We Got A Loan!!!!!!!!!!!!!!!!

YAY!!!!!!!!!!!!!!!!!!!!


I LOVE LOVE LOVE this site!

I've lurked a lot, followed everything about rebuilding.

Today we got pre-approved/ ready to be under written for a loan. I only asked for $130K but he said we'd qualify for more. I don't want to get into trouble again so we're sticking with that dollar amount.

I did the lending tree and was contacted by Nation Point which is National City.

Whooooo Freaking HOOOO!!!

I'm so excited I can't stand it!!!!

Awesome!!! Did you get a good rate????

We're doing an 80/20
80 is 6.9%
20 is 10.35%

No great buy decent. We're going to check with a local bank also to see if we can get a little bit better rate.

Jeepmom-Those rates aren't bad at all for just being d/c from BK..Our rates with Countrywide for our 80/20 is 8.75 and 10.75..That's not a bad deal at all ! Isn't it the best feeling knowing that home ownership is really a possibility ! We just closed on our house 2 weeks ago and could not be happier !!

Congrats ! Keep us posted on the great news !

:)

I called my realtor and emailed me a list of houses to look up.

Congratulations, That rate is pretty good I do not think you will need to look around much more, you are really not gong to do much better then that. What were they quoting you on closing costs?

$7K but my realtor says that's way to high.

$7K but my realtor says that's way to high.


It is way too high.

Tell them no more than $2500... trust me on this. They'll make points on the "back end" that will more than take care of the closing costs. :)

Oh yes... VERY IMPORTANT:



Make sure to ask the broker/lender how much he/she is making off of your loan. They are required by law to disclose this, even though many don't. If you feel that they are making too much, go elsewhere, or tell them you want a lower interest rate.

Well I called back, they were having me buy down points, not cool in my book.

So we're up to 8.05% on the first and second stays the same but closing goes down to $4K

We're going to a local bank tomorrow.

Well I called back, they were having me buy down points, not cool in my book.

So we're up to 8.05% on the first and second stays the same but closing goes down to $4K

We're going to a local bank tomorrow.


Yes those costs are very high, you may want to also check with a broker and then negotiate the deals against each other. You should be able to do better. They are definitley overcharging you for a loan amount of $130k. You are going to have to pay higher closing costs on a loan just out of BK because the sub-prime lenders alone charge $1k for processing just to do the loan and that is not even getting in to what the title costs are or costs for a certain rate. Your score is in good shape and you deserve a better deal. I would say 4k is not completely out of line but your rate should be a little better. The second mortgage rate is pretty good though. Are you getting a 2 year fixed loan as well? I work with First Franklin which is the brokers option for using National City Subprime and most of the time their rates are not very good. You should have a rate in the 7's and 10-11% range. I do not think a local bank is going to be able to help you it is out of their risk guidelines, but let us know what they say.

The local bank sends the info onto a larger bank in a bigger city but we deal directly with the local bank.

Both are 3 yr ARMs.

Congratulations JeepMom!

There is NOTHING in our price range!

We went to some open houses in the spring, much better choices but we weren't sure of getting a mortgage so we didn't try. Blame hubby for this.


Maybe in a couple of weeks something will pop up. Worse case is we're stuck renting longer.

WHat terms was the other bank offering you?

Nation Point
80-8.05% 3yr fixed /27ARM
20 - 10.35% 2yr/2ARM
$4k Closing Fee

Local bank
30 yr fixed at 10%, $2K closing


We figure either way we're goign to refi in 2-3 years So do we pay up front or a little extra each month. Because of where we stand right now we are thinking we'll go with the 30 fix just incase something were to happen and we can't refi.

JeepMom that is wonderful, I'm proud of you.

JeepMom when you say local bank is it a small bank in your area or is it a worldwide bank. I may try the credit union I belong to but I really don't know what banks I should look at because lending tree had no lenders for me at all.

It's odd. I walked into the local bank and she sent my info into a mortgage broker. I am now dealing with the broker and not the local bank.

Nation Point
80-8.05% 3yr fixed /27ARM
20 - 10.35% 2yr/2ARM
$4k Closing Fee

Local bank
30 yr fixed at 10%, $2K closing


We figure either way we're goign to refi in 2-3 years So do we pay up front or a little extra each month. Because of where we stand right now we are thinking we'll go with the 30 fix just incase something were to happen and we can't refi.

Jeepmom,
that sounds like such a bad deal, if you factor in the crazy cost of $4k closing over a 3 year period, my guess is the effective rate is 15% plus. See you said you are going to refi, so you need to ammoritize that fee into the equation. Very little equity will be built up, maybe none considering the high effective rate.

What is in it for you? Why do it? What is your upside? in this real estate market that is cooling off big time,(look at the supply of existing homes for sale to last years) what will you gain?

Just curious with rates were they are if the arm expired today what would the rate be right now?

Yea, that's why we're not too keen on the ARM. It was a "get a mortgage today" offer . I'm glad we went to the local bank, yea it's a little higher but we're not up-fronting as much and it's at the highest it would go.

We found a house to bid on!! YAY!!!

Here is the house we are bidding on:
http://img.photobucket.com/albums/v151/TaylorsMommyJen/h5.jpg

http://img.photobucket.com/albums/v151/TaylorsMommyJen/h6.jpg

Kitchen Needs Updating
http://img.photobucket.com/albums/v151/TaylorsMommyJen/h1.jpg

http://img.photobucket.com/albums/v151/TaylorsMommyJen/h4.jpg

http://img.photobucket.com/albums/v151/TaylorsMommyJen/h3.jpg

Where do you live Jeepmom ?? Do you have any idea how much a house like that would cost in Florida ? :blink:

It's rual IL. Asking price is $96,900

Also make sure your lender knows the property may be classified as rural. I just do not want you to have any surprises. Some lenders have problems if a home is classified as Rural, I do not want to scare you just let them know and ask if it is okay. It looks like a very nice home. That is a lot of house for $96k. Congratulations.

Around here a LOT of land is rual. The hosue itself sits inside a small town.

You should be fine then if it is in a town.

Wow, that does look like a nice house for the money, congratulations on alot of home for the money. Say how do you get those pictures to open up automatically. Mine don't on our timeshare? Would like to learn?

Beautiful house!

Good luck!

PS, the lender should automatically know that the home is rural (if in fact it is). It would be listed on the Realtor sheet, and in the appraisal, so don't worry too much about that aspect!

WOW, Down here an equivalant home is well over 600,000.00. I can tell you that and send you some examples off of Realtor.com. That is gorgeous. Look at my old pics, our TH's sell at 250k and HO insurance is going to 4k per year after August 16, only one company left here, Citizens.

I'll trade, job for job, house for house. That is gorgeous and what a price! Congrats and God Bless!!!

The land area in the photos is not obtainable here. You are the envy of all my neighbors who've seen the post today!

HAHA !! ROBIV- You in Florida too ???!!! I totally hear what you are saying ! haha !! :dry:

Holy Crap, Jeep Mom! Thats a great house, here in Central Oregon it would be 600-800K depending on how much land. Starter homes here are 275,000, I mean about 1000 square feet on a small city lot.
Cool! I hope you get it!

Lovely, lovely house, JeepMom! There are so many wonderful advantages to living in a small rural town in the midwest - affordable home prices are just one of them. Happy to see that things are going your way - you give the rest of us hope there is the chance of a normal life after bk. Thank you so much for that.

Gosh! JeepMom!! It's GORGEOUS!! Beautiful architecture!! And very Homey feeling too!! :yahoo:

That's why we love the MidWest and would not leave. Hubby get's paid the same no matter where in the Country he works. Just a function of his type of position.

Why go to one of the coasts where people can't afford to live when you can fare decently well in the MidWest??!!

How about we all have a Christmas part at JeepMom's house this year? :)

I honestly wonder if you realize what a home that is for 96k.

In Davie Florida or Redlands down in South Dade that home is 600k. The construction would differ somewhat, but an equivalent home is 600. I know you are young but you are blessed to find that. My insure now is going to near 4000.00 per year and i am told will go up again in six months. A standard lot here for a 325k home is 75X100, you get more... unheard of. Not for 325, insurance 11,000.00 to 17,000.00. that is right folks, and we don't get insured for the mortgage cost, only reconstruction cost. Contents ONLY Insurance, for 20k ONLY, 1400.00.

If you can raise your family in peace with good work prospects then you have been blessed out of your socks. I really thank God for your family, if at that price you can be at home with your children so much the better. We struggled when the kids were young, and the wife stayed home and made those Dixie Cup popsicles and all, and we were broke at times, but man I'd live it again any day! And, it's like I tell my boys, no amount of money could be traded for one of those memmories. I am really happy for you. My wife is now starting to say that we need to pack it in here. I am at 30 bucks an hour, but now with taxes and insurance I will live better in Tennesssee on 12 dollars an hour and not come home angry from traffic. I think it's just a matter of the boys graduating and then see if I'll ride out the three remaining years to get full pension.

Anyway, this is your day, enjoy it!

Hubby makes decent, not great money for what he does. He's only been out of school 5 years. We're both under 30. We figure by the time the baby is in school we should be sitting nicely.

I stay at home. *CATION-COULD BE OFFENSIVE* I think women should stay home and raise thier kids. I understand things happen and what not. But if it's possible at all moms should stay home. I say that's part of the reason kids are so messed up today, their moms weren't there when they should have been.

How about we all have a Christmas part at JeepMom's house this year? :)


Who's chippin in to finish the basement?

JEEP, YOU SAID IT. I'll tell you, a man can get far if a woman will make home her business and if the two of them agree on it. It frees his mind of MANY worries. Hunker down and get through it, the memmories are well worth it. Lincoln had it down, "The hand that rocks the cradle rules the Nation".

Please, I know some have to work and some want to but all in all I will NEVEr be swayed from the belief that morality, modesty and decency are best taught by mom. My worst moments as a child were fidgeting and shopping while hanging on to my mothers dress, now they are great memories.

I'll never forget my older brother on line at the grocery store "look mama, that's the kind of beer daddy drinks"! My mother was mortified and embarrassed but laughed about it later. Back in the sixties it wasn't polite.

If you folks are wondering why I'm here right now I've got Tuesday Wednesday's off. 24 years, and those days off! Overtime, when the Federal cash truck backs up to the building OT comes to the two fella's with T/W off, and when it rains it pours in about $1000.00 weekly extra and right now with one in college and two prepping, it helps.

wow, Rob, $4,000 for insurance??? Yikes, is that because of the hurricanes and stuff? Thats one thing, even though houses are very expensive here, my homeowners for a home valued at about $300K with adequate contents replacement is about $300 a year. But I guess our spot is pretty safe, no tornadoes, hurricanes, or flooding.

Hubby makes decent, not great money for what he does. He's only been out of school 5 years. We're both under 30. We figure by the time the baby is in school we should be sitting nicely.

I stay at home. *CATION-COULD BE OFFENSIVE* I think women should stay home and raise thier kids. I understand things happen and what not. But if it's possible at all moms should stay home. I say that's part of the reason kids are so messed up today, their moms weren't there when they should have been.

No offense here, JeepMom!

I stayed home because we did not want our children raised by strangers. With strangers' morals and values. We wanted our kids to learn what we value. What we believe. And strangers just cannot teach that.

I agree with Lincoln, Robivi. The hand that rocks the cradle rules the nation. Possibly even the world.

You guys just remember " If momma ain't happy, nobody is gonna be happy"!!!!! And yes, the hand that rocks the cradle, RULES THE WORLD..... in any nation................ just look around and notice......

Little ones are best raised by their mothers if at all possible.... Mothers are the teachers of the world....... (at least most are)... (some could care lesss).....

And in my lifetime I've seen many men that were 'GREAT MR. MOM'S'........

By the way,

BEAUTIFUL HOUSE........... I'M JEALOUS NOW.........

but I still love my little home, it's ME................

Nearly ALL Insurance companies have pulled out of Florida. You can only get Citizens, a state run fiasco. they are under strict guidelines not to offer dcompetetive pricing. $4000.00 is cheap now, my replacement cost is 127,000.00, my house appraises at 244k (just refi'd). A 600,000.00 home here is about 17k to insure. Nearly all of us at work got our cancellation notices from POE on last saturday. So that was the talk at work. My 1100.00 insurance vanishes August 16th, my 4000.00 insurance starts that day.

Check City-Dataforum.com if you think i am exagerating, as policies expire this year many higher priced paid off homes are going without insurance. I understand why people think it is an exageration, but it isn't. My realtor in Tennessee owns a 2 bedroom condo in Pompano near the beach, he is dumping it, $11000.00 Insurance, CONTENTS ONLY. The problem was that unlike Andrew and Katrina the damage from Wilma believe it or not was far more widespread though not as severe, yet because of this they say it was more costly. many people here are still waiting for roofs. These imbeciles are worried and clamping down on Mexican illegals and they are the ONLY PEOPLE here to the work. Whole Condo divisions like Sunrise Lakes which stretch for 10 City blocks and houses 30,000 retirees have serious roof damage, downtown FT' Lauderdale was trashed along with hundreds of condos and apts. The blue tarps are still here, the big insurers like POE aren't answering the phones and everyone in Florida with POE, something like 2 million homes, are cancelled JULY 1. I was told by the agent that 6 month policies will likely be issued in August with it doubling at the end of that term.

This ain't a brag, just listen. I make in excess of 30.00 per hour, work in rail. I can never be fired, my pension can never be touched. I accrue 240 hours of annual leave per year, never lose one hour and have to be paid for it all at my hourly rate when desired. I accrue 96 hours of sick time per year and NEVER lose one hour, it collects year to year, yes I get paid for when i leave. And overtime at times during the year. WE NEVER LOSE EMPLOYEES, we have other benefits most people never heard of.

We used to laugh at the jokers in Atlanta offering us $18.48 per hour to leave. These are guys and gals I have known most of my life, some from high school, transit family is very tight here. In my group of 35 techs we lost two stricken from the payroll to Atlanta this week, wives still here to sell the house. A good Hatian friend is bugging out for Huntsville ALabama to work for Goodyear at 10.50 per hour while he waits for Transit to open up, he will get hired. I am likely leaving as well, if I wait the six years i get about 4000.00 per month to live on, at the current rate plus 3% per year in eleven years i get 200,000.00 drop money plus about 6000.00 to 7000.00 to live on. And yes even with that hanging in front i likely won't make 30. Florida is done for for a long time. Speak up fellow Floridians tell folks what's being done to us!

The offer is in!! We has our realtor over last night. So, now we sit.

We know we're going to get a counter offer, we made an extremely low, low- ball offer. They have until 8pm tonight to accept or counter.

Our realtor mentioned they may want a longer closing time. Normaly around here it's 30 days. They may want 45-60 days.

At least the ball is rolling now!

Your new home is beautiful Jeepmom. Great plush grass and yard for the kiddies to run around in. I absolutely LOVE the front porch! I hope your counter offer comes back not too high.

I also agree that if you can stay home with your kids to do so. I am staying home with three, ages 4, 6 & 9. It hurts financially sometime but I am hoping that being home, tight on the pursestrings and just being there for them will pay off more in the long run then bringing home a paycheck.

We have a closing date! Price agreed upon!!

WOW JeepMom!! That was quick!!

:yahoo: :clapping: :yahoo: CONGRATS!! :yahoo: :clapping: :yahoo:

Be sure to start grabbing boxes at the store for moving day. It'll be here before you know it!! :yes2:

Luckily we still have a ton. We just moved to this side of the state in December. (Dh changed jobs)We have a TON of box and have just been waiting for someone to say they need them.

Hi wenderful, glad to see you back. Hope all is well in the new place. I, like you, am not sure I ever want to own a home again. When the bricks fell off our house and I had no legal recourse, that about did me in. I have learned enough about homeownership to write a book!

Congratulations JeepMom -- reading your posts gives me hope :-)
(although after what I've been through the last year, I'm not sure I want another house to own me, er, I mean I'm not sure I want to own another house :D )

I hear that Wenderful. Not now, but maybe someday we'll take the plunge again. :D