Financing in Pasadena : Advice

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Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
Delayed Financing
WOW, I apologize for all the answers you have received, the clearly don't understand your question or delayed financing.

Your answer is yes.

If you cash out on your current mort ... more
0 votes Share Flag Thu Nov 21, 2013 Financing in Pasadena
Randall James…, Real Estate Pro in Dallas, TX
Randall James Yates answered:
What is the rule of thumb on monthly mortgage to net income?
There are several factors to consider and a simple 25% of your income is not enough. Some people have a lot of monthly debt (auto loans, credit cards or student loans) others do not. Le ... more
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Randall James…, Real Estate Pro in Dallas, TX
Randall James Yates answered:
Is it easier to qualify for a loan by yourself or jointly if the other person has bad credit?
If someone has bad credit, chances are they will not be allowed on the loan. Both the signer and co signer must have acceptable credit to be on the loan, lenders go by the lowest score.
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Irina Karan, Real Estate Pro in 33160
Irina Karan answered:
Lender requires property management agreement
I liked what Lou wrote below - more downpayment (if possible), actually accepting this condition and signing up with the cheapest property management company, getting an experienced inv ... more
0 votes Share Flag Sun Aug 25, 2013 Financing in 91101
Jim Enright, Real Estate Pro in Chapel Hill, NC
Jim Enright answered:
How soon can I refinance if I use cash to buy the property?
Lots of responses - Thierry Abel has the most accurate answer. There is a time limit on delayed financing though. Call Thierry.
0 votes Share Flag Thu Aug 15, 2013 Financing in Pasadena
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
I have a rental property with equity. I have 1st mortgage and an equity line. Can I get a second mortgage even if I don't have good credit.?
You are probably looking at a new first with cash out. The lenders who did 2nds pretty much got wiped out a couple of years ago.

Rich Littlefield
Mortgage Banker
NMLS ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Pasadena
Rene' De Bla…, Real Estate Pro in San Diego, CA
Rene' De Blanco, MBA answered:
Does applying for a loan jointly with another person who has no credit history help or hurt getting approved?
If you can qualify on your own, do so. Less potential headaches than adding a non-occupant co-borrower.

Hope this helps!
0 votes Share Flag Wed Jun 6, 2012 Financing in 91101
Joshua Rabin…, Real Estate Pro in Los Angeles County, CA
Joshua Rabinovitz answered:
Home is not upside down. It's worth 1,600,000. I owe 567k fixed @ 6.375%. My FICO score is 802. Need interest rate reduced. Not Fred or Fan.
Talk to a loan broker or look into other avenues. Best, Joshua Rabinovitz.
0 votes Share Flag Tue Dec 13, 2011 Financing in Pasadena
Tommy Lee, Real Estate Pro in 91502
Tommy Lee answered:
Is it possible to finance an all cash offer?
Looks like you have mixed answers. Basically two agents hit on the right answer. The contract you sign is the guide. If you say all cash up front and then try to switch du ... more
2 votes Share Flag Thu Mar 18, 2010 Financing in 91101
Edward Uriar…, Real Estate Pro in Pasadena, CA
Edward Uriarte answered:
How many LLC members need to guarantee a commercial loan?
Minimal one, but it all depends how many are needed to qualify.

Edward Uriarte
(310) 463-2270
1 vote Share Flag Wed Mar 17, 2010 Financing in 91101
Bob Khalsa, Real Estate Pro in Santa Clarita, CA
Bob Khalsa answered:
Commercial this a good deal?
What about prepayment penalties and is there any lock out period? These are important in case you want to refinance. Otherwise the terms look fairly good. As regards the DSCR or Debt Se ... more
1 vote Share Flag Wed Mar 17, 2010 Financing in 91101
Gerard Dunn, Real Estate Pro in Potomac, MD
Gerard Dunn answered:
Lending to LLCs and LPs
I would ask for this in writing. Most servicers put the loan on ALL the borrowers credit. If you are dealing with a smaller local bank - this may be correct.

Better to be sure in a ... more
0 votes Share Flag Tue Mar 9, 2010 Financing in 91101
M.D.J, Real Estate Pro in Los Angeles, CA
M.D.J answered:
Does future rent income count towards getting approved for a homepath loan to purchase a multi-unit home?
The answer to whether future rent can be counted on a 1- 4 unit rental purchase when currently vacant is actually "YES".

Surprisingly though I heard plenty of "Noâ ... more
0 votes Share Flag Wed Feb 24, 2010 Financing in Pasadena
Joanna Jensen, Real Estate Pro in 94566
Joanna Jensen answered:
I'm self-employed, single mom, making $120k annually, credit ranging 690 to 735 among 3 bureaus, $200K cash for down payment, no credit card
Hi Looking to Buy
I think now is a fantastic time to buy.
I am a realtor and my husband is a loan officer. I know some people are thinking of waiting untill the bottom drops out, but ... more
0 votes Share Flag Wed Jan 6, 2010 Financing in Pasadena
Robert Chome…, Real Estate Pro in San Diego, CA
Robert Chomentowski answered:
Can I get approved?
What is the reason you were out of work? Are you in the same business prior to the 2 year gap?
0 votes Share Flag Tue Dec 29, 2009 Financing in Pasadena
Nancy Mcsween, Real Estate Pro in Pasadena, CA
Nancy Mcsween answered:
What's best way to obtain a mortgage broker? My agent is married to a mortg. broker and only recommends her.
The reason your agent recommends their spouse is because if any financial issues come up, their spouse can circumvent any problems for you. That is a PLUS!!! However, if money is an ... more
0 votes Share Flag Tue Jul 21, 2009 Financing in Pasadena
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