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First Time Home Buyer- Running thread

The last post in this topic was posted 1305 days ago. 

 

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Congratulations on getting the keys how exciting! Who was the builder of the home if you don't mind me asking

 

Sent from my SM-G920P using Tapatalk

 

A small local builder.

 

 

 

 

 

 

 

 

Thanks everyone for entertaining so many dumb questions I had.

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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- $1,200

Furniture- $6,000

Landscaping- $1,300

Blinds, self install- $900

 

Total: $18,400

 

 

 

 

This is why everyone says you need way more cash on hand than just a downpayment.

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Hello,

 

We had a realtor tell me the same. She asked who we were approved with and when we mentioned the mortgage bank, she said "never heard of them." And then continued to tell us that it MAY affect getting a house if the seller doesn't recognize the mortgage lender. We've already done a hard-pull and get pre-approval. But the mortgage bank we went with typically deals with those with poor credit and hardship situations. Because of this site, we are not in that situation, our credit is clean and scores are 758 as our low-mid. We got 4.2% on a 400,000 loan with 20% down.

 

Should we shop around? Should we try USAA? Or a broker? Instead of a bank?

I was under the impression that 4.2 is low since the rate hike late in 2016. I've head there may be another hike in April.

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Hello,

 

We had a realtor tell me the same. She asked who we were approved with and when we mentioned the mortgage bank, she said "never heard of them." And then continued to tell us that it MAY affect getting a house if the seller doesn't recognize the mortgage lender. We've already done a hard-pull and get pre-approval. But the mortgage bank we went with typically deals with those with poor credit and hardship situations. Because of this site, we are not in that situation, our credit is clean and scores are 758 as our low-mid. We got 4.2% on a 400,000 loan with 20% down.

 

Should we shop around? Should we try USAA? Or a broker? Instead of a bank?

 

I was under the impression that 4.2 is low since the rate hike late in 2016. I've head there may be another hike in April.

 

With good credit, 20% down and adequate income you wouldn't have to work very hard to get a lower rate than 4.25% based on some cursory searches I just did.

 

How long are you planning to keep the home?

 

You might want to start your own thread if you wish to continue the discussion.

Edited by cv91915

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Hello,

 

We had a realtor tell me the same. She asked who we were approved with and when we mentioned the mortgage bank, she said "never heard of them." And then continued to tell us that it MAY affect getting a house if the seller doesn't recognize the mortgage lender. We've already done a hard-pull and get pre-approval. But the mortgage bank we went with typically deals with those with poor credit and hardship situations. Because of this site, we are not in that situation, our credit is clean and scores are 758 as our low-mid. We got 4.2% on a 400,000 loan with 20% down.

 

Should we shop around? Should we try USAA? Or a broker? Instead of a bank?

I was under the impression that 4.2 is low since the rate hike late in 2016. I've head there may be another hike in April.

 

 

I am inclined to believe that realtors know very little about the actual mortgage process.

Mine didn't recognize Navy Federal Credit Union and tried to tell me that the seller probably wouldn't accept a bank that wasn't local.

I think it's BS.

 

Their commission is on the line so they prefer the path of least resistance and are uninterested in things that might work when they knows things that WILL work.

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TCBNow

 

Realtors like to be in control - who can blame them if things go bad they look bad and do not earn their commission -

 

However you need to Remind them they they work for you and they have zero say in which bank you use - if they do not like the choice of bank it is ok because another agent wont care

 

As mentioned above they want to use their preferred person - that is for their benefit not yours -

 

As far as who to use - if you are comfortable with the person you are dealing with you have to decide what rate would be enough to sway you - sure you can get better but how much and is it really worth the hassle - as you mentioned you have a hard pull - the person has done some work - I would look around and then decide if it is worth it

 

Good Luck

B

 

I

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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- $1,200

Furniture- $6,000

Landscaping- $1,300

Blinds, self install- $900

 

Total: $18,400

 

 

 

 

This is why everyone says you need way more cash on hand than just a downpayment.

Bingo!

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One more question on this 'recognizable mortgage lender":

 

Bidding wars are a big issue in the area that I live.

 

If there is multiple offers on a house, and the seller needs to pick a buyer to go with, why wouldn't they chose the better known bank or lender?

If I were a seller, I'd want to pick the most likely buyer to have the available funds, and a reliable bank so they deal wouldn't fall through at the last minute.

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One more question on this 'recognizable mortgage lender":

 

Bidding wars are a big issue in the area that I live.

 

If there is multiple offers on a house, and the seller needs to pick a buyer to go with, why wouldn't they chose the better known bank or lender?

If I were a seller, I'd want to pick the most likely buyer to have the available funds, and a reliable bank so they deal wouldn't fall through at the last minute.

 

There's your answer.

Bidding wars are different I'm sure.

 

Mine was just a builder, so it made absolutely no sense to me at all.

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