05-25-2016, 12:34 AM | #23 |
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Yeah the real estate here is absolutely out of control right now. And it's not gonna go down anytime soon. The economy could go off a cliff and those houses are just gonna go up in value. The only markets that are "soft" are "Skunk" markets.
You could always rent? |
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05-25-2016, 12:45 AM | #25 | |
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05-25-2016, 01:16 AM | #26 | ||
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This space for rent.
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05-25-2016, 07:44 AM | #28 |
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With billions in profit and billions in the bank, they aren't laying off people, just shifting around resources, if anything they'll be spending more working on the next big thing, or trying to.
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05-25-2016, 08:20 AM | #29 |
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Wells fargo sucks. I went with them for my first house and they raked me over the coals with my mortgage with putting 15% down (25% of appraised value). The requirements for me to buy my first house ($250k) vs my current house ($400k) were more stringent with Wells Fargo.
For the current house, I shopped around a ton and found that Capital One was offering the best rate, no additional fees/points for a 15% DP, and they were giving away a ton of rewards points. Discover Home Loans and Quicken Loans were also pretty competitive. Only issue i was running into is my wife was a contract worker vs FTE and they didnt want to count her wages as income. My overall impression was that the big name guys were going to be much easier to work with, and were offering a much better mortgage than Wells Fargo. I ended up going with a small local mortgage company that my realtor recommended in the end because of the wife's job situation. He was able to get her income approved to be used in our monthly income totals, which allowed us to qualify for lower rates and less fees. My advice is to steer clear of Wells Fargo and shop around for the best rate. The big name guys I mentioned may be the cheapest option, but smaller local guys can usually work some magic to get an approval for something that a big company may not approve. This will help if you arent planning on putting your wife on the mortgage. |
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05-25-2016, 10:45 AM | #30 | |
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Oh man..noticed that avatar I'm never living this down am I?
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05-25-2016, 10:48 AM | #31 | |
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2013 335i Msport Black sapphire/Coral red. MHD. stage 2--e30 VRSF DP, ER CP, Dinan Shockware. VRSF 12mm/15mm spacers. Cobra dashcam. Various codings.
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05-25-2016, 11:22 AM | #32 | |
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Good luck with your search, OP. |
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05-25-2016, 11:59 AM | #33 |
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You don't need 20% down.
FHA loans allow 3.5% down, conventional only 5% down with a 680 credit score, but it's going to depend on the loan amount, and if it's conforming, jumbo, or conforming high balance. |
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05-25-2016, 12:11 PM | #34 |
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if you put less than 15-20% down, don't you have to pay PMI and higher interest? Would that be a good way to go ? Serious question.
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05-25-2016, 12:14 PM | #35 |
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I think you're only going to find something for 400k in the east bay, at this point 400k won't even buy a condo on the peninsula, probably not even in the south bay anymore.
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05-25-2016, 12:14 PM | #36 | |
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BTW, here are the latest listings for single family homes in Campbell. Good luck! http://www.realtor.com/realestateand...ily-home/sby-1 |
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05-25-2016, 12:19 PM | #37 |
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05-25-2016, 12:22 PM | #38 |
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You can go with LPMI (lender paid PMI) programs where it equates to a rate a little bit higher, but no PMI. It all comes down to the overall payment, and how long you're going to be in the loan. No one keeps a 30 year fixed 30 years, most people refinance every 5-7 years. The rate is not better though with a 20% down payment compared to a lesser down payment. You don't see an improvement on the interest rate until you put 25% down or more
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05-25-2016, 01:02 PM | #40 | |
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Never knew that you don't necessarily have to pay for PMI with less than 20%. I'm curious if it's as secured to go with a smaller bank than the big guys. Sorry for thread hijack OP. Just thought that these questions are pertinent. |
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05-25-2016, 02:02 PM | #41 |
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Bring lubricant.
Only advice I have to advise. |
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05-25-2016, 02:14 PM | #42 |
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Try sofi.
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05-25-2016, 03:33 PM | #43 | |
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