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Those are the fees on the estimate you received from the broker, correct? I say the ONLY one you're paying is the appraisal because it's already been done. I don't see ANY other fees that you should pay. Tell them to cancel quickly, if that's what you want to do, before they rack up other charges (like the condo questionnaire fee.
Regarding that appraisal: Make sure you get a copy of the invoice from the appraisal. I doubt it really cost them $550. Demand it before you pay them a dime.
Regarding your grant: WTH can't you get it with your bank?
I could get the grant with my bank but not sure if there's enough time. I'm going to try first thing Tuesday (I believe most businesses are closed Monday). We close on the 31st. I need to get a moving and see if I can get it in time.
Mortgage insurance? I never heard of that. That's $900/year! That sounds more like homeowner's insurance, or at least around what I pay. -- I may be wrong about what it's for, but don't go for any impound account where your homeowner's insurance and/or property taxes are bundled in. Pay them directly yourself.
Another benefit of having your mortgage with your long term bank is that you can enable automatic payment, and generally have your choice of the date it is paid. (My bank let me choose any date 1st-16th.) When your mortgage and other accounts are at the same bank you have zero chance of missing a mortgage payment. (Any mistakes will be adjusted at no cost to you.) Note that you should have overdraft protection set up.
January 2nd is a banking holiday. Take care of your business on the 3rd, Tuesday.
In real estate deals I advise everybody to always be ahead of the curve, always satisfy any document requests, payments made out of escrow, do everything as soon as possible. Only exception, have your final walk-through as close to closing date as possible, preferably the day before closing.
And beware your rate lock. Get it locked now if not already locked, with a sufficient duration to exceed worst case escrow time.
Mortgage insurance? I never heard of that. That's $900/year! That sounds more like homeowner's insurance, or at least around what I pay. -- I may be wrong about what it's for, but don't go for any impound account where your homeowner's insurance and/or property taxes are bundled in. Pay them directly yourself.
Another benefit of having your mortgage with your long term bank is that you can enable automatic payment, and generally have your choice of the date it is paid. (My bank let me choose any date 1st-16th.) When your mortgage and other accounts are at the same bank you have zero chance of missing a mortgage payment. (Any mistakes will be adjusted at no cost to you.) Note that you should have overdraft protection set up.
January 2nd is a banking holiday. Take care of your business on the 3rd, Tuesday.
In real estate deals I advise everybody to always be ahead of the curve, always satisfy any document requests, payments made out of escrow, do everything as soon as possible. Only exception, have your final walk-through as close to closing date as possible, preferably the day before closing.
And beware your rate lock. Get it locked now if not already locked, with a sufficient duration to exceed worst case escrow time.
Mortgage insurance is what people have to pay for when they don't put down at least the 20% downpayment. I am only putting down 5% and I want to stay at my place for a short while so I don't see the benefit of paying the insurance. The insurance only benefits the bank because it protects them in case I can't pay it off anymore.
My rate is locked.
Home owner insurance is different. I'm only paying $30/month for that from State Farm.
I just want to know if I'm making the smarter decision to not pay insurance going towards nothin... even though I could possibly lose out on a grant and have to pay the fees for the lender.
Yeah I would put $22,000 if I could but then I wouldn't have much for emergency, furniture, appliances, haha. I would be broke. If I could I would...maybe next house hopefully.
It's killing me knowing that I should have gone to the bank in the first place to avoid wasting my money.
Particularly the emergency, and the appliances if the current ones are not serviceable. You obviously understand the importance of being in control of your finances. Common sense is not very common. I'm living in a luxury house purchased a couple years ago and initially furnished living room and family room with Goodwill, intending to upgrade later after I settled in. I guess I'm a procrastinator, I'm still settling in.
I think you have the right idea on how much to put down.
Don't dwell too much on the past. Focus on what you can change and make every day the first day of the rest of your life.
It's with OHFA in Ohio. My lender says I can use it for LPMI but I thought it was for FHA. I guess my main problem is I wish I could've gone to my bank in the first place and not have wasted time. I too think LPMI is good for not paying insurance since I plan on staying about 7 years and I've actually got it for a really good rate compared to what other lenders quoted me at which was .25 higher!
For my next home I want to save more money for 20% down payment to go conventional and avoid any insurance because I think it's a waste. At the very least pay insurance for a short amount of time as I could.
I just need to stop worrying and move forward. I feel like I dumped someone (the broker) and they won't leave me alone and try to change my mind. I feel bad but it's what's best for me...now I learned my lessons.
Last edited by Michelle21689; 01-02-2017 at 07:59 AM..
You don't say what kind of grant was being lined up. Not every lender participates with every grant source? Many of them have strings attached.
LPMI is the better of the two options, hands down.
Just curious what your reasoning is for LPMI being a better option? The broker even said my rate was low with the bank based on his reaction. The only thing going for him is that grant lol.
I just need to stop worrying and move forward. I feel like I dumped someone (the broker) and they won't leave me alone and try to change my mind. I feel bad but it's what's best for me...now I learned my lessons.
There is no need for you to feel bad. Buyers switching real estate professionals is part of the business. Professionals are playing the numbers, win a few lose a few.
The closest the industry gets to a sure thing is a Realtor with a signed exclusive representation agreement selling a house in good condition with a reasonable asking price.
And if they keep bothering you, ask them to leave you alone, that you have decided to go with a different offer and your mind is made up.
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I've always put down at least 20% so that's why I've never faced it.
ugh
