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First Time Home Buyer- Running thread


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I know this is a huge undertaking, but I'm just laying everything out there for those who read this in the future.

 

So, I have the realtor who showed us homes and ultimately got us to decide on this new build.

Then I have the listing agent (from the same office). Not real sure what his role way, he just filled in for the woman because she was out of town when I wanted to sign the contract.

Now I have a closing agent who handles everything related to closing. Which has nothing to do with the financing so I'm not sure what purpose she serves.

 

Also have the loan officer and her secretary.

 

The builder, his project manager, and 4 subcontractors.

 

 

Everyone is emailing back and forth like crazy trying to schedule stuff and work out upgrades and costs. It's a mess, but at least everyone is responsive and isn't making me call them to get anything done.

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Final tallies for large costs related to, but not part of the home purchase:     Vinyl fencing, as required by HOA- $9,000 Sod for portion of yard that builder did not provide, self install- $1,20

Of course nothing goes smoothly.

 

I am a federal employee and just had an overpayment of $400 show up as 120 days late on my Transunion report yesterday.

It's *possible that I owe this as I've changed federal jobs several times over the years and sometimes human resources forgets to carry my insurance selections over.

But I haven't worked at this agency since 2012.

 

I've read on here a few times that things *might be OK if I pay it and get something it writing saying it's paid? I can't imagine I'll possibly be able to get PFD out of the federal government. They are all salamanders.

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Miraculously, I got ahold of the correct person.

 

She said she was going to manually call back the tradeline from eOscar. Which, if I remember correctly, will remove that from my credit reports.

I have to wait until the beginning of November to see if it worked.

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  • 2 weeks later...

When is a good time to lock in an interest rate?

 

I think* my lender said 60 days out, but I can't recall if that is a hard-and-fast rule, or if she just suggested it because that's what usually happens.

I'm not sure if I should try now, or wait until after December when the Fed meets.

Edited by CreditNewb15
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Bump.

 

We don't close for another 120 days.

Would it be advisable to look into paying for a long term rate lock?

 

The only way to know the right time and duration to lock in your rate is in retrospect.

 

My personal opinion is that rates aren't volatile enough to pay money for a lock. At some point X days before closing you will be able to lock at no cost (and at Y days you will be required to). Sometime between X and Y the rates may take a small dip, and maybe only for one day, and that's when I would lock.

 

That could be either the worst advice or the best advice you've ever gotten. You'll know after the fact. :)

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Haha I just meant in reference to the Fed meeting in December and the election in a couple of weeks.

 

12/28 is the earliest I can lock for free and we'll know this other information before then.

 

You are essentially asking what these events will do to interest rates. Who knows? Also, mortgage rates fluctuate even when the Fed rate does not.

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Haha I just meant in reference to the Fed meeting in December and the election in a couple of weeks.

 

12/28 is the earliest I can lock for free and we'll know this other information before then.

 

You are essentially asking what these events will do to interest rates. Who knows? Also, mortgage rates fluctuate even when the Fed rate does not.

 

 

Yes that is what I was asking.

 

If there's no way to know, there's no way to know.

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Haha I just meant in reference to the Fed meeting in December and the election in a couple of weeks.

 

12/28 is the earliest I can lock for free and we'll know this other information before then.

 

You are essentially asking what these events will do to interest rates. Who knows? Also, mortgage rates fluctuate even when the Fed rate does not.

 

 

Yes that is what I was asking.

 

If there's no way to know, there's no way to know.

 

 

There is no way to know.

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  • 2 weeks later...

I filed a complaint with CFPB today.

 

I submitted a dispute with TU on 7Nov, and got impatient, so I submitted the complaint against TU.

I'm thinking it will be an easy deletion because the tradeline makes no sense. It showed as a 120-day late which first appeared on my report in Oct2016.

Nov2016 shows it as a $0 chargeoff.

 

It is also reporting on EX, but I'm waiting to see these results before I touch that one.

If this doesn't work, I don't want to jeopardize 2 of my 3 reports.

 

 

 

BUT, after reading some other threads, it's my understanding that because I'm doing FHA that my low score won't change the interest rate?

Edited by CreditNewb15
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Correct FHA is not score driven.

 

Why did you complain to the CFPB prior to the CRA responding to your dispute.

 

I didn't want to wait 30 days to hear back.

I need this cleared up by December.

 

There was an option to select if you had already disputed the item and heard back from the CRA.

Edited by CreditNewb15
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When can I expect the lender to pull my credit?

 

I am sure they will pull it when I lock the interest rate (29 Dec), but will they do it again at closing (Feb 28)?

 

They will pull again shortly before closing.

 

Both of the originators we used this summer did hardies at application and softies before closing.

 

Historically, they were generally all hardies... Not that it matters.

 

YMMV.

Edited by cv91915
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When can I expect the lender to pull my credit?

 

I am sure they will pull it when I lock the interest rate (29 Dec), but will they do it again at closing (Feb 28)?

 

They will pull again shortly before closing.

 

Both of the originators we used this summer did hardies at application and softies before closing.

 

Historically, they were generally all hardies... Not that it matters.

 

YMMV.

 

 

That's what makes sense.

I'm thinking about BT'ing from a hidden business card to a personal card.

It wouldn't put me in trouble with DTI but it would be a few thousand extra debt that had not been present at prequal or at 29 Dec.

 

Think that would be an issue?

Edited by CreditNewb15
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