House Buying Thread

dodint
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Postby dodint » Tue Aug 04, 2020 9:42 pm

My wife was cleared NED this week as well. Putting to bed some seriois anxiety items right now.

The other shoe is going to be a doozy, I think. ;)

tifosi77
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Postby tifosi77 » Tue Aug 04, 2020 9:45 pm

Dude, that's amazing. Give her a hug.

CBear3
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Postby CBear3 » Wed Aug 05, 2020 8:51 am

Eff Yeah! Way to go Mrs. Dodint!

And congrats on the house.

willeyeam
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Postby willeyeam » Wed Aug 05, 2020 9:04 am

Had to look up what NED meant - hell yeah!

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Postby count2infinity » Wed Aug 05, 2020 9:07 am

Nittany Ned?

Kidding... congrats to Mrs. Dodint.

dodint
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Postby dodint » Wed Aug 05, 2020 9:33 am

Thanks, I'll pass along the kind words.

NTP66
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Postby NTP66 » Wed Aug 05, 2020 10:44 am

Thanks, I'll pass along the kind words.
Tell her congrats, she’s still stuck with you...

dodint
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Postby dodint » Wed Aug 05, 2020 11:35 am

Life is an eternal struggle.

mac5155
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Postby mac5155 » Wed Aug 05, 2020 2:16 pm

Great news dodint.

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Postby NTP66 » Sun Aug 16, 2020 9:21 am

Want To Refinance Your Home Loan With Record Low Rates? Get Ready For A Hefty Fee
Millions of Americans are refinancing their mortgages to save money as superlow interest rates create a rare financial bright spot amid the pandemic.

But homeowners are about to get hit with a big new fee. Starting next month, all home mortgages that are refinanced will have to pay half of 1% of the loan. In other words, $1,500 for a $300,000 mortgage.

The fee will be charged by Fannie Mae and Freddie Mac, which guarantee about half of all mortgages in the country. The government-sponsored enterprises, Fannie and Freddie, were created separately decades ago to keep the market stable. Their loan guarantees make banks more willing to loan money.
Oof.

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Postby robbiestoupe » Sun Aug 16, 2020 10:19 am

I was actually pondering refinancing due to the low rates. Says I’d save almost $40k over the 20 years of the loan. Even with the extra $1500 or whatever it may be, still worth looking into

NTP66
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Postby NTP66 » Thu Aug 27, 2020 5:00 pm

The fee is now waived, and rates dropped again. I’m seeing 2.54% APR for a 15 year fixed refinance. I think I have no choice but to make a phone call to see if it’s worthwhile.

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Postby Shyster » Thu Aug 27, 2020 5:12 pm

I'm paying 4.75%, but I also plan to pay off my mortgage within the next two years at the latest, so I don't think refinancing would be worth it.

NTP66
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Postby NTP66 » Thu Aug 27, 2020 5:58 pm

For you? Absolutely not. I’ve got 11 years left on my mortgage thanks to the extra principal payments, but I think it’s worth investigating.

tifosi77
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Postby tifosi77 » Thu Aug 27, 2020 8:28 pm

We're going through the final stages of a re-fi right now. We closed escrow on the purchase in just over 20 days last year, but the re-fi is stretching into its 5th week because everyone in the world is refinancing right now and there's limited bandwidth in processing.

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Postby tifosi77 » Thu Aug 27, 2020 8:36 pm

Also, we just found a real estate YouTube channel run by a local Realtor called Enes Yilmazer (who happens to have been a world champion windsurfer in a previous life). Basically, he gives guided tours of, well, mansions that are on the market. I have now learned of the glory of "automated pocketing Fleetwood doors".

NTP66
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Postby NTP66 » Fri Aug 28, 2020 6:34 am

I went through Better.com, and despite having some really good rates, the closing costs were insane - $4k-$6k.

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Postby NTP66 » Fri Aug 28, 2020 8:12 pm

I went through Better.com, and despite having some really good rates, the closing costs were insane - $4k-$6k.
I revisited this and sat down to do some math. Even subtracting the closing costs for the loans I was looking at, we would save a substantial amount of money over the life of the loan ($11k). I've read that Better will match lower rates, and Sebonic has a lower rate for me. I'm going to give them a call next week to get the details, because not only would my monthly payment be lower than it currently is on a longer loan, but I'd be able to pay off the house 14 months sooner than I currently will (with additional principal each month).

I will say that Better has, by far, the best website I've ever used for refinancing a mortgage. They did a soft pull of my credit to get things going, and I can update the interest rate and see my loan estimate in real time, down to the penny. It's incredibly useful.

dodint
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Postby dodint » Fri Aug 28, 2020 8:14 pm

Closed on the house we sold today. Good riddance. It was somewhat contentious for what should have been an easy cash sale. I was so angry about it that I didn't bring it up here.

Feels really good to get it behind us.

NTP66
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Postby NTP66 » Fri Aug 28, 2020 8:16 pm

Congrats, dodint. The entire process of selling a house blows, so it's always nice to get it over with.

dodint
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Postby dodint » Fri Aug 28, 2020 8:20 pm

Image

AuthorTony
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Postby AuthorTony » Fri Aug 28, 2020 10:11 pm

Congrats!

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Postby Freddy Rumsen » Fri Aug 28, 2020 10:17 pm

Congrats!

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Postby Kane » Sat Aug 29, 2020 4:27 am

Congrats!

NTP66
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Postby NTP66 » Mon Aug 31, 2020 8:32 am

I thought mortgage rates weren't supposed to change on the weekend? I got a call Sunday from Better.com, but missed it. By the time I called back (and he was unavailable), the rate jumped up.

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