Financing in 19106 : Advice

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Tim Moore, Real Estate Pro in Nags Head, NC
Tim Moore answered:
5/1 or 7/1 or 10/1 ARM for refinance? I want to sell in a few years. When will the market bounce back?
You have omitted what the cost will be to refi for the ARM's. You have a 5.125% now and say you want to rent the house for some period after you move out. If I was you I would thin ... more
0 votes Share Flag Fri Mar 30, 2012 Financing in Philadelphia
The Henri Fr…, Real Estate Pro in Fort Lauderdale, FL
The Henri Frank Group answered:
What is a strategic default?
When a mortgage holder is "upside down" on the value of their property and no longer wants to keep the property, they will consult a team of real estate experts, usually a Rea ... more
0 votes Share Flag Tue Dec 17, 2013 Financing in Philadelphia
Renee Porsia, Real Estate Pro in Philadelphia, PA
Renee Porsia answered:
i need a mortgage with a 560 credit score
Hi Diane,

Getting a mortgage these days can be very challenging even for people who would be considered to have high credit scores. There is a lot to know and prepare for. You don&# ... more
0 votes Share Flag Tue Feb 7, 2012 Financing in 19128
Carl Henker, Real Estate Pro in 95928
Carl Henker answered:
Is there anyway to include furniture in a home loan or a furniture stipend, maybe at closing? Fha loan.
You may not finance furniture. Any dollar amount for furniture included in the sales contract will be ducted from the sales price as a seller consession. If the seller wants to give ... more
0 votes Share Flag Fri Jan 27, 2012 Financing in 19136
Jared Gruber, Real Estate Pro in Philadelphia, PA
Jared Gruber answered:
Portfolio lender
Hi walter, as an investor myself I have encountered the need for a portfolio lender many times. There are a few specific banks which I has used which have served me well, and I have goo ... more
0 votes Share Flag Tue Jan 31, 2012 Financing in Philadelphia
Gwen Persegh…, Real Estate Pro in Philadelphia, PA
Gwen Perseghin answered:
Is 3.980 a high or low interest rate for a home?
low! although it also depends on what type of loan.. FHA loans tend to have higher interest rates than Conventional loans, for example... but 3.98, yes definitely
0 votes Share Flag Wed Jan 25, 2012 Financing in Philadelphia
Alain Picard, Real Estate Pro in Puyallup, WA
Alain Picard answered:
I have a warranty deed putting my name on the deed. My husbands mortgage does not have my name on it, it was from his and his first wife who passed
I haven't heard that it is illegal but I have heard that it could cause the loan to have to be paid in full. I'm not sure about this so I can only tell you what I've hear ... more
0 votes Share Flag Wed Jan 23, 2013 Financing in Philadelphia
Kathy S. Bass, Real Estate Pro in 32408
Kathy S. Bass answered:
I currently own a house in philadelphia, pa & I want to sell my house & move to dothan al. Is it possible to buy a new house b4 I sell old?
You can make an offer contingent on the sale of your existing home and possibly set up a simultaneous closing date. According to the amount of money you make, you may qualify to hold t ... more
0 votes Share Flag Fri Jan 6, 2012 Financing in 19120
Michael Torr…, Real Estate Pro in Harleysville, PA
Michael Torres answered:
What are some good questions to ask the loan officer when inquiring about 203k Financing?
Do you specialize in 203k loans? I would not recommend using a loan officer that does not specialize in these loans. There is much more involved than a typical loan and if they are n ... more
0 votes Share Flag Mon Jan 9, 2012 Financing in Philadelphia
Rob Weber, Real Estate Pro in Chicago, IL
Rob Weber answered:
VA - deposits aren't required but if you're eligible can you still put some some money down, esp if you don't have the 20% for an FHA?
Why on earth would you not be allowed to make a down payment? It's more likely the loan officer wanted you to take a larger mortgage for the larger commission. Find a new lender. V ... more
0 votes Share Flag Sat Jan 7, 2012 Financing in 19144
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
Can a person get an investment home mortgage loan with bad credit and no income?
Most Lenders would like some reasonable expectation that you will be able to repay the loan:
How you gonna do that with no income?
0 votes Share Flag Fri Apr 27, 2012 Financing in Philadelphia
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
I have a 1st mortgage of 244,000 @ 5.375% and a line of credit of 63,000 @2.99% variable. I have had this mortgage for 8 years, I am looking at a VA
Canesji,
Your rate is too high and so are your closing costs. I would check with another lender.
0 votes Share Flag Thu Dec 8, 2011 Financing in 19124
Alexander Sh…, Real Estate Pro in Philadelphia, PA
Alexander Shulzhenko answered:
Hello.. Can you tell me "roughly"what my mortgage payment would be on a 60k loan??
Lenore, Roughly..........$400-$500.

I would have to have the variables such as Property Real Estate Taxes, Insurance, and the % of your loan which depends on the lender and your scor ... more
0 votes Share Flag Thu Nov 17, 2011 Financing in 19148
Laura Feghali, Real Estate Pro in Stamford, CT
Laura Feghali answered:
What mortgage brokers are better? Ones tied to a bank vs the kind that work with hundreds of loan types? I've heard the bank ones are safer.
Hello Home Buyer,
Not all mortgage brokers are of the clearing house type. A mortgage banker has a variety of lenders to select from, including banks, so that he can find you the b ... more
0 votes Share Flag Tue Nov 15, 2011 Financing in Philadelphia
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
How many mortgages can an individual have in the state of PA? I currently own 3 investment properties, 2 owned cash and 1 with a mortgage.
Normally the max amount of mortgages for FannieMae or FreddyMac is 6.
0 votes Share Flag Sat Jan 7, 2012 Financing in Philadelphia
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
Need Some Good & Reputable Mortgage Refinance Contacts with Extremely LOW Rates & Lowest-to-No Closing fees possible! Thank you!
Phong,
The problem with mortgage advertising and trying to make a decision regarding a lender based on them is that they are confusing at best and at worst misleading. Each lender us ... more
0 votes Share Flag Mon Sep 23, 2013 Financing in Philadelphia
Keith J. Law…, Real Estate Pro in Philadelphia, PA
Keith J. Lawson answered:
We have no debt, great work history, good credit but little savings, and want a VA with no down, is low bank savings a serious downgrade in prequal?
Good Morning,

I have assisted many buyers with VA loans. Feel free to give me a call, I'd be happy to help.

Warm Regards,

Keith J. Lawson
REALTOR®
RE/MAX Affiliates ... more
0 votes Share Flag Wed Oct 26, 2011 Financing in East Falls
Carl M. Cald…, Real Estate Pro in Philadelphia, PA
Carl M. Caldas answered:
We plan on a VA no down payment loan, & so how much money do we need to have on hand to finish paperwork, lawyer, closing costs etc? Simple
In the state of PA. It is not necessary to have a lawyer review the contract. Closing costs typically run 5-6% the cost of the home. Just keep in mind when asking for a seller to cover ... more
0 votes Share Flag Wed Oct 26, 2011 Financing in East Falls
Joe Cafiero, Real Estate Pro in Philadelphia, PA
Joe Cafiero answered:
MORE INFO just refi'd w/ Wells Fargo & a house we want is back on market - if we apply together for mrtg will we Qual? primary res status is
You can not have two active homes being financed at the same time and state that both homes are your primary residence. When a lender pulls your credit they are going to see the inquir ... more
0 votes Share Flag Tue Oct 25, 2011 Financing in Philadelphia
Larry Lichtm…, Real Estate Pro in Philadelphia, PA
Larry Lichtman answered:
he just refi'd w/ Wells Fargo & now a house we want is back on market - if we apply together for mrtg will we Qual? primary res status is
Hi Denise,
If you can qualify with him as a cosigner, it may not be an issue. You should call an experienced mortgage broker to discuss your situation and concerns and maybe get pre-a ... more
0 votes Share Flag Tue Oct 25, 2011 Financing in Philadelphia
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