MORTGAGE?!?!

[JSJJ388]

Is it just me or is the process of buying a house one steaming pile of crap after the other??? We get our house picked out and put in an offer, and now it seems like trying to get a mortgage is like pulling teeth. Hurry up and get these docs, now wait, now we need these docs today or we cant meet your closing date. Oops, we had a system glitch and you and a few hundred others didnt get this one crucial document, so now we have to restart the application, but if we want to keep our closing date we need this back tomorrow. Holy crap people, get your act together. It probably doesnt help that we got married halfway through the process. Oh well, I guess itll be worth it after we close and get moved in. That shop will be great to have.

 

[drkelly]

If you think that is bad, NEVER try having one built. It was the worst year of my 43 years on this planet. I will NEVER do it again.

 

[JSJJ388]

If you think that is bad, NEVER try having one built. It was the worst year of my 43 years on this planet. I will NEVER do it again.

Yea I remember when my dad built his house. Every day was a new problem and a new backcharge. Luckily, I would be able to do my own blueprint drafts, then have our engineer finalize them. But I am hoping we never have to build. I think we can add on to this house and be good.

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[kaiser715]

In 2002, bought a house and a new truck

Financed truck at a bank (that was just before we got married).

Financed house at state employees credit union.

House was half the trouble, paperwork, and headaches as the truck was.

Moral: get into a credit union if you can. It will pay off your whole life.

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[braxton357]

Are you working with a bank or a mortgage broker? Honestly sounds like BofA. Either way, trying to get a Fannie Mae loan is a pain in the dick now, and I imagine getting married complicated the entire process quite a bit. Was she already on the closing paperwork at least?

 

[JSJJ388]

Are you working with a bank or a mortgage broker? Honestly sounds like BofA. Either way, trying to get a Fannie Mae loan is a pain in the dick now, and I imagine getting married complicated the entire process quite a bit. Was she already on the closing paperwork at least?

Mortgage company. We went USDA because there's no down payment. The monthly is a little higher but it works better for us. Yea, it's a real pain.

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[Loganwayne]

In 2002, bought a house and a new truck

Financed truck at a bank (that was just before we got married).

Financed house at state employees credit union.

House was half the trouble, paperwork, and headaches as the truck was.

Moral: get into a credit union if you can. It will pay off your whole life.

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this my new truck they just wanted a picture of the truck and how much i wanted them to give me to buy it.

 

[junkxj]

If you think that is bad, NEVER try having one built. It was the worst year of my 43 years on this planet. I will NEVER do it again.

X10! The year and a half I spent building mine aged me 50 years.

 

[JSJJ388]

Heres the house. Sits on 2 acres with a creek and the option to buy 16 more acres. We are planning to buy the other land in a couple years. Houses seem to go fast here, but land seems to sit forever.

 

[paradisePWoffrd]

Just wait until you get to the appraisal process. Biggest pile of horseshit Ive ever seen. That whole system is completely screwed with no sense of standards other then how the appraiser "feels" about your house and the "comparables" they can find. Heaven forbid someone want to buy a house that isnt cookie cutter in a neighborhood.

 

[JSJJ388]

Just wait until you get to the appraisal process. Biggest pile of horseshit Ive ever seen. That whole system is completely screwed with no sense of standards other then how the appraiser "feels" about your house and the "comparables" they can find. Heaven forbid someone want to buy a house that isnt cookie cutter in a neighborhood.

Yea we just ordered the appraisal. We are getting a low price so I dont think we will have any issues but Ive heard that it can be an issue. Our pastor is an inspector and a contractor, so he did our inspection which was helpful.

 

[Loganwayne]

Yea we just ordered the appraisal. We are getting a low price so I dont think we will have any issues but Ive heard that it can be an issue. Our pastor is an inspector and a contractor, so he did our inspection which was helpful.

if your going usda the appraisal person is payed by usda. the guy that did my house for my usda i ended up knowing. he said that they are asked to basically make sure the house is livable and meets the requirements for usda. i bought my house from family for cheap,none the less my house needs driveway work, roofed, and a new front walkway and interior painted and it apprasied for 50,000 more than i thought it would

 

[UTfball68]

Mortgage company. We went USDA because there's no down payment. The monthly is a little higher but it works better for us. Yea, it's a real pain.

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That's surprising...I woulda bet money you were dealing with a bank. Any time I've financed something through a bank, it's an extremely drawn out process and I walk away with a 6" binder full of documents. Going through a credit union or mortgage broker has been an absolute breeze.

 

[drkelly]

Yea I remember when my dad built his house. Every day was a new problem and a new backcharge. Luckily, I would be able to do my own blueprint drafts, then have our engineer finalize them. But I am hoping we never have to build. I think we can add on to this house and be good.

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We spent a year going back and forth with an architect to get the house how we wanted. That was actually the fun part. I had scaled to size construction paper cutouts of all the furniture we either had or were going to buy in order to help size the rooms and walkways properly. The misery started when the actual construction began.

 

[Fabrik8]

Just wait until you get to the appraisal process. Biggest pile of horseshit Ive ever seen. That whole system is completely screwed with no sense of standards other then how the appraiser "feels" about your house and the "comparables" they can find. Heaven forbid someone want to buy a house that isnt cookie cutter in a neighborhood.

That's really all it is for bank-mandated appraisals. The bank just wants some idea that what you're buying is worth what they're loaning, and they could really care less about anything else. That appraisal is pretty worthless as an actual evaluation of the house value or condition. If you want a real appraisal, you'll have to sort that out yourself.

We looked into construction loans to add an attached garage while we were buying our house. No lender would touch it with a 10 foot pole because their head would explode with the thought of a 1800 sqft house with a 3 car garage. No comparables, so no money, as no one could figure out what the added value to the house was.
Ultimately it was very binary; it was outside the box so the answer was no.

 

[kaiser715]

On that land (16 adjoining acres) if you can't buy it now,....see if you can negotiate/buy a 3 or 5 year purchase option on it. Basically buy the right of first refusal on it. You wouldn't be obligated if things (financing, life, etc) didn't work out.

Otherwise, a small subdivision or chicken houses might be there before you know it.






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[paradisePWoffrd]

That's really all it is for bank-mandated appraisals. The bank just wants some idea that what you're buying is worth what they're loaning, and they could really care less about anything else.

Yeah, i understand that purpose, but I dont understand how they can actually get that idea based on the fact that there seem to be no standards to reference. An example, when I bought my last house they pulled some comparables. One had less acreage than mine, and another had more. The value they gave to the land for one was different than the value they took away from the other. Made no sense. Also the appraiser that came out, had appraised the house a few years before, and gave it basically the same value, nevermind the fact that the house had been completely remodeled in the timeframe. As the buyer, i was good either way it worked out, but confirmed in my mind that appraisals were a complete crock of shit.

That appraisal is pretty worthless as an actual evaluation of the house value or condition. If you want a real appraisal, you'll have to sort that out yourself.

The sad part is appraisals and home sales prices are what the whole market determines "worth" and "value". Dont worry about what it would cost to actually replace the property if something were to happen.

 

[JSJJ388]

On that land (16 adjoining acres) if you can't buy it now,....see if you can negotiate/buy a 3 or 5 year purchase option on it. Basically buy the right of first refusal on it. You wouldn't be obligated if things (financing, life, etc) didn't work out.

Otherwise, a small subdivision or chicken houses might be there before you know it.






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Might have to look into that. Sounds like a good idea since I know the lady selling it. As for the appraisal, I have no doubt it will appraise for way more than we are paying. Just looking at houses in the area and doing my own "appraisal" and the homes around it with less land and no shop are going for $10-20k more.

 

[frankenyoter]

In 2002, bought a house and a new truck

Financed truck at a bank (that was just before we got married).

Financed house at state employees credit union.

House was half the trouble, paperwork, and headaches as the truck was.

Moral: get into a credit union if you can. It will pay off your whole life.

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SECU is who I bank with and I can echo how easily I purchased and then refi'd my home. Buying a car was simple too.

 

[CasterTroy]

The misery started when the actual construction began.

Did you end up putting yourself to sleep at nights envisioning creative ways in which your builder met his demise?

 

[UTfball68]

The sad part is appraisals and home sales prices are what the whole market determines "worth" and "value".

That's the thing I always thought was funny, if you could magically take a house and put it in different locations, the house value/appraisal would be different at each spot. Put it in the ghetto, the house is probably $50 sq/ft...out in the country maybe $75 sq/ft...middle class neighborhood probably closer to $95 sq/ft...higher class neighborhood, might hit $125 sq/ft. I understand location, location, location...but you could have all 4 of those scenarios in about a 5 mile stretch.

 

[kaiser715]

Did you end up putting yourself to sleep at nights envisioning creative ways in which your builder met his demise?

Goal with our build is to still be friends with our contractor when it's done. It isn't easy.

Made sure he knew I bought a backhoe before we signed the contract.

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[justjeepin86]

Hell, we lost a house because it didn't appraise. I wish I would have gotten a second one, but hindsight is 20-20. It should have, IMO.

 

[JSJJ388]

Hell, we lost a house because it didn't appraise. I wish I would have gotten a second one, but hindsight is 20-20. It should have, IMO.

Were not paying nearly what other houses in the area are going for, and its a nice house so I dont see an issue. But, yea if it doesnt appraise Ill get a second one.

 

[ManglerYJ]

Just wait until your mortgage gets sold to another company...... then another...... and then another.

From month to month, we are not sure if we are paying the right company, if the escrow that our taxes are paid with transfers over, that our taxes are actually getting PAID, etc. etc.

OCWEN screwed us up so bad with all of this, and good luck ever getting hold of the same person twice. We NEVER pay the mortgage with a check (learned a hard lesson about that years ago. We get a confirmation number each time and document it in Quicken. Paying the mortgage is the one task my wife absolutely cringes over each month because it usually takes in excess of an hour to make sure everything is done properly and we get credit for it on time.