T1B

I've bought one house in my life and it was twelve years ago. It we a spec home so no decisions had to be made. It was a very seamless process with documentation and lending. It felt way too easy and most likely was considering what unfolded in '08.

This time? Not so much. I just went through a 30 day rigorous process of sending document after document on a daily basis including writing letters as to why my hourly wage varies and why Mrs. Rumps left teaching to become a bartender. I also had to write a letter as to why I made a cash deposit before I paid my taxes this year.

Not only that, but I had to send them a screenshot of my bank account everyday up until closing ensuring that I did not make any big cash deposits or withdrawals like the one I made to pay my taxes.

I have to say, I'm impressed with their due diligence and it seems the lenders and banks have at least learned their lesson in the housing market industry.

it seems the lenders and banks have at least learned their lesson in the housing market industry

I find that hard to believe. Wait till Obama decides to force the lending institutions to hand out loans with no money down and 0% interest for 10 years to illegal undocumented immigrants. Other than that I rack you for looking at some equity and not a file full of rent receipts.

Go Coogs' wrote:why Mrs. Rumps left teaching to become a bartender.

Free olives and maraschino cherries?

I'm guessing......lots of French doors?

Wolfman wrote:
Wait till Obama decides to force the lending institutions to hand out loans with no money down and 0% interest for 10 years to illegal undocumented immigrants.

Pretty amazing what such an ineffectual President can do with just a wave of his hand.

Wolfman wrote: I find that hard to believe. Wait till Obama decides to force the lending institutions to hand out loans with no money down and 0% interest for 10 years to illegal undocumented immigrants. Other than that I rack you for looking at some equity and not a file full of rent receipts.

You're pathetic.

R-Jack wrote:I'm guessing......lots of barn doors?

ftfy

R-Jack wrote:I'm guessing......lots of French doors?

Yes

BSmack wrote:

R-Jack wrote:I'm guessing......lots of barn doors?

ftfy

and an uhhhh, open floor plan. Really, really open.

smackaholic wrote:

BSmack wrote:

R-Jack wrote:I'm guessing......lots of barn doors?

ftfy

and an uhhhh, open floor plan. Really, really open.

Preferably one story

Sunken living room would be OK. Pretty much inevitable anyway.

Wow. You guys are brutal.

It's ok, Marty. Let these tards pick the low hanging fruit. It's all they've got now. And it seems they wear this regurgitated drivel like it's a badge of honor.

I think it looks good on us, don't you?

[Rodney] It looks good on you [/Rodney]

Who gives a fuck?

I saw somewhere that Barry O does the wave. OK not very well.

mvscal wrote:Who gives a fuck?

Look, cunt, don't get all salty because I schooled you in the NFL forum.

You did? By claiming the Texans weren't desperate when they overpaid for Osweiler but merely just "built to win now" and really in need a quarterback?



You aren't very bright, are you?

[quote="mvscal"]You did?[quote]

Yep

Go Coogs' wrote:

mvscal wrote:You did?

Yep

gauntlet -----------> thrown

gauntlet -----------> thrown[/quote]

:?

Go Coogs' wrote:It's ok, Marty. Let these tards pick the low hanging fruit. It's all they've got now. And it seems they wear this regurgitated drivel like it's a badge of honor.

Oh I'm sorry. Are you not fucking a manatee anymore?

Don't worry the material will update accordingly.

Best to keep fukkin' a Manatee. The alternative is she gets herself a personal trainer to uhhh, whip her into shape, and, well, you know how that can work out.

KC Scott wrote:

He should be walking ahead of her....as a pilot vehicle.

In the new house. Fuck y'all.

And for you beer snobs out there, save your predictable and lame jokes about the piss light. I'm on the hook for two mortgages until the other house sells, so sacrifices must be made.



Sent from my SM-G920V using Tapatalk

Jesus Christ. You could probably buy a decent beer for the cost of 3 of those bricks.

I went to refi my house (change from a 30 year fixed to a 15 year fixed at 2.75% ) and did the deal with US Bank....so me and the Mrs. have all of our accounts with US Bank....just before the financing process began I deposited a check for $31,000 because I sold my beloved Saleen Mustang....I wrote them a letter with a copy of the bill of sale, the transfer of title document, ads from various car sale places showing that the model Saleen I had typically sold for anywhere from $25,000 to $45,000....to make a long story short we had our house appraised and the value came in at $310,000 and we were trying to refi $90,000 remaining on the loan.....so they've got all my accounts, proof of why I had made a large deposit, an appraisal that says they've got $220,000 of equity should I default and it got kicked back four times because of the deposit......the last time I said "I've explained this over and over to you're braindead underwriter so I'll explain it to you. If this loan gets kicked back one more time, I'm going to pull every account I have with US Bank and take my business elsewhere.....it finally went through and that was about in 2008.....fucking idiots....prior to the crash, their test to qualify you was to have you breathe on a mirror. if it fogged up you were qualified....now they've gone so far the other way that common sense has been replaced with fear of promoting a bad loan.....underwriters are the dredges of the finance industry and they change all the time.....still fucking idiots though

Did a similar 30 to 15 at 2.75% three years ago. Pretty much inverted the principal and interest percentages on my monthly payment. If the Fed's and IRS want to do away with the mortgage interest deduction then go ahead, it doesn't do much for me anymore.

Felix, side question. What is your take on the Zillow site. How close are they to actual valuations? Obviously they can't consider actual condition, upgrades, etc.

Goober McTuber wrote:Jesus Christ. You could probably buy a decent beer for the cost of 3 of those bricks.

I went with all brick because there are no screws involved.

Go Coogs' wrote:

Goober McTuber wrote:Jesus Christ. You could probably buy a decent beer for the cost of 3 of those bricks.

I went with all brick because there are no screws involved.

So the tv is held up there with gorilla glue?

atmdad wrote: Felix, side question. What is your take on the Zillow site. How close are they to actual valuations? Obviously they can't consider actual condition, upgrades, etc.

they're pretty good....they gather data from various sources, run a regression analysis model on a neighborhood and spit out values....much like what assessing appraisers do only they've got a little more data typically....really depends what state your in, but generally speaking Zillow is fairly close most of the time....

Felix, did you consider a HELOC? (home equity line of credit) We did one about 3 years ago. Extremely easy, zero fees. The only down side to these is that the rate is not fixed, but we only had a balance of about 29K at the time, so it made sense to skip all the refi BS and go this way. Having a flexible rate isn't so bad if you know you can knock it out in a few years if need be. The process was pretty simple. Get the HELOC, then write a check to your mortgage holder for the balance of the loan. Of course, your balance is 3X what mine was and I wouldn't have been comfortable with a flex rate on that much. If you are comfortable with it, it makes sense to consider it, just to avoid having to go to jail because you murdered your loan officer.

We ended up paying the HELOC off in about a year and a half. Being mortgage free does not suck. At all.

Most people use HELOCs to repair their homes.

BSmack wrote:Most people use HELOCs to repair their homes.

Yuk, yuk, yuk.

Actually have done some of that as well in the last few years, believe it or not. But have used cash. It's kinda nice how not having a monthly mortgage payment=way higher checking acct. balance. Since paying off the place, we did all new windows and a new kitchen. All paid cash. Hell, this year I might even buy a lawnmower!

smackaholic wrote:Felix, did you consider a HELOC?

I would never, under any circumstances, sign an agreement for a variable rate loan....ARM loans were one of the pieces of the housing crash of 2008 as everyone was signing ARM's back then....an ARM loan is also easier to get by an underwriter for whatever reason.....no, I want to know what I'm going to be paying so I can calculate my weekly, monthly, and yearly budgets based on that payment.....besides, taking a HELOC loan for more than $25,000 is fucking economic suicide....why do you think banks push home improvement loans so adamantly? because that's their bread and butter....if people would ever bother to read the actual document they are signing, they'd understand what I'm talking about.....

Felix wrote:

smackaholic wrote:Felix, did you consider a HELOC?

I would never, under any circumstances, sign an agreement for a variable rate loan....ARM loans were one of the pieces of the housing crash of 2008 as everyone was signing ARM's back then....an ARM loan is also easier to get by an underwriter for whatever reason.....no, I want to know what I'm going to be paying so I can calculate my weekly, monthly, and yearly budgets based on that payment.....besides, taking a HELOC loan for more than $25,000 is fucking economic suicide....why do you think banks push home improvement loans so adamantly? because that's their bread and butter....if people would ever bother to read the actual document they are signing, they'd understand what I'm talking about.....

I agree with what you are saying, in general. 29K was probably right at the limit of how much I would borrow. The rate, 3.5%, I think it was, was guaranteed for 3 years, I believe, and I was confident that I could knock it out in that time. And even if I couldn't, a large interest bump on that amount wouldn't be the end of the world. It's all about balancing risk/reward. To me, a considerable rate drop with no fees/underwriter torture was worth it. Now, if you are taking out a variable collateral loan for 29K to buy a vette or a boat, you are a fukking moron.

What were your fees for the refi, other than a raise in blood pressure?

smackaholic wrote: I agree with what you are saying, in general. 29K was probably right at the limit of how much I would borrow. The rate, 3.5%, I think it was, was guaranteed for 3 years, I believe, and I was confident that I could knock it out in that time. And even if I couldn't, a large interest bump on that amount wouldn't be the end of the world. It's all about balancing risk/reward. To me, a considerable rate drop with no fees/underwriter torture was worth it. Now, if you are taking out a variable collateral loan for 29K to buy a vette or a boat, you are a fukking moron.

What were your fees for the refi, other than a raise in blood pressure?

you'll hate me.....$1,000 flat fee
$29k at 3.5% isn't too bad ASSUMING they've got a mandated maximum (on a 3.5% loan, the max they could raise it to would probably be about 8.25%)...thing is that a lot of banks don't put any max on the interest rate.....they are limited by the feds to two increases per year and they can not bump it anymore than half a percent....but I had this friend that got a 15 year HELOC at the "introductory" rate of 2.75%.....by the time he was through paying it off, he was paying over 9% on that loan....if he would have talked to me about it before he did it, I would have told him they were going to fuck him over and take his business elsewhere, but he didn't contact me until about a week after he'd done the deal....too late to back out.....

I asked him "why didn't you talk to me about this because this is what I do" and his response, which still stuns me when I think about it was "I didn't want you to talk me out of it"

I wouldn't try and talk somebody out of anything, I just think it's smart to shop your loan around....like mine....the first place gave me a quote of 3.5%, the second place quoted me 3%, the third place quoted me 2.95%, the fourth place quoted me 2.85% and when I told US Bank about it, they were willing to drop it to the 2.75% rate with closing costs of a flat $1,000.....banks are a lot like pawn shops, if you do it smart they'll play around with their rates.....

We went the unconventional route in this loan....by getting approved for second mortgage without the contingency of selling our home. I did a 15 year refi for 3.85% six years ago and was able to knock out an extra mortgage payment each year. Got quite of equity built up in the house and now just need to sell it so I can get out from this stupid PMI on the new home ASAP.

I had to come to the table with 7% down and that pretty much has me cash strapped until my other house sells. Not sure as to what I'll do with all that equity as I only need 45k to meet 20% of equity and eliminate PMI in new home and that'll leave me with another 60K give or take a few thou.

I'd normally just roll all of it into new house, but this is a 3-5 year investment and then we're most likely moving again. We purchased the home for $30k less than the appraised value and the neighborhood only has 6 lots left to develop. Turns out the seller is going through a divorce and is in the fracking business which pretty much means he has little to no income right now. We're thinking the values will appreciate short term when all lots are developed as these houses (247 total) will be the only modern homes available on the golf course (smarthome, radiant barrier, tinted double-pane argon gas windows, energy efficient blah blah blah...) and the community sits south of the main thoroughfare which gets you to downtown Houston and the airport much quicker than all the other neighborhoods on the golf course.