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Started By
Message
1st time Home buyer NOLA Lending
Posted on 1/19/17 at 10:11 am
Posted on 1/19/17 at 10:11 am
1st time home buyer so have some questions. It may be ignorant if so I apologize.
Recently under contract 12 yr old home good condition. Home inspection came back mostly good looks like between 3,000-4,000 of repairs but nothing to where we couldn't move in right away.
Thinking about asking for 3,000 from the seller to do the necessary repairs or to go down 3,000 on the offer price. We did not ask for closing cost so I think this is reasonable and I know the seller he's one of my good friends who recently moved out of state.
2nd question I think we settled on NOLA Lending Group does anyone have any experience with them, I'm trying to lock up the interest rate this week or beginning of next week. The guy I speak with seems knowledgeable and I feel comfortable talking w him. And is there when I call and has answers. Just didn't know if I was missing the boat on not shopping for another lender if I feel comfortable with them or if they weren't the best group if anyone had bad experiences with them.
Have shopped around for Homeowners insurance they mostly seem to be in the same price range.
I have the 20% down so we will avoid PMI.
Thanks
Recently under contract 12 yr old home good condition. Home inspection came back mostly good looks like between 3,000-4,000 of repairs but nothing to where we couldn't move in right away.
Thinking about asking for 3,000 from the seller to do the necessary repairs or to go down 3,000 on the offer price. We did not ask for closing cost so I think this is reasonable and I know the seller he's one of my good friends who recently moved out of state.
2nd question I think we settled on NOLA Lending Group does anyone have any experience with them, I'm trying to lock up the interest rate this week or beginning of next week. The guy I speak with seems knowledgeable and I feel comfortable talking w him. And is there when I call and has answers. Just didn't know if I was missing the boat on not shopping for another lender if I feel comfortable with them or if they weren't the best group if anyone had bad experiences with them.
Have shopped around for Homeowners insurance they mostly seem to be in the same price range.
I have the 20% down so we will avoid PMI.
Thanks
10
Posted on 1/19/17 at 10:15 am to Tigerfan19
Who are you working with there? I've heard good things about them as a group.
Posted on 1/19/17 at 11:01 am to Tigerfan19
I work with both LA and AL locations, as we have mutual clients (I handle the insurance side of the closings).
All the contacts I have worked with seem knowledgeable and pleasant, and there has never been a closing go wrong, at least with my dozen or so dealings.
All the contacts I have worked with seem knowledgeable and pleasant, and there has never been a closing go wrong, at least with my dozen or so dealings.
Posted on 1/19/17 at 11:06 am to Tigerfan19
I don't have answers to any of your concerns but will add this: Don't forget to file for your homestead exemption.
No one told me that when I bought my first house and my mortgage payment jumped up $300/month for almost a year. Getting a refund from the parish takes a surprisingly long time!
No one told me that when I bought my first house and my mortgage payment jumped up $300/month for almost a year. Getting a refund from the parish takes a surprisingly long time!
Posted on 1/19/17 at 11:26 am to lighter345
Robert, very knowledgeable guy good to work with
Posted on 1/19/17 at 11:27 am to GaryMyMan
Thanks yes I spoke with him about this in the beginning of the process
Posted on 1/19/17 at 11:34 am to Tigerfan19
As far as homeowners insurance goes, do you guys often shop your homeowners around? I'm south of 90 but not in a flood zone but still getting flood insurance. Since it's my first purchase, contents is usually 50% of home value, let's say I finance 150,000 should I insure the home for 150,000 or go over by let's say 10-15,000 and where should my deductibles fall. I know likely 2% hurricane deductible.
Posted on 1/19/17 at 11:44 am to Tigerfan19
Decent company to work with. We went USDA Rural Development with them on our closing in Walker several years back. The originator we went with was with them for years. She left and is with another company now.
No real complaints.
No real complaints.
Posted on 1/19/17 at 11:55 am to Tigerfan19
quote:
As far as homeowners insurance goes, do you guys often shop your homeowners around?
I recommend every 2-3 years, or if your premium jumps over 10%.
quote:
Since it's my first purchase, contents is usually 50% of home value, let's say I finance 150,000 should I insure the home for 150,000 or go over by let's say 10-15,000
You can insure the home for what you want, but generally it is the appraisal and loan value. For instance, I insure a ton of beach properties here in AL. The homes are purchased at "X" price, but it is inflated due to location. So, be aware of that.
As far as personal belongings go, don't under or over insure. Just make an estimate of the stuff you have, not a percentage of the home.
Make your deductible whatever you're comfortable with.
Posted on 1/19/17 at 12:51 pm to Tigerfan19
I used them and they were fine, but my main problem with them is they have no online account system. No way to just log in, see the status and history of everything and make online payments. I just get a paper statement every month and have to mail a paper check every month.
I'm not sure how common this is, but it seems pretty outdated to me.
I'm not sure how common this is, but it seems pretty outdated to me.
This post was edited on 1/19/17 at 12:52 pm
Posted on 1/19/17 at 2:22 pm to Tigerfan19
I used Mark Boasberg at NOLA Lending and everything went well. I did a lot of research prior and they had the best rates I could find in the area. I would use them again. The mortgage got transferred to Wells Fargo and we have had no problems.
Posted on 1/19/17 at 2:36 pm to NOFOX
I have used NOLA Lending a few times, and I know several friends and family who have used them. Easy to deal with and were very competitive on rates and costs. I have dealt with Matt in BR.
Posted on 1/19/17 at 2:43 pm to Tigerfan19
Why do you use a mortgage broker unless you have trouble qualifying? They can't get you nearly as good of a dealas a bank or credit union. Call Chase and you'll get a much better deal because they don't charge a loan based origination fee. I think NOLA is 1% where chase is $475.
I just bought a house and called a friend at a mortgage broker who told me, as a friend, to call a bank or look online.
I just bought a house and called a friend at a mortgage broker who told me, as a friend, to call a bank or look online.
Posted on 1/19/17 at 2:52 pm to Finch
As for pricing against banks, I shopped around with multiple banks and I still came out better with NOLA. I talked with Chase, Regions, and another. My recollection was that NOLA was more cost effective.
Posted on 1/19/17 at 3:34 pm to Finch
quote:
I think NOLA is 1% where chase is $475.
NOLA reduced the fee for me to $250 and beat the banks/credit unions on the rates.
Posted on 1/19/17 at 7:28 pm to NOFOX
That's good to know. I'd go with them all day then
Posted on 1/20/17 at 9:16 pm to Tigerfan19
We're all competitive and can have the "best" rates on any given day. Most of us will match other banks offers, but usually don't need to.
You would be surprised how far customer service goes compared to the guy who has .125% better but never answers or emails clients back.
You would be surprised how far customer service goes compared to the guy who has .125% better but never answers or emails clients back.
Posted on 1/20/17 at 10:15 pm to Tigerfan19
Bought our house through them in 2013. Excellent customer service, solid rate, would do business with them again. I work for a large bank and couldn't get a better rate through my company. My loan was sold to Wells Fargo after about my second payment as well.
Posted on 1/21/17 at 12:06 am to Tigerfan19
Get the seller to pay for a home warranty, if the property is legit, it won't cost them much and gives you piece of mind for a year.
quote:
I have the 20% down so we will avoid PMI.
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