Gone with the Rant

[kitthekat 1,317]

yeah, we'll look for new people for both for sure, he has not even shopped around for mortgages yet, so that is something i want him to do.

and he got a letter that says he's pre-approved for a loan up to a certain amount, but it doesn't say the interest rate/APR. is that normal? and the mortgage lady keeps telling us that she can give us today's interest rates but it might change tomorrow so "not to worry".

[N-o-l-a 7,167]

I wouldn't say that is normal. At least in some places your offer on a house would be conditional on certain mortgage terms being favorable to you like the amount and interest rate.

[Ontarkie 14,190]

My thoughts for this year!

[Ontarkie 14,190]

Ugh pop from yesterday is still affecting me. Took some gas x

[SAT 9,609]

yeah, we'll look for new people for both for sure, he has not even shopped around for mortgages yet, so that is something i want him to do.

and he got a letter that says he's pre-approved for a loan up to a certain amount, but it doesn't say the interest rate/APR. is that normal? and the mortgage lady keeps telling us that she can give us today's interest rates but it might change tomorrow so "not to worry".

That's normal. Rates fluctuate, a pre-approval merely means your credit is in good standing and you will be able to get a mortgage. I showed you how to predict mortgage rates in the past.

[SAT 9,609]

ok i am highly annoyed with our real estate agent and the mortgage person we've been dealing with. between the two of them, i'm either getting zero information (like what our interest rates/APR are) or being told not to worry. that is the number one way to get me on high-alert, to tell me i have nothing to worry about.

jonas has been dealing with the mortgage lady cos the loan is in his name only. he sends her emails and she doesn't get back till a week later, her only response being she "will check". she STILL hasn't told us what the interest rates are going to be like, not even an estimate based on his credit history. he calls her and no one answers the phone. he leaves messages that aren't returned. he texts, no response. very frustrating.

but even worse is the real estate agent. he's taken us to listings that are cash only (obviously not for us), listings that were already pending inspection on the MLS (i asked him point blank what the difference between "A" and "PI" on the listing was and he told me not to worry about it).

if we don't get this place that we put an offer on, then we're switching agents.

Do you have a buyer's agent? Or an agent representing the sellers? Who is paying the commission? You? Or the seller?

[SAT 9,609]

Take the forecast value of the US treasury 10 year constant maturity, add a money factor of 2.5, there's your 30 year rate. (A "Prime" borrower will get a discounted rate).

use 5 year constant maturity for adjustable rates.

Note the margin of error.

http://www.forecasts.org/10yrT.htm

as you can see. the interest rates are expected to come down a bit over the next few months (Unless the feds bump the rate).

You can also look at the historical data of these indices to compare.

http://www.federalreserve.gov/releases/H15/data.htm

Edited February 24, 2015 by SAT

[SAT 9,609]

Bankrate.com has an excellent mortgage calculator.

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

Sovereign bank (Santander) has the best rates around right now. Wells Fargo is another, and more popular out west.

Skip the mortgage broker, go direct to the source.

[NikLR 13,227]

We went with a 4% rate because it got us some money back at closing vs owing. We used that to buy the new washer and dryer.

[SAT 9,609]

Picked up my new toy

Brings back memories......

We went with a 4% rate because it got us some money back at closing vs owing. We used that to buy the new washer and dryer.

4% is good....depending.....

[NikLR 13,227]

Remember if you buy a condo or townhouse there is likely a Strata or HOA fee. That kind of thing covers the cost of maintenance (both the roof and the outside.) Check and see exactly how much it covers. That is a fee you'll pay on top of your mortgage payments so it's important to know what the monthly fee is. Sometimes they're low, like $100 a month, but other times they can be as much or more than the mortgage. That's part of why we bought a detached house.

Also if you buy a condo or townhome find out when they last replaced the roof and also what the rules and regulations are. Some are pretty strict.

Picked up my new toy

Brings back memories......

4% is good....depending.....

the best we could have gotten at the time was 3.85% and we would have owed 2k at closing.

[NikLR 13,227]

My husband didn't necessarily go with the best rate but also with the person he felt most comfortable dealing with. His insurance agent, for example, is based in another city but makes him feel comfortable and gives him good discounts. You have to be comfortable with the people you deal with. You wouldn't pick a lawyer, or car salesman etc, that you don't feel comfortable with.

[N-o-l-a 7,167]

I find it really freaking annoying when illegal immigrants on VJ get all uppity. Seriously, you are ###### illegal, do you want a cookie for it? If you knew so much about the law, how the hell did you end up illegal in the first place except by your own willful disregard for the law?

[SAT 9,609]

I find it really freaking annoying when illegal immigrants on VJ get all uppity. Seriously, you are ###### illegal, do you want a cookie for it? If you knew so much about the law, how the hell did you end up illegal in the first place except by your own willful disregard for the law?

Noteworthy Trophie rant...

[N-o-l-a 7,167]

Remember if you buy a condo or townhouse there is likely a Strata or HOA fee. That kind of thing covers the cost of maintenance (both the roof and the outside.) Check and see exactly how much it covers. That is a fee you'll pay on top of your mortgage payments so it's important to know what the monthly fee is. Sometimes they're low, like $100 a month, but other times they can be as much or more than the mortgage. That's part of why we bought a detached house.

Maybe I'm weird but it would kind of piss me off to have to pay an HOA fee depending on how much it was and what it covered.

Oh, so my new refrigerator came today. It is pretty.