Crazy to apply for mortgages / house hunt during Covid-19?
Kendrah
4 years ago
last modified: 4 years ago
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lyfia
4 years agolast modified: 4 years agoSammy
4 years agolast modified: 4 years agoRelated Discussions
Basic Questions for Mortgage Shopping
Comments (20)OUCH OUCH OUCH!!!! This is all making my head hurt!!! The MOST FINANCIAL CONTROL you can ever get in the mortgage origination process is in the selection of your actual PROVIDER. The E in Good Faith ESTIMATE stands for.... well.... ESTIMATE!!! An ESTIMATE is "NOT" in any way a BINDING QUOTE! The law does not recognize any estimate as a binding quote. The INDUSTRY does not recognize any estimate as a binding quote. Trying to shop mortgage financing as though it were a commodity is a complete waste of effort, time and resource. Your results will NOT be related to the "research" of advanced estimates!!! While one is searching the numbers, IF THEY ARE RANDOMLY LUCKY they will accidentally happen to select a trustworthy service provider who is competent and handles your process well, which will result in whatever the eventual numbers end up being. If they end up happy with the final numbers, they'll hold that out as supportive evidence of the "magical thinking" that the initial snipe-hunt was worthwhile. If they end up unhappy with the final numbers they'll make up some accusatory reason why the provider was predatory, etc. THE TRUE CAUSE OF THE RESULTS; The competence of the specific individual who is controlling the origination and managing the process. Choose your provider by any other means, and you may as well go to Vegas and have some FUN along the way... your results will be equally stacked against you. Luck! Dave Donhoff Strategic Equity & Mortgage Planner...See MoreOver improving home EVER a good idea?
Comments (40)@ Lizzie; I appreciate you mentioned tax rates. We are in the lowest rate area... in our area anyway (we are a nest of several cities called Hampton Roads). Anyway, it does make more money sense from that standpoint to stay here. So many factors are going into it. I decided on several things which I'll mention in a moment. Hope you like where you moved! @ Helena; SOOOO sorry this happened to you! Timing is everything in real estate for sure. A lot of people got swept up into that market time because they were continually talking about now is the time to buy, they were building more and more and stocks were all around and it was on the financial channels to invest.... and then BOOM. It literally was overnight it all collapsed. We were fortunate to have bought our home just at the beginning of it all, literally on the edge. A couple months later, prices rose and kept rising.. You lost a LOT and I feel sad for you. I hope you are recovering. We did lose half our retirement at that time because they told everyone invest in tech and stock funds in your 401k; yeah right.... To save money on this addition, I am going to do some painting (not all but some), seal the concrete in the storage room, supply the cabinet hardware (have a ton of new ones left over from the kitchen and love them), I'll supply the sconces, bathroom vanities, door hardware, I'm trying to get them to reuse windows (but one contractor said can't do that cause of code); I am directing them where to buy the French doors (I want the ones at Lowes not the expensive ones they want), and I'll be making the closet organizers and buying stock cabinets for the laundry room (they'll be soft closing and wood, but I've worked out the dimensions to get all common sizes-custom is just sizing). I'm also thinking about making my own mudroom coat rack/bench. I'll be making an ironing board hanger thingy and I'll be making robe hook bar for the bathroom. I'm pretty crafty. I'm a REALLY great shopper too. If there is a bargain out there, I will find it. I bought a 700 dollar sink for 320,,,,I will call across the country to see if they have one of something left if I have to. I got a 400 dollar faucet for 120 (yes, everything new in box)! I look daily and stockpile things if I have to. I had glassware, a toaster, can opener, towels and coffee pot stuffed under the beds till my kitchen was done. LOL I heard Lumber Liqudators is moving here and nearest one will be 90 miles away then, so I'm gonna go down and get my 12' counter probably soon and just put it in the garage conversion room we did for a few months! It will save me about 267 dollars doing that in shipping alone. More if they have stuff in store before they move (sale!). Certain things I'll spend a ton on. Towels, bedding etc. I love comfort and quality. But I refuse to buy something for a name. ;) I hope this thread is still here when this is done. i'll learn how to post photos....See MoreWhy can't gophers get Covid-19?
Comments (201)@KittyNYz6 - I've used a product that's similar with a castor oil base -- it deters moles for a couple of months, but did nothing to deter the gophers. Everything I value is planted in a gopher wire cage. Except one rose that was planted before I knew about cages and is now a massive rose on a slope, so I just pray gophers don't find it. And I have on citrus tree left that's not in a cage. I also learned the hard way that gophers will chew holes in ceramic pots, wood barrels, resin pots, and the thinner stainless steel gopher wire cages. The only thing that works for me is the much more sturdy gopher wire cage for individual plants and the "hardware cloth" (which is like chicken wire but with tiny holes) at the bottom of my raised beds. Good luck!...See MoreSelling / Buying a House?
Comments (27)Thanks for that explanation, Mtn, and that seems to correlate with what's happening here in the Chicago area. This pandemic has unfortunately further divided the economic gap that existed before. With interest rates so low, paying over listing doesn't seem like such a risk. Also, in my area, many soon-to-be empty nesters are cashing out sooner than expected while the market is so strong. They're not anticipating it lasting until they're fully ready. So they're choosing to sell now and rent or downsize, and now they're competing with new buyers, etc., which adds fuel to the fire. New homebuyers are willing to take the risk, though, because they see themselves in it for the long haul. I closed on my current house in January. I had been researching the housing market around here for months. I secured my financing (which wasn't easy as a female home buyer--I went through 4 mortgage officers before one would work with me and my unique circumstances). When my current house came up for sale in November, it was surprisingly underpriced, for reasons I won't get into. Today, I could sell my home for more than I paid, but I'm going to stay for a while. It took a lot of legwork to get here, and I'm exhausted! I feel for anyone who's in the mess now. Mary_lu, yes, I would rent if I were in your situation. Friends of mine were in similar circumstances recently in which they sold very quickly. They didn't feel comfortable turning around and buying, so they're renting and taking their time. If you can find a place to rent, I think you'll be more confident in where you end up....See Moresushipup1
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