Skip to main content

First time homebuyer-who should I get my mortgage with that will cause the least headaches?

I’m a first time homebuyer, I work for my family as a w-2 employee. Im in the process with Bank of America and actually just paid for a rate lock yesterday (regretting it now). Bank of America has been really weird asking for a BUNCH of documentation. Making me write letters for why I got a raise, making me send P&Ls and balance sheets for businesses I have filed but never actually “started”. They questioned payments coming out and into my personal account.

This being my first time I don’t know if that’s normal or not. Doesn’t feel normal to me so I’m considering eating the rate lock fee ($950 :/) and going with a mortgage originator who may not be so needy.

Am I bugging out and this is normal? Or do I jump ship and there’s a mortgage originator that can save me from this he’ll?

I have enough on my w-2 to suffice for the debt to income. I have enough of a down payment. My credit is 750+. I’ve never not had a job. Feel like BOA should be throwing a mortgage at me lol

Thanks everyone!

submitted by /u/sportsblogguy1
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ltcrmf/first_time_homebuyerwho_should_i_get_my_mortgage/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more