@youdontkillmoney wrote:
@Anonymous wrote:
Any update on the lenders you were planning on following up with today?
^^^^^^
I wasn't going to update this board until more concrete news comes in but since you're asking . . .
1-I currently have a preapproval with Instant Capital (a direct lender) for $1.1 million w/ 10% down. This is after sending them our 2014 & 2015 tax returns, W2s, pay stubs, bank and retirement accounts, pulling a hard inquiry into our credit reports and everything short of a tax transcript which the preapproval letter stated as a contigency that has to happen. Once a purchase contract is in hand they will ask for documents and underwrite.
2-I currently have a prequalification with Capital One Mortgage for $1 million w/ 10% down. They did not request docs but asked the same information aboev verbally, and they pulled our credit report; once a purchase contract is in hand they will ask for documents and underwrite.
3-I am prequalified with SoFi using a softpull and entering information on their website. I called and they said I am qualified for $1.6 million with 10% down, but I said cap it at $1 million w/ 10% down; by the way in the Wall Street Journal today I read SoFi got a AAA rating from some rating agency and the first online lender to do so; my conversations with them over the phone a handful of times always leaves an impression of professionalism and positivism, like they really love their jobs. Unusual to get that cheerful customer service consistently so their culture must be fantastic. Anyway, I asked for a full preapproval review so I uploaded financial docs, pay stubs, W2s, bank and retirement account info, etc at their website so they are now reviewing it so I can have more certainty with my approval status which I prefer to know ahead of time.
4-US bank, I plan to get a preapproval with them too since I am within the 30 day period of credit pulls so it counts as "one"; spoke to the lender this a.m. but he had a busy day and called me earlier this evening to set up an 8:30 a.m. phone call tomorrow to talk. I will aim for a 30-year fixed $1M w/ 10% down and consider their package.
5- Another mortgage broker, Victoria Financial, offers a 10% down on $1M through US Bank but rates are not competitive at 4.6% fixed so it is really high, though they have ARM's and such but I want a 30-yr fixed. I may just get a preapproval and keep them on standby since I am within the 30-day period of credit pulls to count as "one"; my first pull was May 4 or so with Wells.
I am sure I can get the prequalif/pre approvals with the above; it is just a matter of who to go with first to seek a loan approval and hopefully get funded w/o having to go down the line with the other lenders.
On the home shopping, we visited a home twice and liked the curb appeal and size but the interior was dated. The first time we visited they asked $989K. A week later they dropped it to $949K. We visited again last Sunday to look again, to make sure we were interested. In 2001 it sold for $500k and there were no renovations since so it's dated. Anyway, our broker just sent in an offer of $820k. At first we were going to do $850k, but the wife wanted to send in $820k so we did. The broker included a preapproval letter from Instant Capital which we asked to revise the Purchase Price down from $1 million to $850,000, our credit scores, our pre approval letter, and some snapshots of the accounts from which the downpayment will come from. I don't expect an acceptance, but seeing what happens.
So bottom line, I got 1 preapproval in hand, 1 prequalif in hand, and working on SoFi, US Bank, and just because Victoria Financial for more preapprovals as backups, which I am confident they will proviode for 10% down on $1M as my discussions with them are positive. So US Bank and Capital One are the only large commercial banks in the mix for the product I want.
5/23/16 (10:19 p.m.): This is the seller's reponse to our $820K offer above, hot off the press verbatim:
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We truly appreciate your clients offer
I met them during the open house and they are very nice people
Their offer is way to low and I don't think that seller will even consider responding
This is over $120,000 under asking price
I will understand if you send offer at $920,000 so we can negotiate, but not with this price
And yes, this is high end area, HOA is very low, only $160/month
The house truly need only new appliances which we are in negotiation with the sellers to install
If you think that your family can go over $900,000 then it does worth negotiations
I see that approval is under $900,000 as well
Please advise
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The asking price is $949k, was $989k.
That preapproval letter shows $850k, which the seller's agent is right is under $900k, but we also have a preapproval up to $1M - 1.1M also but I asked our broker we'll just wait and keep looking and see what happens with this $949k home.
That's a smart strategy. Is it something known and allowed to do? This is the first that I heard of that when it came to putting in a offer and essentially leading the sellers to believe what your ceiling is.
Anyway, congrats with Wells. Keep the updates coming.
.. This is good news as they came through for you. I hope there are no other surprises.. Keep us posted as things move along.