People who bought at the top of that bubble had to wait about 10 years to get even. That’s possible to happen again in this market. I don’t think there will be as drastic of a crash sans and external event crashing all markets, but I think a period of stagnant appreciation is coming to the real estate market. Regionally things will certainly vary as always.
I got into real estate investing during that downturn and it was an amazing time to accumulate property. Low prices and low rates, huge cap rates on rentals. It was inevitable that the corporations would join the party.
I’m waiting to buy bc my rental market is flipped where I am. Much cheaper to rent then buy at the moment. I’d onky suggest buying into the market if it’s the house you want to be in for 10+ years or you live in an area that pricing didn’t increase 2-300% the last 5-8 years.
Hit up all of the above, especially since you have a SFH. Bundling may or may not necessarily be cheaper.
My last two home insurers were actually more commercial focused but happened to have a residential product when I was looking. SoCal is difficult now since many insurers have pulled out and the weather now is just gonna raise costs in the near future.
And $80k in improvements that will “100%” raise the resale value.
Would you believe the AH that stole it from me emailed 4 years later to ask the age of roof and 10 other questions that should have been in his inspection, then ventilated to me about his annoyance that he had to pay for repairs?
If you paid off mortgage in 2023, mortgage company should send you 1098 outlining interest and property taxes they paid. If you paid your own property tax, you’d need to know how much.
Probably better off taking standard deduction over itemizing for most people/house scenarios.
Hello Hackr’s, First time home buyer here. Does Rocket or Better offer rate match to the Local CU rate? or any other CU recommendations to follow. this would be for a new construction in Maryland, Fredrick County.
Of the purchases and refinances I’ve done, not a single time have I found the best loan pricing at a credit union.
Rocket has historically been the outlier for me (pricing has been absurdly on the high side). They aren’t primarily a mortgage company, they’re primarily a sales organization (that happens to do mortgage loans). Caveat emptor.
Unfortunately there is no substitute for doing a lot of shopping.
Same. Best pricing was always random but never a CU for me. Every time I shopped, Better and Rocket were among the worst rates. Shame, since I would have loved to take advantage of the Amex offers a few years ago but they refused to match since the delta was so big.
As others have said, wouldn’t recommend any of those options. The best lenders I’ve come across are usually small mortgage origination companies that are mainly word of mouth.
Personally, I never go with the big lenders- my personal experience has been that they have a lot more unnecessary red tape (e.g., the one time I used one because they just entered the mortgage market and was doing crazy good deals asked me for a letter of explanation for negligible deposits to my bank account… I’m talking $100 Venmo deposits into my bank when I had 4x my down payment in the bank as seasoned funds)
Keep in mind, the “best deal” is important, but make sure your LO knows what they’re doing! Almost lost a $10k EMD on my very first purchase because the lender accidentally gave clear to close without reviewing condo docs. He gave me notice at 4pm when my finance contingency expired that same day at 5pm. He gave me the clear to close the week prior.
I had to shop a round and show the best price for the builder to match them. gave the nod to go with the builder rate. this process is really tiresome.
CU’s were good for some esoteric type loans in the past - NFCU’s 100% financing or PenFed’s 5/5 ARM before other companies started offering it and they started recouping closing costs if you refi’d early.
Better and to a lesser extent Rocket were popular in the 2020/2021 timeframe when Amex was throwing in $2K or $6K statement credit for each mortgage closed. Rocket was expensive but for awhile, Better was good at price-matching lower quotes. The gravy train ended before I could work out the “have a bunch of negative points refunded to me on a jumbo loan, then quickly refi to bring the payment back to normal levels” process. There were a couple of posts in the SD thread on it about people making $30-50K on a refinance that way.
I’m a local broker and I assume with new construction that you’re getting a hefty incentive to use the builder’s lender, correct? I can’t tell you how many clients I’ve spoken to who wind up with a higher rate (and horrible experience typically) by using the builder’s lender, but I can never advise them to walk away from that huge credit.
That’s true. I am receiving good lender credits to work with them. half going towards the points, all in all analyzed between the market rates and lender rate and other closing factors looks like I am coming out on a assumption of fair deal.
