What are some of the rookie mistakes should be avoided? Also, how’s Wells Fargo as a mortgage lender? Edit: In the Bay Area. Looking to buy Condo. TC 200k.
Have funds for 12 months on top of 20% downpayment Be sure about your budget Go for 7/1 IMO instead of 30 yr fixed
Don't buy unless the ratio annual rent to house price is at least 7% (the bay area is 3%). That ratio dictates that you are much better off continuing to rent (no you are not throwing away your money through the windows)
I've never heard of this. Care to explain how this works?
Think of it as a calculation of the opportunity cost for continuing to rent and investing the downpayment and mortgage difference into another investment opportunity (index fund 7% yearly return).
It’s against my religion to buy condos. Nothing says ownership like paying rent and mortgage. Buy single family or just rent.
Consider using a Redfin agent, we allow you to schedule tours at practically anytime and give you some money back!
We are using Redfin. Can you explain give you some money back ?
Any agent will give you money back. You have to ask for it.
Work with a trusted mortgage agent/broker instead of directly with the bank. They can find competitive rates and usually close the loan must quicker (<25 days) with pre-approval.
We are working with an agent of WF. That’s why want to know is WF good
I prefer to work with a agent/broker not from a bank because they will compare rates from different lenders and/or go with a lender that can close the quickest. When buying a home, finding a lender that can close the quickest (<30 days) is more important than finding the lowest rate.
Buy buy buy. Now is the time. After march the rates will increase and prices will decrease
Can you clarify ?
Affordability is a main issue in bay area. People will get big fat bonuses and rsu vests in march. That's when they will pour in money towards real estate. This will have a roll down effect. Prices will increase in April because the sellers will see that the house prices are increasing. They will try to cash in on the bidding frenzy. After 2 months during June July there will be a lot of inventory out in the market and will remain so, because of affordability. People will shy away from buying such highly priced houses. Thus begins the downfall again in sept
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How long have you been looking for a job?
Which metro area or city are you looking in?
Thanks. Bay Area. Updated.