All Forum Posts by: Victor S.

I, too, was curious to know why an appraiser would need to see the contract price? To me, it would seem like a possible conflict of opinion. The house I'm closing on today got appraised within 1.5k of its taxable value (county assessor) and about 9% higher than what I'm paying for it, so not much beef there. However, a house directly across the street (smaller and with less land, but remodeled) sold for $60k more in August, but got appraised only $30k more (per their report) lol

@Stephanie Medellin PMI on this one is negligent (around $20/mo). I think I'll just roll with the punches and fund some house projects instead (while hoping whoever buys the loan will allow me to escape once I hit 80% lol).

Thanks for everyone's input!

It's just the fact that I'm paying upfront, then also paying every month towards next year's payment this year (I usually never pay upfront for anything that doesn't require it - wish our fed/state taxes were like that lol). I'd rather manage it myself instead.

Thank you, guys. I did ask them, and they told me they were not sure if I could get out of escrow once I hit 80%, due to the fact they don't know who the loan will be sold to. I'm wondering if I'd be better off adding the remaining 5% to make 20% DP and get out of escrow altogether? It's roughly about the same amount I'm already bringing for prepaids, so I'd be out another couple of grand. Thoughts? I could use this cash on home repairs instead, though :) I just hate knowing I have idle money stuck somewhere that bring me 0 benefit.

Ok, but that doesn't mean my total (piti) monthly payment for year x will be lower, does it? Is it basically money forever lost in the black hole? 

HS provides up to 50% of ARV for repairs, iirc (what is your estimated ARV?). Have you found a reputable lender that know what products are available? HS might be a better deal here.

Ended up going with LeBlanc. Lowest quote thru Liberty Mutual sub. Allstate came in second, but required car policy switch to lock in lower rate.

http://leblancfamilyinsurance.com/

Hi, all. 

Going thru the final stages of my first closing process and wanted to see what happens to escrowed funds as the time goes on. I'm putting 15% down, and the lender requires escrow for 14 months home insurance and some taxes. It totals up to a few grand, so I'm curious if I'll ever get access to these funds? I understand it's a "risk cushion" for under 20% DP people, but will it ever be redeemable after I hit 20%? Property was already appraised 8% higher than what I'm getting it at (it's my live-in, not investment per se), if that makes any difference. 

Thanks!

You can also check out Fannie Mae HomeStyle loans. They don't do investor multi (unless you live there), afaik.

Hi, all. Any recommendations on this subject? Looking for a home owners insurance for a property in OK, but having a hard time getting a good quote.

Thanks!