Home Buying & Real Estate Thread

アミーゴ アミーゴ why buy cash when rates are cheap? Or is it because you’re buying in a highly competitive market so as a cash buyer you can close easy/they’ll take your offer ....
otherwise if it’s not a hot market like seattle then 20% down seems to make more sense, no?
 
mr jordan04 said:
And people just gonna blame the government/banks/greedy realtors. Everybody but themselves
Click to expand...
Right - humans are naturally greedy and shortsighted and will always bite off more than we can chew. It’s even more debilitating when it involves 6 figure debt + the roof over your head.
 
アミーゴ アミーゴ why buy cash when rates are cheap? Or is it because you’re buying in a highly competitive market so as a cash buyer you can close easy/they’ll take your offer ....
otherwise if it’s not a hot market like seattle then 20% down seems to make more sense, no?
[/QUOTE]

I’m only looking to buy in hot markets, which it seems like most people in here are as well.

What rates are people seeing? nawghtyhare nawghtyhare what was yours??Quick search still shows 3.5 on a 30
 
ecook0808 said:
アミーゴ アミーゴ why buy cash when rates are cheap? Or is it because you’re buying in a highly competitive market so as a cash buyer you can close easy/they’ll take your offer ....
otherwise if it’s not a hot market like seattle then 20% down seems to make more sense, no?
Click to expand...

I’m only looking to buy in hot markets, which it seems like most people in here are as well.

What rates are people seeing? nawghtyhare nawghtyhare what was yours??Quick search still shows 3.5 on a 30
[/QUOTE]

mine was 3.5%
 
yea just got offered 3.625 from a lender

gonna start process or reaching out to credit union tomorrow to see what they have to offer
 
I'm hearing folks getting below 3% without using points. My girl and just started engaging with a relator. I'm a disabled vet but I don't think that was her point cause we didn't tell her.

DC Area
 
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My girl and went to check out a place in DC (Old City). We chopped it up with the relator (Sotheby's), it's not a really nice area, I (6'3" and black) walk in and the relator (short brunette) seemed a lil uneasy, my girl (short brunette) come in behind me and she calms down.

We check out the place determine it aint for us but we chop it up with the relator. She says there's a frenzy for anything below $750k in DC, she has noticed a slow down since the market has dropped and has already had one buyer balk.

I told my girl we should stack $200k for a down payment, relator said with people getting below 3% down payment aint really necessary. She imagines it dropping more in the summer. With VA disability I should be exempt from PMI and funding fee. She recommended a loan officer but I would like to fine Mortgage Broker that has connects with people that have knowledge with VA Loans.
 
thenewjs23 said:
I told my girl we should stack $200k for a down payment, relator said with people getting below 3% down payment aint really necessary. She imagines it dropping more in the summer. With VA disability I should be exempt from PMI and funding fee. She recommended a loan officer but I would like to fine Mortgage Broker that has connects with people that have knowledge with VA Loans.
Click to expand...

Depends on your credit score, too. You should be able to find a mortgage broker who will run your application across multiple lenders. Thats how I did it - made a post on BiggerPockets forum asking for lender suggestions. One of them was a broker that I ended up going with. You can also use Zillow mortgage and other online sites to compare rates, then reach out to those lenders. Rates are kind of up right now (from recent lows) but I think they'll drop again - if you are already in contact with lenders, you can tell them to "lock" the rate once it drops enough for you.

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I did a quick search on that Zillow link, with 760+ Credit Score, VA Loan, 20% down, $600k purchase price - and the best current rate is 3.375% with New American Funding.
 
turbospartan said:
id a quick search on that Zillow link, with 760+ Credit Score, VA Loan, 20% down, $600k purchase price - and the best current rate is 3.375% with New American Funding.
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just spoke to lender who helped get me into my current home rates already jumped smh

have to be more ready to act next time smh
 
monstar said:
just spoke to lender who helped get me into my current home rates already jumped smh

have to be more ready to act next time smh
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Yea they've been going up and down like crazy lately. I would just stay ready with a lender / broker, and "lock" once it gets low enough. I think they'll drop again in the future.

This link shows how the average 30y rates have fluctuated by day: http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx
 
Yo like i said .

1)credit is important 760+
2)have 20% down payment, it helps
3)THE MOST IMPORTANT ( 28/36 Rule) <-look this one up !!!!! TRUST ME!
4)Find the bank/credit union you’d like to use.
5)get approved by bank/credit union -
6) start looking for home . Alone or with an agent. Go alone to a few open houses. Feel it out first. Find out what you like.
7)find home ! Can you afford it?
8.)make an offer! Agent needed (yes/no)
9)tell your bank
10)find your own lawyer
 
MrPolo23 said:
Yo like i said .

1)credit is important 760+
2)have 20% down payment, it helps
3)THE MOST IMPORTANT ( 28/36 Rule) <-look this one up !!!!! TRUST ME!
4)Find the bank/credit union you’d like to use.
5)get approved by bank/credit union -
6) start looking for home . Alone or with an agent. Go alone to a few open houses. Feel it out first. Find out what you like.
7)find home ! Can you afford it?
8.)make an offer! Agent needed (yes/no)
9)tell your bank
10)find your own lawyer
Click to expand...

I agree with #3 being most important.
 
Been searching for a condo, but I think I'm going to put it on hold with everything going in the world.

Don't want to get caught slipping even though I have enough saved and good credit.
 
AGAIN PEOPLE 28/36 !!!! Look it up thank me later ! Credit ain’t ish if you don’t understand this first .
 
MrPolo23 said:
Yo like i said .

1)credit is important 760+
2)have 20% down payment, it helps
3)THE MOST IMPORTANT ( 28/36 Rule) <-look this one up !!!!! TRUST ME!
4)Find the bank/credit union you’d like to use.
5)get approved by bank/credit union -
6) start looking for home . Alone or with an agent. Go alone to a few open houses. Feel it out first. Find out what you like.
7)find home ! Can you afford it?
8.)make an offer! Agent needed (yes/no)
9)tell your bank
10)find your own lawyer
Click to expand...
#4.... I’ve always worked with mortgage brokers who find the best possible rates, and I’ll have at least 2 highly reputable brokers compete for me, and I’ll go with whoever wins. Your method of choosing a bank or CU and using their rates, doesn’t sound very appealing to me....
Only other thing that didn’t jive with me is getting all the way to your 8th step and possibly not using an RE agent.... imo you should have an agent very early if you’re not your own agent.
Other than that, post was good
But maybe I’m wrong and you’re right , if so let me know
 
You want to window shop before you go wasting someone’s time.... see what you like ..... see what you can actually afford. When you get a good idea 💡 get an agent . Agents will agree on this.
 
Anddd the rate thing is serious.... it’s a game changer ! Rates change Monday -Friday 11:00 am -5:00 pm doesn’t matter with which mortgage broker you go with. All that matters are the rates. He or she can’t change a rate unless you had priced locked it .
Example Monday rates were 3.5 today they’re 3.8 and most likely going up higher. Best I’ve seen was 3.1 (conventional home loan 30 year)
 
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