"our" house is going up for auction

[MissMia75]

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@Booner72 wrote:

OK dear forum friends.  I know you are all waiting on edge for a play by play here. 

We locked in with an interest rate of 4.5%!!  The only thing that can go wrong now is "upper management" won't sign off on the offer, or title problems.

We passed automated underwriting for DTI.        

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WOO HOO!!! Party at Booner's.... LOL

[mauve]

I lost track of all of these houses - this is NOT the hippie house, correct?  Some other one through HomePath, correct? 

[Booner72]

No, this is not the hippie house.  This is the WallPaper House.

 I got a great suprise from the LO today, also -   She mentioned something about points and lowering the down payment, but I don't really understand how it works.  Instead of 4.5% we will do 4.75% and this gives us far more cash up front......  Less than 2000.00 due in closing costs and the down payment.  That's over 3000.00 less than we planned.

The payment is pretty big though - 325 more a month than we pay in rent.  I'm going to quit smoking cigs to make up the difference.  (Seriously).  Now off to find a quit smoking forum......

[incognitony]

This sounds great for you. The negative points just means they make more interest and give you a credit. The 3k that I am paying could save me 20k over 30 years so the 3k you get will probably cost you 20k over 30 years. Win-win I suppose if it gets you in the front door.

 My wife says she will give up food but not cigs.

[MarineVietVet]

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@Booner72 wrote:

No, this is not the hippie house.  This is the WallPaper House.

 I got a great suprise from the LO today, also -   She mentioned something about points and lowering the down payment, but I don't really understand how it works.  Instead of 4.5% we will do 4.75% and this gives us far more cash up front......  Less than 2000.00 due in closing costs and the down payment.  That's over 3000.00 less than we planned.

The payment is pretty big though - 325 more a month than we pay in rent.  I'm going to quit smoking cigs to make up the difference.  (Seriously).  Now off to find a quit smoking forum......

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I salute your decision to quit smoking. I made that same decision December 7, 1977 and never looked back.

But you don't need a forum or gum or patches or hypnosis, et al.  to stop smoking. You just stop. Period. This method will work if you really want to quit.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Booner72]

MV - I quit when I found out I was pg - then practically crawled out of the hospital to go smoke.  (exageration).  I totally agree w/ your comment - I know I don't need a forum, was just being sarcastic.

So you guys really think that I'll pay 20 thousand bucks for this three thousand????  .25 of a percent?  I think 4.75 is pretty sweet.  We don't need the 3k to get in the door, but it sure will be nice to have the cash for new stuff.

[incognitony]

Actually about 8k on a 150k loan.

[Booner72]

Oh Ok.  Well thanks for doing the math on that.

Here's another question - about this percentage issue.  LO said it depended on the rate the day we locked in how much I could "get back" in this credit.  (I don't see it as a credit, I see it as I dont pay in the first place).  But anyway.....Why would that make such a difference??  I know the last time we talked about it she figured it would be about a thousand bucks.  Now it's two thousand.  Then I get to take off another 750.00 because it's a Fannie Mae Homepath and they pay more in closing by .5%.

I'm so confused and I want to do the smart thing here.

[incognitony]

I'll pass on some advice that the loan guy at my bank gave me . Don't worry about the rate because they are all great at this point.  As for the changes on the exact rates , its like playing the stock market and there is no right or wrong just luck of the draw from what I can tell.

[Booner72]

The good news today is there was no bad news.  Fannie Mae seems to be on top of things on their end in terms of getting documents going.   My agent doesn't think we will have fully signed docs that we need until Friday.  (That means I can't be outbid and the appraisal can be ordered.)  My agent says selling agent is taking the MLS number down which makes me feel a little better, but until I see that "Under Contract" by the pic of my house on the Homepath website, I'm not breathing.  Agent also says we "should definitely not" get outbid at this point, and that I can be "98% happy". 

I'm worried about title, but I know I'm clean, and she says the house has to be clean because they were already going through this until the previous buyer's funding fell through.  (Boy I know that pain).

Closing is set for the 26th.  So 24 more days.  Even the kids are saying "What could go wrong now?  Do you think that will happen?"    This is just so scary.  But so exciting.  Almost unreal.  Being 39 and just getting my first house makes me feel like kind of a loser.

Interestingly, the house we picked after all of this ends up being in the neighborhood of my BFF since 1st grade.  She can see the corner of my roof from the corner of her yard.  Of all the places.  And no, we didn't plan this.  That's just where the great house happened to be.  Though it's probably partly great bc it is in that neighborhood.

If anyone needs a  referral to a great loan company, let me know.  I know they work for "fannie mae" but I'm confused how it all goes.  She is not a "broker", but doesn't work for Wells or BoA so I really don't get it.  She said something yesterday about taking a payment into the branch.  Branch?  What branch?  I picture Fannie as some invisible corporate conglomerate - I didn't know I could just walk into "fannie's" office.