $600 to around $1k... oh what fun I'll have with all of this and explaining the bank error.


[Edited on May 15, 2012 at 12:34 PM. Reason : .]

5/15/2012 12:33:48 PM

sounds like you need to pull the monopoly card out on them

"bank error in your favor, collect $200"

5/15/2012 12:35:43 PM