Financing in Gilroy : Real Estate Advice

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Sam Shueh,  in San Jose, CA
Sam Shueh answered:
My husband quailifies for a mortgage on his own. I will be on the deed . Would I be able to borrow the closing cost from my 401k?
Only if you take out your 401K for discretionary use and show the additional money on the bank statement. For example, a joint account.
0 votes Share Flag Wed Jul 3, 2013 Financing in 95020
Carla Muss-J…,  in Portland, OR
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
My wife stopped paying the mortgage on the house I live in with our daughter, and the bank refuses to talk to me. I am divorced and she walked away
Seems as though this is a legal question, not a real estate related question. Many people think that because something involves a house/property that real estate agent should know. Th ... more
0 votes Share Flag Mon Sep 24, 2012 Financing in 95020
Wayne Giroux, Real Estate Pro in Los Gatos, CA
Wayne Giroux answered:
I own a 6 acres in Gilroy, CA, M1 Zone, Hwy 101 expose, paid off. I need a 50% partner. Where do I search? I am willing to sell and carry 50%.
Hi George

The simplest way would be to put it on the market with a qualified Realtor and note that it is for sale 50% or that you are willing to consider 50% financing. The 50% fina ... more
0 votes Share Flag Thu Jun 28, 2012 Financing in Gilroy
Anna M Brocco, Real Estate Pro in Williston Park, NY
Anna M Brocco answered:
Separated husband stopped paying loan and bank will not talk to wife to her as name is not on loan
Your friend should really be consulting with an attorney, if she is unhappy with her current lawyer, there are plenty of others...
0 votes Share Flag Fri Jul 6, 2012 Financing in 95020
Sue Wylie,  in Los Angeles County, CA
Sue Wylie answered:
My huband is not on our home loan, but he is on title. How will that impact his ability to qualify for another morgage in just his name?
That one is best left up to the loan experts. Contact a lender you trust and discuss. Also, you may want to talk with your tax accountant about this.
0 votes Share Flag Wed Jul 3, 2013 Financing in 95020
Michael Russ…,  in 75006
Michael Russell answered:
Does PMI terminate if my mortgage balance is paid down to less than 78% of my original balance?
In my experience, Marc, mortgage companies have two tracking spreadsheets for your loan, one is the scheduled payments and one is the actual. When you pay on time and the balance become ... more
0 votes Share Flag Mon Apr 12, 2010 Financing in Gilroy
CCC, Home Owner in San Diego, CA
CCC answered:
So the best optinion is to renegotiate? The seller has given concessions to us. Is that something that can be taken back?
It depends, if you financing / mortgage has seen the Purchase Agreement / Contract might not be a good idea to change the terms since some lenders might see it as a red flag. Please con ... more
0 votes Share Flag Thu Oct 8, 2009 Financing in Gilroy
X,  in Kirkland, WA
X answered:
what happens when house appraises for lower than offer amount with builder?
Bottom line is the bank will lend based on appraised loan to value. You cannot loan for more than the house appraises for. The builder won't be happy about it, but he'll have ... more
0 votes Share Flag Thu Oct 15, 2009 Financing in Gilroy
Bill Mccord, Real Estate Pro in San Jose, CA
Bill Mccord answered:
B of A PMI Games?
The simple answer is that you can do nothing other than cancel the deal. You are fully entitled to be angry about finding this out so late in the process, but have no other reco ... more
0 votes Share Flag Tue Aug 11, 2009 Financing in Gilroy
Bill Mccord, Real Estate Pro in San Jose, CA
Bill Mccord answered:
I thought pre approved meant pre approved. Understanding the lending process.
In California Pre-Approved means you are fully qualified and that your loan is in place just waiting to be attached to a property. Now the chosen property has to be approved. That requ ... more
0 votes Share Flag Mon Apr 20, 2009 Financing in Gilroy
Lori Lewis, Real Estate Pro in Bethlehem, PA
Lori Lewis answered:
I have 15% down instead of 20%. Want to avoid PMI.
You can get lender paid MI - usually a 1% hit to your rate.

You can look at your loan and see if it makes sense to pay the PMI for a short time. I see your in CA so your value may ... more
0 votes Share Flag Thu Apr 16, 2009 Financing in Gilroy
Memphis Owne…,  in Tennessee
Memphis Owners answered:
Getting a loan - need advice - tips and tricks
A word of caution, Marc. It does appear that your closing costs are extremely high. For a conventional loan, costs usually run about half of this. It's important because I'm sure the ... more
0 votes Share Flag Thu Jul 4, 2013 Financing in 95020
Dave Sutton, Real Estate Pro in Portland, OR
Dave Sutton answered:
Where can I compare mortgage rates for 30 year if I want to borrow around $550,000 to $600,000?? Which bank ha
You need to talk to a (or possibly two) mortgage brokers in your area. There are far too many variables, which change daily, for anyone else to give you a precise answer. Just to hit ... more
0 votes Share Flag Tue Apr 15, 2008 Financing in 95020
Darren Miller,  in CA (Licenced in 50 S...
Darren Miller answered:
conforming loan limits will go into effect?
West, we now have the new FHA loan amounts and rates in our system.
0 votes Share Flag Wed Mar 26, 2008 Financing in 95020
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