First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I am pretty sure you don't get a Good Faith Estimate until the offer is accepted, because there is essentially nothing to estimate right now.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Sounds like he is probably blowing smoke, taxes alone would be roughly $1.5 - 2k. tiedyed1 gives a lot of good info and has helped many a member here. I also have a good person to use that I have...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Attorney fees for us were seperate, which includes the title search.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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So you are putting $10,500 down to get a $180,250 mortgage on a $175,000 house. Yowza. At least the PMI is built in, because if that were on top of the quoted rate I'd worry. The downside is that you...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Hey guys,
Looking to buy a home in NJ and looking for a 30 year fixed. Guy at weichert said he can give me a rate of 3.75%. He also said that closing costs would be about $6,250 on a $175k Loan...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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That sounds likely, but I'd like to hear him confirm that. I don't know about the NJ FTHB program, but if they do allow negative equity I'd be concerned that this might not be the greatest deal...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Thanks all, looks like I will keep charging
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Hi Adam,
Got tied up with work today but have free time tomorrow morning. I will reach out to you with all of the figures. I had to send out the paperwork to make the offer and I also asked for a...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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My pleasure. Speak to you soon. Hope the offer is accepted!
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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And even if they stay in the house for 10+ years many people don't stay in the same mortgage for 10+ years.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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On conventional loans, the MI premium can be paid for in a variety of ways. Lender Paid MI, 50/50 split, 100% up front, etc. Each borrower has their own situation where one may suit you better than...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Hey guys,
My credit is excellent, I have scores of 772 - 782 and 790. The numbers that tiedyed1 quoted are spot on to what the guy at Weichert quoted me. I spoke to him earlier this evening and he...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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That doesn't seem as bad as I was thinking but I'd again suggest you look at a higher rate and see if you can get the up front costs down.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I believe the only thing may really matter (as you pay it off monthly) is the highest credit balance figure in the last 6 to 12 months. And really if that is $2k or $4k it's not going to make much...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Well the 7k he quoted me includes the pmi, attorney, insurance and 5 months of taxes. The offer was submitted and they are considering it. I do not think I will go more than 180k though.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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The costs you're getting quoted, seem pretty darn high to me.
Check out www.amerisave.com, others have recommended www.provident.com but I don't know if they would lend with your criteria.
Even...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I hope I didn't come off as too negative about the Weichert loan. The more details you post about it, the closer to good it sounds.
I'm personally not a fan of prepaid PMI, because I leave room in...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Earnest money is a normal part of the offer process. It's typically $1000 for "normal" homes. It's hard to say what the quoted $5250 includes because you didn't actually detail the financing that you...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I was told that $5,250 of the closing costs would be built into the loan...just wondering if that includes title search and attorney fees etc. So on top of my $175000 offer the loan would be $180250
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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ask for a good faith estimate
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Never mind, you are correct, my attorney fees and title is included in my closing costs, just inspection and appraisal was not. Sorry for misinformation.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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The home is going for $199.900...I am maiking an offer for $175,000. I am putting 5% down and the PMI is going to be built into the loan as a lump sum instead of a monthly payment. The man from...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Meadowlands, In respect to what nonlnear was mentioning, it has to do with a rate credit instead of a cost (or zero points). A higher rate would provide you a higher rate credit to further offset...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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The MI options these days can indeed be mentally staggering. As MI is no longer tax deductible for those with
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I am in CT, in the process as well. 30 year, loan right at about 4%, on a 193k purchase, but was told closing costs would be $5,600. I did have to put down a $1,000 good faith deposit, and then after...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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We had our closing costs built into our offer though paid by the seller, so we just paying the 193k, I think the attorney was like 700 for myself (flat fee).
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Penfed is hit or miss. When they are running one of their good specials their mortgages are amazing, but sometimes they are squarely in the middle of the pack.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Good job being aggressive with the offer. Putting up some cash up front seems to be the norm, and you'll get it back if they don't accept your offer. The wife and I recently bought a house here in...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Meadowlands, what loan product are they quoting you on? Is it a Conventional or FHA?
-Adam
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Hi Adam,
According to the manager at weichert, everything is built into that number, including the pmi, first 5 months of taxes attorney fees and insurance. I have some papers to sign in order to...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I am in NJ (w/ my company is licensed in 12 States) and most Realtors I know here do write their offers with $1000 deposits these days.
It is always suggested that you consult a mortgage...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Since I have a loan at penfed, I called them and their closing costs were $5,600. I am assuming this did not include attorney fees or taxes. Seemed pretty high for Penfed...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Meadowlands, I am also not sure if they have both a seller's concession plus adding the single up front MI premium of $3750 to your loan amount.
Many variables and options.
You really are...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Hey guys,
Thanks for all of the advice! I am a bit out of touch when it comes to home buying. I will ask the man I was speaking with at Weichert to send me a GFE so I have everything down on...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Good luck, and buckle up!
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Your dti is calculated utilizing your GROSS monthly income figure and then in respect to liabilities other than the subject property it is the minimum monthly payment that is reflected on your credit...
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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I;m pretty sure that if you carry no balance each month, you have no credit card debt. They're looking for the people that overload their credit cards and pay the minimum each month.
First time home buyer - 30 year Fixed
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Thread created 04-24-2012 by Meadowlands
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Mortgage related question, so I figured I would piggy back on this thread.
DTI. I typically charge stuff and pay my credit card in full each month. The only debt I currently have is my...
