Financing in Alexandria : Real Estate Advice

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Toni, Home Buyer in Falls Church, VA
Toni asked:
How does drawing from a HELOC impact my mortgage payment? I have a 200k HELOC and wanted to use 50k for some much needed ADA renovations. Does this mean that I will continue to pay for 200k, but only have 150k? Or will my mortgage payments increase?
0 votes Share Flag Mon Apr 4, 2016 Financing in 22315
Dan Tabit, Real Estate Pro in Issaquah, WA
Dan Tabit answered:
Is there a law that states that you can't refi a mortgage within 6 months of the last refi or is that have something to do with commission chargeback?
I'm not aware of a law, but if the lender used a rebated to cover your loan fees, which may have appeared to you as a no cost refi, then they may charge the loan originator ba ... more
0 votes Share Flag Sat Nov 14, 2015 Financing in 22314
Simon Campbe…, Real Estate Pro in Miami Beach, FL
Simon Campbell answered:
Typical Owner Financing Terms?
Usually owner financing does not have such a down payment. 50% is a lot of security. That shows that the likelihood that he or she will default is very slim... and if they do, well you ... more
0 votes Share Flag Sat Oct 25, 2014 Financing in Alexandria
Yank007, Home Owner in 12203
Yank007 answered:
Is Mortgage Insurance Deductible in 2012?
And, your FHA MIP stays on forever now." That's not true! It comes off after 5 years and at 78% LTV. - - - - just to add to this. - - - - a homeowner must pay the full 5 years regardles ... more
0 votes Share Flag Wed Jan 16, 2013 Financing in Alexandria
Ciné Wright, Real Estate Pro in Stafford, VA
Ciné Wright answered:
Anyone know of any Private Lenders, Hard Money Lenders that lend in Fredericksburg, NVA areas?
Hello Mr. Wright of Fredericksburg,
Excellent questions and one which may present several answers depending on your particular circumstances.

I'd welcome the opportunity to speak w ... more
1 vote Share Flag Sun Oct 28, 2012 Financing in Alexandria
Elliott R. O…, Real Estate Pro in McLean, VA
Elliott R. Oliva answered:
Can we refi our Freddie Mac backed loan - its a rental in Alexandria, VA?
Gina, here is some more information on the HARP 2 program:

Feel free to contact me f ... more
0 votes Share Flag Tue Feb 28, 2012 Financing in Alexandria
Gena Bolton, Real Estate Pro in Destin, FL
Gena Bolton answered:
Are the Title Company fees for a refinance more than for a regular purchase? (excluding Title insurance)
Simple answer - no-sometimes if may seem higher since you are paying all the cost.

Couple things: Shop title and closing it's your right - Mortgage loan officers tend to use s ... more
0 votes Share Flag Sat Feb 18, 2012 Financing in Alexandria
Deeley  Ches…, Real Estate Pro in Ocean City, MD
Deeley Chester answered:
second home as rental property to help out with paying two mortgages, do i need to get bussiness license or permit?
Hi Hunny,
Rudy has a great answer and is very correct. You don't wanna get sued if something were to happen. But also make sure you speak with a CPA for income purposes.
0 votes Share Flag Mon Sep 5, 2011 Financing in 22311
My NC Homes…, Real Estate Pro in Chapel Hill, NC
My NC Homes Team answered:
Do banks renegotiate rates on existing loans in lieu of refinancing?
The short answer is no, you'll need to refinance and you absolutely should given that rates are almost 3% below what you're presently paying. Don't know how much you' ... more
0 votes Share Flag Sun Aug 21, 2011 Financing in Alexandria
Delaine Camp…, Real Estate Pro in Alexandria, VA
Delaine Campbell answered:
My Mortage broker initially promised me a rate of 4.785 and persuaded me to come to her as I was shopping around. Once I went to her and was about to
I'm just curious if you were provided some assistance by a Buyer Agent or if this is a refinance?
Most Buyer Agents know that there is an adjustment for condo loans versus TH' ... more
0 votes Share Flag Mon Dec 6, 2010 Financing in 22314
Susan Isaacs, Real Estate Pro in Washington, DC
Susan Isaacs answered:
Question regarding the mortgage preapproval process-
Consulting with a lender is the best course at the onset of a property search because it helps define what you're looking for, provides you with options you may otherwise not know ... more
1 vote Share Flag Mon Nov 1, 2010 Financing in Alexandria
Nick Pakulla, Real Estate Pro in Rockville, MD
Nick Pakulla answered:
Can I use equity in another, fully-paid-off home to avoid PMI?
In theory you would need to get the HELOC first, and it would complicate the process of obtaining a new mortgage, ie: potentially adding the new HELOC to your credit report, requiring a ... more
0 votes Share Flag Fri Oct 8, 2010 Financing in 22314
Delaine Camp…, Real Estate Pro in Alexandria, VA
Delaine Campbell answered:
Can you switch title companies once you are under a ratified contract?
Remember if you change what is shown in the contract you'll need to get permission from the Seller, so your agent will need to complete and addendum and have everyone sign off on t ... more
0 votes Share Flag Thu Apr 8, 2010 Financing in Alexandria
Andrew Marti…, Real Estate Pro in Orangevale, CA
Andrew Martinez answered:
Fiancing a Fannie Mae Homepath Property

Fannie Mae is not a lender, but ultimately rather a company that purchases loans originally funded by a bank. The bank simply services the loan (meaning the payments are c ... more
0 votes Share Flag Thu Mar 4, 2010 Financing in Alexandria
Ramesh Chand…, Real Estate Pro in Arlington, TX
Ramesh Chandra answered:
The lender all of sudden is coming in and paying for closing costs (by lowering origination fee / compared to GFE)?
Mr. Mishra is right.
If u r seller concessions r $15k and ur other costs donot add upto $15k, the origination fee is picked up in the seller concession. Seem to be that there is no fr ... more
0 votes Share Flag Sat Feb 13, 2010 Financing in 22314
Danilo Bogda…, Real Estate Pro in Reston, VA
Danilo Bogdanovic answered:
Is a buyer generally seen as a 'risk' if they choose a credit union as their lender?

I've never had a buyer using a credit union for financing looked at in a worse light than a buyer using a typical bank.

Ask other credit union members that have used t ... more
0 votes Share Flag Wed Sep 23, 2009 Financing in 22314
Hm,  in Burke, VA
Hm answered:
VA financing on a shortsale/foreclosure?
The one thing that I would advise is when looking for a short sale or a foreclosure home, you want to make sure that the property is in a livable condition. In other words, none that r ... more
1 vote Share Flag Wed Sep 9, 2009 Financing in 22304
Vicky Chrisn…, Real Estate Pro in Purcellvile, VA
Vicky Chrisner answered:
What is the loan market for 1st time FHA primary residence with 2nd trust (HELOC) like these days?
The post below seems pretty informative. I have 4 lenders on my web site (click on Preferred Lenders). One is SunTrust, and you have their answer below. BofA is also a big bank, so w ... more
0 votes Share Flag Sat Sep 5, 2009 Financing in 22314
Abdullah Al-…,  in Alexandria, VA
Abdullah Al-mamoon answered:
I have a FHA loan under process for a short sale property. I have two years of verifiable work history,
You should be fine. What does that mean under process? Your 2008 W-2 was about 40K so that will really help you.

If you need an approval I can have that processed for you just ca ... more
0 votes Share Flag Tue Apr 14, 2009 Financing in Alexandria
Amarachi, Home Buyer in Alexandria, VA
Amarachi answered:
Who will be eligible for $8,000 credit for first time home buyers (referring to new bill in Congress)?
I am a first time buyer, but my husband own a rental property that he purchased in 2005. Would be qualify for the credit?
1 vote Share Flag Wed Feb 18, 2009 Financing in 22311
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