Comments | vthing98: quarter of a million dollars

vthing98

quarter of a million dollars

Jun 24, 2008 07:57

So I am several steps closer to being a home owner. I spent most of yesterday afternoon calling random banks, lenders, and mortgage brokers looking for money. I need to borrow approximately a quarter of a million dollars to pay for my house. Whenever I say that to people, they usually respond with "holy crap!" But when I remind them that it is the ( Read more... )

Comments 9

Inspection? anonymous June 24 2008, 13:15:51 UTC

Have you scheduled a home inspection yet? If not do it! (even for informational purposes you will want to know the roof might need replacing in 5 years, the hot water heater is from 1992 and could use replacing, etc.)

And yes try and get a lower rate! The prime rate is below what it was when I got my loan and I only pay 5.75%.

-paul

Re: Inspection? vthing98 June 24 2008, 13:31:22 UTC

the seller already had the house inspected within the last month, and we are getting the report. I figure I don't really need to have it inspected again.

So 5.75 is my target? Who did you get your loan from? Cause that is nowhere near what I am hearing...

Re: Inspection? bassetville June 24 2008, 17:03:46 UTC

Wrong. Their inspector may have let things slide because you may not notice them. You hire an inspector that works for you and it's their job to find things that can bite you in the butt.

Re: Inspection? nicegrl99 June 25 2008, 00:22:02 UTC

DEFINITELY HAVE THE HOME INSPECTION YOURSELF!!! Although I am sure your friend isn't trying to cheat you, he didn't know you were buying the house when the original inspection happened. And, just like doctors, a second opinion is always a good idea. As for rates, although the prime is lower now, many lenders have become very gun-shy since the foreclosure crisis began. But you should still shoot for around 6. Plus, your "debt" on the other property probably is bringing up some "flags" (not real ones, but theoretical risk ones). Congrats on the house! And hey - where exactly is it??

Get an inspection!! whonose26 June 24 2008, 17:57:17 UTC

Yeah, I agree with both Bryan and Paul here. Get an inspection no matter what. For a few hundred bucks you can make sure that spending a quarter million is worth it! It's standard practice for the buyer to hire an inspector, so Jaimie, and the realtor should be expecting it anyways.

inspect jlsatud June 24 2008, 19:09:02 UTC

I agree with all of them. If the guy works for you, he's more inclined to mention everything. I don't remember for sure, but I think it was like 250?? But now I have a binder of every little tiny thing in the house, all the way down to hte one hole in the deck made by a carpenter bee.

Do you have a mortgage on the other house? Could that "debt" be affecting the interest rate on this house?

Oh and ... jlsatud June 24 2008, 19:09:40 UTC

Even if you don't use real estate agents, do you need a title company? Cause that's what Sarah does for a living and she is a wealth of info. :)

Oh...and... nicegrl99 June 25 2008, 00:24:07 UTC

I do have the name of two good mortgage brokers. However, since they are brokers, they charge fees, so I would encourage you to deal directly with lenders. One good one when I was looking to refinance was www.ingdirect.com. Good luck :)