In need of your real estate help!

[tom&tata 2]

We recently bought a house. When it comes to loan, make sure you compare the GFE (which incl. the PITI payment, closing cost, interest, down payment) from different source. What we did, we went to our local bank & to a mortgage broker & compare the 2 GFE & pick one better for us. What I did, I posted the GFE on a credit message board & several mortgage brokers gave opinion on the GFE you received. It's almost like VJ but for credit related.

Edited October 17, 2008 by tom&tata

[Krikit 1,163]

We recently bought a house. When it comes to loan, make sure you compare the GFE (which incl. the PITI payment, closing cost, interest, down payment) from different source. What we did, we went to our local bank & to a mortgage broker & compare the 2 GFE & pick one better for us. What I did, I posted the GFE on a credit message board & several mortgage brokers gave opinion on the GFE you received. It's almost like VJ but for credit related.

Could you please say that in English?

[Gypsyangel 11]

Mandy, we're in the burbs of Philly, Haddon Township / Collingswood / Cherry Hill area.

Also, the other thing about making an offer for a home in the U.S. is that it seems like there's a lot more flexibility after you make the offer. In Canada, it seems that once you make the offer and it's accepted, it's legally binding and very difficult to retract. In the U.S. it can be conditional on financing or the home inspection and it SEEMS LIKE (not absolutely sure) that you can get out if it's not meeting your needs. I'm not a real estate expert, but that was my experience.

So, if you really want a place, you can make an offer you're happy with. They don't need to accept it. Or they can negotiate with you.

The process is very stressful, so hang in there!

[Krikit 1,163]

Mandy, we're in the burbs of Philly, Haddon Township / Collingswood / Cherry Hill area.

Also, the other thing about making an offer for a home in the U.S. is that it seems like there's a lot more flexibility after you make the offer. In Canada, it seems that once you make the offer and it's accepted, it's legally binding and very difficult to retract. In the U.S. it can be conditional on financing or the home inspection and it SEEMS LIKE (not absolutely sure) that you can get out if it's not meeting your needs. I'm not a real estate expert, but that was my experience.

So, if you really want a place, you can make an offer you're happy with. They don't need to accept it. Or they can negotiate with you.

The process is very stressful, so hang in there!

You can write in those same conditions in Canada, also.

[Flames9_RN 358]

Mandy, we're in the burbs of Philly, Haddon Township / Collingswood / Cherry Hill area.

Also, the other thing about making an offer for a home in the U.S. is that it seems like there's a lot more flexibility after you make the offer. In Canada, it seems that once you make the offer and it's accepted, it's legally binding and very difficult to retract. In the U.S. it can be conditional on financing or the home inspection and it SEEMS LIKE (not absolutely sure) that you can get out if it's not meeting your needs. I'm not a real estate expert, but that was my experience.

So, if you really want a place, you can make an offer you're happy with. They don't need to accept it. Or they can negotiate with you.

The process is very stressful, so hang in there!

You can write in those same conditions in Canada, also.

That you can krikit!!

1 thing I noticed here when mortgage shopping, is once you get your mortgage interest rate locked in--prior to closing, its locked in. Where as in Canada (at least my experience) your approved mortgage rate can change prior to closing. if its lowers prior to closing, u get that rate, if it went high, you keep the rate u were approved at.

[Gypsyangel 11]

I know what you mean Krikit. It just seems a little more loosey goosey here. Maybe because the real estate market was pretty hot in Canada when I was buying and selling.

[Krikit 1,163]

1 thing I noticed here when mortgage shopping, is once you get your mortgage interest rate locked in--prior to closing, its locked in. Where as in Canada (at least my experience) your approved mortgage rate can change prior to closing. if its lowers prior to closing, u get that rate, if it went high, you keep the rate u were approved at.

Yeah, that was another thing that made me go "Whaaat...?".... having to lock in prior to closing.

[thetreble 19]

The mortgage guy kept on asking me if I wanted to lock in the rate. I was like..#######..I haven't even gotten the mortgage or house yet? aha

Here is the place we found. Nix the 80s furniture, this beauty I hope to be our future home. We decided we would like to move into a big condo because of it's affordability and because we might not have time for the upkeep of a house at this point in our lives.

Here are some pictures of it. There are two large bedrooms and they both have their own full bath! It would be great for my parents or friends to come visit and for them to have their own bathroom.

It also has a finished basement.

I can't believe someone still has furniture like this. It was pretty wild.

We will be putting in an offer on Tuesday so wish us luck

[tom&tata 2]

We recently bought a house. When it comes to loan, make sure you compare the GFE (which incl. the PITI payment, closing cost, interest, down payment) from different source. What we did, we went to our local bank & to a mortgage broker & compare the 2 GFE & pick one better for us. What I did, I posted the GFE on a credit message board & several mortgage brokers gave opinion on the GFE you received. It's almost like VJ but for credit related.

Could you please say that in English?

Sorry

GFE is good faith estimate. You need to receive those prior to locking in the rates or everything so you can compare. The estimate will have the closing cost, PITI (principal, interest, taxes, insurance) monthly payment, down payment requirement, rates, etc. If you do not need a mortgage, you do not have to worry about it.

Rates fluctuates but how much they charge you for closing cost & everything else should not vary too much.

[thetreble 19]

Yes. I got a few GFE's to compare the pricing. With one of the companies, because I am in a union at work, they give me $500 off closing costs. That is a lot of money. But it is good to shop around.

[trailmix 77]

Yes. I got a few GFE's to compare the pricing. With one of the companies, because I am in a union at work, they give me $500 off closing costs. That is a lot of money. But it is good to shop around.

Hey Amanda,

Good luck with that! It looks really nice and i'm sure you and your Husband will be very happy there

[Krikit 1,163]

Ohmygoodness, Amanda, that house is gorgeous! But, OMG AT THE FURNISHINGS!!!!!

Ooops. Sorry if anyone has any furnishings like that. *snort*

Sorry

GFE is good faith estimate. You need to receive those prior to locking in the rates or everything so you can compare. The estimate will have the closing cost, PITI (principal, interest, taxes, insurance) monthly payment, down payment requirement, rates, etc. If you do not need a mortgage, you do not have to worry about it.

Ohhhh, okay. Thank you.

[Tsup2 0]

That's a nice place but if you wait another year you can buy it or a similar place for 10 - 15% less.

[Krikit 1,163]

That's a nice place but if you wait another year you can buy it or a similar place for 10 - 15% less.

OMG! Do you own a Magic 8 Ball?!!!!!

Edited October 20, 2008 by Krikit

[trailmix 77]

That's a nice place but if you wait another year you can buy it or a similar place for 10 - 15% less.

Why do you say that Tsup?