Skip to main content

First Time Buyer, help me decide how to handle my financing? Getting tons of mixed advice

Florida if that matter. I am under contract for a house and our closing is in 3 weeks. Our close period was 30 days and we had some things come up during the inspection that had us questioning moving forward. We are deciding to move forward and I am working with a bunch of lenders to get that sorted out.

​

We are well qualified for the mortgage, great credit, this should be as easy as it gets as it relates to underwriting. We are approved using just my base salary and not factoring in my commission (years of consistency) or my wife's income.

​

I have a rate from a credit union that partners with CUMA that is roughly 1% lower than everyone else right now. The other options would be using local brokers that are well reviewed. I see advice that says everything from take the lowest rate, thats why you shop around to, make sure you use a lender that is reliable and can close on time.

​

I am looking for any opportunity to save money on the purchase since I am buying at the most expensive time in history and this makes a pretty big delta in our monthly payment.

​

How do I ever know if the lender will be able to meet the closing and do I go with the cheapest option or go with the reliable option and pay the premium?

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

source https://www.reddit.com/r/RealEstate/comments/11yl0oi/first_time_buyer_help_me_decide_how_to_handle_my/
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