U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-01-2018, 12:54 PM
 
Location: Raleigh NC
7,797 posts, read 6,149,667 times
Reputation: 6908

Advertisements

Quote:
Originally Posted by juggar View Post
Im looking to buy my first home, I have a 750 credit score (per lenders credit pull).

I have a 2017 $30k car that I pay taxes on yearly, and pay them when they are due. I have done this for all my cars. In fact, I own multiple cars.

So why the HELL are they nickel and diming me to put money into an "escrow" each month as part of the payment? Its unnecessarily inflating the monthly cost, causing DTI issues.

I obviously can pay the $500 annually just like I pay my car taxes when they are due.

Any way to stop them from pulled this childish garbage? Its like you trust me to pay $650 a month but not the $500 annual tax fee?? wtf?

Not to mention they included $14 for a "Credit report" in the loan estimate. Over my dead body im paying that. I will walk away.
as has surely been stated....pay cash for the house.
Reply With Quote Quick reply to this message

 
Old 06-01-2018, 01:18 PM
 
Location: East Coast
2,778 posts, read 1,582,480 times
Reputation: 4013
You seem to overestimate your power in this transaction. You don't want to pay $14 for a credit check? Fine, don't. The bank won't give you a loan, then. When you ask for a loan, you're asking another entity to something for you -- something that you want. They can choose the terms under which they will do you this favor. If you don't like it, you don't have to accept it. They're fine with that. So your threat to "walk away" is not much of a worry to them.

If you don't want an escrow, put down 20% or more. Simple.

Last edited by chicagoliz; 06-01-2018 at 02:46 PM..
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 01:29 PM
 
356 posts, read 243,637 times
Reputation: 343
Quote:
Originally Posted by chicagoliz View Post
You seem to underestimate your power in this transaction. You don't want to pay $14 for a credit check? Fine, don't. The bank won't give you a loan, then. When you ask for a loan, you're asking another entity to something for you -- something that you want. They can choose the terms under which they will do you this favor. If you don't like it, you don't have to accept it. They're fine with that. So your threat to "walk away" is not much of a worry to them.

If you don't want an escrow, put down 20% or more. Simple.
I can get approved with any lender I choose. Every last one of them so far has said I have perfect credit and they are salivating at the chance to make some money. So many call backs its unreal.

I absolutely will demand they remove that fee. Otherwise ill just move on down the list. BET they call back and offer that $14 off. Guarantee you they will.

Chase offers me $500 towards down payment and 50,000 bonus points on my Chase Sapphire preferred. I think Quicken will credit the $14.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 01:34 PM
 
95 posts, read 39,247 times
Reputation: 48
Quote:
Originally Posted by LifeIsGood01 View Post
I always thought USDA had lower rates.
Often they do, but the mortgage insurance is typically at a higher monthly premium.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 01:52 PM
 
Location: IN
1,935 posts, read 742,205 times
Reputation: 3563
Quote:
Originally Posted by juggar View Post
Thats fair, but Id like to have the option to pay my own taxes like ive always done. I suppose enough idiots have screwed them in the past that they now require this for most people now.
Not sure of this is extrapolative to what YOUR lender may do but my last mortgage, (had put 20% down, credit at the time was prob around 750 like yours) I was able to drop the TI part of PITI after 12mos of payments; it took one phone call, a credit check and thenceforth I paid myself in full annually. They said I had to have a year's payment hx before I could opt to do this. The lender was Wells Fargo.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 01:53 PM
 
10,280 posts, read 6,533,002 times
Reputation: 10861
Quote:
Originally Posted by juggar View Post
I can get approved with any lender I choose. Every last one of them so far has said I have perfect credit and they are salivating at the chance to make some money. So many call backs its unreal.

I absolutely will demand they remove that fee. Otherwise ill just move on down the list. BET they call back and offer that $14 off. Guarantee you they will.

Chase offers me $500 towards down payment and 50,000 bonus points on my Chase Sapphire preferred. I think Quicken will credit the $14.
You don't get it, keep renting.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 01:58 PM
 
Location: Kansas City North
3,629 posts, read 6,779,085 times
Reputation: 4650
Please keep us updated, OP.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 02:01 PM
 
95 posts, read 39,247 times
Reputation: 48
Quote:
Originally Posted by AJ1957 View Post
Not sure of this is extrapolative to what YOUR lender may do but my last mortgage, (had put 20% down, credit at the time was prob around 750 like yours) I was able to drop the TI part of PITI after 12mos of payments; it took one phone call, a credit check and thenceforth I paid myself in full annually. They said I had to have a year's payment hx before I could opt to do this. The lender was Wells Fargo.
This can definitely work with portfolio lenders (those who keep their loans instead of selling them to other lenders), especially portfolio lenders like Wells Fargo who likely have bank accounts with their home loan clients also.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 02:04 PM
 
Location: IN
1,935 posts, read 742,205 times
Reputation: 3563
Quote:
Originally Posted by LMC White Collar View Post
This can definitely work with portfolio lenders (those who keep their loans instead of selling them to other lenders), especially portfolio lenders like Wells Fargo who likely have bank accounts with their home loan clients also.
Yes I did have several accounts of long standing (17 years) with them at the time.
Switched all assets to Schwab in 2012; so glad I did after the WF scandal broke; hate them now.
Reply With Quote Quick reply to this message
 
Old 06-01-2018, 02:05 PM
 
Location: Raleigh NC
7,797 posts, read 6,149,667 times
Reputation: 6908
Quote:
Originally Posted by juggar View Post
Its not about being "worried" about $14 dollars its the fact they went out of their way to itemize a thing that really should not have been. Its nickel and diming when they already will receive 82% of the loan in interest over the life of the loan (30 years).

They go, "we'll get $94,300 in interest over the life of this loan, better go ahead and charge him $14 for the credit report. Gotta keep the lights on! "

Its the principle of the matter, Auto dealers dont do this or at least, its rolled into the document fee.

I dont know any other 25 year olds with $120K in cash, in fact, I dont know anyone in my town except for a few very rich folk. This is rural Western NC. No one pays cash. Im just jaded at their blatant rapacity.
Dodd-Frank requires them to itemize all of those fees, and they can't go up.

The lenders charge that fee to very single borrower, whether it's $50,000 or $500,000 mortgage.

The car dealers don't care as much about your credit-worthiness as a mortgage lender does.

I just bought a new car, and they never pulled a full credit report. I'm not positive he even checked my score. never asked me to prove my income. never asked me about other debts. or what any of my monthly obligations are.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top