Author Topic: Went through the process of house hunting/buying (Read 118392 times)

Sport · « **Reply #180 on:** March 23, 2016, 10:48:21 AM »

Quote from: Mikeoracle on March 22, 2016, 09:14:31 PM

thank you!
From what I understand the regulations were changed to allow up to 10 (originally 4), but most banks won't offer them, so I'm trying to find someone who will.
In case it makes a difference I'm looking in NJ

He can do it. I just sent you a pm with his info.

pixi · « **Reply #181 on:** March 24, 2016, 01:48:11 AM »

Quote from: Mikeoracle on March 22, 2016, 05:35:16 PM

Does anyone know of a bank/lender that would allow more than 4 mortgages for one borrower (separate properties)?

Your talking about a residential mortgage.. You gotta find the right bank, ask a mortgage broker.

yr · « **Reply #182 on:** March 31, 2016, 12:24:33 PM »

Anyone have experience with seller concessions and what the limits are?

MC · « **Reply #183 on:** March 31, 2016, 12:29:21 PM »

Quote from: yr on March 31, 2016, 12:24:33 PM

Anyone have experience with seller concessions and what the limits are?

Typically 6% max for non-investment properties and 2% max for investment properties.

yr · « **Reply #184 on:** March 31, 2016, 12:45:41 PM »

Why do banks not care? Say the agreed price is 300k and 5%, 15k down. If they bump the price up to 318k to give an 18k concession (and put down 16k instead of 15k to have 5% down) LTV is more than 100% - 16k down and 302k loan, with value only 300k.

oiseli48 · « **Reply #185 on:** March 31, 2016, 01:57:23 PM »

Quote from: yr on March 31, 2016, 12:45:41 PM

Why do banks not care? Say the agreed price is 300k and 5%, 15k down. If they bump the price up to 318k to give an 18k concession (and put down 16k instead of 15k to have 5% down) LTV is more than 100% - 16k down and 302k loan, with value only 300k.

The banks appraisal decides the value, not your purchase price. Although generally they tend to be the same, only if it's reasonable.

If the house is worth 100k, and I agree to buy it for 200k, the bank isn't giving me more than 100k.

mgarfin · « **Reply #186 on:** May 08, 2016, 04:13:14 PM »

Any banks that offer GOOD first time buyer mortgage program in Monsey/Rockland County area? also anyone have a recommendation for a mortgage broker?

Lou Bob · « **Reply #187 on:** May 08, 2016, 05:22:44 PM »

Quote from: mgarfin on May 08, 2016, 04:13:14 PM

Any banks that offer GOOD first time buyer mortgage program in Monsey/Rockland County area? also anyone have a recommendation for a mortgage broker?

pm @ayman

Dr Moose · « **Reply #188 on:** May 08, 2016, 05:27:05 PM »

Quote from: Lou Bob on May 08, 2016, 05:22:44 PM

pm @ayman

+1

yr · « **Reply #189 on:** May 26, 2016, 04:30:51 PM »

Anyone know of a good home inspector in passaic/clifton area?

rileywiles23 · « **Reply #190 on:** June 14, 2016, 03:19:30 PM »

Quote from: Shmelly on July 02, 2015, 04:50:52 PM

Anyone ever hear of a home inspector named Dov Herman? http://nyc-homeinspection.com/

he wants $625 for an inspection, while

Quote from: skyguy918 on May 01, 2015, 10:40:39 AM

http://www.simonhometechinc.com/Home_Page.html

We used this guy once. We didn't end up buying that house, and then he wasn't available in the short timeframe we needed to inspect the house we eventually bought. He's cheap (it was $400 for a standard KGH attached house 2+ years ago), and very thorough. English is probably not his first language, but it didn't cause any problems at all. I wasn't there for our second inspection, but my wife felt the second guy was much less thorough than this guy. He takes you around, explains everything he's inspecting, which can really help you get a head start on understanding what's what in a house.

wants $425. Both seem to have great reviews, just find the price discrepancy interesting.

ckmk47 · « **Reply #191 on:** June 14, 2016, 03:25:59 PM »

Find out specifically what you're getting from each one.
A written report? What aspects does he inspect?
The reviews: was anybody specific, or was it all- he's great? Anybody say - he found this type of flaw in a house I was considering buying?

skyguy918 · « **Reply #192 on:** June 14, 2016, 03:36:46 PM »

Quote from: rileywiles23 on June 14, 2016, 03:19:30 PM

he wants $625 for an inspection, while wants $425. Both seem to have great reviews, just find the price discrepancy interesting.

I thought I mentioned this before, but the second guy in my story was Herman. So we used both. I can't give you a full accounting, as I wasn't present for the second inspection, but my wife wasn't impressed. The reports were similar - if anything, Simon's was more detailed.

rileywiles23 · « **Reply #193 on:** June 14, 2016, 05:51:03 PM »

Quote from: skyguy918 on June 14, 2016, 03:36:46 PM

I thought I mentioned this before, but the second guy in my story was Herman. So we used both. I can't give you a full accounting, as I wasn't present for the second inspection, but my wife wasn't impressed. The reports were similar - if anything, Simon's was more detailed.

Got it. Thanks for the info.

rileywiles23 · « **Reply #194 on:** June 14, 2016, 05:58:50 PM »

Quote from: ckmk47 on June 14, 2016, 03:25:59 PM

Find out specifically what you're getting from each one.
A written report? What aspects does he inspect?
The reviews: was anybody specific, or was it all- he's great? Anybody say - he found this type of flaw in a house I was considering buying?

From the websites, it seems that they both inspect the same things.

yr · « **Reply #195 on:** June 27, 2016, 02:21:17 PM »

I'm trying to figure out if I should lock my rate.

I'm closing in 3-4 weeks and market conditions seem to indicate that rates won't go too much higher, if at all.

Anyone have any comments or advice?

Mordyk · « **Reply #196 on:** June 27, 2016, 02:22:28 PM »

Quote from: yr on June 27, 2016, 02:21:17 PM

I'm trying to figure out if I should lock my rate.

I'm closing in 3-4 weeks and market conditions seem to indicate that rates won't go too much higher, if at all.

Anyone have any comments or advice?

i locked on thrusday

yr · « **Reply #197 on:** June 27, 2016, 02:24:52 PM »

Quote from: Mordyk on June 27, 2016, 02:22:28 PM

i locked on thrusday

What rate?

Mordyk · « **Reply #198 on:** June 27, 2016, 02:26:32 PM »

Quote from: yr on June 27, 2016, 02:24:52 PM

What rate?

very hard compared to rates due to different circumstances. i got 4.125%

Sport · « **Reply #199 on:** June 27, 2016, 02:29:58 PM »

Quote from: yr on June 27, 2016, 02:21:17 PM

I'm trying to figure out if I should lock my rate.

I'm closing in 3-4 weeks and market conditions seem to indicate that rates won't go too much higher, if at all.

Anyone have any comments or advice?

Whats the reason not to lock in at this point? Can you lock in for 6 weeks without paying points ?