Misfitmorgan's Journal - That Summer Dust

[misfitmorgan]

Sorry, had to sit here and laugh about shearing a sheep that's sliding around the board on its butt. I'm sure coupled with the thick fleece it wasn't fun or funny for DH...

I was laughing, DH was as mentioned...less then thrilled. However he is the one who grabbed THAT board.

I hope you win the bid on the house and land. Take a bit of advice and do NOT breathe a word to your idiot landlord. (I dunno know the origin of the word landlord, but in this case I think the word denotes a being of higher intelligence than the moron you deal with) They have done absolutely nothing to warrant not even the least bit of notice. Get the new place ready and move. Pack up everything you can without drawing notice and move it. Then call in your friends and do a one day marathon. Maybe even start at 2 or 3 in the morning and try to get everything gone before they come sniffing around. Grab EVERYTHING and get the hell out. These weirdos are so hateful that they could come in and start grabbing your stuff while you were gone. Lie to them if necessary, be very vague, assure them that you are not moving, whatever it takes to keep them appeased.

I was torn between giving them notice or not. If we do win the bid we will still have to wait until july 10th before closing. The original close date was june 29th but when we made the new offer our realtor moved out the date. Closing July 10th means we will have to pay one more full month of rent and have 5 days to move before rent is due again. I spent all weekend in the house getting everything cleaned and organized to speed alone moving, if we get this place.

Hope everyone had a good memorial weekend!

 

[Bruce]

Good plan, get as much organized and ready to go as you can. Things you won't need until winter can be packed up. That way whatever you decide you don't want to keep can be given away or sent to the dump early. I know it sounds like counting your chickens .... but if for some reason you don't get this one, you will be even more ready for the next one. Good luck.

Unless you have a notification clause in a lease at the current place, I wouldn't give notice. As others said, nothing seems beneath those people, don't give them an opportunity to take anything from you. Once you've moved, send the "rent envelope" with a note saying you have moved out. And don't put a return address on it

 

[misfitmorgan]

So what are normal closing costs?

The loan would be $55,500 if we get the bid. The loan would be an FHA 3.5% down loan and Quicken is telling me i can not finance my closing costs. Down payment is $1,942.50...Quicken wants almost $6,000 in closing costs, this doesn't seem like a normal amount. Everything i read online says I can finance my closing costs with FHA as long as i pay in full the 3.5% DP out of my own savings which I have no problem doing.

I am currently also talking with a local bank about just doing a conventional loan with 5%-10% if they will finance closing costs for me. Which would be down payment of $2,775-5,550DP so still less then quicken and I would have lower monthly payments. I understand that the loan itself would be for more but it would drop my APR by almost a full point which makes my loan payments $30-40 less a month.

The list of closing costs is as follows:

Guaranteed Lender Fee
Guaranteed Appraisal Fee
Guaranteed Credit Report Fee
Guaranteed Flood Cert Fee
Guaranteed Tax Service Fee
Title - Endorsement- Survey
Title - Guaranteed Lender's Title Insurance
Title - Guaranteed Settlement Fee
Title - Guaranteed Survey Fee
Guaranteed Recording Fees
Homeowners Insurance Premium
Prepaid Interest

Escrow Account Deposits
Homeowner's Insurance
Property Taxes

Does this seem normal to you all? The closing costs are over 10% of the loan amount not counting down payment.

 

[Mike CHS]

I don't see anything out of line there.

 

[babsbag]

I have always financed my closing costs. We have had a conventional, an FHA refi, and a Cal Vet and all of them let us finance closing costs.

 

[misfitmorgan]

Everything i can find including things on Quicken's own website say closing costs should be 2-6% and when i ask my "lender Agent" why my closing costs are so high he just says dont worry about it or ignores the question.

Don't worry about it?? oh no why would i, I'm made of money no problem man Even my friend used Quicken loans for her house 3 yrs ago, her house was approx 8k less then my current offer and her closing costs were only $1,800 plus DP of 3.5% on the exact same loan/type so i dont get it.

 

[misfitmorgan]

The local bank just got back with me.

5% down conventional loan HIGH estimate on closing costs and down payment is $5,900 but a good chunk of that i can finance into the loan.

 

[Bruce]

Doesn't sound like Quicken is a great route to take, that "lender agent" sounds like a weasel ... "Don't worry about it"? BS, mortgages are a ton of money and OF COURSE you want to know EXACTLY what is going down.

Geez they get you coming and going! Don't you just LOVE "prepaid interest"? AKA points. Such a deal: Give me a lower APR but hit me up front for the interest I WOULD have paid over the life of the loan if I had a higher APR.

I don't recall what our closing costs were 6 years ago but we didn't have that many "guaranteed" fees. Nor did we pay "points". And I don't "do" escrow so we didn't need yet MORE money to open a separate account. The CU just pulls the monthly payment from our checking account. Even with my first house in 1984 I didn't do escrow, the bank gave me a payment book and I mailed a check monthly and did the same when it was time to pay property taxes. I guess escrow depends on your lender? See if you can get out of it so you don't have to tie up even more money.

 

[greybeard]

Quicken wants almost $6,000 in closing costs

Is that total closing or just your part?

IIRC, I think my total closing (as seller) was $8k on $120K total selling price.
I could look but don't remember what the buyer's was.

 

[babsbag]

I guess escrow depends on your lender? See if you can get out of it so you don't have to tie up even more money.

Do you mean an impound account?