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OnlineIce9
3X Ban Lotto Champion
I'm a teapot User Gallery


Registered: 03/20/14
Posts: 11,232
Loc: daterapeville,USA
Last seen: 8 seconds
Home Buying
    #26700705 - 05/28/20 12:38 AM (3 years, 7 months ago)

Looking casually, but getting serious.  Noticed since student loans deferred due to covif-19, my credit report got dinged, despite fact I waived deferment and mad payment on time. Thoughts?


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The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
Re: Home Buying [Re: Ice9]
    #26702000 - 05/28/20 02:48 PM (3 years, 7 months ago)

As you more serious, many sellers/realtors will want to see some type of preapproval.  Once you get the numbers run, you can see where you're at.  You can see your score and how much it was "hit" by a deferrment, and ultimately, how it affects your mortgage cost.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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OfflinePTreeDish
Male


Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
Re: Home Buying [Re: Ice9]
    #26709008 - 05/31/20 12:02 PM (3 years, 7 months ago)

Not sure what your question is exactly, but deferments usually have zero recourse on your credit since the creditor will continue to report your account as current during the deferment period. How big was the point change? Care to share your score? I can tell you the biggest impact on getting a mortgage will be a. length of employment, b. debt to income ration and c. credit score. A & B will prevent a loan altogether while C dictates your rate.


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OfflineTripsurfer
Bring Back Asante!
Male


Registered: 08/01/12
Posts: 7,129
Loc: West of Windward Flag
Last seen: 3 months, 27 days
Re: Home Buying [Re: PTreeDish]
    #26716772 - 06/03/20 01:03 PM (3 years, 7 months ago)

I am also looking around but waiting for the economic crisis to hit hard and cut housing prices

Buy low, sell high


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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OfflinePTreeDish
Male


Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
Re: Home Buying [Re: Tripsurfer]
    #26717387 - 06/03/20 05:57 PM (3 years, 7 months ago)

You make it sound so simple! :smile:

In reality, RE markets can be hyper local. Here in Southern California, for example, we might see minor dips in the market relative to large swings with the rest of the US but prices are somewhat insulated by other levers in the economy. For instance, the state and local government policies makes it incredibly expensive and difficult to build here even while demand has and continues to grow.

Generally, if you plan to hold for a long period of time, the time to buy is as soon as you can afford and have the desire to do so. Timing the market is generally not a recommended strategy in any kind of market.


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OfflineTripsurfer
Bring Back Asante!
Male


Registered: 08/01/12
Posts: 7,129
Loc: West of Windward Flag
Last seen: 3 months, 27 days
Re: Home Buying [Re: PTreeDish]
    #26718264 - 06/04/20 02:32 AM (3 years, 7 months ago)

Perhaps, but only a few months ago housing in my neighborhood went for the asking price + 20% and usually within a week

Now real estate is on the the market for longer already and amounts paid are going towards asking price real quick.

The real economic blow hasnt even come yet


We probably have a different dynamic here as most houses are bought up by investors with the current interest being as low as they are

Im also in Europe so our market could be hugely different


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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OfflinePTreeDish
Male


Registered: 04/22/18
Posts: 353
Last seen: 3 months, 15 days
Re: Home Buying [Re: Tripsurfer]
    #26719457 - 06/04/20 03:38 PM (3 years, 7 months ago)

Definitely your market is different. You can't really predict when the bottom will hit nor how long it will be there. Generally, when the market tanks here, so do jobs and everything else. For many people, yea - it would be great to buy while prices and rates are low, but if you don't have a job to pay for it, then it doesn't really matter. Depends on your individual situation.


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OfflineTripsurfer
Bring Back Asante!
Male


Registered: 08/01/12
Posts: 7,129
Loc: West of Windward Flag
Last seen: 3 months, 27 days
Re: Home Buying [Re: PTreeDish]
    #26721916 - 06/05/20 01:07 PM (3 years, 7 months ago)

Yeah I bought cheap in 2012 because of the crash that started in the US


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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Offlinesunniemuffins
Stranger
Registered: 05/17/20
Posts: 12
Last seen: 7 months, 28 days
Re: Home Buying [Re: Tripsurfer]
    #26850691 - 07/28/20 08:22 PM (3 years, 5 months ago)

Interest rates are really good if you can afford to buy


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