In my local area right now the difference from the asking price to the sales price is 5.2%. With that in mind you can adjust your 1st offer. Remember if this is a home you would really like to own, make sure your first offer is a smart one.... more
It would be best for you to meet a mortgage consultant at the bank of your choice or a mortgage broker who will have access to many bank's loan programs and rates. At this meeting bring the following at a minimum:
1. Current one month paystubs.
2. Two year W-2's and complete Tax returns.
3. Current Two month bank statements/retirement account statements/brokerage account statements.
Let the professional pull you credit report and give you a mortgage pre approval letter. Once you have this you can confidently make offers on houses you like.
If you need to discuss my contact information is given below.
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)... more
Ok, a few things. I assume you mean that you're looking to cash out on the condo's equity enough to have a 10% down payment for the new purchase? Are you also saying that you'll have to pay PMI on both the new purchase and the condo? Why exactly must you refinance the condo in order to qualify for the new purchase? Which one will you be using as your primary residence? Much more information is needed.
I'm not sure how ANY lender could say that they have the ability to do both loans for you, this is not true. First, one of the two must be your primary and the other an investment or second home. In either case, I can tell you for a fact that you'll need to have way more than just 10% equity on the one you'll hold as an investment property. Paying PMI on both is simply not an option.
Also, what is the likelihood that the value of your condo has increased enough in the past 2 years, so that it lends itself to refinancing?
I also would like to say that I strongly suggest you NOT consider what we call lender paid mortgage insurance. This is never a smart option over paying PMI. The fact is that lenders who offer loans without needing PMI simply offer those loans with higher interest rates to cover the cost of the mortgage insurance they'll pay for, which is why it's called lender paid MI (LPMI). The difference is that when you pay PMI, it's a temporary thing, but when a lender charges a higher rate to absorb the LPMI, it's a temporary expense for the bank, but a higher rate for you that lasts the entire life of the loan.
I really suggest you find a reliable Loan Officer who can truly guide you up the right path. I'm always available if you need someone. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648... more
Realty Trac will have the Pre-Forclosure listings, but it does not mean it's for sale, many times it's just showing how much loan is outstanding for Lis Pendense only. If you like to see homes in the area I will be happy to help you. MLS (Multiple Listing Service) website is accurate to find Homes For Sale.