Ughhhhh... Mortgage...

Meister

Meister

PR Founding Father
Looking at buying a house.. Need a little more room with the little one popping out sometime in April..

Any input? Best place to get mortgage loan? Best rates on home owners insurance? Got a great friend as a realtor whos been in the biz for quite a long time.. Just looking for moto`ers experiances and suggestions and anything pertaining to the subject..
 
Really is no "best" for everyone. Need to do some work on your end, shop around. For insurance - you can get quotes from most carriers online. Some people say that lowest rate doesn't always equal the best deal. I got quotes from all the major companies along with some of the smaller ones. Ended up with SafeCo for the house. Bundling with cars and bikes did not end up being worth it even though they all claim it will be.

As for mortgage rates, I shopped that as well. Everyone was getting me the same rate and same monthly so I didn't see the point in shopping it after a lot of headache in filling out the same forms 34890384 times and having multiple inquiries on my credit.
 
Ive done quite a bit of research.. Just figured id post to talk to moto buddies about it.. Pretty settled on an FHA so far..
 
What he said.. no 'best' for everyone. Will depend what you're putting down, your credit, etc.

My first house I did FHA, my other I did conventional. The first house being FHA they are pretty strict on things, like the paint on the side of the house was chipping a little, had to be repaired before they would approve it.

PMI sucks, you can do conventional with no PMI (unless your putting 20% down, then no pmi anyways)) , but will have higher rate to offset the PMI. Depending on the rate and stuff, that may work out better/worse.

The more shopping around you do, the better. They can always seem to pull a better rate out of thin air somehow.. with insurance I have a ton of stuff bundled through allstate.. but for a while had progressive for the house / allstate for everything else.
 
Meister said:
Ive done quite a bit of research.. Just figured id post to talk to moto buddies about it.. Pretty settled on an FHA so far..
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Need to determine if PMI * how long you have to pay it is > or < than the difference you will pay in interest on FHA loan vs conventional. But if you don't have enough down payment your options may be limited anyways.

In the end it really doesnt matter, you can refi in a year or so you are technically never really "stuck" with your loan (assuming your situation gets better instead of worse)
 
Thanks for the information. Goes along with much of what ive come across thus far..

How about this.. When it comes to buying a truck, im not paying what your asking. Or ill walk.. Im going into this investment with close to the same mentality.. But heres my question... What kind of offer is "acceptable"?
 
Depends how long its been on the market and how motivated they are to sell. You could use a site like zillow to look up other listings in the area and see what they listed and sold for to compare. A decent realtor should be able to help you with that as well. A lot will depend on the price of the house. If its a 100k house you might get lucky to knock off a few thousand. 200k house you can knock off a little more.. one thing you can ask for to that will help you is for the seller to cover closing costs...

I got my first house on a short sale, offered them about 20k less and it was accepted but thats a whole other situation.
 
Meister said:
Thanks for the information. Goes along with much of what ive come across thus far..

How about this.. When it comes to buying a truck, im not paying what your asking. Or ill walk.. Im going into this investment with close to the same mentality.. But heres my question... What kind of offer is "acceptable"?
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I got my house for 6k less than asking. Everyone's opinion on that will be different. I saw a LOT of houses that were outrageously overpriced. A few of them are still for sale today (a year+ later). If you see your realtor's eyes get big when you tell them what to offer that may be your first clue..
 
This thread made me go look up a few of the houses I was looking at.

One was a 2 acre ranch in ridgeville. It was on the market for 6 days when I looked at it. Asking price was $152k. I thought the house was worth MAYBE 120k. I contacted the listing agent and shared those thoughts with him. He informed me that they would only take offers OVER the asking price. I laughed at him and that was about it.

They lowered the price to 140k 3 months later. They lowered it to $110k 6 months after that. Right now it's sitting on zillow as "listing removed" which means it might of sold but that was in May of last year so I'm guessing it didnt :rolleyes:
 
Well, the one we are looking at was listed in June for 129.. They dropped it in January to 119.. I offered 100k just to see what would happen.. They did not accept but they are going to counter offer.. The house sits on 2 acres in stark county, comes with brand new high end appliances, and has been very well kept. Basically I would need to paint (not because it NEEDS it, but just to get our type of color scheme) and then move in. Updated most of the bigger things in the house in the last 6 years (furnace, roof, water purifying system) and and even alot of the hardwood flooring is relatively new.. However, it does not have a garage.. Its a ranch style home which had your typical two car garage. They turned the garage into a large living room and put windows in where the garage door was.. Theres pleanty of room to build a nice size garage which if we get it, I fully intend to do before next winter..
 
Jerad, get ahold of Jon16 before you make a commitment, he's a home inspector and very reliable.
 
Jon no longer does home inspections. Hes just in the construction side of things now.. I have found another quality inspector though.. On another note, the house were eyeballing is only a few miles from you.. lol
 
Don't rule out looking for a foreclosure... More of those than regular houses it seems. I got my foreclosure and had over 25000 in equity within a month after closing
 
Meister said:
Jon no longer does home inspections. Hes just in the construction side of things now.. I have found another quality inspector though.. On another note, the house were eyeballing is only a few miles from you.. lol
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Sweet! Keep me posted.
 
Avoid PMI, FHA is ok. Email Pat at Huntington, he's a Pro at Mortgages. You can find him by clicking the Huntington link on the BC site. He rides, hes cool, he will help you out.
 
Thanks guys. We'll see how this goes..

Dd, in between alliance and Louisville.. ne of mx153..
 
Cool, get a couple hundred acres. Good luck.
I screwed up on my house, I need a 10,000 sqft. barn and an 800 square foot house.
Follow these guideline and you will be fine..
 
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