Movement Mortgage is great!

11/3/2014 9:49:29 PM

Anyone have any recommendations for a sellers agent? This lady from REMAX wants 5%. I'd probably try to bump her down to 4%. Anything better out there?

12/4/2014 2:34:14 PM

^ doubt you'll get her lower, assuming 2.4% goes to the buyer's agent

we had a great experience with a flat rate seller...

we used Samara Presley, who owns Smart Choice Realty, and it was $1000 + 2.4% to other agent

http://www.smartpeoplelivehere.com/

12/4/2014 2:46:18 PM

I'm highly confident that I know what my loan says. I am a commercial real estate broker and do investment real estate for a living. A simple house loan is extremely straight forward.



^^^^^^ P&I was $1,746 when I looked into it...

$2,320/month covers mortgage (P&I), property taxes, HOA dues and Homeowners Insurance.

Also, there was a 0.75% origination fee, but no discount points.

Perhaps it is too good to be true or perhaps I'm a bad ass mother fucker. I like to think I'm a bad ass mother fucker (who just got really lucky when I bought my purdy house ).


My humble abode.

[Edited on May 15, 2014 at 4:24 PM. Reason : Copied off my HUD statement]



I need someone to contact me asap. Inbox and give me expertise.

I currently am in graduate school at NCSU and am interviewing with companies to start in the 65K range between January and May. My credit score range is 700-800. My debt is my car payment 485 a month, 275 in a student loan, my credit card is paid down to 0.


The girl works at a hospital and makes 30 an hour. Has worked there for going on her 10th year now so length of work and pay should be pretty good. I don't know if they account that when she works nights its 40 an hour and for holidays its 45 and holiday nights 55 an hour plus? Her credit score is in the 700's and her debt is 3,500 on one cc, 500 on another, and a car payment 300 and student loans like 100.

Anyways after responding to that.... most houses we like are 250K range. IF I get that job and we both essentially are making 130K would that be easy to secure and finance? If I am not working in the spring what should we look for? She is insistent on not renting anymore. She currently rents for 1100 a month plus bills, I rent from a friend for 550. So essentially we have been pissing away 1650 a month for a year....whatcha think WW

12/7/2014 6:54:12 PM

Edit:With all her debt it's a wash with her in the equation. What she has isnt bad but it doesnt really help either. It will be a tight squeeze monthly, and any major medical issue or house repair would be a problem but it's doable.

[Edited on December 7, 2014 at 7:27 PM. Reason : oh shit completely misread and didnt see all her debts.]

[Edited on December 7, 2014 at 7:30 PM. Reason : calculate her debt to income ratio, if its over 40% leave her off the pre-qual]

12/7/2014 7:23:03 PM

^^ who/what the fuck are you replying to?

12/7/2014 7:28:44 PM

^^ from what I am seeing he is the one who has no income and she does and a good one at that so why not have her listed and him on the deed only for now?

12/7/2014 9:59:44 PM

I was assuming he would be employed at that $65k salary at the time he/they applied, no lender will give a favorable loan on the premise or hope that someone SHOULD have a job in the future. It's based on your past few years of income (job stability) and most importantly, your last two pay stubs to substantiate your yearly income claim. As a full-time student, its understandable why you may not have had a full-time job/income before this one you are preparing to get.

Get rid of her credit card debt before applying and it would help. I read her numbers too fast and mistook her total CC debt as the monthly payments she had, so long as they arent ridiculous interest rates on them I will backtrack and say put her on the prequal.

12/8/2014 1:35:00 AM

Get rid of that $500/month car payment.

12/8/2014 8:16:52 AM

How does on go about getting rid of a car payment when you are signed in for your car and the 5 year schedule? Seriously...I need your advice then LOL.

12/8/2014 1:49:47 PM

you sell it and get a cheaper car...

12/8/2014 2:14:23 PM

^ This.

Just irresponsible to have a $500/month car without assurances of a job.

12/8/2014 2:16:30 PM

Yeah, 30 grand over 5 years, tsk tsk

12/8/2014 2:30:32 PM

depending on where he is in the loan, it's possible that they can't sell the car for what they owe

12/8/2014 2:41:49 PM

Most likely if it's new.

12/8/2014 2:55:51 PM

I dont know what your rate is on that car pmt but if its over the rate at penfed you should refinance there before you start doing mortgage apps. You will get a lot more buying power the lower that pmt is.

12/8/2014 2:58:00 PM

Quote :

"Today, Fannie Mae and Freddie Mac announced their options for qualified home buyers that will allow for a down payment as low as 3%. The initiative is the latest in the government attempts to expand credit. In October, the Federal Housing Finance Agency (FHA) announced it was nearing an agreement with mortgage lenders that would significantly expand mortgage credit, while giving lenders additional protection. “The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3% down,” FHFA Director Mel Watt said.” These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices.” Fannie Mae Fannie’s 97% loan-to-value ratio (LTV) option will expand access to credit for qualified first-time homebuyers that may not have the resources for a larger down payment, according to Fannie. These loans will meet Fannie Mae’s usual eligibility requirements, including underwriting, income documentation and risk management standards and will require private mortgage insurance or other risk sharing. “Our goal is to help additional qualified borrowers gain access to mortgages,” said Andrew Bon Salle, Fannie Mae executive vice president for single family underwriting, pricing and capital markets. “This option alone will not solve all the challenges around access to credit. Our new 97% LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage. We are confident that these loans can be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.” With today’s announcement, homebuyers can purchase a home under Fannie Mae’s standard offering or it’s My Community Mortgage product with a 3% down payment if at least one co-borrower is a first-time buyer. In addition, eligible homeowners who wish to refinance their Fannie Mae-owned mortgage but do not qualify under the Home Affordable Refinance Program (HARP) can refinance their loan up to the 97% LTV level under a limited cash-out option. Lenders must use Fannie Mae’s Desktop Underwriter® tool when evaluating mortgage applications for this product. Today’s announcement can be found here. Freddie Mac Today, Freddie Mac launched Home Possible Advantage, an affordable conforming, conventional mortgage with a 3% down payment requirement. "Home Possible Advantage gives qualified borrowers with limited down payment savings a responsible path to homeownership and lenders a new tool for reaching eligible working families ready to own a home of their own,” said Dave Lowman, executive vice president, single-family business at Freddie Mac. “Home Possible Advantage is Freddie Mac's newest effort to foster a strong and stable mortgage market." The Home Possible Advantage program offers qualified low- and moderate-income borrowers a conforming conventional mortgage with a maximum LTV of 97%. The program can be used to buy a single- unit property or for a no-cash-out refinance of an existing mortgage. Home Possible Advantage mortgages are available as 15-, 20-, and 30-year fixed rate mortgages Please note: Fannie and Freddie made the announcement today but it will take a little time before these products are actually available. "

12/8/2014 3:33:39 PM

Heading right back into what got us into the mess in the first place

12/8/2014 6:29:12 PM

I am on the fence about the whole thing, I am a Realtor, so obviously I like easier financing.

The other side of that is......if you can not save up a down payment, what are you going to do when your AC takes a dump, or the roof needs replacing, or an exterior paint job is over due?

They say the average annual maintenance costs of a home run 3.5%-4.5% of the homes value. That is not a steady expense though, it comes due at random times (roof,ac,water heater,furnace,siding repair or paint), so if you cant save, you cant prepare for the expenses.

12/8/2014 8:39:54 PM

As I stated before, the reason why I am asking all this is for my gf who I will be living with, if it seems that I shouldn't be on the loan I want to make sure of that.

She got ANOTHER raise today effective January and that is her 10 year anniversary with the hospital. She DEFINITELY has that going for her.
She has a CC with a 3,500 balance, another with a 1,100 balance, and I don't know what her car payment is.
She currenly pays 1100 in rent as is before bills, so I would assume she can afford 1100 in a mortgage and I could obviously help/eventually go 50-50
I finish in May, but I MIGHT have a new job come January 5 which means I would cut grad school to half time.
My debt is my car 486.10 a month. I tried to get it re-financed at SunTrust and they said NO because I owe 11,500 on it. The orginal loan was 22,500 with NO money down and I have made 486.10 payments at 11 percent interest for over 36 months now. YES I would LOVE to get that re-financed and HOW would that help with my "buying" power as you say?

This is the biggest purchase of your life so I don't want to mess this up which is why i am leaning on my fellow TWW.

12/9/2014 1:21:19 AM

^^ It definitely depends on the situation. I had 20% available to put down on my house a few years ago, but then it would have left me with no savings. I put 3% down, and then had $40k+ available in case something went bad (with the house or my job). PMI sucked ass for the first three years, but I was lucky that my house appreciated and we were able to re-finance and get it off.

The problem is when you have people that only put 3% down AND don't have a lot of savings. Basically they see that they could have a mortgage for the same price as their rent and think it's a great idea. While my house hasn't been a money pit, you can't begin to comprehend how much the small costs end up totaling until you've owned a house before. If they could make the requirement that you can only put down 3%, but you have to have at least 10% in liquid assets...then I would be more on board.

12/9/2014 10:14:48 AM

Ouch! 11% for an auto loan? Geez, that hurts.

12/9/2014 10:59:55 AM

I'm just gonna take this back a step and say at no point should you ever get a house loan with someone who you are not married to. One or the other should be on the loan (the person who will keep the place if things dont work out).

12/9/2014 11:22:57 AM

^eh, that's a broad stroke. My wife and I got our house before we were married (although we were engaged)

12/9/2014 11:28:48 AM

^ +1

12/9/2014 11:39:20 AM

Well yeah for most people it probably works out ok but just seems like a smart rule to follow. No one expects their relationship to falter, but it does happen and when things like this get involved then it can turn ugly.

12/9/2014 12:06:43 PM

I would say at least "engaged" should be a good bar.

12/9/2014 1:01:07 PM

Quote :

"HOW would that help with my "buying" power as you say? "

If the concept of buying power eludes you then you really need to read up on mortgages, compound interest, amortization, and basic finance.

12/9/2014 4:06:14 PM

Quote :

"She got ANOTHER raise today effective January and that is her 10 year anniversary with the hospital. She DEFINITELY has that going for her."

That will help the DTI ratio.

Quote :

"She has a CC with a 3,500 balance, another with a 1,100 balance, and I don't know what her car payment is. "

If you guys need more budget on the house you can move this in to your name, might not be what you want to do but its an option.

Quote :

"She currenly pays 1100 in rent as is before bills, so I would assume she can afford 1100 in a mortgage and I could obviously help/eventually go 50-50"

Sounds stupid but mortgage lenders do not care what your rent is, they only really look at stuff that is reporting on your credit reports. They look at credit scored, debts, payment history, and income.

Quote :

"I finish in May, but I MIGHT have a new job come January 5 which means I would cut grad school to half time. "

They usually will not consider income from a new line of work until 6 months after you start.

Quote :

"My debt is my car 486.10 a month. I tried to get it re-financed at SunTrust and they said NO because I owe 11,500 on it. The orginal loan was 22,500 with NO money down and I have made 486.10 payments at 11 percent interest for over 36 months now. YES I would LOVE to get that re-financed and HOW would that help with my "buying" power as you say? "

If you do not have documented steady income they probably will not put you on the loan, I would def refinance that car though.


http://www.consumerfinance.gov/askcfpb/1791/what-debt-income-ratio-why-43-debt-income-ratio-important.html

The monthly payment on your debts reduce the amount of mortgage debt you qualify for. If you can reduce that car payment you will be allowed to obtain a larger mortgage with the same amount of income.

I think you said you do not have any income however, so they will probably tell you its not worth you being on the loan at all. (you can still be an owner of the house if you want)

Some couples who have one income, or two incomes but one has bad credit will move debt out of the non-borrowing spouses name. (transfer credit card balances or refinance cars from ones name to the other) This gets the debt out of the spouses name that is going on the mortgage, so that the debt to income ratio improves.

I am not advising you to do that, but if you chose to you wont be the only one that has ever done it.

Also you are getting raped on your car loan, car loan rates are rock bottom right now.

12/9/2014 10:21:16 PM

Quote :

"Heading right back into what got us into the mess in the first place"

That is certainly how I feel. My wife and I just sold a house in NOVA that I don't think was worth what it sold for. We are looking to buy in NC and those prices seem way over the top too. I am nervous about making the plunge again.

12/10/2014 12:24:48 AM

I actually found this thread to be worthwhile!

I too have a gazillion questions as I am looking at a home for 2015. First question is why the heck did they get rid of the first time buyers thing from 6 years ago!?

12/10/2014 1:04:59 AM

Because the govt wanted that money...

12/10/2014 2:05:07 AM

My wife and I have the ability to buy a home with cash without having to sacrifice size or quality to afford. I have been trying to find reasons why I should or should not have a mortgage. Lots of good reasons on both sides.

We are looking at houses in the 1.5x to 2x our gross - so nothing extremely expensive. We would still have well over one year's current expenses on hand for emergency if we pay cash.

I would like to hear opinions from those that have mortgages what they would do/ have done in this situation.

12/10/2014 9:39:51 AM

it's just about as simple as what returns are you getting from the money (or expected returns) vs the interest rate you would get

other emotional factors could be that you don't like being in debt and want to keep your cost of living as low as possible

12/10/2014 10:15:47 AM

Unless you're about to retire you shouldn't have that much cash on hand.
Put down 20%, invest the rest.

12/10/2014 12:06:46 PM

Thanks for the replies.

^^ Pure math points to having a mortgage since the interest tax deductions will lower the break even/profit threshold for the invested money substantially. However, the math does not calculate risk into the equation and like you said there are legitimate "emotional" factors to consider. I guess I am looking to hear from people which side should win out based their experience.

^ I totally agree about the amount of cash on hand. The wife and I had saved enough on our own to cover the traditional 20% down plus a years worth of expenses when we just recently got a windfall situation.

12/10/2014 12:28:00 PM

Quote :

"I guess I am looking to hear from people which side should win out based their experience."

I've made a much higher return in the market since I got my mortgage than I would have if I had prepaid my mortgage.

12/10/2014 2:09:20 PM

^ seconded

12/10/2014 3:51:09 PM

WELL, the girlfriend went on her own. She was pre-approved for 180K. If 20 percent down 3.25, 10 percent down 3.75, 0 down 4.25

She has found homes honestly in that range in Clayton area. Opinions, thoughts, etc.

12/12/2014 10:55:08 PM

I think I have decided to stay off the mortgage but allow my woman to do the purchasing for now. I however want to read as much info from you all as possible.

12/13/2014 8:07:14 PM

anyone know if USDA 100% financing is better than an ARM with SECU at 3.65 and them allowing 0 percent down?

Thanks!

12/30/2014 3:47:59 AM

You don't want to get an adjustable rate mortgage when rates are this damn low.

12/30/2014 9:17:32 AM

Yeah, buddy just refied 30 yr fixed for 3.875

12/30/2014 11:41:25 PM

^^ awesome thanks for that input!!!

Who should we be looking at for lenders? SECU only does ARM

12/31/2014 2:09:58 AM

^^ where they get 3.875%. At that rate, I'll refi my rental townhome.

12/31/2014 9:08:03 AM

^^ yeah SECU doesn't have any competitive fixed rate offerings

Read through the last 3-4 pages of this threads for recommendations. Contact them and request Good Faith Estimates from a handful of them

12/31/2014 9:15:44 AM

LetsTAILGATE Just bought a house out in Clayton area last year. Theres tons of good homes out here for that price range. Thats the same I used to look for mine.

+1 for USDA out here.

12/31/2014 9:37:26 AM

^^^ Chase Bank

I'm surprised you're paying more given the deal you go on your other place.

12/31/2014 11:58:38 AM

Other was a promotion for new purchases only. I'm at 4.875% and haven't been overly motivated to go through the process again. May go ahead and do it.

12/31/2014 7:57:09 PM

Anyone have good links for houses to look at between 165-150 anywhere within 20 miles of NCSU?

1/5/2015 11:23:11 PM