- Sep 15, 2014
- 1,545
- 505
Thanks for all the info
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Jul 27, 2012
- 1,563
- 1,828
Thank you!
I was able to take a pic of the paint can and label from Home Depot. I noticed the color we used gives off a light bluish hint with all the light in the house. But everybody who attended the open house loved the color.
So I'm thinking of looking for other grey paint samples. PM me if you want me to send you the pic.
- Jun 7, 2008
- 3,766
- 7,673
they accepted our offer...!!! 
got the inspector coming out this afternoon to look over the house...getting excited...won't be satisfied until i have the keys in my hand though...
got the inspector coming out this afternoon to look over the house...getting excited...won't be satisfied until i have the keys in my hand though...
- Mar 31, 2006
- 2,631
- 218
- Mar 31, 2006
- 2,631
- 218
I know getting a home inspection is important but $500 for an hour is ridiculous. 
- Jul 27, 2012
- 1,563
- 1,828
I know getting a home inspection is important but $500 for an hour is ridiculous.
Damn that's pricey.
But it saved from an $90k mistake on a property I had in contract and was ready to close.
- Dec 28, 2004
- 18,903
- 1,184
Have yall ever ran into a prepayment penalty on a refinance?
I am filling out some paperwork on the refinance I am doing (with another loan company,) and there is a note that reads "Any fee charged by your current lender will be added to the payoff amount. This is their requirement, and cannot be waived by new company"
I go to my current lender and there FAQ for fees reads
"Prepayment Penalty-Fee incurred for paying off the loan prior to
a pre-determined date, not to exceed state guidelines. and that this fee varies by state."
Now there hasn't been any fees for me adding additional payments to the principle, but im curious if I am about to get hit over the head with a fee due to the Payoff from the refinance.
curious. I searched google about Michigan laws/fees but didn't find nothing. (I will call the current loan company soon) just wondering if anyone else encountered this>?
I am filling out some paperwork on the refinance I am doing (with another loan company,) and there is a note that reads "Any fee charged by your current lender will be added to the payoff amount. This is their requirement, and cannot be waived by new company"
I go to my current lender and there FAQ for fees reads
"Prepayment Penalty-Fee incurred for paying off the loan prior to
a pre-determined date, not to exceed state guidelines. and that this fee varies by state."
Now there hasn't been any fees for me adding additional payments to the principle, but im curious if I am about to get hit over the head with a fee due to the Payoff from the refinance.
curious. I searched google about Michigan laws/fees but didn't find nothing. (I will call the current loan company soon) just wondering if anyone else encountered this>?
- Mar 1, 2011
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i think theres a PP in michigan of 3% if u refinance within two years of buying. dont quote me though i havent been a loan officer in a few years
- Mar 1, 2011
- 6,377
- 3,704
whats better nowadays fha or homeready?
- Nov 16, 2001
- 3,949
- 1,197
Not usually, but if it went up that much, I would at least look around.
I would look over your loan docs to see if it's in there. It should be fairly straightforward whether you'll have a penalty or not.
So there is definitely a fee, or that's just IF there is a fee?
I would look over your loan docs to see if it's in there. It should be fairly straightforward whether you'll have a penalty or not.
- Mar 1, 2011
- 6,377
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prepayment penalty varies state to state NY for example doesnt have a PP so you can refinance whenever you want
- Dec 28, 2004
- 18,903
- 1,184
its in the fee section, and says varies by state.
I am hoping to not have to pay a fee cause I decided to refinance with USAA and have to pay the old company (thousands) just to get out of it.
They will get a pay off for the remaining balance. I know they probably accounted for more interest throughout the rest of the loan, but sheesh, let me go. yall got enough.
- Nov 16, 2001
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- 1,197
That sucks. That's one of the first things I look at when I get the loan docs since my parents got hit with a surprise ARM when they bought their house a while ago and had their payment almost double.
If you're going to refi, make sure the numbers make sense. I would call the bank directly to see exactly what the early payoff fees are. I'm guessing it's probably worth it since you don't have the opportunity to just pay off the loan early.
- Jul 27, 2012
- 1,563
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Look over your loan docs or call customer service.
Back in the day, when i did loans for this certain company; I was able to wave the pre-payment penalty if the client refinanced with us. 99% of the time it worked and they refi'd with me instead of going to a competitor.
- Nov 16, 2001
- 3,949
- 1,197
http://www.bankrate.com/finance/mor...t-tougher-to-get-mortgage.aspx?ec_id=tweet101
The FHA used to allow lenders to exclude student loan debt from a borrower's debt-to-income ratio if the payments were deferred. Debt-to-income ratio, often called DTI, is a calculation that helps lenders decide whether to approve a loan.
[h3]Debt-to-income ratio[/h3]
Percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.
Debt payments / income
Example: Jessie and Pat together earn $10,000 a month. Their total debt payments are $3,800 a month. Their debt to income ratio is 38% ($3,800 divided by $10,000).
When calculating debt-to-income ratio, the new rules require lenders to include either the borrower's actual projected student loan payment or 2% of the deferred student loan debt.
For the Sinclairs, who have a 3-year-old daughter, the change meant the difference between buying a home and not.
"We were qualified for $500,000, but when they added the student loans in, we qualified for $100,000," Cordett-Sinclair says. "We had a case number so that we could still buy before a certain date, but it didn't work out." The couple declined to provide details about the amount of their student loan debt.
[h2]'Debt is debt'[/h2]
The FHA Single Family Housing Policy Handbook gives lenders minimum guidelines to approve FHA-guaranteed home loans.
RATE SEARCH: Shop FHA-approved lenders today.
The relevant paragraphs state that lenders must "use the actual monthly payment to be paid on a deferred liability, whenever available," and that if the actual payment is zero or unavailable for a student loan, the lender must "utilize 2% of the outstanding balance to establish the monthly payment."
"If people were in their deferral period, we didn't treat that as debt. Now we do because debt is debt, deferred or otherwise," says Brian Sullivan, a spokesman for the U.S. Department of Housing and Urban Development, the FHA's parent agency.
[h2]Projected payment[/h2]
Student loans backed by the federal government typically are deferred as long as the student is in school and for 6 months after that, says Heather Jarvis, an attorney and student loan consultant in Wilmington, North Carolina.
Private-market student loans are less likely to have a deferral mechanism, particularly when the parents rather than the student take out the loan, Jarvis adds.
For most borrowers, the actual projected payment is likely to be lower than 2% of the balanc
The FHA used to allow lenders to exclude student loan debt from a borrower's debt-to-income ratio if the payments were deferred. Debt-to-income ratio, often called DTI, is a calculation that helps lenders decide whether to approve a loan.
[h3]Debt-to-income ratio[/h3]
Percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.
Debt payments / income
Example: Jessie and Pat together earn $10,000 a month. Their total debt payments are $3,800 a month. Their debt to income ratio is 38% ($3,800 divided by $10,000).
When calculating debt-to-income ratio, the new rules require lenders to include either the borrower's actual projected student loan payment or 2% of the deferred student loan debt.
For the Sinclairs, who have a 3-year-old daughter, the change meant the difference between buying a home and not.
"We were qualified for $500,000, but when they added the student loans in, we qualified for $100,000," Cordett-Sinclair says. "We had a case number so that we could still buy before a certain date, but it didn't work out." The couple declined to provide details about the amount of their student loan debt.
[h2]'Debt is debt'[/h2]
The FHA Single Family Housing Policy Handbook gives lenders minimum guidelines to approve FHA-guaranteed home loans.
RATE SEARCH: Shop FHA-approved lenders today.
The relevant paragraphs state that lenders must "use the actual monthly payment to be paid on a deferred liability, whenever available," and that if the actual payment is zero or unavailable for a student loan, the lender must "utilize 2% of the outstanding balance to establish the monthly payment."
"If people were in their deferral period, we didn't treat that as debt. Now we do because debt is debt, deferred or otherwise," says Brian Sullivan, a spokesman for the U.S. Department of Housing and Urban Development, the FHA's parent agency.
[h2]Projected payment[/h2]
Student loans backed by the federal government typically are deferred as long as the student is in school and for 6 months after that, says Heather Jarvis, an attorney and student loan consultant in Wilmington, North Carolina.
Private-market student loans are less likely to have a deferral mechanism, particularly when the parents rather than the student take out the loan, Jarvis adds.
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For most borrowers, the actual projected payment is likely to be lower than 2% of the balanc
- Nov 6, 2012
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That sucks for some people lol , federal loans can be stretched out to make the payment as low as possible.
I did this to lower my DTI.
Can't stretch payments while in deferment it will just be the standard prepayment.
I did this to lower my DTI.
Can't stretch payments while in deferment it will just be the standard prepayment.
- Mar 14, 2006
- 17,697
- 2,714
That's because those making the laws don't have to worry about it. If people waited until they paid of their loans or paid them down significantly, they'd never own a home, in some cases.
U see how most of them went to school on loans, discharged them in bankruptcy and then made laws so it couldn't be done again.
U see how most of them went to school on loans, discharged them in bankruptcy and then made laws so it couldn't be done again.
- Mar 1, 2011
- 6,377
- 3,704
you can include student loans in bankruptcy?
- Jan 19, 2002
- 23,438
- 5,533
Re-Fi processed within 14 days 
- Mar 1, 2011
- 6,377
- 3,704
Re-Fi processed within 14 days
bruh i remember in 2008 i had 4-5 closings a month, the good old days
- Mar 14, 2006
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In the past you could w/o , now u literally have to jump through a lot of hoops and prove that you'll never be able to pay them off due to serious circumstances and it's up to the court to determine if you qualify for undue hardship
- Nov 6, 2012
- 4,758
- 1,409
Hell no lol student loans are forever. You used to be able to, before the middle class caught on then they changed the laws #AMERICA
- Mar 14, 2006
- 17,697
- 2,714
Exactly, AFTER they discharged theirs
- Nov 6, 2012
- 4,758
- 1,409
Yup my dad told me all about it.
- Jun 24, 2005
- 17,326
- 3,613
Closet help ---
Looking to add built-in shelving to my walk in closet. The home came with the white railing iron organizers, which we don't care for much.
We've heard of California closet, but also heard they are pretty expensive.
Our closet is about the size of the one below:
Maybe just a tad bit closed in compared to the pic. But, we would want similar shelving as the picture. Would it be easier to purchase the material ourselves and have a contractor do it than going through a company like CC?
Looking to add built-in shelving to my walk in closet. The home came with the white railing iron organizers, which we don't care for much.
We've heard of California closet, but also heard they are pretty expensive.
Our closet is about the size of the one below:
Maybe just a tad bit closed in compared to the pic. But, we would want similar shelving as the picture. Would it be easier to purchase the material ourselves and have a contractor do it than going through a company like CC?
