OT: buying a first home
- Thread starter treeddeep
- Start date
I've found a home I'm considering making an offer on. It's been listed since Feb. How do I know if an offer is a lowball or not?
I have a realtor right now. I'm single, no kids, etc. I work/am going to live in a pretty rural area in North MS. So I'm assuming it's a little different scenario than some of the Jackson/suburb folks.
I have a realtor right now. I'm single, no kids, etc. I work/am going to live in a pretty rural area in North MS. So I'm assuming it's a little different scenario than some of the Jackson/suburb folks.
First
go get pre approved by a reputable lender.
Buying a house can be a "process" so know that going in, and don't get discouraged.
go get pre approved by a reputable lender.
Buying a house can be a "process" so know that going in, and don't get discouraged.
Online banks will have better interest rates. 0.25% lower rate is a lot of money over 30 years. Prime Lending was the lowest two different times for me, but get multiple quotes.
After you lock in an interest rate, most loans allow you to change your rate one time if the rates drop, but you have to make the call and check. The lender won't call and tell you rates have dropped.
Also, make the drive from wherever you are planning to purchase to your job during rush hour traffic so you know what you are getting into. I still kick myself for trusting the realtors "easy commute speech" with my first house in a completely new city.
After you lock in an interest rate, most loans allow you to change your rate one time if the rates drop, but you have to make the call and check. The lender won't call and tell you rates have dropped.
Also, make the drive from wherever you are planning to purchase to your job during rush hour traffic so you know what you are getting into. I still kick myself for trusting the realtors "easy commute speech" with my first house in a completely new city.
Great advice. I got preapproved already with someone where I do all my banking. I made the drive today and it wasn't too bad. That was the first thing I thought of. I feel like after working with the loan office at my bank, then going online would be a dick move. But, money is money. I'm sure it's just a headache getting multiple quotes?
Also don't see any need why I would need to escrow insurance. Is the interest rate I'm approved for negotiable? For instance, if I'm offered a better rate through an online lender, could I come back to my local person to see if they could do better?
Also don't see any need why I would need to escrow insurance. Is the interest rate I'm approved for negotiable? For instance, if I'm offered a better rate through an online lender, could I come back to my local person to see if they could do better?
My #1 piece of advice is...be a hard *** in negotiations. When I finally found my first house, I was so eager to move in that I let the seller slide on some repairs that I later wish they would have done. They played hardball and I backed down because I was young and stupid. Find a meticulous home inspector and ask for damn near everything on the list to be fixed. Normally the seller will handle most of it, but use what they don't repair as a negotiating chip.
Explore all options when it comes to home loans. Online lenders will usually be tough to beat in terms of APR, but normally a local provider will match it. Disadvantage of an online lender is their customer service blows. Don't assume your bank will give you the best deal either. I shopped it for months on my last home purchase. Found a local, private lender that matched the online guys and has great customer support.
And I'll echo what C66 said. It's all about the school district if you are around a big city. It a major factor when it comes to resale.
Use Realtor.com or Zillow.com to check school districts. Zillow has more info, but Realtor has the better app. But use them both. They might have slightly different listings.
Explore all options when it comes to home loans. Online lenders will usually be tough to beat in terms of APR, but normally a local provider will match it. Disadvantage of an online lender is their customer service blows. Don't assume your bank will give you the best deal either. I shopped it for months on my last home purchase. Found a local, private lender that matched the online guys and has great customer support.
And I'll echo what C66 said. It's all about the school district if you are around a big city. It a major factor when it comes to resale.
Use Realtor.com or Zillow.com to check school districts. Zillow has more info, but Realtor has the better app. But use them both. They might have slightly different listings.
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Just depends on the market situation
but it dang sure never hurts to ask.
In my case, I like to have a live body that I can see eye to eye.
Buying a house is not exactly like buying a cell phone(etc).
but it dang sure never hurts to ask.
In my case, I like to have a live body that I can see eye to eye.
Buying a house is not exactly like buying a cell phone(etc).
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Get a hard assed home inspector to look at it for YOU ...they can find **** you would never dream was a problem.
Keep your credit straight until you sign the papers. Even doing something as silly as closing an account with a zero balance can throw your credit score off and they will recalc your interest rate. Just pay your monthly payments.
think of buying a house as laying down an anchor on your life. this is where you are going to be for a good long while. if that doesn't sound like a good idea, don't buy. it's apparent to me that the job market is recovering much faster right now than the housing market. unless you just landed your dream job or are getting overpaid, i'd stop house hunting and start job hunting.
as far as lowball offers, it depends. it's usually a bad idea though. if the list price is high, just pass. the price is high because the seller thinks the house is worth more than it is. your offer is not going to shake him of that delusion. find multiple houses you would buy, figure what it is worth based on the market and offer twice as low as that as the list price. if they come close to halfway, come back as much, and so on. if they come back $1k lower, don't even respond, just offer another house.
set contingencies for the appraisal and the inspection. counter offer based fully on both. don't budge, they will.
Yeah I had an awesome home inspector from New Albany that my banker told me about. He was extremely thorough.
Resale is usually an overlooked aspect of a first home purchase. Most first homes are usually not kept very long. Know the resale market and make it a fairly big consideration. I've got a friend still stuck in a mortgage from his first home purchase... His home has been on the market for 8 months and he can't get offers for it. I'd suggest researching TIme on the market numbers... Your realtor should be able to provide that for you. My .02.
Escrows are required on all secondary market loans unless you have 20% down. Your lender does not have a choice.
I don't even know where to begin
First, buying houses is for suckers. Suckers. Unless you just have a boatload of cash and you can't thing of something to sink it into then, quite frankly, don't buy a house.
If you've decided that the people who own banks, work for banks, or who make money off of buying and selling houses have your best interests at heart, then get a good home inspector, don't mess with anything that could affect your credit until you buy the house, and make the seller say uncle before you get done asking for repairs. The house is sold. It's nearly impossible for someone to walk away from that.
The day you buy your new home, go find the water heater. Give it a big hug and kiss that ************ goodbye.
First, buying houses is for suckers. Suckers. Unless you just have a boatload of cash and you can't thing of something to sink it into then, quite frankly, don't buy a house.
If you've decided that the people who own banks, work for banks, or who make money off of buying and selling houses have your best interests at heart, then get a good home inspector, don't mess with anything that could affect your credit until you buy the house, and make the seller say uncle before you get done asking for repairs. The house is sold. It's nearly impossible for someone to walk away from that.
The day you buy your new home, go find the water heater. Give it a big hug and kiss that ************ goodbye.
One thing most don't look at that is crucial with figuring out your loan- is this simple question:
is taking a lower rate always the best option? Depending on your situation- such as you only planning on being in the home a few years, taking a slightly higher rate where the banker pays your closing costs is actually a smarter option.
I always work out the break even point in a no closing cost loan vs lowest rate for my buyers. Not everyone's situation is the same. Look at ALL your options- not just the lowest rate.
is taking a lower rate always the best option? Depending on your situation- such as you only planning on being in the home a few years, taking a slightly higher rate where the banker pays your closing costs is actually a smarter option.
I always work out the break even point in a no closing cost loan vs lowest rate for my buyers. Not everyone's situation is the same. Look at ALL your options- not just the lowest rate.
As some one who sold a house a year ago....
Biggest thing to remember... a house is not an investment, it's debt. The only money you'll ever get out of it is to sell it and go into more debt in a bigger house, or to get cash out of it while adding more debt with a 2nd mortgage. It's only an investment to your kids who get to sell it when you leave it to them when you die.
As for the buying process.... Don't be a dick, but also realize the person selling wants out more than you want in (most of the time). Definitely get a good inspection and have them pay to get all the **** fixed. Don't ask them to do stuff like pay to paint the interior or pay for a fence. You can work that into your offer by offering a little less... I sold for a decent amount less than I wanted because I was ready to close on the house I wanted to move into and paying two mortgages for two months would have wiped that out. I declined an offer for what I was asking two months prior to that because the guy wanted me to paint, put up a fence, and do some landscaping. You want to change the house? Buy it then change it. Roof need a patch or some windows need sealed? They can do that.
As for the financing... Can't help you. I work for a financial institution and just used the employee perks. The local guys are just gonna be selling to Chase, Wells Fargo, or somebody like that anyway.
Biggest thing to remember... a house is not an investment, it's debt. The only money you'll ever get out of it is to sell it and go into more debt in a bigger house, or to get cash out of it while adding more debt with a 2nd mortgage. It's only an investment to your kids who get to sell it when you leave it to them when you die.
As for the buying process.... Don't be a dick, but also realize the person selling wants out more than you want in (most of the time). Definitely get a good inspection and have them pay to get all the **** fixed. Don't ask them to do stuff like pay to paint the interior or pay for a fence. You can work that into your offer by offering a little less... I sold for a decent amount less than I wanted because I was ready to close on the house I wanted to move into and paying two mortgages for two months would have wiped that out. I declined an offer for what I was asking two months prior to that because the guy wanted me to paint, put up a fence, and do some landscaping. You want to change the house? Buy it then change it. Roof need a patch or some windows need sealed? They can do that.
As for the financing... Can't help you. I work for a financial institution and just used the employee perks. The local guys are just gonna be selling to Chase, Wells Fargo, or somebody like that anyway.
It is important enough to repeat. This is the biggest purchase you will ever make. Be tough and firm during negotiations. Don't be afraid to walk.
Also, be sure your Realtor represents you only. They may push a house they have listed. But be careful of that situation as they represent both parties.
Also, be sure your Realtor represents you only. They may push a house they have listed. But be careful of that situation as they represent both parties.
I generally agree but there are certain markets where you can make a boatload. My house is appreciating an average of 7k - 8k a month in Music City. It has been for 18 months. I dont live in a "nice" house. Obviously, that isnt sustainable forever but you can make plenty of money on real estate.
That said, I agree with what you said. Esp in rural areas. The average person wont make money on a house in the long run and it ties you down.
Probably the best advice I've read so far. Aside from those that happen to luck into some sort of phenomenal foreclosure or a scenario where a widow/divorcee is just trying to dump a great home as quickly as possible, the chances of a typical home buyer ever actually making money off of a home are slim to none. So you sold a home for $275K five years after buying it for $250K? Great. Now what about the $15K you spent on new windows, the $20K that you've spent on insurance/taxes, and the $10K that you've spent on yard care and general maintenance over the years? As you said, for most people, a home is nothing more than debt which is absolutely fine. I'd just advise folks to focus more on a home that they're going to enjoy living in as opposed to how they're going to make money out of it.
Completely agree with everyone that has brought up the home inspection as well. Things didn't work out terribly for me, but I'll readily admit that I blew through the inspection paperwork much more quickly than I should have when I bought my house 8 years ago.
Only other thing I'll mention is that when you're working on your mortgage, take a hard look at the various term options. I know that the 15 year note can be a little eye popping at times when you compare it to the 30 year note, but if you can foot the bill, you've pretty much flipped the principal/interest ratio completely around. Then, by building equity as opposed to paying the lender, you're more or less funding your own personal bank that can eventually be used for line of credit loans as needed. It's not for everybody, but I'd recommend giving it some thought
Completely agree with everyone that has brought up the home inspection as well. Things didn't work out terribly for me, but I'll readily admit that I blew through the inspection paperwork much more quickly than I should have when I bought my house 8 years ago.
Only other thing I'll mention is that when you're working on your mortgage, take a hard look at the various term options. I know that the 15 year note can be a little eye popping at times when you compare it to the 30 year note, but if you can foot the bill, you've pretty much flipped the principal/interest ratio completely around. Then, by building equity as opposed to paying the lender, you're more or less funding your own personal bank that can eventually be used for line of credit loans as needed. It's not for everybody, but I'd recommend giving it some thought
You have gotten some good advice here. However, every real estate market is different. You can't lump the whole state or region together. Here in Northwest MS houses are moving fast, as we have a housing shortage. At least when you purchase a home, you have the chance to get your money back out or make a little. Renting you never see it again, and the rental market here is crazy high.
Somebody is butt hurt over losing money on their house.
Buying houses is not for suckers. Buying a house and thinking it's an investment is probably for suckers, depending on where you're buying. Most places I've lived, you can live in a much nicer house by buying than you reasonably can by renting. Between buying something not nice and renting something not nice, it's usually as good a deal or a much better deal to rent. But for whatever reason, renting something nice has required a huge premium compared to buying something nice. There just isn't nice rental stock available at a reasonable price.
This is terrible advice. Take it from a guy who's paying $860/mo (including escrow for taxes & insurance) to live in a decent neighborhood in Madison. In 5 years that will drop to about $200/mo. I couldn't rent this house for less than $1,500/mo. A good house is the best investment you will ever make. Just don't get caught in the trap of buying the most expensive house you can afford, and don't take more than 20 years to pay for it (a 30-year loan is fine to start with, but refinance to a 15-year loan after 5-8 years).
I will probably live in this home for a max of 5 years. I'm just sick of renting a place and this seems like a good buy. Although I would like to talk about absolute specifics (salary, price of home, area, etc) to a disinterested third party if anyone cared to take a little time to do that.
The home is kindly on the low end of the spectrum. Less than 100k. It would be extremely affordable but the big question, like everyone else says, is will I be able to get out of it when I want to? I think I'm in a good position to go in and offer 10k less than asking. The home doesn't NEED any improvements to be liveable right now. Like I said, it's rural, county road, but there are no mobile homes within eyesight and it's 5 mins from two major highways.
The home is kindly on the low end of the spectrum. Less than 100k. It would be extremely affordable but the big question, like everyone else says, is will I be able to get out of it when I want to? I think I'm in a good position to go in and offer 10k less than asking. The home doesn't NEED any improvements to be liveable right now. Like I said, it's rural, county road, but there are no mobile homes within eyesight and it's 5 mins from two major highways.
Don't be concerned about whether your offer is lowball. Unless you're buying a house from your pastor, boss, family, or friend, there is no reason for you to worry about hurting their feelings. The only exception would be if it's a unique house that you just have to have (which you really shouldn't be thinking like that unless you are wealthy or unless you are looking what will probably be your house for the next twenty five year), in which case you might have to worry about not insulting them. I'm guessing since you're young and single, that this is more of a starter home and therefore you just need a house that fits your needs (of which there should be plenty) at a good price. I would be patient, identify some areas/houses that would be acceptable to you, and then go negotiate hard. The only limit is you have to avoid wasting your realtor's time, so you can't go around offering half price on everything. But I wouldn't be scared to offer 10% to 15% less than what a fair price is (which may be considerably lower than list price). Eventually you'll find a person that just needs or wants to get out of their house and will move significantly in your direction.
With respect to being ina rural area, think hard about how long you want to live in the house. It can take longer to sell a house in a rural area and it can be harder to rent out if you go that route just b/c the lack of population density means fewer buyers/renters in the market for your house. So whereas in a lot of places I would say it's ok even if not ideal to buy a house that you will realistically only be in for three or four years, it's much more important that you get into it at the right price if you're doing something like that in a rural area. Also, most rural areas in MS are losing population, so if you are looking long term, you're more likely to see depreciation, another factor making it very important that you get in at the right price.
Use a mortgage broker
Haven't read all the other responses, so apologies if someone else has already given this advice.
When I bought my first house, I found what I thought was a good interest rate (a little north of 4%) working through my local bank. Then my realtor suggested I talk with a mortgage broker he knew. Not only did she find me a lower interest rate (under 4%) from a national bank (Wells Fargo), she also helped me qualify for an FHA loan which meant I didn't have to put down as big of a down payment. Working with a mortgage broker saved me a ton of money.
The caveat with an FHA loan is that you have to pay PMI - private mortgage insurance. But for me, it was worth the trade off because I was more focused on spending as little cash up front as possible and the FHA loan significantly lowered my down payment. The PMI just gets rolled into my monthly mortgage payment, so I don't really notice it.
Haven't read all the other responses, so apologies if someone else has already given this advice.
When I bought my first house, I found what I thought was a good interest rate (a little north of 4%) working through my local bank. Then my realtor suggested I talk with a mortgage broker he knew. Not only did she find me a lower interest rate (under 4%) from a national bank (Wells Fargo), she also helped me qualify for an FHA loan which meant I didn't have to put down as big of a down payment. Working with a mortgage broker saved me a ton of money.
The caveat with an FHA loan is that you have to pay PMI - private mortgage insurance. But for me, it was worth the trade off because I was more focused on spending as little cash up front as possible and the FHA loan significantly lowered my down payment. The PMI just gets rolled into my monthly mortgage payment, so I don't really notice it.
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My best advice considering the area you are in --- be sure it's somewhere you can see yourself living for at least the next 10 years. Specifically ask yourself if there's any chance you could move or get married in the next few years. If so, I wouldn't buy anything. Buying a house in the area you're describing, then having to sell it 3-5 years later because your wife doesn't want to live there will be a significant financial loss. I've got a buddy who bought 40 acres of land where he planned to raise his family one day... until he met the girl of his dreams, got married, and she wanted to live closer to mom & dad. Now he's over an hour away from this land he'll never do anything with and hasn't been able to sell.
If you can see yourself being there 10 years from now regardless of what happens in your life - go ahead and buy.
If you're determined to buy but don't expect to live there very long, then get something way below what you can afford. That way you won't exactly be stuck there if you have to move and can't sell it.
I agree with the principal of this statement, but a living expense is something that you can't avoid, unless you live rent free with someone. When I think about the rent I paid from age 20-30, all I can think about is if I were paying a slightly higher mortgage all those years, I'd have 40K in equity especially if I'd sold in 2006 at the height of the market when I did purchase my first house. Like someone else said if you plan on living there for a while and it's a house you want as a primary residence, it is an investment to some degree. But just like any investment you can lose your ***. Just don't do an ARM, especially now. In 3-5 years, I'm pretty sure mortgage rates are going to be a bit higher than they are now.
I do agree it's somewhat better than renting...
If you have the funds to get in without the PMI. Rents will generally be a little higher than a mortgage but that is because the owner of that property is on a 15 year max loan and is paying the taxes, insurance, and maintenance. You don't necessarily want to live in a neighborhood with a lot of rentals, either.
Paying a mortgage is basically just paying less rent to a mortgage company for the pleasure of paying your own insurance and taxes (through escrow) and paying for your own repairs and maintenance. Then you're chipping away at turning your home into an asset you can borrow against again. The best thing about owning a home is that one day you plan on not having to pay a living expense each month, but that is often so far down the road it doesn't matter. However... if you can chuck money at your mortgage (after chucking money at your Roths, college funds, etc.), and can possibly pay it off as soon as 10-15 years... then you're really doing something. A $200k mortgage on 30 years at 4.25% is gonna run you just shy of $1k monthly without the escrow (don't count the escrow because you'll owe taxes and insurance forever). If you can scrape $250 extra bucks a month up you knock ten years off your mortgage. So if you bought a home at 30, when you're 50 you'll have an extra $1,250 a month in income and you can buy that boat or get better football seats. If relatives die and leave you money, if you get a nice bonus or a tax refund... knock it down even more. Think about how you could live without a rent or mortgage payment, and that's how you turn home ownership into an investment that can actually pay.
If you have the funds to get in without the PMI. Rents will generally be a little higher than a mortgage but that is because the owner of that property is on a 15 year max loan and is paying the taxes, insurance, and maintenance. You don't necessarily want to live in a neighborhood with a lot of rentals, either.
Paying a mortgage is basically just paying less rent to a mortgage company for the pleasure of paying your own insurance and taxes (through escrow) and paying for your own repairs and maintenance. Then you're chipping away at turning your home into an asset you can borrow against again. The best thing about owning a home is that one day you plan on not having to pay a living expense each month, but that is often so far down the road it doesn't matter. However... if you can chuck money at your mortgage (after chucking money at your Roths, college funds, etc.), and can possibly pay it off as soon as 10-15 years... then you're really doing something. A $200k mortgage on 30 years at 4.25% is gonna run you just shy of $1k monthly without the escrow (don't count the escrow because you'll owe taxes and insurance forever). If you can scrape $250 extra bucks a month up you knock ten years off your mortgage. So if you bought a home at 30, when you're 50 you'll have an extra $1,250 a month in income and you can buy that boat or get better football seats. If relatives die and leave you money, if you get a nice bonus or a tax refund... knock it down even more. Think about how you could live without a rent or mortgage payment, and that's how you turn home ownership into an investment that can actually pay.
Amen, also do not use a home inspector the realtor recommends. The realtor want the house to sell, and it would be bad for them if a home inspector finds too many problems and you walk away. I got burned bad by this.
There is good advice on here, so I don't have too much to share.
I also just bought my first house. It was a HUD foreclosure, so we bought it as is, for a much cheaper cost in Nashville. It was in decent enough condition to where we "only" had to gut/install new floors, build a fence, and get a few used appliances on craigslist when it came to major costs. We had to change the guts of the toilets, paint every square inch, do some slight electrical, etc. It was a lot of man hours after a full day of work. Youtube "how-tos" are your friend.
Check out this link by Ramit Sethi. Not saying it's right or wrong, but it may give you a new perspective.
I also just bought my first house. It was a HUD foreclosure, so we bought it as is, for a much cheaper cost in Nashville. It was in decent enough condition to where we "only" had to gut/install new floors, build a fence, and get a few used appliances on craigslist when it came to major costs. We had to change the guts of the toilets, paint every square inch, do some slight electrical, etc. It was a lot of man hours after a full day of work. Youtube "how-tos" are your friend.
Check out this link by Ramit Sethi. Not saying it's right or wrong, but it may give you a new perspective.
Literally just closed on my first home 2 weeks ago. Went through Dave Ramsey's ELP program and found a great realtor. My advice here is find a realtor that you like. You get to choose so pick one that understands you and what you want.
-We went through our local credit union for lending. My advice here is to simply check around at a few different financial institutions to ensure you are getting a good interest rate. Try to go ahead and get pre-approved. Pre-qualified and pre-approved are 2 different things. Being pre-approved may alleviate some headaches that you could encounter when you get close to closing day.
-Make your realtor work for you. Tell him/her your lifestyle, what you're looking for in a house, etc. On the flip side, we went through hundreds of houses "virtually" (basically just on Zillow). This cut down on showing up to a home for showing and immediately not even liking it. It's a time saver. Suggest the homes that you do like to your realtor.
-It's cliche but true, don't have the nicest house in the neighborhood. In essence, this is an investment.
-When you get ready to offer, get your realtor to get comps of some other houses near that house and see what they sold for. The only complaint I had on our realtor is that she didn't really offer any advice on what we should offer. (I know that the lower the price, the less commission she gets, but still). If the house is 175,000, don't be afraid to offer something like 150 or 160. You never know. If the house appraises at 175, technically you get 10 to 20k of instant equity if the seller accepts your offer.
-When it's time for the inspection, do some research and get an inspector that's not in any way affiliated with your realtor. I'm not saying all realtors are bad. But they could easily recommend an inspector that they know will not come up with too many problems with the house because the realtor wants to get the house to closing to get their commission. On the flip side, they probably give the inspector a cut on the deal.
-The day leading up to closing will drive you crazy. My credit union literally waited until the last day to start asking for documents. Luckily I had them ready to go. It was probably the most stressful thing I've done in a while.
That's all I got right now. I'll add some more if I think of anything else. Good luck!
-We went through our local credit union for lending. My advice here is to simply check around at a few different financial institutions to ensure you are getting a good interest rate. Try to go ahead and get pre-approved. Pre-qualified and pre-approved are 2 different things. Being pre-approved may alleviate some headaches that you could encounter when you get close to closing day.
-Make your realtor work for you. Tell him/her your lifestyle, what you're looking for in a house, etc. On the flip side, we went through hundreds of houses "virtually" (basically just on Zillow). This cut down on showing up to a home for showing and immediately not even liking it. It's a time saver. Suggest the homes that you do like to your realtor.
-It's cliche but true, don't have the nicest house in the neighborhood. In essence, this is an investment.
-When you get ready to offer, get your realtor to get comps of some other houses near that house and see what they sold for. The only complaint I had on our realtor is that she didn't really offer any advice on what we should offer. (I know that the lower the price, the less commission she gets, but still). If the house is 175,000, don't be afraid to offer something like 150 or 160. You never know. If the house appraises at 175, technically you get 10 to 20k of instant equity if the seller accepts your offer.
-When it's time for the inspection, do some research and get an inspector that's not in any way affiliated with your realtor. I'm not saying all realtors are bad. But they could easily recommend an inspector that they know will not come up with too many problems with the house because the realtor wants to get the house to closing to get their commission. On the flip side, they probably give the inspector a cut on the deal.
-The day leading up to closing will drive you crazy. My credit union literally waited until the last day to start asking for documents. Luckily I had them ready to go. It was probably the most stressful thing I've done in a while.
That's all I got right now. I'll add some more if I think of anything else. Good luck!
Since you brought up DR's ELPs...I used a realtor they recommend. He was fantastic. He worked hard, was very prompt with paperwork and very communicative. I attempted to use their mortgage provider (Church Hill Financial) as well. Total nightmare. I almost reported them to the BBB. They bait and switched me on APR several times. The first email they sent me said we qualified for 3.75%, and with every corresponding email it seemed to go up an 1/8. They played the "market volatility" card once I called ********. So I double checked with several other providers and they said nothing has really changed over the last month. When I told them I would no longer need their services, the women tried telling I was in the wrong because they were the first people to approve me (they weren't) and I should go with them because they did me some sort of favor (which they didn't).
We were also considering Church Hill Mortgage, but read the worst reviews. Even our financial adviser (who was Dave Ramsey ELP) said the few times he suggested them, his clients got screwed so he doesn't refer them anymore.
It's always good to interview at least 3 agents and compare, all agents are not the same just like in every business. I noticed several people talk about inspections. Do the same thing, interview at least 3. It should be a 3rd party. I don't even stay for the inspections, or talk to the inspector to make sure my clients get a valued different opinion of the house. Don't lump all agents into the bad.
Dave Ramsey is making a killing off of the ELP. I like Dave, but he is all about making money. He has agents pay a lot of money every month to stay on that list. If you pay the money, you get on the list. The best option for a lender is always somebody local.
Dave Ramsey is making a killing off of the ELP. I like Dave, but he is all about making money. He has agents pay a lot of money every month to stay on that list. If you pay the money, you get on the list. The best option for a lender is always somebody local.
Something not said yet: Request to walk through the house more than once before making an offer. The second time around you will notice A LOT more about the house than the first time. You don't want the second time you view the home to be after your offer while walking through with the inspector. At that point you have already become emotionally and financially invested in the house (paid the inspector and earnest money). Since this house has been on the market a while, the home owner won't be too pissed off that you want to view it again before offering.
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