[email protected] Posted January 11, 2008 Report Share Posted January 11, 2008 Well today I signed a buy sell agreement on a house and put a deposit down felt like i was signing my life away this is my first time doing all this and i would like to move in as soon as possible any of you have any tips on making this process go any faster I'm ready to move in today No more mods for the truck for a while Quote Link to comment Share on other sites More sharing options...
NolletSSS Posted January 11, 2008 Report Share Posted January 11, 2008 Just wait until closing and then you will really sign your life away haha congrats man....Oh and be sure to test fit the truck in the garage first. I didn't but luckily it fit with about 1/4 inch front and back to spare. Quote Link to comment Share on other sites More sharing options...
silverarrow96romeo Posted January 11, 2008 Report Share Posted January 11, 2008 Congrats!!! I just bought a house myself,close next week. l have a nice 2 car garage all to myself. Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 11, 2008 Author Report Share Posted January 11, 2008 Just wait until closing and then you will really sign your life away haha congrats man....Oh and be sure to test fit the truck in the garage first. I didn't but luckily it fit with about 1/4 inch front and back to spare. old people owned it has no covered carport trust me thats the first thing that will be done then i might get the electricity turned on lol Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 11, 2008 Author Report Share Posted January 11, 2008 Congrats!!! I just bought a house myself,close next week. l have a nice 2 car garage all to myself. congrats to you too maby one day i can say i have a garage also Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 11, 2008 Report Share Posted January 11, 2008 Make sure you have a LOCKED interest rate disclosure agreement from your lender. Your direct Lender. I hope you are not using a broker. Also make sure you are not paying any loan origination fees, they are not tax deductible. However, points to buy your interest rate down (Loan discount fees) are taxdeductible and don't be afraid to buy points to buy your rate down depening on how long you plan to hold the loan (not necessarily own the home, but hold the loan, many people never understand this concept). Also make sure you have a Truth in Lending Act (TILA) statement and that it clearly states you have no prepayment penalty. It will also state what type of loan you are getting. The #1 complaint in the mortgage industry is that the numbers, closing costs, and interest rate are not the same at the closing table as were promised up front. The #2 complaint is that people are stuck with pre-payment penalties without knowing it. I've been in the industry for years and can tell you countless horror stories. Never trust what your loan officer "says"...EVER. Make them show it to you in writing. Its the way I have always done business. If you want a second set of eyes to look over your documents, pm me and we can swap numbers. Please dont read this as trying to steal you away from your current lender. I just hate seeing good people get screwed in one of the most nasty dirty industries that has almost single handedly dragged our country into a recession becausse people trusted what someone "told" them. Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 11, 2008 Author Report Share Posted January 11, 2008 Make sure you have a LOCKED interest rate disclosure agreement from your lender. Your direct Lender. I hope you are not using a broker. Also make sure you are not paying any loan origination fees, they are not tax deductible. However, points to buy your interest rate down (Loan discount fees) are taxdeductible and don't be afraid to buy points to buy your rate down depening on how long you plan to hold the loan (not necessarily own the home, but hold the loan, many people never understand this concept). Also make sure you have a Truth in Lending Act (TILA) statement and that it clearly states you have no prepayment penalty. It will also state what type of loan you are getting. The #1 complaint in the mortgage industry is that the numbers, closing costs, and interest rate are not the same at the closing table as were promised up front. The #2 complaint is that people are stuck with pre-payment penalties without knowing it. I've been in the industry for years and can tell you countless horror stories. Never trust what your loan officer "says"...EVER. Make them show it to you in writing. Its the way I have always done business. If you want a second set of eyes to look over your documents, pm me and we can swap numbers. Please dont read this as trying to steal you away from your current lender. I just hate seeing good people get screwed in one of the most nasty dirty industries that has almost single handedly dragged our country into a recession becausse people trusted what someone "told" them. Thanks alot Black2003SS yea i will have a fixed intrest rate at 6.25% for 30 years (damn thats a long time) i guess thats good the house im purchasing is not to expencive so i hope to have it paid off in less then 15 years with no penalties im not going through a realtor im buying from current homeowner who aquired it from a bank who forclosed on it so i think i got a deal 2 bed 1.5 bath aprox 1000sq. ft. under roof 1.1 acre land three stall horse barn with shop for 48000 (runon sentence much) don't know about fees i will ask about that tomorrow thanks for the heads up i might have to take you up on that pm Brandt Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 11, 2008 Report Share Posted January 11, 2008 Yeah, make sure they aren't rolling in like $5k in fees or some crap. Also ask for a good faith estimate (GFE) as well. Legally, they have to provide you with the TILA, GFE, and IRD (interest rate disclosure) within 3 days of application. If they have not done so, they are in violation of RESPA laws. The issue isnt that arent laws in place to protect you, the issue is the borrower (you) dont know what your rights are to exercise them properly. Quote Link to comment Share on other sites More sharing options...
brobradh77 Posted January 11, 2008 Report Share Posted January 11, 2008 congrats man..I hope to be buying soon myself. Time for me to move out of the hood. I feel like the jefersons when i get out of here.. Quote Link to comment Share on other sites More sharing options...
squad6firedog Posted January 11, 2008 Report Share Posted January 11, 2008 Congrats to ya! I'm a real estate agent in Pa. Black2003SS gave you good advice. I bought mine a little over a year ago. You will sign forever on closing day, lol. Oh by the way my garage is a 30 x 30 two car, it was the main reason I bought the house! lol Quote Link to comment Share on other sites More sharing options...
Stitches040 Posted January 11, 2008 Report Share Posted January 11, 2008 #1 - Make your first mortgage payment at the time of the closing. It will save you something like $8000.00 over the course of you loan, in interest. #2 - I know that they are not popular around here (USA) .. but in Australia, you can get a mortgage that you pay twice a month ... you pay a ton less intrest over the course of the loan, by making that payment early. #3 - Contratulations on buying a home!!!!! Enjoy!!!!!! Quote Link to comment Share on other sites More sharing options...
silverarrow96romeo Posted January 11, 2008 Report Share Posted January 11, 2008 Thanks!! l go a VA home loan and it's fixed at 6.1%, no closing cost. brand new house, reduced from 130 to 124. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted January 12, 2008 Report Share Posted January 12, 2008 (edited) #2 - I know that they are not popular around here (USA) .. but in Australia, you can get a mortgage that you pay twice a month ... you pay a ton less intrest over the course of the loan, by making that payment early. They are popular, but most people are house poor and can not afford to do so. Paying bi-weekly will cut a 30yr mortgage down by 3 years to a 27year term. Yes it makes sense to do as it can save you tens of thousands. Paying bi-weekly on a 15yr mortgage will shave it to abotu 13yrs. You say big deal, but think if you are paying $1,200/mo in principle and interest payments monthly...Every year you shave off saves you $14,400 per year that you no longer have that mortgage. Thats $43,200 saved on a 30yr cut to 27yrs. Hello corvette? Thanks!! l go a VA home loan and it's fixed at 6.1%, no closing cost. brand new house, reduced from 130 to 124. I hate to break the news to you, but I bet my silverado ss and the blower on it that you paid closing costs. See, VA loans come with this thing called a "Funding Fee". It is basically up front mortgage insurance. The funding fee goes into a pool to pay for, or insure, against any defaults on all VA loans. It is 100% unavoidable and must be paid. It was more than likely rolled into your loan and you are now paying 6.125% on those costs. The funding fee is 1-2% of the loan amount so you can see you had to cover that as well as it was $1-3k. You also had to have an appraisal done required by VA guidelines on a purchase and I know the broker/bank didn't pay for it out of their pocket, that was also rolled in. I guarantee you probably had $3-5k in fees rolled into your loan. Dig out your HUD1 settlement statement and I promise you will unfortunately see what I am talking about. Also, you had to establish reserves for escrows if you escrow, so if you didnt pay your taxes and isnurance escrow at closing, they rolled that in also. VA loans are one of the biggest disgraces for our vets. They do have good interest rates and no PMI on 100% financing, but alot of brokers can easily fleece a vet for thousands of dollars. I see it all the time and 95% of the vets have no clue. Its sad, really sad. Edited January 12, 2008 by Black2003SS (see edit history) Quote Link to comment Share on other sites More sharing options...
[email protected] Posted January 12, 2008 Author Report Share Posted January 12, 2008 Thanks for all the help guys they locked my loan in today my notes will be 277$ plus 53$ for pmi insurance a month for 30 years @6.25 but im pretty sure i can knock that out in 15 or less the guy gave me the key and i went out there for about an hour today man i cant wait Thanks again, Brandt Quote Link to comment Share on other sites More sharing options...
04CHASE Posted January 12, 2008 Report Share Posted January 12, 2008 cool stuff man , i can vouch for black2003ss , he is a cool guy and will help you out. but i gotta say you got a house for 48k?? i so envy you. houses here go for 10x that for something decent. Quote Link to comment Share on other sites More sharing options...
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