Financing in 11228 : Advice

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Jacob Shayov…, Real Estate Pro in Brooklyn, NY
Jacob Shayovitz answered:
How do you get a "Deed-in-Lieu" of foreclosure?
Negotiate with the owner and then get a Attorney to complete it. Good luck.
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
I’ve heard about Fannie Mae programs. Will they really help me buy a house?
Actually you may be talking about FHA which allows for more financing at good rates.
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
What is a reverse mortgage, and can it ever be a good idea?
See link for helpful information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten
0 votes Share Flag Thu May 2, 2013 Financing in Brooklyn
Madeline Pad…, Real Estate Pro in Brooklyn, NY
Madeline Padovano answered:
What is an 80/20 mortgage and is it a good idea?
Hi Rhayward: definitely a good idea, if you have the cash. If not you have to apply for an FHA mortgage. You should discuss this with a mortgage banker.

80/20 - is a normal conven ... more
0 votes Share Flag Mon Feb 25, 2013 Financing in Brooklyn
Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
What is it like to rent with bad credit?
It is like very difficult.
0 votes Share Flag Sun Jun 9, 2013 Financing in Brooklyn
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
What is the typical amount of time to conduct a refi, after one has agreed on terms with a mortgage broker? That seems long...
typically it should be about 3-4 weeks if you have supplied the mortgage broker with an application and all requested documentation. Also depends on the type of property, and type of l ... more
0 votes Share Flag Tue Feb 12, 2013 Financing in Fort Greene
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
What are the risks of combining 2 standard mortgages into 1 Jumbo on my primary residence?
the main risk is that the rate may increase a bit. Other than that I don't think there is any greater risk. Talk to your mortgage professional about this.
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
How can one reduce the principal balance on their mortgage to avoid default?
Your best bet is to visit makinghomeaffordable.gov. There are a lot of scams out there, so you want to be careful. That website will provide you with the right resources.
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
What are the advantages of having a rate locked loan?
There are none if interest rates are going down, but if interest rates are rising, this will "lock" you in so you can enjoy the lower rate being offered right now.
0 votes Share Flag Mon Feb 11, 2013 Financing in Brooklyn
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
Are there downsides to a second mortgage beyond the higher interest rate?
Generally you also have to pay Mortgage Insurance Premiums when you have a second loan, this will significantly increase the price (usually by 100's of dollars a month) of your overall ... more
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Can one qualify for FHA's HECM reverse mortgage?
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't n ... more
0 votes Share Flag Thu May 2, 2013 Financing in Prospect Heights
Luke Constan…, Real Estate Pro in 11201
Luke Constantino answered:
How do you stop an eviction if you need help financially?
I shouldn't be answering this, but here goes:

NYC is one of the most pro renter cities in the country. At times, it seems like the renter has more rights than the owner. If a tenant ... more
0 votes Share Flag Mon Feb 4, 2013 Financing in Sheepshead Bay
Javier Menes…, Real Estate Pro in Farmingdale, NY
Javier Meneses answered:
Should one pay points to get a lower rate when refinancing?
It depends. There are so many things to consider when deciding if one should buy down an interest rate or not. Sometimes buyers with limited funds, prefer to hold on to the money rather ... more
0 votes Share Flag Thu Jan 31, 2013 Financing in Sheepshead Bay
Luke Constan…, Real Estate Pro in 11201
Luke Constantino answered:
Interested in general estimate for costs of building a one family 3-4 bedroom home in Prospect heights
Hello Jo,

I have dealt with this numerous times, but a Realtor is not the person to answer this question. It is possible to get a mortgage/construction loan, but they are rare.

Y ... more
0 votes Share Flag Wed Jan 30, 2013 Financing in 11238
Alison Hillm…, Other/Just Looking in San Francisco, CA
Alison Hillman answered:
I need a general contractor that provides 100% financing. I need some renovations done to my home - new front step, wall, walkway and possible windows
Hi Chiwale,

Take a look at our listings for developers on Trulia: http://www.trulia.com/voices/directory/Brooklyn-builder_developer--7168

Best,
Ali, Community Manager
0 votes Share Flag Mon Jan 28, 2013 Financing in Brooklyn
Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
What are some steps one could take to lower their home insurance costs?
Here are some ideas:

1) Take a higher deductible.

2) Get an alarm system.

3) Group your auto and homeowners insurance through the same company.

4) Install a check valve on y ... more
0 votes Share Flag Wed Jan 23, 2013 Financing in Crown Heights
Javier Menes…, Real Estate Pro in Farmingdale, NY
Javier Meneses answered:
What should you know about bad credit mortgage refinancing?
The first thing you should know is that there are no "bad credit" mortgages. I guess it really depends on what your definition of bad credit. What's available these days ... more
0 votes Share Flag Thu Sep 12, 2013 Financing in Prospect Heights
Rhonda Holt, Real Estate Pro in Brooklyn, NY
Rhonda Holt answered:
Getting into my House .. need $100k more- Any Ideas??
Most likely you will have to get another loan or try to do some of the work yourself. Better yet leave the renovations that can wait and only work on the things that may effect your liv ... more
0 votes Share Flag Tue Dec 4, 2012 Financing in 11223
Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
What is the best way to buy or finance your first income property with little cash?
Dear Trulia Brooklyn:

It is very difficult if the property is not your primary residence. In most cases you will have to come up with 20% down or more. If anyone out there knows of ... more
0 votes Share Flag Thu Nov 22, 2012 Financing in Brooklyn
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
My 1 unit apartment in Brooklyn appraised at $600k and I want to refi with cash out. My loan officer says my max is $417k but in high cost area...
When you exceed the $417k loan amount, and are doing conforming financing, your loan is subject to High-Balance loan guidelines. The maximum LTV on a cash-out refinance under High-Bala ... more
0 votes Share Flag Fri Oct 19, 2012 Financing in 11231
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