A letter from my bank
pkramer60
7 years ago
Featured Answer
Sort by:Oldest
Comments (15)
jim_1 (Zone 5B)
7 years agoRelated Discussions
Better to pay cash or get loan to build custom home?
Comments (38)So it's May 2015 and I am just joining this conversation with the same plans to build with plenty of cash to do it without compromising our retirement and other investments. I have already gained some new insights by reading everyone's comments here so thank you! We also have our current house almost paid off which will be used to recoup some of our costs when it sells. And like several of you, we don't want to sell and move two times so we'll wait until new construction is near completion. But something just keeps nagging me about having some kind of safeguard in case something happens along the way. We know and trust our builder, but hey, anything can happen expectantly along the way. So I Googled Beth's original headline and came across another blog that revealed something very reassuring to me. Everyone knows about construction-to-permanent loans, but how about just taking out the initial construction loan and then paying it off in full at the end with no permanent loan? The lender assumes responsibility for getting an accurate appraisal, inspections, approvals for builder draws and final title. A 12-month construction loan would involve miniscule interest costs for the peace of mind in return. And what say you? An inquiring mind wants to know!...See MoreProof of funds type document?
Comments (27)Brickeye, if you're not in this business doing it every day, you have no idea what a ridiculous demand is. A proof of funds letter, and a good pre approval letter are protocol in my area. Its not unusual for an agent to get it and generally people dont balk at being asked. If you do, it probably means you can't. If you think its ridiculous and would walk away, most agents would let you walk. I certainly won't waste my time on a buyer who "says" they can afford something but has no proof that they can. When I was green behind the ears I wasted many many saturdays spending time with dreamers. I take people out one time, the next time they have the letter or we dont go out until they do. Last Oct I took out a very nice couple. He worked for IBM. We were looking in the $525k range. They put an offer in on a house (First day). We had an accepted offer at $510k. Because it was our first time out, he hadnt yet gotten his pre approval. When he called the bank the next day, guess what, he qualified, but had no idea the payment would be so high on that mortgage. He wasnt comfortable buying a house for $510k. We are now searching in the $350k range. THe problem is, now that he has looked at homes outside of his affordable range, nothing looks good to him. THAT is the reason for a pre approval letter. It may seem ridiculous to you, it is necessary to an agent who does this for a living....See MoreLetter from my heart
Comments (1)Oh how cute!!! I love it. Glad you like the tube. Carol...See MoreLast couple of days' action at my bank(s)
Comments (3)You should ensure that you make at least one transaction per account per year to ensure that your accounts are not assumed to be abandoned. It's a pain, but very important. I think the only laws more archaic and convoluted than banking laws are liquor laws....See Morehappy2b…gw
7 years agoCatherine Z8-ish PNW
7 years agoJeane Gallo
7 years agophoggie
7 years agosushipup1
7 years agopkramer60
7 years agoUser
7 years agolucillle
7 years agosjerin
7 years agoUser
7 years agopkramer60
7 years agoWalnutCreek Zone 7b/8a
7 years agoterilyn
7 years ago
Related Stories
BUDGET DECORATING15 Summery Decorating Ideas That Won't Break the Bank
Transport yourself seaside with a bit of paint or a few airy accessories
Full StoryFURNITUREA Love Letter to Writing Desks
Handwritten notes often become etched in our memories, but these writing desks are memorable in their own right
Full StoryPRODUCT PICKSGuest Picks: Letter Writing in Modern Style
Resurrect the lost art of letter writing with unmistakably current desk accessories, stationery and pens
Full StoryMY HOUZZHouzz TV: Love Letter to a Small Midcentury Find
A 630-square-foot 1956 home captures its owner’s heart. See it when it was new and now
Full StoryREMODELING GUIDES6 Must-Know Lessons From a Serial Renovator
Get your remodel right the first time, with this insight from an architect who's been there too many times to count
Full StoryDECORATING GUIDES10 Design Tips Learned From the Worst Advice Ever
If these Houzzers’ tales don’t bolster the courage of your design convictions, nothing will
Full StoryMOVINGMaking a Home Away From Home
Feeling like a stranger in a strange land? These tips can help ease the transition after a big move
Full StoryORGANIZINGDecluttering Ideas From Around the World
Home organizers share their tips on how to think and live more clearly
Full StoryFEEL-GOOD HOME12 Very Useful Things I've Learned From Designers
These simple ideas can make life at home more efficient and enjoyable
Full Story
WalnutCreek Zone 7b/8a