Interesting about the mtg broker. I shopped around just recently and ultimately

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Jul 1, 2020
10:03:42pm

rainorsnow

Interesting about the mtg broker. I shopped around just recently and ultimately

got a better deal with a bank than with this local mortgage broker. Why do you advise against brokers over banks? He was pissed that this bank was charging me no origination fees and giving me 3k in lender credits even after he finally matched the 2.875 rate.

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rainorsnow

Bio page: rainorsnow
Joined: Aug 22, 2010
Last login: Apr 26, 2024
Total posts: 19,068 (630 FO)

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Messages

Author

Time

What’re some pointers you have for a first-time home buyer?

7/1/20 7:47pm

You can always change the house, but you can't change its location

acougfan

7/1/20 7:48pm

Aside from education, buying and selling foreclosure homes have been the best

Pretorian

7/1/20 8:53pm

I wish my backyard had more privacy... Or any privacy for that matter

7/1/20 7:50pm

Pay cash.

7/1/20 7:51pm

RE: Pay cash.

Zaphod

7/1/20 7:54pm

I’ve sold 3 homes the past 4 years. I’ve had an all cash offer each time on all 3 homes.

RdF3

7/1/20 7:54pm

I build for a living, we rarely get cash offers, but it does happen.

7/1/20 7:55pm

With the interest rates under 3% for a 30 yr loan right now, just do a 30.

rainorsnow

7/1/20 8:43pm

15 year is a good way to go. Not sure that is feasible for most people in a lot

Hoosier77

7/1/20 9:09pm

Starter homes in Utah are insane.

Hoosier77

7/1/20 9:10pm

Get a 30 yr loan and pay it like you would a 15 yr loan. That way, if hard times come, you're still OK.

7/1/20 9:15pm

Make sure you get a garage. Don't get a townhome. Do not move anywhere with an

CougarTailDevourer

7/1/20 7:55pm

Absolutely no HOA!

7/1/20 7:55pm

HOAs suck, unfortunately A LOT of places have them.

7/1/20 8:12pm

Potentially bad advice IMO

RdF3

7/1/20 8:00pm

HOAs are fine. Just understand what you are getting in to.

scottfunkel

7/1/20 8:48pm

Why are you against town homes? Thank you for the advice

7/1/20 8:13pm

They are hard to sell when the market turns and they are typically too small to

CougarTailDevourer

7/1/20 9:37pm

Never F & C because of HOA fees. Special assessments Will bite. Roofs, asphalt &

grandpacoug

7/2/20 5:48am

So just get a good and thorough home inspection. Yes, eventually years down the

CougarTailDevourer

7/2/20 8:36am

Townhomes are great starter options

insanobueno

7/1/20 9:24pm

Townhomes generally cost about the same as a single-family home of

CougarTailDevourer

7/1/20 9:39pm

But then you can live in a nice well kept neighborhood likely with a pool and playground and have neighbors that are

RdF3

7/1/20 10:17pm

Not always the case. We looked at townhomes vs. single family homes for our

CougarTailDevourer

7/2/20 8:44am

Good feedback. This is our first home and seriously considering the town homes

7/2/20 9:11am

Interesting about the mtg broker. I shopped around just recently and ultimately

rainorsnow

7/1/20 10:03pm

For the same reason. I used a mortgage broker originally because he told me he

CougarTailDevourer

7/1/20 10:14pm

Surprised he gave you the name of the bank.

rainorsnow

7/1/20 10:19pm

If you're financing, get preapproval, but try to buy under the preapproval

7/1/20 7:55pm

Expect the worst, “new” used houses always need repairs.

gwill

7/1/20 7:56pm

Look at greatschools.org. Try to live in a neighborhood where the elem school

valleus

7/1/20 8:07pm

Owning a house is expensive. Don't just think about how much the house payment

Broda

7/1/20 8:12pm

New or old, it'll fall apart. Houses are a money pit.

7/1/20 8:18pm

If it has an HOA, get info on the fees, how it is being managed.

ovalY

7/1/20 8:19pm

I'm a Realtor. Here's my advise. Shop around for your financing and for your

BYU_CPU

7/1/20 8:35pm

That’s good advice. I just accepted an offer on my home and people were fighting

rainorsnow

7/1/20 8:48pm

the 7 year thing...Maybe that's true but I know people that would be 100k poorer

abyunobody

7/1/20 8:58pm

HOAs have ultimate unchecked power. If they treat you unfairly there is nothing

abyunobody

7/1/20 8:35pm

Make sure to take it on the freeway and have your mechanic check it out.

superdoo

7/1/20 8:38pm

Great advice

TNT

7/1/20 8:45pm

If possible, buy a place that you could turn into a rental when you upgrade

DC12

7/1/20 10:10pm

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