Home Buying in Connecticut>Question Details

NewbuyerinCT, Home Buyer in Stamford, CT

First time home owner - who do I turn to?

Asked by NewbuyerinCT, Stamford, CT Fri Jul 20, 2012

We are a bit lost. First time home buyers. It's a short sale. It's so confusing - but so far, our agent has been much help. We need to make a counter offer but there is so much info out there and so much to learn: PMI, mortgage calculations, taxes included, etc. Agents gives no help, she isn't interested in this sale since she won't be making much off the deal. We have been pre-approved, but need to figure out how much payments will be so we can determine how much to counter. The mortgage officer is helpful but we want a detailed breakdown of how much each potential mortgage will be monthly (ie: 335K, vs 330K). I thought we had it figured out with taxes until I found out about PMI. Now I don't know how to estimate that. It seems to change monthly. It changes everything when you are paying an extra 200-300 a month...

Basically, I'm lost and not sure who to ask. If anyone could help me out, I'd appreciate it.
Thanks!!
Jen

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If your agent isn't helping, I suggest you talk to his/her broker. The primary job of an agent is to guide you through the process and either provide you with the information you need, or refer you to the best source of it, so that you can make the best decision for youself. If the agent isn't doing that, the broker can assign you another agent that will.
If the broker doesn't help you out, then ask to get out of your buyer/roker agreement because your agent isn't helping you, then seek another agent that will help.

As Laura said, your lender should provide you with a GFE (Good Faith Estimate), which will breakdown all of the costs associated with your loan.
1 vote Thank Flag Link Fri Jul 20, 2012
Thank for the information about geting out of the buyer agreement. She kind of swindled us into it to begin with. We were naive and she slipped it in as a "hey, i'l represent you" - but we were under the impression it was only for the first house we looked at. Then, we thought we were locked in. I'm going to speak to the real estate company and ask our lender for a GFE.
Thanks for your time!!
Flag Sat Jul 21, 2012
Dan gave you good advice, assuming you are in a contractual relationship with your agent. Unless you have an agent willing to do some handholding, a short sale is not for the novice homebuyer or the faint of heart. Having said that, there many online mortgage calculators that could be very helpful to you. All you have to do is plug in the number (interest rate, mortgage amount, mortgage insurance, taxes) and they tell you what your monthly payment will be. You might find http://www.bankrate.com helpful.
1 vote Thank Flag Link Fri Jul 20, 2012
I'm assuming you have a buyers agent, if your buyers agent isn't giving you the information and/or guidance you need, you need to change agents.
1 vote Thank Flag Link Fri Jul 20, 2012
Hi Jen,
I suggest that you discuss what your mortgage payments would be (including PMI) with your lender as they are the ones that will have this information. Ask them for a breakdown of the costs. It's called a "Good Faith Estimate".

Good luck to you'!

Laura Feghali
Prudential Connecticut Realty
1 vote Thank Flag Link Fri Jul 20, 2012
Thanks, Laura.
We did ask the lender for some info. If we are very specific, he gives it to us (as in: how much do we pay on a 335K mortgage). The PMI seems high, compared to online calculators that I have seen. They are asking $325/month but online it's saying ~$200. I guess I was hoping for more information about where that $125 difference comes from.

I will ask him for this. Hopefully, he will also let us know a breakdown. We don't want to be in over our heads, but we need to make a strong counter offer. I hope he will give us a breakdown of the possible rates for 320, 325, 330, 335-340K. I don't think that's asking too much, but he doesn't seem too eager.
Thanks for your help!!
Flag Fri Jul 20, 2012
Thank you, Natalie, for the help.
You are right, the short sale process is not for the faint of heart. I feel like I have aged a few years during this process...and from what everyone says, it's going smoothly! I think a better, more helpful, agent would have helped us understand the process. I did so much research to learn about homebuying and then had to add in all the short sale terms and complications...it's like cramming for a test in college :)
Thank you again. I will check that calculator out. I tried a few that were too complex. I need a pretty simple estimate: PMI, taxes, downpayment, etc. I already know we are pre-approved and I've also contacted our lender.

Anyway, sorry for rambling. Just wanted to say thank you. Your comment made me laugh. Short sales are a beast!!
0 votes Thank Flag Link Sat Jul 21, 2012
Hello and thank you, everyone, for the helpful answers!

It helps to know what to say and that I can ask for a different agent...I thought I was stuck with her through the rest of the sale. Yes, we do have a buyer's agent, but she is not very helpful. The house we want is from the same agency, so we are in a dual agency agreement. I don't know if that is why she's being so sketchy and unhelpful, but it's driving me insane doing so much research on my own. I don't mind the research but it helps to have some guidance. Trulia has been extremely helpful with that and I appreciate it very much.
0 votes Thank Flag Link Sat Jul 21, 2012
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