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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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The buying process
Ok, as many of you know (being I post here a lot) we put our wedding money into a 12 month CD which will expire 3/6/06. That said, please help:
Who did you use to pre-approve you? A bank, a morgage broker?
When should we begin to get serious as far as placing an offer?
Do you put a binder down then?
When is the offical down payment due?
How would I remove money I have in a stock market account which would be used towards our downpayment?
How long does it take from offer to contract?
We saw this one that is still on the market and will be into the winter because the sellers live in SC now so I'm not worried about it not being around in 2 months (I know anything can happen)?
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Posted 11/10/06 9:07 AM  |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: The buying process
Who did you use to pre-approve you? A bank, a morgage broker?
- Our bank...we also used them for our mortgage. They have a reputation for having the lowest rates as far as banks go. Also by using our bank it cut the paperwork in half.
When should we begin to get serious as far as placing an offer?
- As soon as you have all your ducks in a row...and find something you like.
Do you put a binder down then?
- We didn't do a binder.
When is the offical down payment due?
- At contract.
How would I remove money I have in a stock market account which would be used towards our downpayment?
- We use a broker.
How long does it take from offer to contract?
- Varies. We made an offer in late Feb and closed 4 months later (we requested a closing date of late May and it wound up going 2 weeks past).
We saw this one that is still on the market and will be into the winter because the sellers live in SC now so I'm not worried about it not being around in 2 months (I know anything can happen)?
- Good luck!
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| Posted 11/10/06 9:18 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The buying process
what kind of stock market account? I have a scott trade account and they can either send you a check or for $20 wire then money to your bank
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| Posted 11/10/06 9:20 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: The buying process
Who did you use to pre-approve you? A bank, a morgage broker?
BANK
When should we begin to get serious as far as placing an offer?
When you have a pre approval. I made an offer before I had it, we are getting it today but i havent slept in three days, lol.
Do you put a binder down then?
we gave our binder to our re agent the day after they accepted our offer.
When is the offical down payment due?
the lawyesr will negotiate how much you will be putting down at contract. usually ive heard its never more than half your dp.
How would I remove money I have in a stock market account which would be used towards our downpayment?
depends on how its held. you can just sell it - but you will have to pay capital gains taxes. talk to your acct.
How long does it take from offer to contract? we are three days deep, i'll let you know!
We saw this one that is still on the market and will be into the winter because the sellers live in SC now so I'm not worried about it not being around in 2 months (I know anything can happen)?
sorry, i dont have a crystal ball for you - you never know whats going to happen!
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| Posted 11/10/06 9:21 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
thanks girls. We are going into our bank the first week in January to get pre-approved but I wanted to remove the money my father set up in a stock market account for me when I was a child so I don't have a broker for that. I may talk to my Dad this weekend and ask. I want to have that money in my CD before I get pre-approved this way its all in one place. We got pre-approved back in May 2006, but obviously that is expired and our finances have changed since then (FOR THE BETTER!!). Thanks ladies.
So what are the advantages of using a morgage broker over a bank?
What banks did you ladies use? We have Washington Mutal and I really don't know how they compare or what their rep is like for morgages?
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| Posted 11/10/06 9:28 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: The buying process
the way you do research, Kerry, go with a bank. go to a few banks to hear their rates.
a broker shops the rates for you to get you the best rate. but the broke has to make his money somewhere. Id rather cut out the middle man, even though its more work for you.
but maybe see a few brokers too, you never know!
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| Posted 11/10/06 9:32 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
ok, which banks did you ladies use?
Does the bank pull the credit reports too?
There is no charge at the bank correct? Maybe Saturday DH and I may stop by one to just chat.
OOOH, and how long is the pre-approval letter good for? If we got one in December but didn't make an offer until Jan/Feb is that still going to apply?
And I've also heard lets say we get pre-approved for $300K but want to offer $275K, can't you get them to write you a lower pre-approval letter, this way you have two and a better chance of having the sellers lower their offers?
Thanks so much. I can't believe its almost our time....I've been on this board for months and all your help has been great.
Message edited 11/10/2006 9:38:33 AM.
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| Posted 11/10/06 9:36 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: The buying process
We used Greenpoint Mortgage...and yes, they pulled credit reports.
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| Posted 11/10/06 9:37 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: The buying process
they will definitely pull your credit reports- so i would shop rates befor making a decision bc you dont want your credit pulled too many times.
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| Posted 11/10/06 9:38 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
Posted by Colleen9304
We used Greenpoint Mortgage...and yes, they pulled credit reports.
but what was their fees? If a bank does it for free, I may go that route to save money. Luckily my Father would be our attorney so if we can do both ends free it would be a nice little savings.
What else goes into closing costs?
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| Posted 11/10/06 9:39 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The buying process
some mortgage brokers are also diret lenders- like my DH
so he can shop rates for you at wholesale- not retail and also lend you money
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| Posted 11/10/06 9:41 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
but what is his fees like? Its our first home so we obviously don't want to waste money but we also don't want to get screwed in the deal.
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| Posted 11/10/06 9:42 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: The buying process
Posted by kerrycec03
Posted by Colleen9304
We used Greenpoint Mortgage...and yes, they pulled credit reports.
but what was their fees? If a bank does it for free, I may go that route to save money. Luckily my Father would be our attorney so if we can do both ends free it would be a nice little savings.
What else goes into closing costs?
As I said before, it was our bank. Greenpoint was bought by NorthFork however the mortgage division remains Greenpoint. No fees.
As for closing costs, it varies. You pay taxes that were already paid for the year, you pay for any oil that was left in the tank, escrow....I know I'm missing some things.
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| Posted 11/10/06 9:42 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
I'm sure once we are pre-approved my father can sit down with us (being he would be our attorney) and go through the closing costs. Its such a big decision and I'm a big fan of researching every option so I just want to make sure I'm fairly educated in the process.
Now will banks give you the two seperate letters of pre-approval (one higher, one lower, better for negotiating)
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| Posted 11/10/06 9:44 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: The buying process
Posted by kerrycec03
I'm sure once we are pre-approved my father can sit down with us (being he would be our attorney) and go through the closing costs. Its such a big decision and I'm a big fan of researching every option so I just want to make sure I'm fairly educated in the process.
Now will banks give you the two seperate letters of pre-approval (one higher, one lower, better for negotiating)
yes, you can get pre approvals for different amounts.
the closing costs, unless you are being charged points, is goign to be very similar no matter where you go - mortgage recording tax, property taxes, etc.
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| Posted 11/10/06 9:46 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The buying process
Posted by kerrycec03
but what is his fees like? Its our first home so we obviously don't want to waste money but we also don't want to get screwed in the deal.
I have no idea- but I can give you his email and you can talk to him directly
he would be happy to answer questions for you
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| Posted 11/10/06 9:47 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: The buying process
Posted by kerrycec03
I'm sure once we are pre-approved my father can sit down with us (being he would be our attorney) and go through the closing costs. Its such a big decision and I'm a big fan of researching every option so I just want to make sure I'm fairly educated in the process.
Now will banks give you the two seperate letters of pre-approval (one higher, one lower, better for negotiating)
Yes, your attorney should go over all costs with you.
We got numerous pre-approval letters being that we put in 8 offers in various price ranges.
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| Posted 11/10/06 9:47 AM |
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JMF
LIF Infant
Member since 3/06 230 total posts
Name:
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Re: The buying process
IF you have good credit... DONT GO TO A BROKER... they basically get paid to shop rates and its just another person you have to pay... yes they get paid...
Call around to some banks... we had a great experience with wells fargo.
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| Posted 11/10/06 2:17 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
I will probably begin checking into banks next week. I wanted to know if you folks would consider this an ok credit score:
Me: 642
DH: 792
It seems average to me? How long does it to show a difference I mean we've been paying off things left and write just to lower our monthly payments once we do go into a house.
Message edited 11/10/2006 2:21:52 PM.
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| Posted 11/10/06 2:21 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: The buying process
Posted by kerrycec03
I will probably begin checking into banks next week. I wanted to know if you folks would consider this an ok credit score:
Me: 642
DH: 792
It seems average to me? How long does it to show a difference I mean we've been paying off things left and write just to lower our monthly payments once we do go into a house.
your DH's score is excellent. Whoever makes more $$ is goign to be the applicant on the mortgage, and the person who makes less will be the co-applicant. While they take both score into account, if your DH makes more $, they will rely more on his score bc he is probably contributing more to the mortgage (thats not how I think - but thats what ive been told!)
Honestly, your FICO is a little on the low side- its not horrible - I think you guys should get a good rate.
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| Posted 11/10/06 2:25 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: The buying process
Who did you use to pre-approve you? A bank, a morgage broker? Mortgage broker
When should we begin to get serious as far as placing an offer? As soon as you find what you think is the house you would love to purchase
Do you put a binder down then? we put it down when the contracts were signed
When is the offical down payment due? at closing
How would I remove money I have in a stock market account which would be used towards our downpayment?
How long does it take from offer to contract? ours took about 1 week.
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| Posted 11/10/06 2:30 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The buying process
you might get a better rate by only putting your DH on the mortgage and you on the deed
I would ask to have it run both ways
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| Posted 11/10/06 2:30 PM |
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leighdvm
My golden boys!
Member since 3/06 4419 total posts
Name:
Michele
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Re: The buying process
Posted by kerrycec03
Ok, as many of you know (being I post here a lot) we put our wedding money into a 12 month CD which will expire 3/6/06. That said, please help:
Who did you use to pre-approve you? A bank, a morgage broker?
We used a mortgage broker (he actually got us a great interest rate)
When should we begin to get serious as far as placing an offer?
when you KNOW it's the house you want and you have enough for at least 10% down. Offer 5-10% less than asking price..
Do you put a binder down then?
When we made our offer, we gave "earnest money", which was 1% of the asking price
When is the offical down payment due?
the day of your closing
How would I remove money I have in a stock market account which would be used towards our downpayment?
not sure
How long does it take from offer to contract?
ours took 1 month
We saw this one that is still on the market and will be into the winter because the sellers live in SC now so I'm not worried about it not being around in 2 months (I know anything can happen)?
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| Posted 11/10/06 2:36 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: The buying process
well see my DH is a carpenter and when he is working (which is about 9 months a year) he doubles my salary without a doubt. He also tries to pick up side work (which obviously is off the books so wouldn't matter). I think when we go to the bank and process our credit report (the final, once we decide on who has the better rates) then we may use me for only a co-signer.
Stupid credit cards at 18 messed me up big time but at least since marriage I've cut my debt down by 35% (just figured that out last night).
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| Posted 11/10/06 2:37 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: The buying process
Posted by kerrycec03
well see my DH is a carpenter and when he is working (which is about 9 months a year) he doubles my salary without a doubt. He also tries to pick up side work (which obviously is off the books so wouldn't matter). I think when we go to the bank and process our credit report (the final, once we decide on who has the better rates) then we may use me for only a co-signer.
Stupid credit cards at 18 messed me up big time but at least since marriage I've cut my debt down by 35% (just figured that out last night).
a broker might be better for you then a bank only b/c your DH could do what is called a " no doc" meaning he wont have to prove his income b/c his credit score is so high
jake and I are in a similar situation- he messed up his credit with a bad medical bill from when he was younger- long story
and I have about the same score as your DH give or take a few points- but I make less then Jake by a lot ( he also write off alot) but still enough to get a mortgage on my own
so out mortgage will be in my name only- but I wont be stating my income
I hope I am explaining this right-
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| Posted 11/10/06 2:42 PM |
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