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Buying my first house **update** offer accepted, I got a house.
lordtodd75:
I went in 3000 over my original bid and 3 hours later I got the call. I am going tomorrow to sign the sale agreement. This feels great. Now onto phase 2, 14 days of running around like an idiot getting everything I need to done.
My current landlord says he is going to keep my security deposit because I didnt give him enough notice to break lease. But my lease says I need to give one month notice to break lease. So I am going to call my lawyer tomorrow and see what he tells me to do. I am sure he is still going to try to keep my deposit for repairs on the place, even though it will be in the same exact shape it was in the day I moved in. Why does it seem like all landlords expect to keep your security deposit no matter what.
I also noticed a possible discrepancy on my good faith estimate from my mortgage broker. There is a PMI premium of 1.5% of mortgaged amount as well as a PMI monthly fee of roughly 70.00 added into my mortgage. I was under the impression that it was either a monthly fee or a one time fee in your closing costs and not both. I called my lawyer and he said that size of a premium is not normal and told me to ask for a breakdown of what the fee is from my mortgage broker. All my mortgage broker could tell me was it was normal to have both the premium and the monthly payments on an FHA loan. When I asked for a breakdown and information he said he had none and not to worry, he wont try to cheat me since his assistant is my sister in law. So now I have to figure out if this premium is valid. I will call my lawyer again in the morning.
I will keep you all posted, wish me luck!
shmokes:
--- Quote from: lordtodd75 on February 13, 2008, 09:45:05 pm ---When I asked for a breakdown and information he said he had none and not to worry, he wont try to cheat me since his assistant is my sister in law.
--- End quote ---
Anybody who will admittedly cheat you so long as he has no special relation with you . . . is cheating you, but not admitting it.
shardian:
Congrats on the house - I hope everything works out well. As to your mortgage, you definitely need to verify your information. The amount you pay monthly IS the premium for mortgage insurance. The percentage that you pay is based on what downpayment you make. The smaller the down payment, the more you pay per month. If your PMI is calculated to be 1.5%, then you pretty much didn't have a down payment I would guess. Now what may be happening is that you are paying the first year of PMI up front, and then thru the year you are "escrowing" the next years PMI payment. This is how your homeowners insurance and property tax is paid too - thru escrow. You will be paying the first year up front of insurance also.
The best thing to do is just have a 20% down payment. That may not be possible, but if you don't have at least 10% then you really shouldn't be buying a house in the first place. My 2 cents of course.
Honestly, it is a little scary that you are going thru with a major purchase such as this without doing a fair amount of research. People just blindly throwing themselves into a large home loan w/o a down payment is what has gotten the housing market so ---fouled up beyond all recognition--- up in the first place. It is probably in your best interest to get a professional to double check your loan before you sign anything - just to be safe.
lordtodd75:
Maybe you should reread my post and then try commenting again ;D I guess anyone who gets an FHA loan is an ---uvula--- since they are only putting 3 percent down? Not everyone can save up 20,000 to 40,000 dollars for a down payment.
I am not quite sure how you came to the conclusion that I am not researching, I thought I made it abundantly clear that I was in the process of researching the PMI fees and as I said in my prior post, I will be discussing all of this with my lawyer tomorrow. Just my .02, ofcourse.
shardian:
My point is you are researching on the fly and after you've already committed to decisions. I'm not trying to be an ass, I just think you moved way too fast on this. Odds are everything will work out fine and I hope so.
I know it sounds corny, but I care about people on this board. When you ask for advice and such, I really, really want to see you have the best outcome possible.
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