House Buying Thread

NTP66
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Postby NTP66 » Tue Sep 22, 2020 1:25 pm

Source of the post I'm still locked in until October 26 at 2.5%, so hopefully this doesn't drag out longer.
FWIW, I was just told that Better can extend your lock if need be, so it sounds like you wouldn't need to worry too much if things ran long.

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Postby Troy Loney » Fri Sep 25, 2020 3:21 pm

https://www.politico.com/news/2020/09/2 ... isk-421814

If you're thinking of owning, better move before this change happens.

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Postby NTP66 » Fri Sep 25, 2020 3:30 pm

Page cannot be found.

Troy Loney
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Postby Troy Loney » Fri Sep 25, 2020 3:46 pm


MrKennethTKangaroo
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Postby MrKennethTKangaroo » Fri Sep 25, 2020 3:49 pm

what are they going to tell us next, that social security is going to run out of money!??!?!?!

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Postby Troy Loney » Fri Sep 25, 2020 3:57 pm

what are they going to tell us next, that social security is going to run out of money!??!?!?!
What's your take on the outcome of the GSE's pulling back their purchases? My instinct is to think large rate increases, less access to credit, lower demand and a drop in home prices.

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Postby MrKennethTKangaroo » Fri Sep 25, 2020 4:18 pm

what are they going to tell us next, that social security is going to run out of money!??!?!?!
What's your take on the outcome of the GSE's pulling back their purchases? My instinct is to think large rate increases, less access to credit, lower demand and a drop in home prices.
What the loney is describing is the textbook answer for what *should* happen if Fannie and Freddie decide to shore up their balance sheet and purchase less crap. But at this point of 2020, what fundamental part of economics or market forces haven't been completely ass backward?

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Postby Troy Loney » Fri Sep 25, 2020 4:25 pm

what are they going to tell us next, that social security is going to run out of money!??!?!?!
What's your take on the outcome of the GSE's pulling back their purchases? My instinct is to think large rate increases, less access to credit, lower demand and a drop in home prices.
What the loney is describing is the textbook answer for what *should* happen if Fannie and Freddie decide to shore up their balance sheet and purchase less crap. But at this point of 2020, what fundamental part of economics or market forces haven't been completely ass backward?
It's also difficult to draw any straight line when dealing with market forces tied so closely to fed rates. Cause with 0% interest, how much are mortgage rates going to be impacted by less competition?

But, I really don't think you can underestimate the sort of mortgage market credit crunch that would develop should the GSE's stop buying all the loans. Banks aren't interested in carrying these loans on their books.

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Postby MrKennethTKangaroo » Fri Sep 25, 2020 4:43 pm

what are they going to tell us next, that social security is going to run out of money!??!?!?!
What's your take on the outcome of the GSE's pulling back their purchases? My instinct is to think large rate increases, less access to credit, lower demand and a drop in home prices.
What the loney is describing is the textbook answer for what *should* happen if Fannie and Freddie decide to shore up their balance sheet and purchase less crap. But at this point of 2020, what fundamental part of economics or market forces haven't been completely ass backward?
It's also difficult to draw any straight line when dealing with market forces tied so closely to fed rates. Cause with 0% interest, how much are mortgage rates going to be impacted by less competition?

But, I really don't think you can underestimate the sort of mortgage market credit crunch that would develop should the GSE's stop buying all the loans. Banks aren't interested in carrying these loans on their books.
I would guess it would just be another kick in the balls for the lower classes and contribute to the never ending problem with the wealth gap. Those that can afford 20% down payments wouldn't have a problem, but it would certainly limit access to credit for the not quite as rich. Just like those that can afford 20% down payments are probably the ones with white collar jobs that not only survived the pandemic but made out on it due to the various advantages of working from home.

On a sidebar, it would be an example of wealth disparity caused not necessarily by the greed of people but by forces beyond the control of any one greedy person. I don't have the time or the intelligence to explain myself, but in my mind it makes sense.

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Postby NTP66 » Sat Sep 26, 2020 10:20 am

Source of the post so hopefully this doesn't drag out longer.
I was supposed to close 20 minutes ago, but the notary called and informed me that she had not received the paperwork. I called Better to find out what happened, and they said something got mixed up on their end. So my closing is pushed back to Wednesday, but they said they were going to reissue the disclosure, as I was getting a concession for the screw up.

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Postby robbiestoupe » Sat Sep 26, 2020 5:40 pm

Source of the post so hopefully this doesn't drag out longer.
I was supposed to close 20 minutes ago, but the notary called and informed me that she had not received the paperwork. I called Better to find out what happened, and they said something got mixed up on their end. So my closing is pushed back to Wednesday, but they said they were going to reissue the disclosure, as I was getting a concession for the screw up.
I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason

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Postby NTP66 » Wed Sep 30, 2020 2:17 pm

Source of the post I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason
Any movement on your end? I'm supposed to close at 4:30pm, and still have not received the updated loan disclosure, and I imagine that the notary will have printed out what she has by 3:30ish. Everything was smooth until their damn title company **** the bed.

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Postby robbiestoupe » Wed Sep 30, 2020 4:08 pm

Source of the post I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason
Any movement on your end? I'm supposed to close at 4:30pm, and still have not received the updated loan disclosure, and I imagine that the notary will have printed out what she has by 3:30ish. Everything was smooth until their damn title company **** the bed.
It appears they finally accepted all the paperwork I gave them in the beginning. They're working on the title docs and final underwriting review next. Should know more in a couple days.

I assume this is all 100% virtual for you?

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Postby NTP66 » Wed Sep 30, 2020 4:26 pm

Source of the post I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason
Any movement on your end? I'm supposed to close at 4:30pm, and still have not received the updated loan disclosure, and I imagine that the notary will have printed out what she has by 3:30ish. Everything was smooth until their damn title company **** the bed.
It appears they finally accepted all the paperwork I gave them in the beginning. They're working on the title docs and final underwriting review next. Should know more in a couple days.

I assume this is all 100% virtual for you?
Nice! And yes, this has been 100% virtual up until today. The notary should be here any moment to sign the paperwork. It looks like they threw me another $75 bones for the earlier inconvenience, so I'll take it. Of course, now I'll have to wait for the title company to issue me a refund check since my cashier's check is higher. BTW, for your closing costs:

If your closing costs are:
$500 or less: Personal check or certified funds (bank wire or cashier’s check)
$501 - $2499: Certified funds (bank wire or cashier’s check)
$2500 and more: Bank wire only

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Postby robbiestoupe » Wed Sep 30, 2020 4:32 pm

Source of the post I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason
Any movement on your end? I'm supposed to close at 4:30pm, and still have not received the updated loan disclosure, and I imagine that the notary will have printed out what she has by 3:30ish. Everything was smooth until their damn title company **** the bed.
It appears they finally accepted all the paperwork I gave them in the beginning. They're working on the title docs and final underwriting review next. Should know more in a couple days.

I assume this is all 100% virtual for you?
Nice! And yes, this has been 100% virtual up until today. The notary should be here any moment to sign the paperwork. It looks like they threw me another $75 bones for the earlier inconvenience, so I'll take it. Of course, now I'll have to wait for the title company to issue me a refund check since my cashier's check is higher. BTW, for your closing costs:

If your closing costs are:
$500 or less: Personal check or certified funds (bank wire or cashier’s check)
$501 - $2499: Certified funds (bank wire or cashier’s check)
$2500 and more: Bank wire only
Hmm, most likely the last category for me. Northwest for some reason listed "payoff interest" of just over $1000 plus a $200 payoff fee for the first mortgage. Better didn't figure that into the original quote, so they're rolling it into the closing costs.

I may get all that back and then some as there's another line item for escrow balance that's at $1900 right now. Either way, I'll still be in the last category most likely. Pretty sweet that you were able to get yours below $2500.

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Postby robbiestoupe » Tue Oct 06, 2020 7:55 am

Source of the post I’m not too happy with Better’s way of handling this so far. Still hoping to get my situation resolved, but no light at the end of this tunnel yet. Nice that you keep getting your closing costs knocked down. Mine have gone up for some reason
Any movement on your end? I'm supposed to close at 4:30pm, and still have not received the updated loan disclosure, and I imagine that the notary will have printed out what she has by 3:30ish. Everything was smooth until their damn title company **** the bed.
It appears they finally accepted all the paperwork I gave them in the beginning. They're working on the title docs and final underwriting review next. Should know more in a couple days.

I assume this is all 100% virtual for you?
Nice! And yes, this has been 100% virtual up until today. The notary should be here any moment to sign the paperwork. It looks like they threw me another $75 bones for the earlier inconvenience, so I'll take it. Of course, now I'll have to wait for the title company to issue me a refund check since my cashier's check is higher. BTW, for your closing costs:

If your closing costs are:
$500 or less: Personal check or certified funds (bank wire or cashier’s check)
$501 - $2499: Certified funds (bank wire or cashier’s check)
$2500 and more: Bank wire only
Did you complete your closing? All my paperwork has been approved, so the next step appears to be setting the closing date. Still curious as to what my closing costs will be. There's a daily per diem that is calculated on the existing mortgage's interest, so the closer to the end of the month, the more I'd owe. Hoping that I close the day after I make my next payment, making closing costs a bit less.

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Postby NTP66 » Tue Oct 06, 2020 10:17 am

Source of the post Did you complete your closing? All my paperwork has been approved, so the next step appears to be setting the closing date. Still curious as to what my closing costs will be. There's a daily per diem that is calculated on the existing mortgage's interest, so the closer to the end of the month, the more I'd owe. Hoping that I close the day after I make my next payment, making closing costs a bit less.
Yep, we closed last week, and the loan was funded yesterday. Check your account, because if the next step is closing, you should be able to select your closing date and time. You'll get a closing disclosure right before the actual closing date, too.

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Postby robbiestoupe » Tue Oct 06, 2020 1:08 pm

Source of the post Did you complete your closing? All my paperwork has been approved, so the next step appears to be setting the closing date. Still curious as to what my closing costs will be. There's a daily per diem that is calculated on the existing mortgage's interest, so the closer to the end of the month, the more I'd owe. Hoping that I close the day after I make my next payment, making closing costs a bit less.
Yep, we closed last week, and the loan was funded yesterday. Check your account, because if the next step is closing, you should be able to select your closing date and time. You'll get a closing disclosure right before the actual closing date, too.
Just got an email today from Better. It's at final underwriting review. Nice to know I can choose my closing date. Hopefully I can get it around the end of this month, even though my locked rate expires the 26th.

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Postby NTP66 » Tue Oct 06, 2020 1:09 pm

Source of the post Did you complete your closing? All my paperwork has been approved, so the next step appears to be setting the closing date. Still curious as to what my closing costs will be. There's a daily per diem that is calculated on the existing mortgage's interest, so the closer to the end of the month, the more I'd owe. Hoping that I close the day after I make my next payment, making closing costs a bit less.
Yep, we closed last week, and the loan was funded yesterday. Check your account, because if the next step is closing, you should be able to select your closing date and time. You'll get a closing disclosure right before the actual closing date, too.
Just got an email today from Better. It's at final underwriting review. Nice to know I can choose my closing date. Hopefully I can get it around the end of this month, even though my locked rate expires the 26th.
They extended my rate lock no questions asked, so I don't see why you'd have trouble there.

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Postby robbiestoupe » Fri Oct 16, 2020 2:41 pm

Seems like I'm hitting some roadblocks on closing too, NTP. They keep trying to charge me more in closing costs than I really owe. It's based off an old estimate from my existing mortgage holder. This was two payments ago, and also based on a daily per diem on the interest. That's fine, except they assumed 45 days of interest. Since then, I've made two payments so it should actually be negative as I paid full interest that wouldn't be fully mature until the end of the month. Essentially, I already paid 60 days interest, but they still want me to pay the original 45 days. Plus the extra two months of principal I've paid since then.

Closing is supposed to be tomorrow at 10AM. Don't see that happening.

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Postby NTP66 » Fri Oct 16, 2020 2:44 pm

Oof. Have you called the closing agent to get them to correct it? They should be able to extend the rate lock and allow you to choose a new closing date to give them time to correct that.

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Postby robbiestoupe » Fri Oct 16, 2020 3:26 pm

Yeah, called them about an hour ago. Said the person that could help me was on lunch. Must be nice to know that Friday lunches are 2 hours even during a pandemic.

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Postby robbiestoupe » Fri Oct 16, 2020 7:09 pm

I ended up postponing closing. Nobody ever called me back. No way was I going to overpay for closing and trust them to pay me back the difference. Gotta say this closing agent has been absolutely non-existent. All the other agents have been good at answering questions. If/when they ask me to do a survey, this agent is getting a big fat zero

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Postby NTP66 » Fri Oct 16, 2020 7:34 pm

That sucks, because my closing agent was amazing. I’d get replies at all hours of the day, and never waited more than 24 hours for a response.

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