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July 2021 Closers Thread

DF33
Member

July 2021 Closers Thread

 

 

July 2021 Closers Thread

Starting the thread for July !!!

 

Location: Florida

Purchase price - $747.250
$ Down - $200,000
Product - Conventional
Mid score - 756

Sellers Credit - $0
Rate - 2.625%  (Better Mortgage) Note:  Negotiated this down twice.  Pays to shop, compare and have them compete for your business.

Estimated Close Date -  July 1, 2021 - Hope it will happen sooner!
Possible issues - Underwriting doesn't seem to understand my Income W2 Employee but also I  own a business that provided large deductions two years ago.  A few times they say all set...only to come back and ask questions.

12 REPLIES 12
FICOlearner123
Regular Contributor

Re: July 2021 Closers Thread

Congratulations. What about closing costs? Is that the APR including closing costs?


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Message 2 of 13
DF33
Member

Re: July 2021 Closers Thread

 

 

 

Loan cost very low from Better - just $550 for appraisal and $50 for the credit report . So my 2.62 APR with closing cost on my 30yr is 2.64

 

I want to thank this board for helping me get my score up via AZEO!  WIth maximizing my score (had hoped for a MMS of 760 but didn't make it)

 

I started with a local mortgage company who quoted me 3.25  and then received quotes from 5 companies  Took that best rate to the most aggressive company - they lowered - then took that lower rate with the LE as evidence to the two I was interested in working with.  I had a plan from the beginning to make the best use of my Credit pull window.  I also was upfront with all of them that I was shopping for the best deal - rates and fees.

 

 

 

Message 3 of 13
hopesprings
Member

Re: July 2021 Closers Thread

Location: Texas

Purchase price - $485,000
$ Down - 15% down
Product - Conventional
Mid score - 696

Sellers Credit - $0
Rate - 2.875%  (Better Mortgage)

Estimated Close Date -  July 8, 2021
Possible issues - The market here is crazy so there's the appraisal issue. That being said, we were able to negotiate a price below asking since the home has been on the market longer than others, so we're hoping this helps. The appraisal was completed yesterday so we're waiting on findings. Also, the home inspection is Saturday -- fingers crossed that goes well, the home was built in the 40s. Finally, I'll probably worry about the final approval until we're done, so there's that. The loan processor says we're fine, but she's not in underwriting so..

 

***UPDATE:  Everything was good until we received our inspection. Too many issues to surmount so we backed out of the deal. I had just received conditional approval for the lender and was prepared to close in July. Everything was going so well.   :-(

Message 4 of 13
KEIAH78
New Member

Re: July 2021 Closers Thread

Location: Virginia 

Purchase price - $475,000
$ Down - $17,000
Product - FHA
Mid score - 640

Sellers Credit - $5,000
Rate - 3.4%

Estimated Close Date -  July 6, 2021
Possible issues - We have no clue! First timers so we are just stressed out and impatient at this point.

Message 5 of 13
UPLink0615
New Member

Re: July 2021 Closers Thread

Location: Indiana

Purchase price - $175.000
$ Down - $0
Product - Conventional 
Mid score - 710

Sellers Credit - $0
Rate - 3.6%

Estimated Close Date -  July 19, 2021
Possible issues - I'm not sure since I am a first-time homebuyer. I'm ready for it to be over and done. 

Message 6 of 13
KonamiCode
Valued Member

Re: July 2021 Closers Thread

Location: Indiana

Purchase price - $360,000
$ Down - $18,000
Product - Conventional 
Mid score - 796

Sellers Credit - $0
Rate - 2.990% Locked

Estimated Close Date -  July 22, 2021
Possible issues - This is my first house and is a new construction single family home.  The loan is conditionally approved and I am just waiting for the appraisal to come back hoping it is nice and high (at least the purchase price).  Because the builder required a $26,000 earnest deposit, this covers everything I needed to bring to closing and then some, so I am estimated to get back $4,500 at closing, assuming the appraisal comes back where I need it.




Message 7 of 13
Michizane
New Contributor

Re: July 2021 Closers Thread

Location: Minneapolis, MN

Purchase price - $270000
$ Down - $13,500 (5%)
Product - Conventional
Mid score - Mine (666) My Wife (802)

Sellers Credit - $0, Paying all closing costs ($9899 from current loan estimate)
Rate - 3.25% rate lock (Wells Fargo)

Estimated Close Date -  July 9, 2021 - This was listed on our contract, and our loan officer said he could still meet it even though it will be tight (as long as no days are waster any further).
Possible issues - My biggest concern is the appraisal. We had to pick a house that was on the other side of town since the areas we were looking at initially were insanely overpriced. Although this house could fetch a $325K+ asking price in the initial area I looked at, I'm worried about how it will comp in the area (still think it should be fine though).

 

We offered $5K over asking price, and they agreed to fix 4 items out of the 11 we called out after inspection (the rest were kinda petty stuff, but our realtor thought it would be good to ask so it looks like we are making concessions). That said, the listing agent called our loan officer and asked what will happen if the appraisal is low (she also asked our realtor)...and they still took the deal even though we didn't offer an appraisal gap. 

 

The loan processor sent an email last Friday saying they will do a final review before sending to UW, and will reach out if they find anything that we might need to provide. Our loan officer was very thorough, so I feel like we should be good with the documentation until we get to UW. I will be calling her this week to check in and see when the appraisal will happen (we paid for it last week). 

Update: Just got conditional approval this morning, and they are only asking for a contact for my Home Insurance Quote, verify an address (the address is wrong/typo but on my Equifax), and a letter of explanation for my wife's decreased income from 2019 to 2020 (due to the pandemic). Just waiting on appraisal at this point.

Message 8 of 13
ATLOMM
Member

Re: July 2021 Closers Thread

Congratulations.  How long using AZEO did it take for you to see your credit numbers go up.  I am at 637 now and trying to get to 670 by October and don't know if it is realistic.  Zero Balance on all Credit Cards but spend about $20 on one and pay right away. 


@DF33 wrote:

 

 

 

Loan cost very low from Better - just $550 for appraisal and $50 for the credit report . So my 2.62 APR with closing cost on my 30yr is 2.64

 

I want to thank this board for helping me get my score up via AZEO!  WIth maximizing my score (had hoped for a MMS of 760 but didn't make it)

 

I started with a local mortgage company who quoted me 3.25  and then received quotes from 5 companies  Took that best rate to the most aggressive company - they lowered - then took that lower rate with the LE as evidence to the two I was interested in working with.  I had a plan from the beginning to make the best use of my Credit pull window.  I also was upfront with all of them that I was shopping for the best deal - rates and fees.

 

 

 


 

Message 9 of 13
House2021
Frequent Contributor

Re: July 2021 Closers Thread

KonamiCode did you have any delays with your new construction? If so what was the reason? 

Message 10 of 13
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