Just bought a new house, questions on finance and home inspection

[Wrangler]

As first time buyers, we bought from a builder and are moving to a new house this month. Please do not criticize our decision since we like the house and intend to stay there many years, plus we think we get good year-end incentives. We’d really like to appreciate your input on the following two issues:

— we use the builder’s lender/in-house broker to get the incentives, however the rates are about 1.25 points higher than the market rate. So we’re thinking about to choose the loan type (ARM) that has the lowest rate with 0 point buydown, and we’ll refinance after the close of escrow to 15 year fixed since the loans have no prepayment penalty. Do you see any potential problems here? We have great credit scores and will have 10% downpayment.

— Is it necessary to hire our own home inspector? The builder says it’s a waste of money since the county and themselves have done many rounds of inspection, plus there is warranty, if anything goes wrong, they’ll come to fix them anyway. What are your experience on this issue? But as first time buyer, we thought a professional inspector would help to identify problems we would not be able to see. What are your suggestions? Since it’s our first home, we’re kind of overwhelmed by the process, any other things we need to be aware of before we move to the house?
Appreciated!

[JWM in SD]

You’re joking right??

[JWM in SD]

You’re joking right??

[JWM in SD]

You’re joking right??

[JWM in SD]

You’re joking right??

[JWM in SD]

You’re joking right??

[SD Realtor]

Wrangler I am not sure where to start….

1 – Have you verified that there is no soft prepayment penalty for the loan that you get from the in house lender?

2 – Have you thought about what may happen if the home does not appraise?

Bugs or other appraisers may give you comments on appraisals of new homes.

Your plan may or may not work out but I am leery about it. To be honest I am concerned it may not work out but I could be quite wrong. I would also talk to some other lenders to check to see if your idea will work, if they will provide the financing on a new home immediately after your purchase.

As far as the home inspector, do you feel that there are problems with the home? If the home inspector finds something are you sure that the builder will remedy the problem? The short answer is yes, of course an inspector has the ability to find many items that you do not know about. The question is will the builder remedy them. It depends on the purchase agreement.

SD Realtor

[SD Realtor]

Wrangler I am not sure where to start….

1 – Have you verified that there is no soft prepayment penalty for the loan that you get from the in house lender?

2 – Have you thought about what may happen if the home does not appraise?

Bugs or other appraisers may give you comments on appraisals of new homes.

Your plan may or may not work out but I am leery about it. To be honest I am concerned it may not work out but I could be quite wrong. I would also talk to some other lenders to check to see if your idea will work, if they will provide the financing on a new home immediately after your purchase.

As far as the home inspector, do you feel that there are problems with the home? If the home inspector finds something are you sure that the builder will remedy the problem? The short answer is yes, of course an inspector has the ability to find many items that you do not know about. The question is will the builder remedy them. It depends on the purchase agreement.

SD Realtor

[SD Realtor]

Wrangler I am not sure where to start….

1 – Have you verified that there is no soft prepayment penalty for the loan that you get from the in house lender?

2 – Have you thought about what may happen if the home does not appraise?

Bugs or other appraisers may give you comments on appraisals of new homes.

Your plan may or may not work out but I am leery about it. To be honest I am concerned it may not work out but I could be quite wrong. I would also talk to some other lenders to check to see if your idea will work, if they will provide the financing on a new home immediately after your purchase.

As far as the home inspector, do you feel that there are problems with the home? If the home inspector finds something are you sure that the builder will remedy the problem? The short answer is yes, of course an inspector has the ability to find many items that you do not know about. The question is will the builder remedy them. It depends on the purchase agreement.

SD Realtor

[SD Realtor]

Wrangler I am not sure where to start….

1 – Have you verified that there is no soft prepayment penalty for the loan that you get from the in house lender?

2 – Have you thought about what may happen if the home does not appraise?

Bugs or other appraisers may give you comments on appraisals of new homes.

Your plan may or may not work out but I am leery about it. To be honest I am concerned it may not work out but I could be quite wrong. I would also talk to some other lenders to check to see if your idea will work, if they will provide the financing on a new home immediately after your purchase.

As far as the home inspector, do you feel that there are problems with the home? If the home inspector finds something are you sure that the builder will remedy the problem? The short answer is yes, of course an inspector has the ability to find many items that you do not know about. The question is will the builder remedy them. It depends on the purchase agreement.

SD Realtor

[SD Realtor]

Wrangler I am not sure where to start….

1 – Have you verified that there is no soft prepayment penalty for the loan that you get from the in house lender?

2 – Have you thought about what may happen if the home does not appraise?

Bugs or other appraisers may give you comments on appraisals of new homes.

Your plan may or may not work out but I am leery about it. To be honest I am concerned it may not work out but I could be quite wrong. I would also talk to some other lenders to check to see if your idea will work, if they will provide the financing on a new home immediately after your purchase.

As far as the home inspector, do you feel that there are problems with the home? If the home inspector finds something are you sure that the builder will remedy the problem? The short answer is yes, of course an inspector has the ability to find many items that you do not know about. The question is will the builder remedy them. It depends on the purchase agreement.

SD Realtor

[temeculaguy]

HLS is a straight shooter finance guy, I haven’t seen him on the boards lately but he has a website, homeloansheldon.com

I’m not pimping him but I bet he can give you an honest answer about your finance plan, he’s given free advice to me via e-mail and on the boards for a while. Also, 10% down and good credit isn’t going to get the panties of the lenders any more, is your income to expense ratio in good shape?

[temeculaguy]

HLS is a straight shooter finance guy, I haven’t seen him on the boards lately but he has a website, homeloansheldon.com

I’m not pimping him but I bet he can give you an honest answer about your finance plan, he’s given free advice to me via e-mail and on the boards for a while. Also, 10% down and good credit isn’t going to get the panties of the lenders any more, is your income to expense ratio in good shape?

[temeculaguy]

HLS is a straight shooter finance guy, I haven’t seen him on the boards lately but he has a website, homeloansheldon.com

I’m not pimping him but I bet he can give you an honest answer about your finance plan, he’s given free advice to me via e-mail and on the boards for a while. Also, 10% down and good credit isn’t going to get the panties of the lenders any more, is your income to expense ratio in good shape?

[temeculaguy]

HLS is a straight shooter finance guy, I haven’t seen him on the boards lately but he has a website, homeloansheldon.com

I’m not pimping him but I bet he can give you an honest answer about your finance plan, he’s given free advice to me via e-mail and on the boards for a while. Also, 10% down and good credit isn’t going to get the panties of the lenders any more, is your income to expense ratio in good shape?

[Author]

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