Real Estate: THE FED RATE CUT HAS NOTHING TO DO WITH MORTGAGE RATES |
- THE FED RATE CUT HAS NOTHING TO DO WITH MORTGAGE RATES
- Is it selfish of me to be angry about people tearing down historic homes to build something new? [Highland Park TX]
- The appraisal came in at value for our soon to be home! Any suggestions on what I should do to get ready to move?
- Lender in new state or current state?
- First time home buying question.
- I want to buy a house...
- Brand new with a couple questions.
- What is the possibility of a planter against stucco causing mold?
- Locked in mid Feb, what would you do
- Want to refinance, but sticky situation with partner's employment
- Joint Ventures?! How did yours turn out?!
- Are joint loans/CC's by borrower and cosigner counted twice on DTI for a mortgage?
- NMLS SAFE ACT Test exam prep. Any advise on any of these online programs. Compucram.com Mortgagecommander.com Safemloexam.com or etc? Which one is thes best?
- Just bought a house and sellers took half of the blinds
- Can the buyers of a short sale talk to the seller’s bank attorney to move the sale along? Is this a good or bad idea? What should they say?
- I am living in a house and house mortgage is under my brother, but I pay mortgage. What is the easiest and fastest way to get mortgage under my name?
- Zillow Rentals has no way to DECLINE a tenant! LOL
- Single Site Condos vs Single Family Home
- Buying next home while keeping current to Rent
- Noise affect property value?
- Mold- is it a deal breaker?
- Can I refer a buyer to an agent before I’m lisenced?
- How low can mortgage interest rates go?
- Mortgage records of property
- Hello so I want to be a real estate agent and I went to talk to a guy that can hook me up with classes and what not. But he told me that I have to recruit people while selling the houses. Is that common practice or is this a scam?
- Recent condo conversion - only one sold
| THE FED RATE CUT HAS NOTHING TO DO WITH MORTGAGE RATES Posted: 03 Mar 2020 12:22 PM PST That's the title of this article here. And it is correct. Sorry for the caps, but that's how they wrote it! http://www.mortgagenewsdaily.com/mortgage_rates/blog/937527.aspx [link] [comments] |
| Posted: 04 Mar 2020 07:23 AM PST For those of who aren't familiar, Highland Park is a wealthy town/community north of Dallas and it has been for the better part of 100 years. There's been this trend the past few years where someone with, in my opinion, new money and no taste will spend close to 10 million on a historic home only to demolish it and build something new with little to no character. This really infuriates me, because I am of the mindset that these homes really should be preserved since most have named architects and rich histories. This isn't just homes in this area, but also several Mid-Century Moderns, including one featured in several magazines at the time of construction. I just hate seeing these homes being destroyed, especially for stupid reasons such as my favorite "The decorator couldn't do anything with it". Rant over. [link] [comments] |
| Posted: 04 Mar 2020 07:08 AM PST This was the part I was dreading the most because it was taking forever. I had to offer $5k over asking with paying closing because of a multiple offer situation and I was almost certain it wouldn't appraise, but it did and I'm so excited and nervous! I know the deal isn't finalized until the keys are in my hand, but I'm hopeful! I'm a first time homeowner if you can tell lol. Part of me feels maybe I shouldn't have offered so much over, but it's okay. It's within my budget as long as property tax don't decide to multiply or something crazy. I'm so excited lol. Is there anything I should do to get ready? I close in a week and my apartment lease will end on the 31st. [link] [comments] |
| Lender in new state or current state? Posted: 04 Mar 2020 09:35 AM PST We're going to be selling our AZ house and buying in Louisiana. Currently working with an AZ realtor to get our house on the market in 5 weeks, hoping to be in LA be August 1. Our AZ realtor said she would find us a lender in AZ but would it be better to have a lender in Louisiana? When should we get a buyer's agent? I've been watching the market, defining what we need and keeping up with what's hitting the market each day so I think we'll be able to move quickly once we get an offer on our house. [link] [comments] |
| First time home buying question. Posted: 04 Mar 2020 09:17 AM PST Hello all, in 2014 I bought my current home on land contract and wish I never did. It's garbage, but that's beside the point. My question is, can I still qualify for the first time home buyer since I have never had a mortgage or home loan? If I can not, could we do it in my wife's name and she qualify since her name is nowhere in the current house and we were not married when I bought the place? Thanks for any help you can provide :-) [link] [comments] |
| Posted: 04 Mar 2020 09:16 AM PST I'm 27. I make about 60k a year. I have about 50k in student loan debt which I have on an IBR plan. ...I want to buy a house. A while back, I sat down and figured out I've sunk $40,000 into an apartment I don't even really like that much over the past 4 years. My landlord is kind of absentee, I've been without water for up to a week at a time. Any repairs I usually have to do myself without getting reimbursed (except for replacing the well pump, but I don't want to buy a house with a well...) I've even gone as far to speak with a real estate agent (in my family) who referred me to a broker. She thinks this could definitely be a reality in my area. Anyone have any thoughts or insight into how to make my want a reality? I'm in the very beginning stages of this idea. I made a spreadsheet to help me start to squirrel away some money for a good down payment/emergency fund/closing costs. I slapped a goal of "18 months" on this idea, which everyone says will be done way before then. [link] [comments] |
| Brand new with a couple questions. Posted: 04 Mar 2020 06:53 AM PST I just got my license 2 days ago in Georgia (USA), and I've been interviewing brokers in my area. What are some questions you'd always ask a broker? I have another interview tomorrow and thought I'd get more feedback. And, I've narrowed it down to 2 brokers.(including the one I'll interview with tomorrow) One of the brokers makes their incoming salesmen choose between buying or listing, which do you prefer and why? Thank y'all. [link] [comments] |
| What is the possibility of a planter against stucco causing mold? Posted: 04 Mar 2020 08:59 AM PST I am currently purchasing a home and the inspection found some moisture on the back wall. There is a planter directly below it and based on previous realtor photos, it has been there since atleast 2005. A mold inspector told me since it is an exterior wall, he would want to open it up to see. He also stated there is a strong possibility the moisture broke the stucco moisture barrier outside. We also see recent patches the seller stated was a repair job on the stucco from a play house - which could be true or a lie to hide an issue. We are so in love with this house, it is in the same neigbourhood as out friends. I am nervous there could be a mess/structural damage behind it... or nothing at all? I am in Las Vegas where is never rains, but that planter held water everytime it was watered. Image of planter: https://ibb.co/MnLC4W4 [link] [comments] |
| Locked in mid Feb, what would you do Posted: 04 Mar 2020 08:34 AM PST Hello Reddit We locked a 0 down VA at 3.625 with an apr of 3.9% in mid Feb. Rates have nosedived, and while 3.625 is a great rate, if we could relock with same lender today I would be over half a point lower. At our purchase price, this is a considerable savings. We initially offered to close on March 12th, and the seller wanted to move it to March 26th. We agreed. Seller then said he wants to close May 1st. We agreed. Now the seller wants to close on March 26th again, and our rate lock expires on the 24th. Our lender said we cannot just let it expire and relock at the new rates and close on the 26th. We would have to float it out till at least April 25th to lock a new rate. Also, there is a pretty good chance our credit scores pop back up into a higher bracket before April 25th, as we had some CC debt we took on right before this property came on the market, and have since paid, was just a crappy timing issue of needing to get the process started because of this "Unicorn Home" we found. Would this matter? (we were are both at 690, and had used a big chunk of available credit to help some family out of a short term bind, we should both be up to at least 720 when statements cut this month) (Fico 2) Am I being a ninny by wanted to leave closing at May 1st (we are totally fine with this) and shopping this around again, or even just letting it float? Lender obviously will not budge on the lock and doesn't/didn't have a float down option. We also kinda like the lender, is this a huge Richard move? Seller is desperate to close because he is IN JAIL, and is GOING TO PRISON and literally needs the sale proceeds to make his bond to have some freedom before he is sentenced. Thanks! [link] [comments] |
| Want to refinance, but sticky situation with partner's employment Posted: 04 Mar 2020 08:20 AM PST I've decided it would be insanity not to try and get in on all the refinancing going on. My current loan is 3.875% on ~550k, and I have enough cash to make my new principal amount $473k. I'd be happy with some no-closing-cost loan at 3.25% even. However my husband's work is reorganizing, and he has to find another position within the company or he'll be let go in mid-April. He's in a line of work where he constantly has offers coming in from recruiters sight-unseen so I'm not worried about his overall employability, but right now he doesn't have the next job lined up and I don't know what it will look like for the next couple months. Will this be a problem? Is it something I should tell loan officers when I first call to talk about refinancing? Or should I say nothing? Both our employers only use inverify/the-work-number type verification sites so you can't talk to anyone about details. Also other question, would I need my 2019 taxes done to apply for a refinance? Taxes aren't due til mid April so of course I haven't done them yet. [link] [comments] |
| Joint Ventures?! How did yours turn out?! Posted: 04 Mar 2020 08:13 AM PST 'm not sure if I'm using the correct term but here goes. I've been investing out of state and have been doing OK so far. I have a coworker turned friend who would like to get into real estate investing. The entry point of where we live is a too high. She figured maybe she can go half with me on down-payment or something. I know you guys will say talk to a lawyer but just trying to get an idea of how most of you set it up. Do you go half on the down payment and one person buys in their name and move it to a LLC, do you split the cash flow at the end of the month/year? What else are some of the things you do?! Just putting it out there that we do plan to write up a contract just trying to see where to start?! Thank you!! [link] [comments] |
| Are joint loans/CC's by borrower and cosigner counted twice on DTI for a mortgage? Posted: 04 Mar 2020 08:01 AM PST For example, if I get a HELOC with my sister as a cosigner, and then we try to purchase a house together, will that HELOC be counted twice when counting our DTI by the lender? [link] [comments] |
| Posted: 04 Mar 2020 07:23 AM PST |
| Just bought a house and sellers took half of the blinds Posted: 04 Mar 2020 06:56 AM PST Hello, looking for some advice here. I just purchased a home the other day and when I went inside I noticed the sellers took a couple of the window blinds with them and left others. In my agreement it says the home is supposed to come with "all window coverings". What should I do? [link] [comments] |
| Posted: 04 Mar 2020 06:53 AM PST My wife is frustrated with the pace of the third party approval for a short sale home we are purchasing. She wants to try every avenue to move things along. Our agent has spoken with the sellers agent and the sellers agent says that the attorney at the bank is what is slowing down the process. My wife wants to directly contact the sellers attorney. Is there anything to say to them to move the sale along? For reference we sold our house and are currently in rent back period that ends March 28 we have been under contract 2 months without response. What do you all think? [link] [comments] |
| Posted: 04 Mar 2020 06:30 AM PST |
| Zillow Rentals has no way to DECLINE a tenant! LOL Posted: 03 Mar 2020 03:22 PM PST So... I posted a rental on ZILLOW that clearly states is Under Construction and NOT AVAILABLE until 5/1/2020. We're building multiple cabins, designated as 55+ rentals (as allowed by Fair Housing Law-different post). I get this Zillow applicant that wanted it "2/28/2020" - and isn't 55+. I write Zillow for help... and... 4 days later, they tell me there is NO OPTION to decline tenant. Also, no way to contact them, see their info, etc. HAHAHAHAHA.. OK- so - Zillow can explain to them why they don't get a response. Such nonsense. [link] [comments] |
| Single Site Condos vs Single Family Home Posted: 04 Mar 2020 06:17 AM PST Ran into a weird issue that i have never heard of, maybe its more common now, but my wife and I looked at building in a new neighborhood that opened up near us. Everything in the listings, website, and documents says its a Single Family Residence and does not mention anything about Condo in any documentation. We meet for a consultation yesterday and we put a refundable deposit down to reserve our plot and she gave us a flash drive with all the legal documents to go over before we sign a purchase agreement in 2 weeks. I start going over it and everything says its a Condo, there is a master deed letter as well as other condo related documents. I didn't finish reading though all of them yet because it was 20 pages on the by laws. I did some research last night and it seems these may be Single Site Condos but couldn't find anything to support that My Questions: Is this common for newer neighborhood developments to do this? If so why? Is it for more control or is it cheaper? What are the negatives to having a single site condo vs single family home. What should I look for in the legal documents that would be a red flag, couldn't find anything mentioning land ownership? Any other advise? We are already on the fence if we want to build vs buy based on the market now and this is the only development we like and can afford, so this will be a deciding factor. Thanks! Note: I am in Michigan [link] [comments] |
| Buying next home while keeping current to Rent Posted: 04 Mar 2020 05:34 AM PST Hi all. I am hoping for some feedback on a potential idea I've been floating in my head... trying a double-move that I'm not sure is legal, stupid, or the best idea I've ever had. We own a home, built in 2010, with 13 years left on 15 year mortgage (roughly 3.5% rate). It will conservatively be appraised for 120k more than we owe. The rental market in our area is hot. We had a realtor come out and give us an estimate for what we could pull in for rent, call it $X/ mth. My thought is to refi BACK to a 30 year in order to both cash out $Y (net about 75k) and lower the monthly payment to less than $X, making it an attractive rental property and small cash flow opportunity for us. So at this point, I've got $Y in the bank, and the current home still. We start shopping at this point for the next home. I take $Y and use as a down payment on the next home, which would be in our preferred school district, etc. etc. Taxes would roughly be the same, minus homesteading effects. As we pull the trigger on the next house and move, we begin the process to fill the existing house with renters, preferable 24 month contract. The two homes would be <20 min apart. Outside of typical land-lording headaches, insurance, etc, is there anything I'm missing? What do you think? Speaking with the mortgage agent today. We've been approved to take as much as 1.5 times what we will be asking for. [link] [comments] |
| Posted: 03 Mar 2020 10:02 AM PST Thinking of buying a property, but it is close to a large drain/reservoir so there's constantly the sound of falling water 24hrs a day. The sound is not audible in the house with windows close, but pretty loud in the yard. Now, the sound of water is said to be one of the least irritating noises to humans and it doesn't bother me personally, but would this be something that takes a chunk out of the value of the property when reselling? [link] [comments] |
| Posted: 04 Mar 2020 04:12 AM PST How big of a problem is mold in a home? Should we run at the first sight of it or are some homes still worth considering? Can the extent of mold damage be revealed in an inspection? Or is there a possibility we buy the home and then find some major surprises later? [link] [comments] |
| Can I refer a buyer to an agent before I’m lisenced? Posted: 04 Mar 2020 04:01 AM PST Hey reddit. I am in the process of getting licensed and I have a friend that is looking to buy. I know I'm not much of a help since I'm not licensed yet but I was wondering if I could refer them to an agent for a cut of the commission? I'm not sure if this would be prohibited considering I am not licensed. [link] [comments] |
| How low can mortgage interest rates go? Posted: 03 Mar 2020 12:54 PM PST I've been watching rates closely as they fall this year. I didn't think it was possible but it may actually make sense refinancing my 3.25% 30 yr VA loan (IRRRL "streamline") if I can get a 2.75% rate (currently it's down to 2.875), with a 10 month break-even. Is there a floor to what rate the banks can offer... a point where banks won't drop the rate below because they can't make money on the loans? I'm just wondering if it is at all possible to get a better rate down the road... Thanks for your input! [link] [comments] |
| Posted: 03 Mar 2020 02:45 PM PST Is there a way to pull the mortgage records of a property if you're not the owner? [link] [comments] |
| Posted: 03 Mar 2020 11:21 PM PST |
| Recent condo conversion - only one sold Posted: 04 Mar 2020 03:00 AM PST Putting an offer on a recent multi family condo conversion the unit I'm going for has a few offers. The unit above it has none. They have also listed the house as a whole for a multi family listing. What happens when unit 1 sells but unit 2 sits? The condo docs are "written up" and the listing agent said the buyers get to choose things like pet policy, etc. if there's no one buying unit 2 do I just call all the shots of the condo docs myself? [link] [comments] |
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