Please add sections to this wiki with useful information about the process, so that people don't have to ask the same questions over and over, or scan the whole thread for answers!
Notary and closing
Here is what you can expect or ask for from my experience:
1. New pen for signing wiped thoroughly
2. Pen stays with you after signing
3. Only material they will touch would be your ID
4. ID would be wiped and returned back
5. Can expect gloves to be worn
6. Signing can happen in your front yard or in your garage
7. If you have a Costco table then you can sit on either sides to maintain distancing
8. Masks might be recommended given new guidelines
9. Plus discuss with the notary!!
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$2,500 Statement Credit
To be eligible for the $2,500 statement credit, you must (i) click-through the dedicated offer link, and (ii) submit a completed application on Better's webpage dedicated to the offer no later than 7/25/2020, and (iii) close on your mortgage no later than 10/28/2020. You will not be eligible for the statement credit if your mortgage closes after 10/28/2020 for any reason, even if you do not control the closing date. To be eligible for the statement credit, you must continue to be an eligible Card Member from the time you receive this offer, through the closing of your mortgage, and until the statement credit is applied to your Card account. The name or email associated with your eligible Card will need to match the information in your mortgage application in order to receive the Credit.
I feel like with all this information sent to me, I don't see how they can deny anyone that credit. Maybe they had a rush of applications and now they are starting to back track a bit since the offer link is generic. We'll see! Process has been great so far!
The agent was unable to give me a ticket or reference number for the issue but said if you fear any issues, go ahead and print out and take screenshots of the offer so you have it in case you have any issues. Guess we will see in a few months time.
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Did you just buy your house and have no equity in the house? That might be why you are being offered only FHA loans?
FHA loans require an upfront mortgage insurance premium of 1.75% when closing the loan, which is why your fees are so high. I wouldn't refinance an FHA to FHA. Not worth paying upfront MIP again. Options would be to wait until you pay off more equity (would be 7-10ish years based on your interest rate and length of loan) or bring cash to closing to obtain a convential loan (10% equity+).
Did you just buy your house and have no equity in the house? That might be why you are being offered only FHA loans?
FHA loans require an upfront mortgage insurance premium of 1.75% when closing the loan, which is why your fees are so high. I wouldn't refinance an FHA to FHA. Not worth paying upfront MIP again. Options would be to wait until you pay off more equity (would be 7-10ish years based on your interest rate and length of loan) or bring cash to closing to obtain a convential loan (10% equity+).
Your tax basis is not necessarily a good indication of market value. An appraiser will look at condition/improvements you made Then he will look at past sales in your market for similar houses to determine an estimated home value.
Since in a lot cases better.com will skip appraisal (was skipped in my case). I would assume you are at that 10% equity value until someone tells you otherwise.
FHA loans are brutal with the MIP. I had to use one for my first starter home, and learned my lesson to wait till you have 10%.
Your tax basis is not necessarily a good indication of market value. An appraiser will look at condition/improvements you made Then he will look at past sales in your market for similar houses to determine an estimated home value.
Since in a lot cases better.com will skip appraisal (was skipped in my case). I would assume you are at that 10% equity value until someone tells you otherwise.
FHA loans are brutal with the MIP. I had to use one for my first starter home, and learned my lesson to wait till you have 10%.
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Should I pay down and gain equity to at least 10% with the current lender (interest rate is at 5%), or should I pay towards principal at closing with better.com? I believe my current lender there's fees associated with getting rid of the PMI.
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