My bf and I are working with NACA to qualify for a home loan. I researched them online and couldn't find anything negative. Has anyone heard anything negative about them? Here in the central AR area, the market hasn't dropped as much as other areas. CountryGuy
Real Estate, Good Time To Buy?
by Indo_Dude 23 Replies latest jw friends
-
-
NewYork44M
Countryguy,
When you work with a mortgage broker make sure there are no hidden fees. I once was looking to refinance my home and got a call from a mortgage broker. She sent me a quote on a mortgage and on page 25 or so in the contract was a fee of about $22,000. When I asked her about that she danced around the amount and said it was paid by the bank. What she really ment is that it was included in the financing. So I would of had to mortgage an additional $22,000 so she could get her fee.
I used this as an example in a finance class that I teach at an local college. It is clear to me that a major player in the sub prime crisis were mortgage companies getting rich off the financial ignorance of the general public.
So, just watch it. I trust mortgage brokers as far as I can throw them. And since they have gotten fat - stealing money from unsuspecting individuals, I probably can't throw them far.
-
RubaDub
I'm not sure we have reached the bottom here in the South Florida market but I feel it is getting close.
The numbers look really bad here (down another 24% over last year) but most of the losses are due to a collapse in the condo markets along the beaches. A 2/2 condo that was selling for 400k or so 2 yeas ago can now be had for 300k or less. On a good day, you could grab one for 250k. Even with prices dropping so much, it is really weird to see so many projects continuing or even some new ones breaking ground.
With so much investment now coming in from Europe and South America due to the weak dollar, I think we are close to the bottom and I would certainly consider a purchase in the near future. We personally are not in a good position to buy now since we have a fairly large mortgage (at least for us) on our home plus another one on an investment property. It not, I would be seriously be checking out some of the fire sale prices we have seen.
Rub a Dub
-
hillbilly
That condo market in Florida has always been wishy-washy. Back in the 80's it went bust too.
The problem with South Florida is so many new home are built you can not get rid of a second hand house. Buy a house live in it for a few years... make a few improvemets... while the tomato patch up the road is full of brand -new houses you get to pick cabinets and carpet for... for 10K more than what your second hand house is worth. It's real hard to compete with that.
About the only time you can make out on a house in Florida is to get rid of one when housing starts are slow... and that's a crap shoot.
I noted that most homes in WPB go from one-owner to rental or the 'hood declines to slum in about 10-15 years. Up north, in a normal market... folks stand in line to buy homes 40, 50 even 100+ years old. We had a late '50's house in the Lake Worth area (early 80's) and most of my area turned slum gut after we got out... and it was top-end for years.
Florida housing requires local savvy or you will get burned.