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Home Buying/Mortgage questions
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Xellos007
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Home Buying/Mortgage questions
I was looking over the home prices in my area (San leandro) recently and i notice that the prices are now quite attractive.
So i decide to go check with my bank to see if i qualify for a loan and stuff. That went fairly easy and my bank gave me a rate of:
6.25 for a 30 year fix and i can buy it down to 5.375.
I have good credit not great but above avg.
so i wondering if this is a good deal or if i need to shop around more.
Also does having too many lenders look at your credit scores in a short amount of time affect your credit score?
Last edited by Xellos007, 5/20/2008, 2:09 pm
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5/12/2008, 3:11 pm
tehehd
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Re: need a opinion but i feel stupid for asking
be careful what the buydown is. could be a temporary one that goes back up after a couple years. 6-6.25% is reasonable for a 30 year fixed right now. Also, what are they charging for points and fees? what percent are you looking to put down?
as far as your credit you have 14 days to shop around before your credit score is hit again. i would get 3 quotes. one from a local bank, one from a big bank (bank of america, wells fargo, wamu), and one from a broker/independent smaller bank with multiple outlets.
you can pm me your credit score, and your purchase price/down payment. i can give you some accurate rate quotes for your info.
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5/12/2008, 4:34 pm
Cameron Frye
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Re: need a opinion but i feel stupid for asking
quote:
be careful what the buydown is. could be a temporary one that goes back up after a couple years. 6-6.25% is reasonable for a 30 year fixed right now. Also, what are they charging for points and fees? what percent are you looking to put down?
as far as your credit you have 14 days to shop around before your credit score is hit again. i would get 3 quotes. one from a local bank, one from a big bank (bank of america, wells fargo, wamu), and one from a broker/independent smaller bank with multiple outlets.
you can pm me your credit score, and your purchase price/down payment. i can give you some accurate rate quotes for your info.
Small thing thehed - wamu doesn't do home loans anymore. They got the **** kicked out of them on the sub-prime front and got completely out of the business.
Oh, and Xellos - avoid the online firm like Quicken or Lending tree. Teh hidden fees they have will kill you.
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The designated hitter rule is like letting someone else take Wilt Chamberlain's free throws.
~Rick Wise, 1974
5/13/2008, 3:03 pm
tehehd
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Re: need a opinion but i feel stupid for asking
i know wamu stopped offering loans on the wholesale side for brokers, but didn't know they are game over on the retail side as well. i know they were in bad shape after seeing the crap they were doing the past few years. they actually were not a subprime lender, where they got their ass kicked was alt-a paper, interest only arm's and the famous, "pick a payment option arm neg am." they were giving these piece of **** loans to anyone, and failing to accurately outline the details that, oh yea, you will be upside down in three years, just in time for your pre payment penalty to expire.
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"i don't pay them to fuck me, i pay them to leave."
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5/14/2008, 11:02 am
Xellos007
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…
Bank of America,
no closing cost and no points
i check with a independent broker, lower rate but with points and i have to pay the closing cost.
i just found the house i want but i need to talk to my bofa loan officer to get make the loan slightly bigger as the house i want is bit more expensive the one i was originally looking at. But it shouldn't be a problem.
my crdit score with transunion is 796 and over at experion is 890.
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5/16/2008, 4:59 pm
tehehd
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Re: need a opinion but i feel stupid for asking
lock the rate asap, friday and today the mortgage bond market has had a good run.
no points, no costs.
1. figure out how much you are saving (lump sum).
2. figure out how much you save every month with the lower rate.
3. divide broker cost by monthly savings = months to break even with better rate.
4. figure if you will be in the house that many months to decide if it's worth going "no fees."
---
"i don't pay them to fuck me, i pay them to leave."
-charlie sheen
5/19/2008, 4:38 pm
Xellos007
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…
1st house i look at was off the market the same day
2nd house is also currently pending on monday when my agent call to submit a offer.
both houses have been on the market for less then a month.
i will be living in whatever house i buy for 5+ years unless the market goes crazy and maybe i will sell it for a profit or
I am looking at a property near the san leandro/hayward area that has 2 house seperate house. selling for $330k. I am thinking of making a offer on it and live in one unit and rent the other out.
anyone here has any property management experience?
At least enough to tell me if i am crazy for even thinking of doing something like that.
Last edited by Xellos007, 5/20/2008, 2:16 pm
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5/20/2008, 2:08 pm
tehehd
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Re: Home Buying/Mortgage questions
just get an idea of what kind of tennant you will attract. it can be great as a mortgage supplement, but a nightmare if you get bad tennants. interview, run credit checks, etc.
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"i don't pay them to fuck me, i pay them to leave."
-charlie sheen
5/20/2008, 2:24 pm
Lionel Mandrake
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Re: …
quote:
1st house i look at was off the market the same day
2nd house is also currently pending on monday when my agent call to submit a offer.
both houses have been on the market for less then a month.
i will be living in whatever house i buy for 5+ years unless the market goes crazy and maybe i will sell it for a profit or
I am looking at a property near the san leandro/hayward area that has 2 house seperate house. selling for $330k. I am thinking of making a offer on it and live in one unit and rent the other out.
anyone here has any property management experience?
At least enough to tell me if i am crazy for even thinking of doing something like that.
I have seen some movement in the south bay. I am looking at props with high DOM, short sales and bank owned. Multiple offers are not uncommon and I have missed on two chances, so things seem to be coming back a bit.
If you can pull off an investment property on the same lot, do it by all means. I have managed props for my parents before and it's not all that bad. In fact, the rental market is strong right now. Just do your homework on rental agreements, deposits, fair housing, etc. and you will be fine.
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The trade-off between freedom and security, so often proposed so seductively, very often leads to the loss of both. - Christopher Hitchens
5/22/2008, 2:25 pm
Xellos007
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[invalid topic]
it happen again.
Another house i was prepare to make a offer on today had close bids on last Friday after receiving 21 bids.
it was price at 340K at a great neightborhood within San Leandro. walking distance of Elementry, Middle and High school.
What does everyone see in thier neightborhood regarding real estate?
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5/27/2008, 3:40 pm
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