http://www.trulia.com/profile/jesseturnquist/The latest answers submitted by Jesse C. Turnquist to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Buying/What_is_a_competitive_interest_rate_these_days_W-51039Answer by Jesse C. Turnquist: Interest rates also differ for level of income, assets, loan to value ratio and region in which you are buying. Regional banks that offer portfolio products have the ability to discount their rates from the larger national access lenders.Thu, 7 Aug 2008 11:14:18 PDThttp://www.trulia.com/voices/Home_Buying/We_are_in_contract_and_in_the_process_of_submittin-44016Answer by Jesse C. Turnquist: May, The letter of reference should only be a standardized form that documents payment history with that landlord. If it is a private landlord and you don't pay a rental agency you will probably have to show at least 12 months of cancelled checks along with his completed form. The lender isn't interested in whether or not you got along with your landlord. That's why you are buying, right!Mon, 30 Jun 2008 17:28:57 PDThttp://www.trulia.com/voices/Home_Buying/If_I_owned_a_co_op_am_I_technically_still_conside-43990Answer by Jesse C. Turnquist: If owning the Co-Op in the past was 3 years ago or longer you would be considered a first time home buyer again with many lenders. What kind of benefits are you looking for under the first time homebuyer criteria?Mon, 30 Jun 2008 17:13:32 PDThttp://www.trulia.com/voices/Home_Buying/a_one_bedroom_condo_for_sale_in_Tivoli_New_York-35049Answer by Jesse C. Turnquist: Do you have a question about them?Thu, 8 May 2008 17:32:52 PDThttp://www.trulia.com/voices/Home_Buying/I_live_in_rochester_ny_and_I_m_looking_to_purchas-35033Answer by Jesse C. Turnquist: Patrick, If you have a private landlord, you may try to find a new tenant for them to fill the vacancy. Otherwise, Gail is right on advising you to consult your lease.Thu, 8 May 2008 16:03:14 PDThttp://www.trulia.com/voices/Home_Buying/Bank_of_America_Closing_Costs-34590Answer by Jesse C. Turnquist: Ronnie, Any lender (broker or banker) can cover your closing costs if you allow them to increase the rate high enough. We all get the money from the same places and as my father always told me, "there is no such thing as a free lunch".Tue, 6 May 2008 19:38:28 PDThttp://www.trulia.com/voices/Home_Buying/I_am_looking_at_purchasing_a_condo_conversion_down-33356Answer by Jesse C. Turnquist: Tom, As you are buying in a 1/2 sold condo project, I would recommend working with a broker or mortgage banker rather than going directly to a traditional bank. Allowing someone else to shop your loan for you using numerous sources will give you the flexibility you will need for your circumstances. Contact me offline if you are interested. jturnquist@guardhill.com 646-519-7521Tue, 29 Apr 2008 19:08:40 PDThttp://www.trulia.com/voices/Home_Buying/What_are_the_tax_implications_for_foreigners_wish-33461Answer by Jesse C. Turnquist: Gina, You need to talk to a CPA familiar with this type of situation. Contact me offline and I will refer you to someone that can help. jturnquist@guardhill.comTue, 29 Apr 2008 17:11:46 PDThttp://www.trulia.com/voices/Foreclosure/IF_I_TELLMY_MORTGAGE_COMPANY_I_CANT_PAY_ANYMORE_TH-33555Answer by Jesse C. Turnquist: Leonora, 8.25% is extremely high even in this challenging interest rate environment we have today. Please get in touch with me if you want to talk about options available to you. jturnquist@guardhill.comTue, 29 Apr 2008 17:09:46 PDThttp://www.trulia.com/voices/Financing/With_a_ARM_can_you_refinance_before_your_time_i-32442Answer by Jesse C. Turnquist: Carissa, It sounds like you are getting pretty sound advice from your mortgage broker already. Some statistics say the average household keeps the same mortgage for no longer than 7 years for a variety of reasons. People sacrifice their current loans for better interest rates, cashing out for home improvement or other monetary needs such as health care or investment strategies. Gail is correct in asking your mortgage broker about a pre-payment penalty. I would also consider whether or not you are being charged origination fees for this loan and calculate the total cost of the transaction. $34k is a large savings, but you need to know how long the break-even period is in comparison to other options. If you need assistance working through these numbers please don't hesitate to contact me.Wed, 23 Apr 2008 13:25:21 PDThttp://www.trulia.com/voices/Financing/Who_are_correspondent_lenders_-32209Answer by Jesse C. Turnquist: Sandy, Correspondent lenders are mortgage brokers that have an arrangement with larger lenders to underwrite and approve their loans. Larger lenders use this channel to minimize overhead and pass the savings on to you as the consumer. The Correspondent lender is more at risk for the loan initially as they usually sign an agreement with the end bank that in case of a loan default within a specified period of time (usually 30 to 60 days of transfer) the mortgage broker has to buy the loan back. This also mitigates some of the risk associated with lending as the broker needs to be 100% sure you are a credit worthy borrower. When all is said and done, you should be getting the absolute lowest possible rate by going this route in financing your home. Most loans are sold between banking entities in one form or another. The most important thing is for you to examine the note/mortgage at closing to assure you have exactly what was sold to you from the beginning. The bank you write your check to may change hands many times, all based on that note/mortgage and your consistent ability to satisfy your monthly obligation. I hope this helps & congratulations on youor closing.Tue, 22 Apr 2008 12:19:04 PDThttp://www.trulia.com/voices/Home_Buying/What_are_some_resources_to_determine_the_true_valu-31028Answer by Jesse C. Turnquist: Keisha, You might want to consider asking a local appraiser for their opinion on value. They may have a more objective viewpoint as they are required to be completely independent and unbiased. I can refer you to several if you are interested.Tue, 15 Apr 2008 12:59:35 PDThttp://www.trulia.com/voices/Home_Buying/How_do_you_shop_around_for_a_mortgage_We_don_t_w-31056Answer by Jesse C. Turnquist: Carissa, Your lender is correct, you don't want to add any additional debt or change any of your financial circumstances while you are waiting. As far as your credit being pulled is concerned, if you have any new mortgage inquiries within 30 days of each other, your score won't be affected. Alternatively you can try submitting your scenario on Zillow.com in their mortgage section. Your credit isn't pulled and your information remains anonymous allowing you to choose a proposal/lender at your leisure.Tue, 15 Apr 2008 12:55:22 PDThttp://www.trulia.com/voices/Financing/Does_anybody_know_what_the_current_jumbo_mortgage_-30056Answer by Jesse C. Turnquist: Tim, Zack gave you the correct resource to find the answer specific to your question. The products you seem to be referring to are the new Fannie/Freddie Jumbo Conforming loans. As they are relatively new and therefore untested financial instruments at this point, they are somewhat restrictive in qualifying. Dependent upon your position financially you may be better served with a portfolio lender that isn't subject to Fannie/Freddie guidelines. You shouldn't base your purchase on these programs alone. Full pre-approval is the best way of knowing what program is the best suited for you and can therefore assist you in determining your purchase price. Contact me if you would like more information. jturnquist@guardhill.comWed, 9 Apr 2008 13:40:10 PDThttp://www.trulia.com/voices/Market_Conditions/I_will_be_in_New_York_to_study_for_years_should_-29675Answer by Jesse C. Turnquist: Ana, 4 years is a long time to be in one place without owning it...that is 48 rent payments that you will never see again. If you have the means to buy now, by all means do so. Despite the negative press hammering the story of falling values, there real long term benefits to owning real estate. I'm not a Realtor, I'm a mortgage broker so my answer regarding price range is simply what you can AFFORD. Feel free to contact me if you want to find out what your budget will allow. jturnquist@guardhill.com C-845-544-3001Tue, 8 Apr 2008 05:01:38 PDThttp://www.trulia.com/voices/Home_Buying/I_m_buying_a_house_in_days_just_found_out_that_-29262Answer by Jesse C. Turnquist: Jeannine, Believe it or not this was a common occurance at the height of the buying frenzy a few years ago. It is certainly more common today as pegging the correct price for a home can be like catching a falling knife. Using the completed appraisal as leverage, you basically have 3 options assuming you had an appraisal contingency in your contract (surely your agent protected you!): 1. Renegotiate your contract price with the seller to match the appraised value 2. Honor the contract price, accept the lower mortgage offered by the bank and make up the difference out of your own pocket 3. Walk away and find another home you can't live without This happened to my wife and I 1.5 years ago when buying our home. We chose door #3. We were upset naturally, but within a month we closed on a better home for us at a lower price than we had set out to pay originally. Hopefully the market rates are better now than when you had locked in on the first home as those don't tend to be transferrable between properties once the appraisal has been reviewed.Fri, 4 Apr 2008 19:41:25 PDThttp://www.trulia.com/voices/Home_Buying/Hi_I_would_like_to_purchase_a_home_in_brooklyn_-28341Answer by Jesse C. Turnquist: Sonia, If you are utilizing financing to purchase this home, make sure you have a PRE-APPROVAL from a lender. Guidelines are changing rapidly and with little or no notice. If you need assistance in this feel free to contact me. jturnquist@guardhill.comMon, 31 Mar 2008 05:47:15 PDThttp://www.trulia.com/voices/Financing/Is_Bank_of_America_s_No_fee_mortgage_plus_too_go-28052Answer by Jesse C. Turnquist: Danielle, Bank of America is a huge corporation with a massive advertising budget. This catchy phrase is designed to get you talking about it, interested and ultimately sitting in a local branch signing loan papers. There will certainly be closing fees, such as title insurance, attorney, appraisal, taxes and the like. They are probably not charging an underwriting fee which typically is around $700. By increasing the actual interest rate on the loan BofA is offering you what is called "lender paid mortgage insurance". Both PMI and lender paid MI can be tax deductible (ask an accountant), the difference is PMI can be removed once the value of your home is greater than 80% of the outstanding balance of the loan. There's no such thing as a free lunch!!! YOU always pay for it somewhere.Fri, 28 Mar 2008 07:17:48 PDThttp://www.trulia.com/voices/Financing/Does_a_mortgage_broker_have_the_right_to_prevent_m-27383Answer by Jesse C. Turnquist: Jo, It seems to me the mortgage broker is out of his commission due to a low appraisal and is exhibiting poor behavior. You don't need a mortgage to rent this property, therefore you don't need a mortgage broker!Mon, 24 Mar 2008 17:52:59 PDThttp://www.trulia.com/voices/Financing/i_lock_in_my_rates_in_yesterday_march_th_w_days_lo-26759Answer by Jesse C. Turnquist: Debbie, You will probably have to pay your broker the difference in lock period...typically .125% of the loan amount but can vary depending on the investor where they sent the loan. You should talk to them about your concerns. Feel free to contact me if you are having difficulty communicating clearly with your broker.Wed, 19 Mar 2008 09:05:04 PDThttp://www.trulia.com/voices/Tech_Tips/what_is_a_good_web_site_to_see_what_homes_have_bee-26722Answer by Jesse C. Turnquist: You could also look @ www.cyberhomes.comTue, 18 Mar 2008 22:58:40 PDThttp://www.trulia.com/voices/Home_Buying/trumpsoho_good_idea_to_buy_a_small_unit_-26635Answer by Jesse C. Turnquist: I'm confused...where are you looking to buy, San Francisco or NY?Tue, 18 Mar 2008 13:05:18 PDThttp://www.trulia.com/voices/Financing/How_do_you_find_a_mortgage_broker_or_lender_that_s-26091Answer by Jesse C. Turnquist: Hannah, You've come to a great spot to find someone to help you. In addition to the people you meet here on Trulia, ask your friends and family who they have used in the past and what their experience was all the way through closing. Whatever you do, make sure you speak with someone who is on top of the increasing number of changes in the lending industry. Standards are changing it seems like hourly so you don't want to work with someone who brokers mortgages part-time.Fri, 14 Mar 2008 13:04:47 PDThttp://www.trulia.com/voices/Financing/Can_I_transfer_line_of_credit_to_another_property_-25951Answer by Jesse C. Turnquist: Dan, If I understand you correctly, you need a line of credti onthe property you are retaining to cover the shortfall on the property you are selling, correct? Loans, whether lines of credit or traditional mortgages cannot be transferred from one property to another. You would have to apply for a new line of credit to be secured against the property you want to keep. I hope I understand the situation correctly. Let me know if I'm off base here.Thu, 13 Mar 2008 14:22:19 PDThttp://www.trulia.com/voices/Home_Buying/I_am_getting_married_in_May_My_husband_to_be_and_-25943Answer by Jesse C. Turnquist: Mary Jane, First of all congratulations on your engagement and pending marriage. Nothing better than a wedding in the Poconos! With credit and lending standards changing so quickly, I would suggest sitting down with a mortgage broker and have them analyze your entire financial picture...really dig into the details. Speaking in generalities will only frustrate you and possibly yield poor advice. As your wedding is a few months off and you may not be serious about buying immediately, take your time and talk to someone about cleaning up your credit. It may not be as bad as you think, especially if you pay your bills on time. Knowing your credit requires occasional maintainence.Thu, 13 Mar 2008 13:23:22 PDT