New England B.S. Thread

Btw @jethro I'll be in your neck of the woods if this works out

 

As some have said, they can't pull tricky shity like they might have in the past or push through things that aren't a good idea. After the last market crash they tightened up hard on banks and that stuff just isn't happening. That said, there are always risks and you are right to ask. Things I would make sure about though:
1)There is no penalty for prepayment. Prepayment is a good thing and most loans won't punish for it, but make sure!
2)Make sure that it isn't okay for the bank to just randomly call it due. You can pay early, they can't call it in early...or else you could find yourself in trouble. Grandfather almost lost the family business this way wayyy back.

Again should be on the up and up, but read the conditions and make sure there isnt anything that could seriously hurt you like them calling in the loan randomly next april.

Do an inspection like everyone says, they don't need to fix everything on the list for you, but it is good to know whats going on before you move in. You can always negotiate a lower price or help on closing costs from seller instead of getting things fixed.

That said. And I think you know this. The house isn't on the market yet, if you be a dick about petty things, the house will go on the market and you won't be the new owner. If they are big repairs then yes, try to work something out, the owner might not even be aware of them. But for a stuck window, or insulation not being perfect...move along and buy that house. You can always fix little things like that, and the seller isn't going to be interested in some long list of requirements from you. I guarantee you lose the home if you start doing that.

Again with the loan officer, there is very limited room for them to be sketchy, but read the terms and ask questions if you are unsure. I will tell you this, I just got a construction loan about two months ago. My builder is on their board, he has known the loan operations manager for 30+ years and grew up working with her husband. He went in, explained everything and they were happy to give me a loan...

I still had to qualify, fill out every single piece of paper they make anyone else do and my loan is not a pinch different than you could walk in and get. This is a small town local bank, not a big one either. The deal is the deal these days and they almost have to be above board. As long as its a real company, you are probably okay.

 

I was referencing her ditch incident from last winter in her FJ.

 

Whew. Got me worried there! I think Rebecca's truck will out live most of us. At least that's what I'm hoping for.

 

One would hope. Considering it only gets driven on nice days when she doesn't feel like taking a bike or a car, it probably only averages a couple thousand miles a year.

 

I was thinking more like a couple hundred miles a year on average. Hasn't had to change the oil since '05!

 

For sure. House was built in 02' . All the big things check out so far. I know the plumbing and heating aspect. We have a reputable brother of a close family friend that my father and his fellow tradesmen circle he operates in suggest. Will still have him go through because you can never have too many eyes looking at something just in case.

A few things need to be touched up and are known, but it isn't anything that needs to be addressed immediately .


Pouring myself some coffee and going over the docs soon. Called out last night . Was running a high fever and have some real good congestion going on. I'd rather break a finger than Deal with this kind of crap haha.

 

My only advice, make sure it’s a fixed loan, yes rates may drop at some point and you would save, but you know you can afford still. Rates go up, and your payment goes up and you can’t afford, puts The house at risk. When you search for the loan, if your are going to shop around, you need to do it within a certain window as to not lower you credit score. And I would at least compare rates. If your skipping the realtor then maybe check out a self sell site, for sale by owner or something. https://www.bankrate.com/finance/real-estate/should-you-sell-home-without-agent-1.aspx.

 

In either case Max , good luck!
Our home is a starter home and as I mentioned before we’ll probably sell in the next couple of years and move north. The one thing I would miss is the convenience of everything nearby .

 

So yesterday I moved the '69 back from its temporary winter quarters (a cheap-ass harbor freight instant garage) on the lower lot into the better quality Shelter Logic unit behind the house. To get out of the lower lot there's a rough driveway I've cut in that runs to the road, but I haven't leveled it off with gravel so it's on probably a 5% side grade. To get out, you also have to cut a tight corner uphill around a big ass yellow birch, then pretty much immediately climb maybe 25 feet up a slope to get onto the road (no culvert and it's not built up with gravel yet). Not a big deal, normally, unless you're in a 2wd antique with summer tires and no weight in the bed, trying to climb up over on an ice sheet.

I made 3 runs at it and kept losing traction. Finally I backed it up as far as I could without having to turn around the birch, popped it in 2nd, matted the throttle and just let her claw her way out with the posi. Sounded pretty awesome, cut twin trenches all the way up through the inch or so of built-up snow/ice/crust, and threw snow probably 30 feet behind me. Made me wish I'd set up a camera to catch it on video

Usually I'm not a big supporter of 'when in doubt, throttle out' but in this case it worked.

 

Ever try alka seltzer severe cold and flu with Mucinex DM pretty helpful

 

Thanks Guys.

 

I'm trying the Mac and Cheese method

 

Also make sure you can do those of course

 

Mine may have been a unique case, but it was the one and only time I bought a house so it'll stick with me. The Mortgage broker is supposed to shop around and find you the best deal. Mine was a dud and ended up not doing any of that. They kept getting our e-mail addresses wrong so they'd send out personal information to this other lady who had an e-mail address similar to my wife's (who had responded several times at that point asking to not have things sent to her). I was fortunate because my Real Estate Agent (who was awesome) knew these guys and actually recommended them to me. Turns out, they were in a growth pattern and some of their new hires weren't so bright. The Owner of the broker company ended up finally stepping up and they had to get Lifelock for my wife and I for a couple years (because they kept sending out our personal info) and they botched the mortgage as well. I ended up finding a better deal on my own, but at that point I was too far down the road with the brokers to switch. The brokers ended up eating the points to get me a better rate to match the one I found on my own. It doesn't sound all that bad, but it was very stressful because they weren't doing their job and it was a huge financial risk for me. Next time, I'll shop my own rate and mortgage and control the process myself.

 

Well put. Stress is often an burden that doesn't get as much respect as it should. It sounds like it would have been a huge pain.

Right now I'm at .1 of the current national average it seems, pre-approved. We are buying this as a first home we can grow with. As much as I'd like to do a traditional 30 year loan, we opt'd to pay off all of our student and life debt (had some cough* motor vehicle medical bills over the years). So for now we are going with an FHA loan. The PMI topic is just something we will live with while we work with this loan.

 

Sweet! I love my area, I'm looking to buy as well... maybe you should send me the link to the house, just for... you know... research?? LOL

 

There is no link. It's not on the market. Probably won't be either. But you can come by for some beer and check it out this summer

 

You can refi out the PMI later, don't worry about that. If you are smart about buying and paying you'll have the equity needed to get out of it soon enough.

 

Thats what my thoughts were. We gave ourselves enough room to chase it down monthly payment wise