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 10-02-2019, 04:34 PM
 
Location: El paso,tx
2,426 posts, read 918,308 times
Reputation: 3926

Advertisements

Find an agent you want to deal with and get prequalified with who they recommend. Compare their rates and terms with your local credit union.
Avoid chase, bank of america and wells fargo, as they are notorious for not closing anywhere close to on time...like 6 weeks late. They use a central national underwriting and are unorganized and shortstaffed.
Reply With Quote Quick reply to this message

 
Old 10-02-2019, 08:26 PM
 
Location: Kansas City North
4,272 posts, read 7,532,259 times
Reputation: 6607
Quote:
Originally Posted by Spottednikes View Post
Find an agent you want to deal with and get prequalified with who they recommend. Compare their rates and terms with your local credit union.
Avoid chase, bank of america and wells fargo, as they are notorious for not closing anywhere close to on time...like 6 weeks late. They use a central national underwriting and are unorganized and shortstaffed.
Also, donít use an on-line lender as a first time buyer.
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:54 AM
 
118 posts, read 59,419 times
Reputation: 38
Quote:
Originally Posted by Spottednikes View Post
Find an agent you want to deal with and get prequalified with who they recommend. Compare their rates and terms with your local credit union.
Avoid chase, bank of america and wells fargo, as they are notorious for not closing anywhere close to on time...like 6 weeks late. They use a central national underwriting and are unorganized and shortstaffed.
Thank you for the heads up on those banks. Could something have changed at Chase? I have a bank account with them and I see an offer in my account "Guaranteed fast closings or get $1,000
Weíre committed to making your new home purchase as easy as possible. Now we also bring peace of mind with the Chase Closing Guarantee: we promise an on-time closing in as soon as three weeks or you get $1,000 back."

I did ask my realtor yesterday for the lender he likes.
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:55 AM
 
118 posts, read 59,419 times
Reputation: 38
Quote:
Originally Posted by Okey Dokie View Post
Also, donít use an on-line lender as a first time buyer.
Can you tell me more about that Okey I'd love to know the reasons/your experience with that.
Reply With Quote Quick reply to this message
 
Old Yesterday, 09:57 AM
 
118 posts, read 59,419 times
Reputation: 38
Quote:
Originally Posted by BoBromhal View Post
pre-qualify - based on statements made by the consumer, and could be a credit pull.

pre-approval - credit pull and some verification of income and assets.

If you are a wage-earner (not S/E and not commission-based) AND have no other debts AND have a 20% downpayment hanging out in a liquid account THEN pre-qualify may be good enough IN A NORMAL MARKET.

In hot markets, every one else has gotten a preapproval and so you look less committed to the entire process.
Thanks BoBromhal.

Makes sense.

We don't have the 20% - how big of a disadvantage is that?
Reply With Quote Quick reply to this message
 
Old Yesterday, 10:17 AM
 
Location: The Triad (NC)
29,253 posts, read 63,575,933 times
Reputation: 33674
Quote:
Originally Posted by ginan View Post
We don't have the 20% - how big of a disadvantage is that?
Not insurmountable but it almost always means being OVERextended.
Less money down = larger mortgage balance AND the add'l cost of the PMI payment.

Once you drill down to how much of your gross income is really available for budgeting
(after taxes, after save/invest & debt commitments, etc) ... then you get to decide just
how much of your net earnings you're really willing (or forced) to spend on housing.
Too many seem far too willing to spend far too much.

Housing costs = everything you're obliged to pay in order to live there; buying or renting.
Buyers have mortgage debt & interest of course, plus taxes and insurance of course,
and also any HOA or Condo fees that apply, plus the PMI mentioned above...
and it also includes all the utilities (wtr/swr, gas/elec, etc) and any hired help you'll use.
Reply With Quote Quick reply to this message
 
Old Yesterday, 10:45 AM
 
Location: Kansas City North
4,272 posts, read 7,532,259 times
Reputation: 6607
Quote:
Originally Posted by ginan View Post
Can you tell me more about that Okey I'd love to know the reasons/your experience with that.
First time buyers need a bit more hand holding and guidance than you can get when dealing with a cubicle dweller in a call center.
Reply With Quote Quick reply to this message
 
Old Yesterday, 10:54 AM
 
Location: Rochester, WA
6,383 posts, read 3,571,443 times
Reputation: 17224
I recommend either a local loan officer with a small local bank, or a local mortgage broker... in either case one who is proven to be good with first time buyers and deadlines.

Not Chase. If they have a phone tree where you have to push something to hopefully leave a message with your representative, hang up and don't go there.

FWIW, because there may be a perception of legitimacy with a big bank... The big banks are WHY the crash happened before. Their lending practices were about the worst. There is no safety or security or legitimacy with them over any other. And you will not have a loan with Chase anyway. They don't hold the loan. As soon as it closes, sometimes even before, they will sell your loan to someone you've never heard of anyway. So go with the local operator who will answer your phone and know your name, and care whether you close on time or not.
Reply With Quote Quick reply to this message
 
Old Yesterday, 12:55 PM
 
Location: Location: Happy Place
3,790 posts, read 1,974,214 times
Reputation: 11704
We were told there was no need to even submit an offer on a home without being prequalified. Did it, offer accepted. NOW to sell our house in Texas.
Reply With Quote Quick reply to this message
 
Old Yesterday, 01:20 PM
 
118 posts, read 59,419 times
Reputation: 38
I asked this question on a different thread that came up when I searched for backup offers...but figured I'll ask it here too, since we're in essence talking about being ready and able to make a strong offer.

=======================

A house we were interested but already had an offer in place the Listing Agent told our Realtor that the first offer is really strong and would be a waste of time for us to write a backup offer.

When I looked on Redfin the house was completely gone/not showing - so I put it out of our mind. But today when I looked through the listings that my realtor sends, I see the house says "Backup Contract". And when I look on Realtor.com it says Contingent - For Sale. ETA: Redfin now shows it as Pending, Estately shows it as Contingent.

Could it be that something changed?

Or do all listings show this way when it's in the process of going through the sale?
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

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
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

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