This is topic 2 1/2 weeks after sold fox i got a house... in forum General Talk at Northern California Ford Owners  .


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Posted by SacGrown89GT (Member # 7435) on :
 
So some of you know that i was in the market for a house and someone was interested in my white hatch. So after taking the cash offer for car i jumped on looking for a house. Well after looking at about 12 overpriced POS houses in sacramento i finally landed on a fully redone 4 bdrm 2 bth house in north sac near natomas. Well im proud to say its official and in about 3 weeks from now ill be getting the keys to my new pad. Feels great to go from a fox stang to a beautiful house. I do miss that clean thing but this was oh so better.
 

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Posted by NEIGHT (Member # 8741) on :
 
Congrats.
 

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Posted by 135.0 (Member # 4992) on :
 
Its not official til you get the keys. Don't run credit, don't buy anything new, don't run up you credit cards. Make sure you get house inspections done and do whatever your loan officer tells you. And stay on top of your loan officer to make sure you know when the appraisal is done and the loan is approved.

3 weeks away is far from a done deal, but you're almost there. Good job
 

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Posted by sic70stang (Member # 4347) on :
 

quote:

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Originally posted by SacGrown89GT:
Feels great to go from a fox stang to a beautiful house. I do miss that clean thing but this was oh so better.

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quote:

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Originally posted by sic70stang:

quote:

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Originally posted by SacGrown89GT:
Feels great to go from a fox stang to a beautiful house. I do miss that clean thing but this was oh so better.

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damn i couldn't imagine living in a fox. good to see you bounced back.

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quote:

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Originally posted by SLOW95GTS:

quote:

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Originally posted by sic70stang:

quote:

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Originally posted by SacGrown89GT:
Feels great to go from a fox stang to a beautiful house. I do miss that clean thing but this was oh so better.

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damn i couldn't imagine living in a fox. good to see you bounced back.

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Lmao

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quote:

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Originally posted by 135.0:
Its not official til you get the keys. Don't run credit, don't buy anything new, don't run up you credit cards. Make sure you get house inspections done and do whatever your loan officer tells you. And stay on top of your loan officer to make sure you know when the appraisal is done and the loan is approved.

3 weeks away is far from a done deal, but you're almost there. Good job

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Congrats first of all! buying a home is awesome things.

Everything that 13.50 said basically hit the nail on the head.

-Make sure to get a home inspection even if you think you don't need one (believe me you do!) If you need a contact I can refer you to the top 3 inspectors that we normally use for our clients.

-Do not keep your loan officer waiting for any documents needed. It will only hurt you in the long run. So make sure you have all info.







[ 2015-03-23, 11:33 AM: Message edited by: ZincYellow 281 ]
 

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Posted by adower (Member # 5955) on :
 
Be careful in the natomas area. They have laws there regarding being in a flood plain. In certain areas around there if your house is ruined by fire/flood you wont be able to rebuild your home.

This is due to FEMA laws.

Federal law won’t allow any property there to be rebuilt if the cost of repairs is more than 50 percent of the home’s value if you are in a flood plain.

[ 2015-03-23, 12:02 PM: Message edited by: adower ]
 

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Posted by Black 02 SS (Member # 5939) on :
 
To add to the above, make sure you find out if the house is located in a Flood Zone A or B. Flood insurance is NOT cheap and can add quite a bit to your monthly payment. If the house is in a required flood zone and you have a mortgage you will be required to carry flood for the life of the loan.

Congrats on your purchase!
 

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Posted by 135.0 (Member # 4992) on :
 
I had a customer paying 1400 a year just for flood out there. She didnt care up until about two weeks ago there was a drive by shooting in front of her house and now she wants to move out to Roseville where i told her to buy in the first place, LOL. She aint bout that life tho.
 

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Posted by rollininmy50 (Member # 9067) on :
 
Congrats on the house, woohoo. Don't wory about the mustang being sold , if you play your cards rights next tax season you can buy another project to put in your new garage.
 

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Posted by 75 chevy (Member # 6717) on :
 
good info on the last two posts, congrats to the original poster
 

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Posted by sic70stang (Member # 4347) on :
 
Then not sure I understand comparison of a house to a foxbody lol
 

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Posted by adower (Member # 5955) on :
 

quote:

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Originally posted by 135.0:
I had a customer paying 1400 a year just for flood out there. She didnt care up until about two weeks ago there was a drive by shooting in front of her house and now she wants to move out to Roseville where i told her to buy in the first place, LOL. She aint bout that life tho.

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quote:

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Originally posted by 135.0:
Its not official til you get the keys. Don't run credit, don't buy anything new, don't run up you credit cards. Make sure you get house inspections done and do whatever your loan officer tells you. And stay on top of your loan officer to make sure you know when the appraisal is done and the loan is approved.

3 weeks away is far from a done deal, but you're almost there. Good job

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+1
 

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Posted by moeofit32 (Member # 10393) on :
 
Yep I had Hella drama getting my home so pray bro it was a rough road for me lol....CONGRATS ON THE PROGRESS
 

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Posted by SVTGhoust (Member # 20) on :
 
I just finished purchasing my second home. This one was a short sale but the transaction went faster than my traditional sale house 5 years ago. They have certainly figured out how to go through the process.

Good luck with your purchase.
 

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Posted by Camara90 (Member # 134) on :
 
Congrats, I too sold my first fox when I purchased my first house. I will always miss my first car, but it is worth it in the end. There will always be another car to get in the future.
 

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Posted by svt306snake (Member # 1967) on :
 
Congrats good to see people going down the right path. You'll be able to get another fox when your ready.
 

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Posted by slidewayz94 (Member # 3101) on :
 
Congrats but you have a lot that can still change or ultimately fall through.

You NEED a home and pest inspection. I can refer to the company I used last time. Very detailed PDF report
with photos and explanations of their findings and recommendations.

And buy a home warranty.
 

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Posted by SacGrown89GT (Member # 7435) on :
 
Update. Got a email from lender and looks like we close friday. Inspection and appraisal and everything went smoothly. So expecting to be moving in by next week (fingers crossed)


Also, buyer of car backed out on wheels so ill be getting them back. Taking offer on a near new set of 17" silver pony r rims and tires. 6.5" front with 245/45/17 and 9" rear with 275/40/17

[ 2015-04-14, 08:13 AM: Message edited by: SacGrown89GT ]
 

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Posted by Marks93 (Member # 11130) on :
 
Congrats on the house! Exciting stuff.


 

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Posted by SacGrown89GT (Member # 7435) on :
 
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!
 

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Posted by sic70stang (Member # 4347) on :
 

quote:

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Originally posted by SacGrown89GT:
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!

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quote:

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Originally posted by sic70stang:

quote:

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Originally posted by SacGrown89GT:
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!

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Congrats man, first thing I did was park my car in the garage. It was an awesome moment.

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quote:

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Originally posted by SacGrown89GT:
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!

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quote:

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Originally posted by 98 ROUSH:

quote:

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Originally posted by SacGrown89GT:
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!

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Congrats on getting a home. I know how you feel bro cause I just bought a house myself and should be getting the keys today or tomorrow. Can't wait to park my stang in the garage and have a BBQ.

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Oh shit, party at Mikes!

Congrats on the houses playas.
 

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Posted by 90GT510 (Member # 9199) on :
 
congrats op.

ANy advice to us young members on what we will need to buy a house? (down payment, job, income requirement etc)
 

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Posted by 5.t0es (Member # 5864) on :
 

quote:

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Originally posted by 90GT510:
congrats op.

ANy advice to us young members on what we will need to buy a house? (down payment, job, income requirement etc)

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quote:

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Originally posted by 5.t0es:

quote:

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Originally posted by 90GT510:
congrats op.

ANy advice to us young members on what we will need to buy a house? (down payment, job, income requirement etc)

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damn, talking trash to me before about looking at older saleens/roushes, and you do not own a house? You got hekkkka air jordans tho...

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quote:

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Originally posted by NEIGHT:

quote:

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Originally posted by 98 ROUSH:

quote:

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Originally posted by SacGrown89GT:
Its official. Got keys today!!! Feels good to be a home owner. Sellin my gt was well worth it!!

---

Congrats on getting a home. I know how you feel bro cause I just bought a house myself and should be getting the keys today or tomorrow. Can't wait to park my stang in the garage and have a BBQ.

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Oh shit, party at Mikes!

Congrats on the houses playas.

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quote:

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Originally posted by 90GT510:

quote:

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Originally posted by 5.t0es:

quote:

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Originally posted by 90GT510:
congrats op.

ANy advice to us young members on what we will need to buy a house? (down payment, job, income requirement etc)

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damn, talking trash to me before about looking at older saleens/roushes, and you do not own a house? You got hekkkka air jordans tho...

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lol. but whats wrong with old saleen or roush if its in good condition??? i just sold an "old" but good condition sn95 cobra myself. That thing was nicer than a lot of newer cars

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quote:

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Originally posted by 90GT510:
congrats op.

ANy advice to us young members on what we will need to buy a house? (down payment, job, income requirement etc)

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quote:

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Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

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quote:

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Originally posted by NEIGHT:

quote:

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Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

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You tell em carnal

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quote:

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Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

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quote:

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Originally posted by i:
What's 401k? I only lived in this peaceful earth for 20 years.

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quote:

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Originally posted by GOT 50:

quote:

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Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

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I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

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quote:

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Originally posted by PonyBoy415:
I figure I'll be working for another 25 to 30 years so that should be enough

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quote:

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Originally posted by PonyBoy415:
Very dreadful , but realistic unfortunately......

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quote:

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Originally posted by hurting your feelings:

quote:

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Originally posted by GOT 50:

quote:

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Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

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I have to agree with you.

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http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.
 

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Posted by hurting your feelings (Member # 13641) on :
 

quote:

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Originally posted by SLOWBACK 67:

quote:

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Originally posted by hurting your feelings:

quote:

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Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

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quote:

---

Originally posted by SLOWBACK 67:

quote:

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Originally posted by hurting your feelings:

quote:

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Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

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quote:

---

Originally posted by venomous99:

quote:

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Originally posted by SLOWBACK 67:

quote:

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Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

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quote:

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Originally posted by venomous99:

quote:

---

Originally posted by SLOWBACK 67:

quote:

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Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Screw pmi, and stop giving false information, PMI is for the life of the loan now on fha loans, it does not go away without a refi.
 

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Posted by SLOWBACK 67 (Member # 6348) on :
 
I plan on having enough saved up to do a standard and paying it off in 20 years. When I decide to retire, I don't want a morgage on my home or rental properties. I'd rather stay in a higher tax bracket and pay the tax...... But know I own all my properties outright.
 

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Posted by 5.t0es (Member # 5864) on :
 

quote:

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Originally posted by SLOWBACK 67:
I plan on having enough saved up to do a standard and paying it off in 20 years. When I decide to retire, I don't want a morgage on my home or rental properties. I'd rather stay in a higher tax bracket and pay the tax...... But know I own all my properties outright.

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quote:

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Originally posted by sic70stang:
It's tough out there for sure. I got super lucky and scored a 15 year loan. Got 11 left. Look forward to paying that off so I can be very irresponsible with money lol.

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quote:

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Originally posted by sic70stang:
It's tough out there for sure. I got super lucky and scored a 15 year loan. Got 11 left. Look forward to paying that off so I can be very irresponsible with money lol.

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Well season tickets for the Raiders is only like 500 bucks so you could pre pay a few seasons.
 

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Posted by sic70stang (Member # 4347) on :
 

quote:

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Originally posted by 5.t0es:

quote:

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Originally posted by sic70stang:
It's tough out there for sure. I got super lucky and scored a 15 year loan. Got 11 left. Look forward to paying that off so I can be very irresponsible with money lol.

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thats awesome, side note, did you take the 70 stang to the tracy street races off mountain house?

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quote:

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Originally posted by SLOWBACK 67:

quote:

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Originally posted by sic70stang:
It's tough out there for sure. I got super lucky and scored a 15 year loan. Got 11 left. Look forward to paying that off so I can be very irresponsible with money lol.

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Well season tickets for the Raiders is only like 500 bucks so you could pre pay a few seasons.

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quote:

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Originally posted by 5.t0es:

quote:

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Originally posted by venomous99:

quote:

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Originally posted by SLOWBACK 67:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Screw pmi, and stop giving false information, PMI is for the life of the loan now on fha loans, it does not go away without a refi.

---

might want to do ur research about pmi and fha loans. pmi for the life of an fha loan is ridiculously false information. do u even know what the point is of having pmi? as far as it going away on a refi...depends on whether you meet the equity requirements.

i dont speak by my own personal experience in terms of pmi and fha loans as i opted to go with 20% down on my home. that said, reading up sure does help.
 

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Posted by venomous99 (Member # 1917) on :
 

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by SLOWBACK 67:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Paying long mortgage's is for suckers.an refinance your house every couple years an it will never be paid off.

---

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by 5.t0es:

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by SLOWBACK 67:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Screw pmi, and stop giving false information, PMI is for the life of the loan now on fha loans, it does not go away without a refi.

---

might want to do ur research about pmi and fha loans. pmi for the life of an fha loan is ridiculously false information. do u even know what the point is of having pmi? as far as it going away on a refi...depends on whether you meet the equity requirements.

i dont speak by my own personal experience in terms of pmi and fha loans as i opted to go with 20% down on my home. that said, reading up sure does help.

---

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by 5.t0es:

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by SLOWBACK 67:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Screw pmi, and stop giving false information, PMI is for the life of the loan now on fha loans, it does not go away without a refi.

---

might want to do ur research about pmi and fha loans. pmi for the life of an fha loan is ridiculously false information. do u even know what the point is of having pmi? as far as it going away on a refi...depends on whether you meet the equity requirements.

i dont speak by my own personal experience in terms of pmi and fha loans as i opted to go with 20% down on my home. that said, reading up sure does help.

---

Sorry Venemous but you are wrong. FHA required PMI is now for the life of the note. The only way out is to refinance which in the next 5-10 years will be impossible as interest rates are only going to go up making it almost impossible to refinance and lower your payment. The government is counting on this so they can pocket PMI money until the loan is paid in full.

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quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by venomous99:

quote:

---

Originally posted by SLOWBACK 67:

quote:

---

Originally posted by hurting your feelings:

quote:

---

Originally posted by GOT 50:

quote:

---

Originally posted by SLOWBACK 67:
^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k.

---

I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer.

---

I have to agree with you.

---

http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html

Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions.

---

exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements.
FHA makes it pretty damn affordable to get a home on very little down.

---

Paying long mortgage's is for suckers.an refinance your house every couple years an it will never be paid off.

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refinancing a home isnt exactly a bad thing especially if you're getting a more favorable rate and term. having a mortgage isnt something to be scared of as long as u play your cards right.
paying off mortages entirely on some properties is the last thing on my mind as far as finances are concerned.

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Originally posted by 135.0:
Unless you have a conventional loan which only requires an appraisal and not refying the loan.

FHA loans are for people with either bad credit or too impatient to save the extra 1.5% down.

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Originally posted by SacGrown89GT:
Pmi goes away after 20% of loan is paid and you do a refi.

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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Originally posted by venomous99:

quote:

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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appraisals go for 300-500 depending on the type of property and appraiser. even if you get your own appraisal, the lender who will be funding your loan will order their own appraisal regardless if you provide one. to avoid wasting money on an appraisal that will be repeated, i suggest you get a feel for the market by monitoring recent sales comparable to your property or check zillow and then discuss w/ the bank you plan to refi w/ if your property has a good chance of meeting the LTV requirements.

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Originally posted by stanger00:

quote:

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Originally posted by venomous99:

quote:

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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appraisals go for 300-500 depending on the type of property and appraiser. even if you get your own appraisal, the lender who will be funding your loan will order their own appraisal regardless if you provide one. to avoid wasting money on an appraisal that will be repeated, i suggest you get a feel for the market by monitoring recent sales comparable to your property or check zillow and then discuss w/ the bank you plan to refi w/ if your property has a good chance of meeting the LTV requirements.

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Not too bad on the cost but I'll save my money since it doesn't seem we are close enough to 20% equity.

I check the zip realty app to see what hits the market and right now houses hit the market and go know contract in about a week where I live. It's awesome!

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Originally posted by stanger00:

quote:

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Originally posted by 5.t0es:
venomous, it sucks, but your buddy will not get out of his pmi without a refi. My house went up 200k, not speculated I actually paid for an appraisal, requested pmi removal and was denied due to the minimum length requirement. I opted to refi to a conventional and drop the pmi.

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When you paid for the appraisal what was the process? Did you just call a lender and asked them for an appraisal? Was the cost pretty reasonable?

Bought home last year put 5% down and smaller homes with less amenities are selling nearly 10% over what we paid! I'm thinking next spring we can get out from our PMI if the market holds.

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Originally posted by losbadgts:
Same boat as you. Bought my house last year with 8% down conventional loan. But dont wait until next year if u want to refi and remove the pmi. Next year the interest rate will be up again. Im waiting a few more months so my home can be up in the 20% so i can refi for a bit lower interest and remove the pmi. [/QB]

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Originally posted by 5.t0es:
Contact a good lender, They can do market research and will have a good idea if you are over 20 percent, if you end up doing the refi, I believe the appraisal was 400-500...good luck

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Originally posted by sic70stang:
just sac it up and put the 20% down.

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Originally posted by SVTGhoust:

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Originally posted by sic70stang:
just sac it up and put the 20% down.

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Being married to a finance major and having a father as an accountant...this advice is the best thing to consider when purchasing a home. If you don't have 20% down... You are not financially ready to purchase a home.

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