Home Owners Thread

[SSJ-S15]

Originally Posted by RalliartRsX

From what I understand, aren't there certain stipulations as to how soon one can refinance after purchasing a home??

I wonder if gbaby falls into that window (if there is a window that is)??

I know when we bought, once we sold our initial home, we could refinance immediately as
1) The new house would be our primary residence
2) The proceeds from the initial house would be used for refinancing closing costs (which I think is BS as you have to pay closing costs twice...but that's an entirely separate discussion......)

Nope, no requirements whatsoever. Brokers will tell you that because if the loan pays off under a certain time frame, they have to pay money back to the lender they sold the loan to. But you can refinance the day after you get the loan so long as their is a benefit to doing so.

[JrDarknes]

So glad I read this thread, very interesting.

Was wanting/planning on moving to Socal next year once I get my degree since I saw more job opportunities there and love the car scene. Was planning on renting a apartment and saving up for 3 years to own a home.

I don't know now. Can easily buy a house now where I live haha.

[gbaby2089]

Originally Posted by SSJ-S15

30 year fixed rates have dropped into the high 3's now with 720 credit scores are higher, might be worth looking into a refinance.

I'm planning to look into things over winter. Should be able to save a fair bit.

[silverarrow27]

Originally Posted by JrDarknes

So glad I read this thread, very interesting.

Was wanting/planning on moving to Socal next year once I get my degree since I saw more job opportunities there and love the car scene. Was planning on renting a apartment and saving up for 3 years to own a home.

I don't know now. Can easily buy a house now where I live haha.

You should probably just look at the housing cost in the area you're interested moving to next year first to educate yourself on realistic pricing. And the market can change from now until you move next year. Also, consider how much you think you'll be making a year and make a realistic goal. Not all homes in Southern California is expensive, just depends where you want to live. The closer to the coast, the more expensive. More inland and you get way much more for your $$$. For instance, my sister lives in Westminster in Orange County in a old somewhat worn down house, 3 bedroom 2 baths 1200-1300 sq ft on a 8,000 sq/ft lot. It's currently appraised at around $600,000. $600,000 inland will net you pretty much a mansion sized house of 5-6 bedrooms, 4-5 bathrooms, 2500-4000 sq/ft and 1 acre to 10 acre lot and much more...the only thing you have to deal with is the drive.

[gbaby2089]

Originally Posted by RalliartRsX

From what I understand, aren't there certain stipulations as to how soon one can refinance after purchasing a home??

I wonder if gbaby falls into that window (if there is a window that is)??

I know when we bought, once we sold our initial home, we could refinance immediately as
1) The new house would be our primary residence
2) The proceeds from the initial house would be used for refinancing closing costs (which I think is BS as you have to pay closing costs twice...but that's an entirely separate discussion......)

Refi would cost $600, already discussed with loan officer when I was going through everytime, is flat rate.

I think I have to wait six months or so from purchase & I've already met that.

[SSJ-S15]

Originally Posted by gbaby2089

Refi would cost $600, already discussed with loan officer when I was going through everytime, is flat rate.

I think I have to wait six months or so from purchase & I've already met that.

Why would you need to wait 6 months?

[spooled240]

Originally Posted by Silverbullet

I know tech is the sexy thing in the media at the moment, but the most valuable skill out there is selling. The highest paid profession is a salesman....
...Good luck buddy, i think you'll do great. By just asking the question, you've started the process already.

Thanks man, good info!



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[RalliartRsX]

Originally Posted by gbaby2089

Refi would cost $600, already discussed with loan officer when I was going through everytime, is flat rate.

I think I have to wait six months or so from purchase & I've already met that.

I thought when you refinanced, you pay all the closing costs sans realtor fees (as this is essentially a new contract)??

$600 sounds like just the "title transfer" fee

[SSJ-S15]

Originally Posted by RalliartRsX

I thought when you refinanced, you pay all the closing costs sans realtor fees (as this is essentially a new contract)??

$600 sounds like just the "title transfer" fee

Closing costs will consist of 3 things:

- Lender fees/broker fees
- 3rd party fees (title insurance, escrow, notary, recording)
- Points (optional to buy the rate down)

The $600 flat fee is probably the lender or brokers' fee. The 3rd party fees will be additional

[RalliartRsX]

Originally Posted by SSJ-S15

Closing costs will consist of 3 things:

- Lender fees/broker fees
- 3rd party fees (title insurance, escrow, notary, recording)
- Points (optional to buy the rate down)

The $600 flat fee is probably the lender or brokers' fee. The 3rd party fees will be additional

My thoughts exactly.

gbabay: $600 gets your name on the list at the club. If you want to get to the bar to buy a drink and enjoy the crowd, that will be a few more thousands.
I would ask your broker for a full breakdown of the "fees" involved in refinancing.

[gbaby2089]

Contract specifically called out no additional fees to refinance.

Just have to pay for a new appraisal.

[RalliartRsX]

Yeah I would surely look into that to make sure.

Do a quick Google search on the cost of refinancing because that just doesn't sound right at all

[gbaby2089]

I'll definitely look into it, but I'm not in a huge rush right now either way. I need to educate myself on the process a lot more before I do anything anyway.

[SSJ-S15]

Originally Posted by gbaby2089

Contract specifically called out no additional fees to refinance.

Just have to pay for a new appraisal.

What contract?

[Mikey213]

You want a house near LA? Be prepared to go up against Chinese cash buyers. If you need a L then you'll always be at the end of the line, window shopping.

[Dutchmalmiss]

Originally Posted by Mikey213

You want a house near LA? Be prepared to go up against Chinese cash buyers. If you need a L then you'll always be at the end of the line, window shopping.

That's actually what I'm experiencing right now. Sellers obviously want the "cleanest" transaction. Our offer always gets outbid even if the winning cash offer was the same amount. I'm shopping between Pasadena and Covina, so them Chineses are scoopin them up from us!

[exitspeed]

Wow that's crazy. Wonder if that's going to happen here with this Foxconn plant going up soon.

Update on my place. Remodeling the bathroom upstairs and finishing off the whole basement and the house will be 100% new inside...annnnnnd we're going to sell in spring. The market is too hot. Got a conservative CMA and we should GET $450 for the house. We only owe $260. Not bad for a 3 year investment. Looking at something in the $600-$700 range now.

[simmode1]

Originally Posted by Mikey213

You want a house near LA? Be prepared to go up against Chinese cash buyers. If you need a L then you'll always be at the end of the line, window shopping.

You want a house in Dallas or Austin? Be prepared to go up against California cash buyers. If you need a L then you'll always be at the end of the line, window shopping.

[spooled240]

Originally Posted by simmode1

You want a house in Dallas or Austin? Be prepared to go up against California cash buyers. If you need a L then you'll always be at the end of the line, window shopping.

Not the same playing field. These chinese cash buyers literally purchase homes with millions of dollars in cash. The average CA resident cant even come close to competing with that even if they had enough of a down payment. Of course its tough enough trying to save money for the down when people are paying 1800/mo for a single bedroom apt while still paying off student loans. The trend with millenials out here is they live with their parents to save enough for the down, which again doesnt exactly put them in an ideal position when there are cash buyers. Then when you finally get the house you want and pop out sone kids both parents have to work creating this shitshow schedule of dropping kids off at the in-laws (if they are nice enough) or daycare/school. I see it everyday and I know why so many people are leaving this place.

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[ZenkiKid]

Came REALLY close to getting the ball rolling on buying a townhome in a newly developed area here in San Diego until I realized that HOA and MeloRoos adds about $1k to the mortgage.

So much for that.

[exitspeed]

Originally Posted by ZenkiKid

Came REALLY close to getting the ball rolling on buying a townhome in a newly developed area here in San Diego until I realized that HOA and MeloRoos adds about $1k to the mortgage.

So much for that.

Ouch.


Update on our crib.

We’ve been on the fence about selling and buying or doing and even more extensive remodel at our current home. It’s tempting to want to sell with the equity we have in the home (owe $280 and value is around $425-$450, probably closer to the latter) but that puts us in the position of having to buy a $600-$800 house to get something better than our house. Plus NONE of the homes over $600 have an 1.25 acre lot. They’re all on little half acre or less lots.

So looks like the big remodel is going to happen. Commissioned Ann architect And he comes back tomorrow with initial drawings. We went through the full loan approval process and have a budget of $300k for the remodel. Makes me nervous but house should be a solid $700k when we’re done.

Stay tuned.

[gbaby2089]

$300k remodel, jesus. Hope you don't wind up underwater when the market crashes (or at minimum, corrects itself) in a year or two.

[bjreynolds202]

I won out over a multi-offer when I was trying to buy my current house. The seller eventually said that while our offer was lower, she picked me because of the letter I wrote her depicting why I wanted the house and what it would mean to me as it was my first house and blah blah blah. I also was extremely responsive to all of her questions, schedule, and other misc needs. I think the lesson here is that there is a human being selling the house, connect with them in a way that the way that the money is acquired doesn't matter as much. This was someone else's home, they have memories with it and have likely developed a bond with it and they likely want it left in good hands, just like any of our cars. Also, get pre-approved for a loan before making any offers, because then its essentially no different that having cash.

[exitspeed]

Originally Posted by gbaby2089

$300k remodel, jesus. Hope you don't wind up underwater when the market crashes (or at minimum, corrects itself) in a year or two.

It’s a big decision for sure. We have a few factors in our favor. One is the value of area. Even during the recession the home values in Brookfield didn’t drop like they did in other parts of the state or the country. Another thing is we have $600-$800k homes (the house we share a yard with is around $800) in our neighborhood, so we won’t be the most expensive home either.

Also, this is a long term decision for us. IF we do this we’re staying out for 20 years until the kids get out of school. So really it doesn’t matter. By that time the house will probably be closer to a million.

And I agree, there will be a correction (I don’t expect a full crash like in 08) in the market within the next 5 years. I think we’ll be in good shape though even if it does.

[Dolph_KYAS13]

Originally Posted by exitspeed

It’s a big decision for sure. We have a few factors in our favor. One is the value of area. Even during the recession the home values in Brookfield didn’t drop like they did in other parts of the state or the country. Another thing is we have $600-$800k homes (the house we share a yard with is around $800) in our neighborhood, so we won’t be the most expensive home either.

Also, this is a long term decision for us. IF we do this we’re staying out for 20 years until the kids get out of school. So really it doesn’t matter. By that time the house will probably be closer to a million.

And I agree, there will be a correction (I don’t expect a full crash like in 08) in the market within the next 5 years. I think we’ll be in good shape though even if it does.

We are in a similar situation. We bought our house in Toronto 5 or so years ago and it has since doubled in value (we bought for close to 300K) We need more space and have been priced out of our area. So instead of paying to move (land transfer tax , agent fees ect.) we have decided, like you, to do a major reno valued similar to yours. All said and done our house should be valued at just over a million once the reno is complete. Just think of it as a forced savings account.

They started demo the other week, its been a scary process.





As you can tell from the pictures. our neighbors did the same thing and rebuilt their place.

Best of luck with your project.

-Jordie

[RalliartRsX]

Originally Posted by bjreynolds202

I won out over a multi-offer when I was trying to buy my current house. The seller eventually said that while our offer was lower, she picked me because of the letter I wrote her depicting why I wanted the house and what it would mean to me as it was my first house and blah blah blah. I also was extremely responsive to all of her questions, schedule, and other misc needs. I think the lesson here is that there is a human being selling the house, connect with them in a way that the way that the money is acquired doesn't matter as much. This was someone else's home, they have memories with it and have likely developed a bond with it and they likely want it left in good hands, just like any of our cars. Also, get pre-approved for a loan before making any offers, because then its essentially no different that having cash.

That's how we got our first house! There were no fewer than 8 bids. We were close to the top, but the letter from my wife and I is what bowled them over

It's the details that count

[Dutchmalmiss]

Originally Posted by RalliartRsX

That's how we got our first house! There were no fewer than 8 bids. We were close to the top, but the letter from my wife and I is what bowled them over

It's the details that count

+1 on the written testimonials. That's how we landed our first house as well. Moving in this weekend actually. Exciting times! Since I have a garage now, maybe I can eventually get my hands on another S-chassis...

Speaking of garage. Is there another thread here for home improvements? Or is this pretty much it?

[RalliartRsX]

Visit Garage Journal. I promise you, you think cars are a money pits!?! It pales in comparison to house reno options!! From rock soil type color for your garden, to driveway cement color,to size, shape or light output of light bulbs,to how large and what covers for recessed lights, to how many elements you want for your heated floors (and which switch to turn it on), I mean, any ggot damn thing you can think of, you can do to a house. Its effing unreal!

The only shitty part is; our house value went up tremendously BEFORE any reno even began, so now we are on the hook for the taxes based off home value (NOT what we payed due to pay taxes for property.........also know as property tax)

Apart from slight nuances like this, I wouldn't change it for the world! Garage, driveway to fit two cars in a major metropolitan area which we can walk to most places. Literally found a needle in the haystack of row houses, condos and apartments.

[exitspeed]

Originally Posted by Dutchmalmiss

+1 on the written testimonials. That's how we landed our first house as well. Moving in this weekend actually. Exciting times! Since I have a garage now, maybe I can eventually get my hands on another S-chassis...

Speaking of garage. Is there another thread here for home improvements? Or is this pretty much it?

Let me check. I thought there was a home owners thread....

Edit: nope. We should change the name of the thread. Let me send a message and see if anyone will do it.

Edit Edit: thanks mr mod.

[ZenkiKid]

Originally Posted by exitspeed

Ouch.

Youre telling me.

My Fiancee and I were bummed once we crunched the numbers and realized it. We probably woudlve been able to make it work but it wouldve been tight. $3100/month for a townhome seems outrageous.

California is extremely unobtainable for the middle class.

Im 2 months away from turning 29 and I cant even move out of my parents house. The idea of leaving the state is becoming more and more of a reality.

Im just glad that if me and the fiancee do stick around and tough it out for 1 more year that the new governor coming in is going to work towards putting a stop to all of this madness.

You know things are bad when a tech giant like Apple is slowly starting to grow and move its development out of California to the PNW.