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They called me back!

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jnavywife
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Post by Jeannette Thu Jan 07, 2010 10:26 am

I'm sending Jon to check this house out...

Watcha think? Ya it's blue and red but...MEH! It's 120K!

http://www.weichert.com/26549098/?BackURL=%2fweichertvalet%2fSavedListings.aspx


Freakout

Now what? How do you find a mortgage broker? Do you just randomly pick one? How does this work. They called me back! 991906
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Post by LaDonna Thu Jan 07, 2010 10:38 am

Well you usually talk to the realtor and see if they recommend someone..... usually they can. But you might want to shop around and see who will give you the best FIXED rate! April last year, I got a fixed rate of 5% with a VA loan which at the time was AWESOME, you should be able to get better now though! With my first house, my rate was like 7% with a VA loan.
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Post by Hope Thu Jan 07, 2010 10:38 am

I really like that place, Jeannette.

And AT LEAST it's not blue like my car. Wink And it even has three bedrooms for that new baby ya'll will have next year. Very Happy

It's close to base but not on it so you'll have your own space and I think that's a really good deal. Thumb up

When is he going to look at it?
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Post by LaDonna Thu Jan 07, 2010 10:39 am

BTW, it's cute! I like it!!!! Nice yard!
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Post by Hope Thu Jan 07, 2010 10:42 am

Yeah now is definitely the time to by. And if it makes you feel better when Justin and I were just getting figures we went through our bank back in Sept. WE, I emphasize WE, got a 5% rate so I know you guys will qualify.

and that 8000 incentive will still be in effect until May 1st so Woot

Talk to the realtor but also whoever you bank with and get their rate and a VA Loan rate. happydance I'm so happy for you.
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Post by Jeannette Thu Jan 07, 2010 10:43 am

Ladonna - Do they handle the VA loan paperwork? The lady said that they have mortgage brokers to talk to but she transferred me to the realtor first. He was pretty nice...said he'll send me a bunch of listings after he took some info. Does the broker handle everything in terms of the loan? I've never taken a load out before. ROFL I'm a sad, sad case.

I just don't want to sound like a retard when I'm talking to these people without a clue in the world. lol

Hope - No babies. No. Flippin. Way. lol
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Post by LaDonna Thu Jan 07, 2010 10:46 am

Well you have a realtor and they will either refer you to or you can choose your own mortgage broker..... the mortgage broker is the one that writes out the mortgage..... Now don't be surprised when that mortgage broker sells your mortgage to someone else, that is very typical.... you'll get a letter a few months down the road saying they've sold your mortgage to another company..... it just means you write your house payment check to someone else.... it's all They called me back! 324324.

But basically you will need an attorney to handle the closing, your realtor can suggest someone, usually someone he/she is comfortable working with and basically all they do is witness your signatures on the paperwork etc.

Long story short there are a LOT of people involved in one little house-buying! Very Happy
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Post by LaDonna Thu Jan 07, 2010 10:48 am

All you really have to do is settle on a rate for the loan - once they decipher credit and all that jazz..... then they do everything else! They will write out the mortgage and get you approved and have the papers sent to the attorney's office for closing..... you don't really have to do a lot, just agree to certain terms, rates, and then they do all the work.
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Post by Jeannette Thu Jan 07, 2010 10:50 am

They called me back! 361283 I'm scared.

Well...I just got an email from the "Gold Services Manager" at the Realtor. ...she sent me an application to fill out to be "pre-approved for your new home financing."

I told Jon and he said..."We'll discuss it when you get home tonight." I'm going to kill my husband. He's more indecisive than a woman on her monthly visitor surrounded by 700 types of Ghirardelli chocolate. Our lease us UP in March. We need a PLAN. GAH. I will so bring the aluminum foil back out on his ass.
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Post by LaDonna Thu Jan 07, 2010 10:54 am

well being pre-approved doesn't really mean anything! It just means you have the $$ to buy that house or you don't. That's all..... you are basically just giving them permission to pull all your debt and find out if you can afford a house payment.

Being pre-approved does not mean you have to buy it! You could actually get pre-approved for a lot more than you think, and then you can adjust your price range accordingly, make sense?
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Post by LaDonna Thu Jan 07, 2010 10:55 am

If you don't have any money saved up, with a VA loan you can do 100% financing which means you can finance your closing costs, attorneys fees, etc...... so 9 times out of 10 when you get pre-approved they will check you for about $10,000 more than the house - because adding this into your loan will add an extra $100 or so a month to your payment.

Does all of this make sense???
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Post by Jeannette Thu Jan 07, 2010 10:58 am

Yes. Emailing you. They called me back! 448853
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Post by LaDonna Thu Jan 07, 2010 11:09 am

Emailing back! lol
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Post by jnavywife Thu Jan 07, 2010 11:23 am

J - Did you contact Renee? I PM'd you her info yesterday... just want to make sure you got it. After talking with her when we bought our house I would be leary of using the seller's agent, their loyalty lies with the seller and not you, to get that house sold. Our house was actually being sold by another realtor within the same office and we had to sign a disclosure statement that we knew that, because that could become a situation where the interests lie in the wrong place, in the hands of the realtors instead of the buyers. Just be aware.

The house looks cute though!

AS for all the VA stuff, paperwork, mortgage stuff. Getting preapproval just shows sellers that you are serious when you put a bid in and that you will have the money available to pay for it. You'll go through a lot more to get the actual loan. The broker will tell you everything they need. We got a list, it includes recent statements from all of our bank accounts (in our case since we went through Navy Fed and our accounts, except for savings, are in Navy Fed, they pulled them), last couple of LES, a form signed from Chris's command that he had I think it was at least a year left before his EAS for the VA loan, I'm sure there was more, but they tell you everything they need. You won't do any of that though until after you have put a bid in and it's accepted. At that point you'll also need to get homeowner's insurance, Chris called several places that we got info from the broker and realtor as well as USAA (which is usually one of the most epensive, btw) and then we had to get the insurance set up before closing. NC requires hail & wind insurance, which is set by the state, but paid through your insurance carrier and ours just went up to $1100, so factor that into any insurance estimates you get, when you get to that point.

Definitely get a FIXED rate VA loan. Basically all the VA part is, is a guarantee on the loan. The VA is guaranteeing the bank that you will pay your mortgage, therefore you end up with lower interest rates and can get 100% financing, which most banks won't do right now. There is a $3000 funding fee on the VA loan though, so you'll add that in too on top of your mortgage.

Don't worry about looking dumb if you don't know what you need. Buying a home is different than any other loan, they will walk you through every step of the way. Hell, even after buying one home, I will still need to be walked through every step on the next one I am sure.

Let me know if you have any other questions. Sorry that was so long, I hope you felt like reading a book this morning!
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Post by LaDonna Thu Jan 07, 2010 11:31 am

jnavywife wrote:J - Did you contact Renee? I PM'd you her info yesterday... just want to make sure you got it. After talking with her when we bought our house I would be leary of using the seller's agent, their loyalty lies with the seller and not you, to get that house sold. Our house was actually being sold by another realtor within the same office and we had to sign a disclosure statement that we knew that, because that could become a situation where the interests lie in the wrong place, in the hands of the realtors instead of the buyers. Just be aware.

The house looks cute though!

AS for all the VA stuff, paperwork, mortgage stuff. Getting preapproval just shows sellers that you are serious when you put a bid in and that you will have the money available to pay for it. You'll go through a lot more to get the actual loan. The broker will tell you everything they need. We got a list, it includes recent statements from all of our bank accounts (in our case since we went through Navy Fed and our accounts, except for savings, are in Navy Fed, they pulled them), last couple of LES, a form signed from Chris's command that he had I think it was at least a year left before his EAS for the VA loan, I'm sure there was more, but they tell you everything they need. You won't do any of that though until after you have put a bid in and it's accepted. At that point you'll also need to get homeowner's insurance, Chris called several places that we got info from the broker and realtor as well as USAA (which is usually one of the most epensive, btw) and then we had to get the insurance set up before closing. NC requires hail & wind insurance, which is set by the state, but paid through your insurance carrier and ours just went up to $1100, so factor that into any insurance estimates you get, when you get to that point.

Definitely get a FIXED rate VA loan. Basically all the VA part is, is a guarantee on the loan. The VA is guaranteeing the bank that you will pay your mortgage, therefore you end up with lower interest rates and can get 100% financing, which most banks won't do right now. There is a $3000 funding fee on the VA loan though, so you'll add that in too on top of your mortgage.

Don't worry about looking dumb if you don't know what you need. Buying a home is different than any other loan, they will walk you through every step of the way. Hell, even after buying one home, I will still need to be walked through every step on the next one I am sure.

Let me know if you have any other questions. Sorry that was so long, I hope you felt like reading a book this morning!

YES good points here!!! I had forgotten about the funding fee! Ugh that one made me mad!!!! But we financed that as well, so really once you do that you never have to see that ugly figure again!

Long story short, when you actually get your loan, it will be for a lot more than the actual house, but that's just because of all this crap! Don't worry!!!! It'll be okay! If you get a good closing attorney they will explain a lot also!
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Post by Jeannette Thu Jan 07, 2010 11:32 am

Thanks Jess! I got your PM but haven't had time to email/call her yet. Jon forwarded the Realtor that called the house, my number and they jumped on me about the house. lol There was a reason I gave the house number and not the cell...I'm at work!

Freakout This housebuying thing seems super complicated. lol
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Post by LaDonna Thu Jan 07, 2010 11:40 am

it's a lot more intimidating than anything..... it's really not hard....just a bunch of signing your name over and over and over..... but it's pretty daggone scary I'll admit!
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Post by belovedreamery Thu Jan 07, 2010 11:52 am

Jeannette wrote: He's more indecisive than a woman on her monthly visitor surrounded by 700 types of Ghirardelli chocolate.
On a side note They called me back! 680868 how did you know that's me? The question is not which type to eat first, the question is whether I can find a way to melt them all into a gigantic 100 lb bar and sleep with it at night.
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Post by Jeannette Thu Jan 07, 2010 11:54 am

belovedreamery wrote:
Jeannette wrote: He's more indecisive than a woman on her monthly visitor surrounded by 700 types of Ghirardelli chocolate.
On a side note They called me back! 680868 how did you know that's me? The question is not which type to eat first, the question is whether I can find a way to melt them all into a gigantic 100 lb bar and sleep with it at night.

Mmmmm cuddling with melty chocolateeeeeeee. They called me back! 461148
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Post by belovedreamery Thu Jan 07, 2010 11:57 am

Yeah, then we can literally get sweet dreams by licking it while asleep. They called me back! 461148
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Post by Jeannette Thu Jan 07, 2010 12:02 pm

Oh Grace...I LOVE the way you think!!!!!!!!
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Post by Tate Thu Jan 07, 2010 1:12 pm

This conversation is turning dirty! Chocolate...bed....melty....
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Post by belovedreamery Thu Jan 07, 2010 1:41 pm

Thanks, Smile I've obviously been spent yesterday sitting next to a box of chocolates. Now I'm just getting hungry thinking about the half a box I have left back in the kitchen.
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Post by jnavywife Thu Jan 07, 2010 2:59 pm

Jeannette wrote:Thanks Jess! I got your PM but haven't had time to email/call her yet. Jon forwarded the Realtor that called the house, my number and they jumped on me about the house. lol There was a reason I gave the house number and not the cell...I'm at work!

Freakout This housebuying thing seems super complicated. lol

It is complicated, but luckily you don't need to know most of it, lol. Get people you trust, your realtor and mortgage broker and let them take care of the rest and know that you are in good hands.

And yes, the moral of my post was that your mortgage will be for more than what the house is sold at. You will have the VA funding fee, plus taxes and insurance costs that roll into your escrow account that will make up your monthly payment.

Something else I thought of, make sure you have some cash on hand, even if the seller is paying the closing costs (we had them pay and even ended up getting part of our escrow money back at closing), but we had some other expenses right off, like the cost for inspection which was something like $150, and we ended up having to pay our full wind and hail insurance right away because it was hurricane season when we bought it and we wouldn't have our first payment until after hurricane season or something like that, you may not have that though since it's not hurricane season yet and you'll have payments before then.

And about the escrow fee, something else I didn't know was necessary, when we put the bid in on the house, we put in $500 to our escrow account, basically telling the seller we were serious. That's what we got back at closing though because our closing costs were something just over $1600 and the sellers paid $1500, so the other $400 came back to us at closing.

I'm trying to think if there is anything else that surprised me that I can tell you so that you are not surprised by it...
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Post by Kala Thu Jan 07, 2010 10:05 pm

YAY!!! The house looks great J!!! The back yard looks big for the puppies and Wesson.
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