Skip to main content

Redfin Mortgage?

Hi everyone,

Quick Background: My SO and I are are first time homebuyers and we are lucky enough to finally be in contract on a home north of Seattle, WA, after a 2 year (3, if you count 2020) hunt. This was our 4th offer of this year. After the first 3, where we waived financing, appraisal, inspection, offered rent buyback, offered a 3 week (or flexible) close, and offered over $25-60K on asking (I know, it isn't a lot over asking), we nailed it with our 4th offer with the house only on the market for 2 days. We learned the sellers wanted to get their asking and wanted a quick close, and we were able to only waive inspection (after inspection and proof of repairs were presented). We were able to offer asking!

Right now, I am working between 3 lenders, one of them is Redfin Mortgage and two local lenders. I was curious about it but haven't seen a lot of discussion on here regarding it. I am curious if anyone has had any experience with them?

Our experience so far: Our Redfin Mortgage lender has been very quick to respond, been helpful, and their rates are the most enticing so far. They are also offering a $1,000 lending credit. They are able to close by our date given an appraisal is waived, too.

Lending/Closing Information:$900s / 20% down / 30 year conventional / high 700s credit score / appraisal waiver for property / 3 week closing.

One of my lenders has the Redfin rates and will give me an updated sheet tomorrow, and my last lender has not given me their initial rundown for the property, so I am excluding them from the table below.

Redfin Mortgage Local Lender
Interest Rate (w/ 0 point) 2.75% / 2.763% APY (Last Friday's rate) 2.99% / 3.030% APY (Last Wednesday's rate)
Est Closing Costs ~$2,700 ~$4,200
Est Prepaid ~$3,500 ~$4,100
Credits -$1,000 Lending Credit TBD
TOTAL Est Closing + Prepaid Costs ~$5,200 ~$8,300

The fact that rates are under 3% is mind-blowing to me already!

Is there anything we are overlooking? Does it seem too good to be true? Thank you!

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

source https://www.reddit.com/r/RealEstate/comments/pe12q8/redfin_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

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more