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

[Wrangler]

yes, our income to expense ratio is ok, 30 year fixed 7.5% PI is within 1/3 of gross income.

[cashman]

Don’t mean to sound insensitive, but kiss your 10 percent down goodbye. End of year incentives next year will be much more tempting, as the price will be 10 percent lower, too.

[cashman]

Don’t mean to sound insensitive, but kiss your 10 percent down goodbye. End of year incentives next year will be much more tempting, as the price will be 10 percent lower, too.

[cashman]

Don’t mean to sound insensitive, but kiss your 10 percent down goodbye. End of year incentives next year will be much more tempting, as the price will be 10 percent lower, too.

[cashman]

Don’t mean to sound insensitive, but kiss your 10 percent down goodbye. End of year incentives next year will be much more tempting, as the price will be 10 percent lower, too.

[cashman]

Don’t mean to sound insensitive, but kiss your 10 percent down goodbye. End of year incentives next year will be much more tempting, as the price will be 10 percent lower, too.

[CA renter]

1. The fact that the builder is telling you the inspection would be a waste makes my skin crawl. I’d hire an inspector ASAP & force the builder to remedy anything the inspector finds. Get a GOOD inspector & tell him/her you want **every detail** checked out.

2. RE: financing… Either the builder has a pre-payment penalty in there (ask a lawyer to review docs!!!) OR they are charging you mega bucks on points (front or back end). Find out EXACTLY what they are charging you — ask about total compensation (front & back end points) — tell them to disclose EVERYTHING. Are you using their lender because that’s the only way to get certain incentives? If so, tell them you demand the same incentives, but will use your own lender (if they are trying to rip you off).

Remember that YOU are in the driver’s seat on this deal & always be prepared to walk away if things don’t go exactly as you request. Best thing to do is not get emotional when dealing with big purchases. There will be plenty of better and cheaper homes to buy over the next few years.

Just MHO.

Good luck!!!

[CA renter]

1. The fact that the builder is telling you the inspection would be a waste makes my skin crawl. I’d hire an inspector ASAP & force the builder to remedy anything the inspector finds. Get a GOOD inspector & tell him/her you want **every detail** checked out.

2. RE: financing… Either the builder has a pre-payment penalty in there (ask a lawyer to review docs!!!) OR they are charging you mega bucks on points (front or back end). Find out EXACTLY what they are charging you — ask about total compensation (front & back end points) — tell them to disclose EVERYTHING. Are you using their lender because that’s the only way to get certain incentives? If so, tell them you demand the same incentives, but will use your own lender (if they are trying to rip you off).

Remember that YOU are in the driver’s seat on this deal & always be prepared to walk away if things don’t go exactly as you request. Best thing to do is not get emotional when dealing with big purchases. There will be plenty of better and cheaper homes to buy over the next few years.

Just MHO.

Good luck!!!

[CA renter]

1. The fact that the builder is telling you the inspection would be a waste makes my skin crawl. I’d hire an inspector ASAP & force the builder to remedy anything the inspector finds. Get a GOOD inspector & tell him/her you want **every detail** checked out.

2. RE: financing… Either the builder has a pre-payment penalty in there (ask a lawyer to review docs!!!) OR they are charging you mega bucks on points (front or back end). Find out EXACTLY what they are charging you — ask about total compensation (front & back end points) — tell them to disclose EVERYTHING. Are you using their lender because that’s the only way to get certain incentives? If so, tell them you demand the same incentives, but will use your own lender (if they are trying to rip you off).

Remember that YOU are in the driver’s seat on this deal & always be prepared to walk away if things don’t go exactly as you request. Best thing to do is not get emotional when dealing with big purchases. There will be plenty of better and cheaper homes to buy over the next few years.

Just MHO.

Good luck!!!

[CA renter]

1. The fact that the builder is telling you the inspection would be a waste makes my skin crawl. I’d hire an inspector ASAP & force the builder to remedy anything the inspector finds. Get a GOOD inspector & tell him/her you want **every detail** checked out.

2. RE: financing… Either the builder has a pre-payment penalty in there (ask a lawyer to review docs!!!) OR they are charging you mega bucks on points (front or back end). Find out EXACTLY what they are charging you — ask about total compensation (front & back end points) — tell them to disclose EVERYTHING. Are you using their lender because that’s the only way to get certain incentives? If so, tell them you demand the same incentives, but will use your own lender (if they are trying to rip you off).

Remember that YOU are in the driver’s seat on this deal & always be prepared to walk away if things don’t go exactly as you request. Best thing to do is not get emotional when dealing with big purchases. There will be plenty of better and cheaper homes to buy over the next few years.

Just MHO.

Good luck!!!

[CA renter]

1. The fact that the builder is telling you the inspection would be a waste makes my skin crawl. I’d hire an inspector ASAP & force the builder to remedy anything the inspector finds. Get a GOOD inspector & tell him/her you want **every detail** checked out.

2. RE: financing… Either the builder has a pre-payment penalty in there (ask a lawyer to review docs!!!) OR they are charging you mega bucks on points (front or back end). Find out EXACTLY what they are charging you — ask about total compensation (front & back end points) — tell them to disclose EVERYTHING. Are you using their lender because that’s the only way to get certain incentives? If so, tell them you demand the same incentives, but will use your own lender (if they are trying to rip you off).

Remember that YOU are in the driver’s seat on this deal & always be prepared to walk away if things don’t go exactly as you request. Best thing to do is not get emotional when dealing with big purchases. There will be plenty of better and cheaper homes to buy over the next few years.

Just MHO.

Good luck!!!

[4plexowner]

I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it

Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector

Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?

[4plexowner]

I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it

Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector

Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?

[4plexowner]

I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it

Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector

Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?

[4plexowner]

I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it

Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector

Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?

[Author]

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