MORTGAGE?!?!

[drkelly]

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

No, more like hoping I didn't wake up so I wouldn't have to continue living the nightmare.

I should clarify that it was a tough time due to many things. My wife had neck surgery that same year during which she had 3 vertebrae fused together. My son was also an 11 on a scale of 1 to 10 of 'terrible two' behavior.

 

[jeepinmatt]

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.

Just pretend its 2008 and stop paying. Worked out well for like 1/3 of the country apparently...

 

[ManglerYJ]

Just pretend its 2008 and stop paying. Worked out well for like 1/3 of the country apparently...

At one point, they tried that with us. Part of how Ocwen screwed us. We fell for the line of "mortgage assistance", but because we were still current on our mortgage, we didn't qualify. They told us to not pay for two months so that we would qualify. Mortgage gets sold in the meantime, our account was shown as delinquent and pre-forclosure (whatever that means) and we were finally able to talk to someone in the new mortgage company that knew what they were doing and were able to get us on a better program. Fast forward to 2015 and we were finally able to re-finance. Still a pain, though because the refinance lender sold the refinance mortgage!

 

[paradisePWoffrd]

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.

I talked about getting a second, but was told that once it was filed, it was hard to overcome even if another wad grossly different.

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[JSJJ388]

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

Initially there was talk of them having to repaint the yellow building. but that seems to have went away. I would much rather us paint it. They had to move a closet in one of the bedrooms and it came out great. First order of business is Im painting that shop anything but the hideous peach it is now and building a shooting range.

 

[BigClay]

Did you shop around for rates? USDA is good for no down pmt, but sometimes the rate is not competitive. I ama member of the SECU but their lending rates are no longer competitive after the crash, they are very conservative now.

 

[VortecJeep]

X2 on credit unions. We just bought a house at the end of August and our mortgage is with Corning Credit Union. I was very pleased with how smooth everything went with them. The guy we were working with even contacted me to tell me he was taking a couple days vacation, and if I needed anything or had any questions, here is the person to talk to while he is gone.
Our previous home mortgage was with them too and never had any issues. They don't sell their mortgages.

 

[JSJJ388]

Did you shop around for rates? USDA is good for no down pmt, but sometimes the rate is not competitive. I ama member of the SECU but their lending rates are no longer competitive after the crash, they are very conservative now.

We did get a few quotes. All were pretty close. We went with who had been more helpful at the cost of like .05%

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[rodney eppes]

We did get a few quotes. All were pretty close. We went with who had been more helpful at the cost of like .05%

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No down payment sounds Good, but there "shouldn't be" any Interest on that down payment. If the payments are adjusted to cover the entire cost, the the Total cost will have Interest, for the life of the loan. Homes, Cars, most folk don't look at the Bottom line, just what the payment is.

 

[skyhighZJ]

I don't want to hijack but I have questions along this line as well @JSJJ388 let me know and I'll start my own thread.

My wife and I will be moving back to NC in the next 1-1.5 years (depends on Uncle Sam) we have a small hobby farm here in Louisiana. We intend to do the same in NC and continue that course once I retire from the army in about 5 years. We are looking for 5-10 acres in the Raeford/Aberdeen area. I have lived in NC previously for about 6 years but rented and maintained my Michigan residency. What am I looking at moving to, and becoming a resident of, North Carolina. We are thinking of property first and living out of our 42' camper while building the animals area then moving on to a Barndominium style residence. Will I need to mortgage property then a house separately? Will they then be lumped into the same property taxes. I know vehicles also fall into property taxes as well , correct? Any insight will be helpful. I have also tried looking online but can't find anything stating we can or cannot use our camper as a primary residence until we are settled in a hard stand house... thoughts....

 

[kaiser715]

I don't want to hijack but I have questions along this line as well @JSJJ388 let me know and I'll start my own thread.

My wife and I will be moving back to NC in the next 1-1.5 years (depends on Uncle Sam) we have a small hobby farm here in Louisiana. We intend to do the same in NC and continue that course once I retire from the army in about 5 years. We are looking for 5-10 acres in the Raeford/Aberdeen area. I have lived in NC previously for about 6 years but rented and maintained my Michigan residency. What am I looking at moving to, and becoming a resident of, North Carolina. We are thinking of property first and living out of our 42' camper while building the animals area then moving on to a Barndominium style residence. Will I need to mortgage property then a house separately? Will they then be lumped into the same property taxes. I know vehicles also fall into property taxes as well , correct? Any insight will be helpful. I have also tried looking online but can't find anything stating we can or cannot use our camper as a primary residence until we are settled in a hard stand house... thoughts....

I'll just say that a construction loan will be easier if you own the property outright. Get the land, live in the trailer or whatever, get the land paid off. THEN see about a house/construction loan.

Moore County (aberdeen) may not be too friendly with living in a camper. Buddy of mine had that problem (not in Moore County, though...this was after they moved from here to CO)....had to build a small 1br/1ba house....it was only 700-800sf...and he still lived in his camper, mostly, but, it fit the rules. Build it as cheap as you can....T1-11, plywood floors, habitat re-store cabinets, etc. BTW, living in a camper isn't cheap -- 1.5" of wall/insulation is expensive to heat and cool. Plus, an average quality camper takes a beating if you are in it full time.

 

[JSJJ388]

Just an update with all this mess - we are in the underwriting process now.

 

[Macdaddy4738]

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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You're dealing with a poor bank, that's all. I went USDA for my house as well, used the local Bank of NC branch. Easy as pie. I had to do little to no work to secure the loan.

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[benXJ]

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.

Like you said, location. Just look at properties at the beach. Ocean front, millions of dollars. The houses behind those, 3/4 of the value, 20 yards away. Location and supply and demand. Been happening for millennia.

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[JSJJ388]

You're dealing with a poor bank, that's all. I went USDA for my house as well, used the local Bank of NC branch. Easy as pie. I had to do little to no work to secure the loan.

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Yea. It's consumer real estate company. Real pain in the ass. Would NOT recommend them at all. They have come up with form after form that we weren't supposed to have to do.

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[rockcity]

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.

Land sits forever because most banks want at least 25-30% down on land and many won't even do a raw land purchase unless you tie it in to a construction loan.


Any govt backed mortgage is a real pain in the ass now since housing crash.

If you can swing 20% down and not do a govt backed mortgage, the process is much easier. Find a small local bank that has flexibility and your good.

 

[ncsutj]

We did a land loan with Carolina Farm Credit last October.

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[rockcity]

I'll just say that a construction loan will be easier if you own the property outright. Get the land, live in the trailer or whatever, get the land paid off. THEN see about a house/construction loan.

Depending on the bank, you'd likely have to pay for 3 closings if you do it that way. If you can do the construction loan from the beginning, then you can eliminate one of the closings and save some $ overall. But, the construction loan is usually set at 9-12 months interest only, so you'd have to be quick with home construction.

 

[JSJJ388]

We did a land loan with Carolina Farm Credit last October.

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If we get the land that is who we will use. They were a little high on a home loan though.

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[rockcity]

We did a land loan with Carolina Farm Credit last October.

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Those guys seem to be pretty good. They have reasonable terms for raw land. But they don't serve every county in NC and usually the land has to have some sort of agricultural purpose.

 

[ncsutj]

We did the land loan first with them and then rolled it into a construction loan with Fifth Third. We had one closing with Carolina Farm Credit and one closing with Fifth Third. The construction loan was by far the more painful process.

Carolina was very easy to work with. We did have to put down something around 20-30%. I don't remember exactly. I don't remember the exact stipulations with the agriculture part of it but there was something in there but we didn't have a problem with it.

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[JSJJ388]

We did the land loan first with them and then rolled it into a construction loan with Fifth Third. We had one closing with Carolina Farm Credit and one closing with Fifth Third. The construction loan was by far the more painful process.

Carolina was very easy to work with. We did have to put down something around 20-30%. I don't remember exactly. I don't remember the exact stipulations with the agriculture part of it but there was something in there but we didn't have a problem with it.

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A good friend of mine is a higher up at the wilkesboro office. He said if you own even a small tractor and "plan" to do some sort of agriculture they can make it work.

 

[Atla]

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.

No kidding, I think the first six months our mortgage changed hands three times. We had no idea that could even happen, and I thought it was a scam at first.

I pay online and save the email'd confirmations.

 

[JSJJ388]

Update: despite the endless b.s. we have gotten our conditional approval.

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[JSJJ388]

Its looking like we will close the 1th of nov. Of course the day before opening day of rifle season. Guess moving will have to wait.....