Home Buying & Real Estate Thread

[dc777]

The completion/settlement date is expected around 12/31/2016... anyone have suggestions for mortgage rates? Lock in now for 60 days and a pay a bit higher or... do it 30 days prior on 12/1? It just hit it's 5 month all time high but new home construction rates were projected lower as of today. The struggles.... anyone input would be great

 

[ajenkins04]

Hey Guys i work for Quicken so if anyone is looking to get a mortgage let me know and i can get you $500 back after your closing.  I bought my first house through Quicken and it went as smooth as buying a home could go lol.  Just shoot me a message with your name, email address, cell number, state, and loan type (purchase, refi) and ill have someone call you to see if we can do anything.

 

[lazyj10]

The completion/settlement date is expected around 12/31/2016... anyone have suggestions for mortgage rates? Lock in now for 60 days and a pay a bit higher or... do it 30 days prior on 12/1? It just hit it's 5 month all time high but new home construction rates were projected lower as of today. The struggles.... anyone input would be great

Hard to say but the Fed is targeting December for a rate increase which would obviously impact rates across the board

 

[smokey13]

Closing on our loan as we speak. Planning to add a master suite downstairs. We desperately need a second bathroom or else I would totally buy an investment property.

 

[dc777]

Hard to say but the Fed is targeting December for a rate increase which would obviously impact rates across the board

Yeah, I agree.. and the elections. Really didn't think about this. I may lock in today, still very low

Closing on our loan as we speak. Planning to add a master suite downstairs. We desperately need a second bathroom or else I would totally buy an investment property.

What rate you lock in at?

 

[smokey13]

3.625 on a 20 yr

 

[datznasty]

Hey Guys i work for Quicken so if anyone is looking to get a mortgage let me know and i can get you $500 back after your closing.  I bought my first house through Quicken and it went as smooth as buying a home could go lol.  Just shoot me a message with your name, email address, cell number, state, and loan type (purchase, refi) and ill have someone call you to see if we can do anything.

really? I am refinancing through Quicken right now and its a NIGHTMARE. Every time they call me they end up increasing the amount of money I have to bring to closing or the payment, even the rate went up a half of a percent since I started working with Mike Barakat. I'm tempted to just tell them **** it but I don't think I can.

 

[capital sb]

What are the rates on 30 years? I'm at 3.75 from last September

 

[penny1folarin]

tips on buying condos ? 

 

[datznasty]

3.825 for me, was going to be 3.325 before "something" happened

 

[ajenkins04]

1

 

[ajenkins04]

really? I am refinancing through Quicken right now and its a NIGHTMARE. Every time they call me they end up increasing the amount of money I have to bring to closing or the payment, even the rate went up a half of a percent since I started working with Mike Barakat. I'm tempted to just tell them **** it but I don't think I can.

Damn man sorry to hear that.  I know Mike but don't know him as a banker so i can't speak on how good he is.  I'm pretty sure you can always just say f it but if its been a bad experience ask to speak to his director, and complain to him about everything that is going on.  They may be able to help you out on cost or something.    One thing i can tell you is that we are big on client care.  They stress that real heavy here and want to make sure the client is getting the best experience possible.

 

[datznasty]

Please deliver that fade to him kindly and tell him its from Oklahoma. Give him $3,000 worth of fade

 

[ajenkins04]

Please deliver that fade to him kindly and tell him its from Oklahoma. Give him $3,000 worth of fade

HAHA Mike's not a small dude but i got you.

 

[va tech]

Just signed my closing disclosure today! I'll be glad when this whole home buying process is over and I can finally relax!

 

[lazyj10]

I'm at 3.125 for a 15.

 

[drunken cow]

I am looking to invest in rental properties in the Houston area and will have 50k to work with. Is that enough? Is there some do and donts I need to worry about?

 

[ekrev98]

really? I am refinancing through Quicken right now and its a NIGHTMARE. Every time they call me they end up increasing the amount of money I have to bring to closing or the payment, even the rate went up a half of a percent since I started working with Mike Barakat. I'm tempted to just tell them **** it but I don't think I can.

Why are you having to bring money to closing? Lack of equity?

Im sure you can cancel anytime. Even when you sign your final loan docs, there's a 3 day rescission.

The only thing you'll lose is if you paid for the appraisal.

 

[ekrev98]

tips on buying condos ? 

The first thing my clients always is ask is how much is the HOA. Are you getting a loan? If so, conventional or FHA?

 

[penny1folarin]

The first thing my clients always is ask is how much is the HOA. Are you getting a loan? If so, conventional or FHA?

dont know havent even started

 

[capital sb]

I would check how much the HOA is currently and how much it has went up over time. Rules on renting out units if you ever had to move in the future.

 

[ybyb20]

I am looking to invest in rental properties in the Houston area and will have 50k to work with. Is that enough? Is there some do and donts I need to worry about?

50k is enough to work with in Houston. But you should clearly define your investment goals and expectations.  Also, try and have a target area where you want to invest in. Do you plan on self managing the properties yourself?  Financing options?

Make sure you are conservative with the numbers when doing your due diligence on the property. And most importantly educate yourself first (biggerpockets).

 

[ekrev98]

dont know havent even started

First thing you want to do is get pre-qualified for a loan to determine what your max loan amount is, what you can afford, etc... Then from there you can start looking around yourself or get an real estate agent

 

[dc777]

I got locked in at 3.75% with a 60 day lock. If the rates drop within the 60 days, I would be able to get a lower rate if it's before the 10 day closing period.

 

[jthagreat]

I would check how much the HOA is currently and how much it has went up over time. Rules on renting out units if you ever had to move in the future.

ensure there are no discrepancies or pending payments by the HOA.

I bought my condo Oct 22, 2012, something like November 12th, 2012, the whole HOA got hit with a $300 assessment cause of some irrigation issue that happened a few years prior.

I was pissed, but I had no real recourse besides taking it to court.

make sure the Condo is ( I believe the word is) "insurable." Many banks and types of loans you can receive for a loan on a condo depend on the residents who live there being the actual owners. I believe that if 75%+ of the residents are not owners, your bank will not allow you to put any less than 20% down.

Ajjenkins? you in Az or Detroit ? Thought quicken was based out of Detroit?