We decided to buy a house

[Canadiandggal 49]

Well, so far so good, the sellers agreed to our price which is 13k below asking, they refused the home warranty which i figured they would, but it was worth a shot, and we should be going over to the Realtor Monday Tuesday to hand over the earnest money which David's dad is "Gifting" us.

Now all we have to do is hope the Lender okies the price since its a short sale. we have time to wait for a bit in our apartment. 3 months about. I can only hope since its just a matter of ONLY then accepting and negotiating price that it wont take longer than that, but i know it can. But so far so good eh?

Thats awesome. I hope the lender agrees and gets back to you asap. Yay!

[Krikit 1,164]

Well, so far so good, the sellers agreed to our price which is 13k below asking, they refused the home warranty which i figured they would, but it was worth a shot, and we should be going over to the Realtor Monday Tuesday to hand over the earnest money which David's dad is "Gifting" us.

Sending out good vibes for a quick and pain-free process, Kimbear!

[Kimbear 53]

Ohhh i hope it doesn't' drag out a long time..my neighbours upstairs have 15 or so people over again ARGH!!!! these really old apartments are not made for that sort of load..i mean it sounds like they are gonna fall through soon!

[Moosker 7]

You're almost there kimbear!!! You're on your way to home ownership.....no more noisy people

[Kimbear 53]

UGH

So during the attorney review period for this short sale, I just found out there are not one but TWO lien holders on this house.. i think i know now why there were no previous offers on it. which means two approvals and possibly the 2nd lien holder causing issues.

I'm telling you its deja vue all over again like my first house in Canada, where the couple had a mortgage with a big bank and a 2nd loan with the previous owner who sold them the house..that was a normal house sale and it took 6months and drove me bonkers. I swear...i have the worst luck ever with this stuff..

[Moosker 7]

Don't give up kimbear! It's just another hurdle along the road....

[Kimbear 53]

omg this proces is gonna make me punch someone i swear.

so my mortgage company that has been super nice lots of help etc, just sent me some forms. Included was a revised GFE. Now what i wanna know is HOW THE EFFING ** do you drop the loan amount to 58k from 80k but end up charging over 2k more in the end?? and how the hell do my closing costs come to MORE than 15% of the bloody purchase price???????????????????????????

i thought closing costs were 3-5%????

omg i'm so stressed right now, and with no sleep cuz of my fracking neighbours i swear i'm gonna pack up and move back home to canada

[Kimbear 53]

last year i missed the 8k credit cuz stupid k1 took over a bloody year..now it seems april is the month from hell for home buyers.

fha premiums for insurance went up, and a new federal law kicked in regarding mortgage lenders as well, so both contribute to the higher prices on my new GFE...as well as a bigger interest rate.

sigh.

[Moosker 7]

That doesn't sound right??? Are you able to shop around at all with a lender? We did and were approved for $20,000 more than the original lender, b/c the original lender had "fees". SNEAKY.

[Kimbear 53]

bah stupid edit LOL

oh and unlike Canada i have to pay for homeowners insurance up front for the whole year as well as some other things.. all i had to show up in Canada was a policy / binder showing it was active and i already made my first payment.

kimbear needs her neighrbours to stfu and let me sleep!!!! so i can make heads or tails of stuff..and also so i can write properly and actually remember to use the spell check...which by the way should have a Canadian version for the Canada forum so it can stop yelling at me for using U in alot of words...

[Moosker 7]

You're funny

We did FHA and had to shop around for homeowners. We ended up switching our car insurance to Allstate and got a sweet rate -- honestly I think it came to like a bit over $500/year and that covers our house, living expenses if something happens to our house, flood, tornado, yadda yadda. How much were they looking at charging?

[웃 910]

Now what i wanna know is HOW THE EFFING ** do you drop the loan amount to 58k from 80k but end up charging over 2k more in the end??

Hate to barge in this thread without reading the details first, but, are you saying you are upset because you pay $2,000 more at closing when they dropped your purchase price $22,000 from 80k to 58k?

I might be reading it wrong but that's what it sounds like to me....If it makes you feel better I bought a house for $20,000 and paid around $4,400 in closing costs which did not go towards the principal. Although I did get $1700 back because it was set aside for escrow repairs (but the repairs cost about that anyway)...

[Kimbear 53]

That doesn't sound right??? Are you able to shop around at all with a lender? We did and were approved for $20,000 more than the original lender, b/c the original lender had "fees". SNEAKY.

ya i just did some searching..some new bill came into effect april1, the dodd frank mortgage reform bill, that was created a year ago. FHA changed its rate on April 5th for mortgage insurance premiums as well. i'm still reading as to how these two things impact me..my loan officer and i have a meeting scheduled so he can go over some stuff too regarding all this.

basically it changes how things are reported on a loan offer and what they have to show etc. some things they woudl not normally show as it is stuff the seller gives us a credit for as well, but now they have to show it as a buyer cost so alot of stuff gets added but then later subtracted. even my accounting degree is hating this stuff and all these numbers right now.

[Kimbear 53]

You're funny

We did FHA and had to shop around for homeowners. We ended up switching our car insurance to Allstate and got a sweet rate -- honestly I think it came to like a bit over $500/year and that covers our house, living expenses if something happens to our house, flood, tornado, yadda yadda. How much were they looking at charging?

ya we have geico atm..for our car and they did a deal with travellers for our apartment insurace.

they have my quoted as 3k to go in an escrow account and that is supposed to cover hazard insurance, the mortgage insurance and the taxes. course that must be based on half a year..cuz the property taxes alone are 4k.

[Kimbear 53]

Hate to barge in this thread without reading the details first, but, are you saying you are upset because you pay $2,000 more at closing when they dropped your purchase price $22,000 from 80k to 58k?

I might be reading it wrong but that's what it sounds like to me....If it makes you feel better I bought a house for $20,000 and paid around $4,400 in closing costs which did not go towards the principal. Although I did get $1700 back because it was set aside for escrow repairs (but the repairs cost about that anyway)...

i got a pre approval for 80k, to see what we could afford and to go looking at houses. we found one and it is 58k short sale. the original GFE / closing cost worksheet we got was based on that pre approval. now that we put in an offer on that house we found, the GFE is almost 3k more in the end, than the original one based on a more expensive mortgage. to me that makes no sense.

buy a 58k car but pay more in tax etc than if you bought the 80k car?? wait huh?? see what i mean ? this new GFE has over 9k closing costs. that is more than 15% of the bloody cost of the house, and this is not a new house..imagine if it were...sigh