cancel
Showing results for 
Search instead for 
Did you mean: 

Next Step: Mortgage -

tag
Hopingforamortgage
Contributor

Re: Next Step: Mortgage -

My .02 fwiw...

You'll need to pay for your own inspection and the reason is this: If it doesn't pass whatever requisites there are, the bank won't loan the money, the deal falls through, there is no purchase. I don't know what realtor in their right mind would advise their seller to pay for an inspection. That is usually an upfront cost (before closing) and if there is enough money at the end of the deal you can be reimbursed for that cost.

Note, your LO is correct when she says you doubt necessarily need to worry about the prepaids. That's because it can be negotiated into the power. For example you want to but the house for $125k. You'll need $5k in closing costs and $2k in prepaids (this is just an example) you could negotiate to pay $132k with seller paying $7k in assistance. This is an example only.

So even if you have 8% of costs, and you can get 5% through the program, you can also negotiate for an additional 3% seller assist.

Now, that said, you will need money. You have your inspection. You have your appraisal. You have earnest money in some amount.

Moving costs aren't as simple as a few guys and a truck. They could be deposits on utilities as well. Our you could be like us and find you have (ahem) unexpected repairs. If I ever see that inspector again, I'd love to know where he got qualified..... Smiley Tongue

Moving causes unexpected expenses to pop out of the woodwork, but usually closing and prepaids can be negotiated if the appraisal supports the final sale price.

However, being preapproved, knowing where you stand, having solid advice specific to YOU from your lender, that's all really important IMO before you find the house.
Message 11 of 15
tufa4311
Established Contributor

Re: Next Step: Mortgage -

What's the difference between the monthly HOI Premium and the HOI itself.

796 TU FICO 08 (08/2018)
758 TU FICO 08 (01/12/2016)
753 TU FICO 08 (11/21/2015)
740: EQ Score Power (Beacon 5.0) FICO 04 (01/23/2015)
755 TU FICO 08 (01/21/2015)
652 TU Lender Pull (06/10/2014)
665 TU FICO 08 (05/21/2014)
Goal: 800+
Message 12 of 15
tufa4311
Established Contributor

Re: Next Step: Mortgage -

I just spoke with the LO directly and she said what you said - she said we would try to negotiate almost all the costs, inclusing the HOI, from the seller. Basically just like you said Hopingforamortgage. I know I need some pocket money but at least now I know she's not just outright nuts, or worse, lying.

 

This is all crazy but I can't believe I even made it to this point. I've owned a home with an ex in the past in Canada but I'm on my own here and it is a roller coaster ride for sure!

 

I can't stand just putting my money in rent every month - I need to start paying for my own house soon! (or at least the bank's house Smiley Happy

796 TU FICO 08 (08/2018)
758 TU FICO 08 (01/12/2016)
753 TU FICO 08 (11/21/2015)
740: EQ Score Power (Beacon 5.0) FICO 04 (01/23/2015)
755 TU FICO 08 (01/21/2015)
652 TU Lender Pull (06/10/2014)
665 TU FICO 08 (05/21/2014)
Goal: 800+
Message 13 of 15
tufa4311
Established Contributor

Re: Next Step: Mortgage -

BTW, is there anyway we can neg. with the seller to pay for all my furniture and new indoor painting? Smiley Happy

796 TU FICO 08 (08/2018)
758 TU FICO 08 (01/12/2016)
753 TU FICO 08 (11/21/2015)
740: EQ Score Power (Beacon 5.0) FICO 04 (01/23/2015)
755 TU FICO 08 (01/21/2015)
652 TU Lender Pull (06/10/2014)
665 TU FICO 08 (05/21/2014)
Goal: 800+
Message 14 of 15
StartingOver10
Moderator Emerita

Re: Next Step: Mortgage -


@tufa4311 wrote:

BTW, is there anyway we can neg. with the seller to pay for all my furniture and new indoor painting? Smiley Happy


LMAO...Smiley Very Happy

Message 15 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.