Financing in Madison : Real Estate Advice

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Brian Martuc…, Real Estate Pro in Bethesda, MD
Brian Martucci answered:
Downside to refinancing, selling, moving and purchasing within 5 months.
It is highly unlikely its worth our time. Unless you have a high rate, and a lender can do a $0 cost loan, and still save you $200-$400 a month, or more, why would you do it if you are ... more
0 votes Share Flag Mon Sep 21, 2015 Financing in Madison
Shellie Mathe,  in Oshkosh, WI
Shellie Mathe answered:
Can gift money be used to pay normal bills/groceries and "free up" regular income money to be saved for down payment during approval process?
Your Earnest Money is still your money and will be credited back to you at closing. So you are not short $2K of you down payment, it is just being held in a trust account for you.

A ... more
0 votes Share Flag Tue Jan 21, 2014 Financing in Madison
Robert Hanson, Real Estate Pro in Olney, MD
Robert Hanson answered:
Can traditional IRA distribution money be used toward 5% Down Payment?
Yes you can as long as you follow procedures and document it properly. If you are working with a lender, make sure that they know what you are doing and can specifically instruct you on ... more
0 votes Share Flag Mon Jan 20, 2014 Financing in Madison
Guy Lofts, Real Estate Pro in Madison, WI
Guy Lofts answered:
My family has to move for my wife's job and can't afford to pay our mortgage and rent.
Nick, why can it not be sold. All homes can be sold at a price. It may not be what you owe, but that is what a short sale is. We do these all the time and help families to get out fr ... more
0 votes Share Flag Thu Apr 12, 2012 Financing in Madison
Keith & Kins…, Real Estate Pro in Verona, WI
Keith & Kinsey Schulz answered:
I filled out a pre-approval application. The lender then pulled my credit and has ignored me for 3 months. Can I have the inquriy removed?
It is strange for a lender not to respond to you. Even if they don't think you are qualified, they should at least be professional enough to tell you the honest truth. I can second ... more
0 votes Share Flag Thu Mar 8, 2012 Financing in 53703
Rob Weber, Real Estate Pro in Lisle, IL
Rob Weber answered:
If we buy a house for 30k under assessment, can we get access to that 30k of equity to renovate?

If you're looking for information on 203k's or HomeStyle loans (rehab loans), email me and I'll foward you an article I wrote for Chicago Agent Magazine. Y ... more
0 votes Share Flag Wed Nov 16, 2011 Financing in Greentree
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
Bankruptcy and home purchase.
Hi, Jenmadison20. Scott is correct, for a Chapter 7 w/o any properties attached to it, its a 2 yr wait from the date of discharge before your eligible FHA or VA, and a total of 3-5 ... more
0 votes Share Flag Tue Jun 7, 2011 Financing in Madison
Thomas Tolbe…, Real Estate Pro in Savannah, GA
Thomas Tolbert answered:
How does one qualify for financing after recently filing for bankruptcy?
Joey, This is really something you would best be advised to discuss with your bankruptcy attorney and a lender.
There are specifics to your situation that none of us are aware. If you ... more
0 votes Share Flag Thu Dec 9, 2010 Financing in Madison
John Shellin…, Real Estate Pro in Pearland, TX
John Shellington answered:
Best way to get a low fixed mortgage rate with only a 10% down payment? Is PMI a good/easy option if I'm able to cancel it early?
If you don't want to take a loan against your 401K, consider doing a combo loan. 10% down payment, 10% second lien, 80& first lien commonly referred to as an 80/10/10. This k ... more
1 vote Share Flag Tue Nov 10, 2009 Financing in Madison
Donna Hermsen…, Real Estate Pro in Madison, WI
Donna Hermsen & Dan O'Brien answered:
8k tax credit for unmarried couples, how does it work?
There is a geat website that will answer all your questions.
Donna Hermsen
1 vote Share Flag Mon Sep 21, 2009 Financing in Madison
Jr, Home Buyer in Milwaukee, WI
Jr answered:
My husband and I are trying to refiance our mortgage with Ace Mortgage in Wisconsin. We paid the appraisal
Ace is out of Business as of friday 10/24
Call me
Jr 414-443-5900
0 votes Share Flag Thu Oct 30, 2008 Financing in Madison
Alesha, Home Buyer in Kailua, HI
Alesha answered:
IF a house is paid in full.... and you "refinance" to pay debt, when you sell are there penalities?
Read the terms carefully and make sure there is no prepayment penalty. It will be attacked to the note or deed of trust in your loan docs.

Also, I agree, get a HELOC, they work like ... more
0 votes Share Flag Sat Aug 30, 2008 Financing in Madison
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