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Old 10-02-2019, 04:34 PM
 
Location: El paso,tx
4,514 posts, read 2,508,445 times
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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.
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Old 10-02-2019, 08:26 PM
 
Location: Kansas City North
6,810 posts, read 11,474,889 times
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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, don’t use an on-line lender as a first time buyer.
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Old 10-03-2019, 09:54 AM
 
165 posts, read 118,207 times
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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
We’re 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.
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Old 10-03-2019, 09:55 AM
 
165 posts, read 118,207 times
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Quote:
Originally Posted by Okey Dokie View Post
Also, don’t 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.
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Old 10-03-2019, 09:57 AM
 
165 posts, read 118,207 times
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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?
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Old 10-03-2019, 10:17 AM
 
Location: The Triad
34,090 posts, read 82,726,620 times
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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.
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Old 10-03-2019, 10:45 AM
 
Location: Kansas City North
6,810 posts, read 11,474,889 times
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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.
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Old 10-03-2019, 10:54 AM
 
Location: Rochester, WA
14,416 posts, read 11,959,919 times
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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.
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Old 10-03-2019, 12:55 PM
 
Location: Texas
4,850 posts, read 3,627,257 times
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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.
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Old 10-03-2019, 01:20 PM
 
165 posts, read 118,207 times
Reputation: 65
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?
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