Financing in San Jose : Advice

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Michael Barr…, Real Estate Pro in Irvine, CA
Michael Barron answered:
is 5/1 ARM @3.62 or 30 year fixed @4.87% better for loan amt of 452K?Loan re-finance costs are same for both loans
Hi Mini, Nobody on this site will know your particular financial situation nor should they obviously.

A good question to ask yourself is how long do you plan on living in the home ... more
0 votes Share Flag Thu Jul 15, 2010 Financing in 95129
Andrea Wince…, Real Estate Pro in San Jose, CA
Andrea Wince ~ Lic. 01439761 answered:
refinancing-offer at 4.875% -30 yr fixed - agent offers $2400 credit - asks $450 appraisal fees - will be credited. believable ?- other advise?
Hello Mini, my advice would be to get all the "promised" terms of your loan IN WRITING in the form of a GFE-Good Faith Estimate. The terms, conditions and total cost of your ... more
0 votes Share Flag Fri Jul 16, 2010 Financing in 95129
Shawn Sidhu, Real Estate Pro in San Jose, CA
Shawn Sidhu answered:
Is there any minimum gap between two refinances in State of California?. I just refinanced last week but now the rates have dropped by 0.375.
Cool name! Did you do it as a no points transaction? If this is the case the mortgage broker or banker will lose their compensation if the servicing changes from one lender to another. ... more
0 votes Share Flag Mon Jul 12, 2010 Financing in San Jose
Mark Overhol…, Real Estate Pro in Clovis, CA
Mark Overholtzer answered:
Any new news about the first time home buyer federal tax refund being offered again? How about the CA refund being extended or offered again?
The federal tax credit seeems like it is pretty much over. All signs point to that program being finished, and now they are pushing forward with the HAFA program.
The Ca Tax Credit pr ... more
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Jerry Kussy,  in Park Ridge, IL
Jerry Kussy answered:
Are there still any lenders that offer a 2nd mortgage (HEL) or cashout refinance for 90, 95, or 100 LTV ratios?
Most lenders are only going to a 85% Loan to Value Ratio (LTV) for a cash-out refinance, which would not work in your case with only 15% equity. Home Equity Line of Credit (HELOC) loans ... more
0 votes Share Flag Mon May 24, 2010 Financing in 95111
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
I have a credit score of 830, but have a lot of credit card debt. How eligible am I for a home loan?
The middle number is the one used. You have a 837 score. That is excellent.
If you are grossing about $7,500 a month and have only $500 a month in debt payments that is a very small d ... more
0 votes Share Flag Sun May 16, 2010 Financing in 95134
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
Under RESPA 2010 - if you do not charge a fee for transfer tax but it was required and later the borrower requests an increase in the loan amount
You may be in trouble for not disclosing transfer tax originally if the borrower is obligated to pay it. Sorry to tell you that, but the new RESPA is brutal. Although an need for an in ... more
0 votes Share Flag Wed Apr 28, 2010 Financing in San Jose
Patrick Thies, Real Estate Pro in Anytown, IL
Patrick Thies answered:
How soon can you buy a home after a shortsale?
A short sale can stay on your credit repor for about 3 years. Ask your lender if it's possible for you to buy this soon after your short sale.
0 votes Share Flag Wed May 5, 2010 Financing in San Jose
Jerry Kussy,  in Park Ridge, IL
Jerry Kussy answered:
Home equity fixed second loans and the new GFE
All Federal Home Loans have to have a GFE. You have to list all fees in your origination charge even if you are crediting them back. Here is the question and answer from HUD's webs ... more
0 votes Share Flag Fri Apr 2, 2010 Financing in San Jose
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
My loan rate is 5.75% and will adjust in 2012; my house is upsidedown, what are my options. Mortgage payment are current. for now...
First, do NOT stop making payments. That is the worse thing you can do.

Rates on the adjustment right now would actually take your rate down. As long as short term money remains lo ... more
0 votes Share Flag Sat Apr 3, 2010 Financing in San Jose
Jacob Varghe…, Real Estate Pro in San Jose, CA
Jacob Varghese answered:
I am looking for hard money lenders and investors I can flip deals to in San Jose, CA. Any advice out there? Recommendations?
We work with a couple of hard money lenders.

Jacob
0 votes Share Flag Mon Mar 22, 2010 Financing in San Jose
Kevin Tran,  in San Jose, CA
Kevin Tran answered:
Can foreign nationals (not living in the US) qualify for a mortgage (in California)?
Yes, wells fargo can offer this. Needs 40% down. However, they can only finance ONE property in the US.

Please feel free to contact me if you have additional questions.

Thanks ... more
0 votes Share Flag Tue Mar 16, 2010 Financing in San Jose
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
Can my wife's German parents help us cosign for a home loan for a house???? And can being a disabled Army Vet help us out with the Financing???
Getting a medical discharge means you have an honorable discharge. That means you can get V.A. financing with 0% down.

Below is a house price prediction site.
http://www.housingpred ... more
0 votes Share Flag Wed Mar 10, 2010 Financing in 95110
Tom Matthews…, Real Estate Pro in Boston, MA
Tom Matthews & Joanne Taranto answered:
what is good? to buy points on mortgage ? or to pay that money towards principal in the beginning?
Home Buyer:

The answer to your question depends on your monthly cash flow and how long you plan to be in the home. Most people that buy down points are doing this to have a lower mo ... more
0 votes Share Flag Mon Mar 22, 2010 Financing in San Jose
Marc C. Yu, Real Estate Pro in San Francisco, CA
Marc C. Yu answered:
two years landlord experience.
Hollie,

That's not true... Banks will use your rental income if it's income regardless. The only thing is that only a certain percentage is used though and it's typi ... more
0 votes Share Flag Fri Jan 22, 2010 Financing in San Jose
Mark Burns,  in Cupertino, CA
Mark Burns answered:
Is there supposed to be a transfer tax when you do a re-fi in Santa Clara county (Calif)?
No. Transfer tax is for what its name implies. When there is a transfer or change in ownership.

If you add other names or change names on title, then you WILL trigger a transfer tax. ... more
0 votes Share Flag Wed Jan 13, 2010 Financing in San Jose
Bradley Gill, Real Estate Pro in 95120
Bradley Gill answered:
Advice on refinancing a 5/1 ARM to 30 yr fixed with no equity left and possible hardship due to job loss
The most practical advice that I can offer is to start by talking with your lender. Ask them if they will reconsider your loan modification, or even if you may qualify for a "makin ... more
0 votes Share Flag Wed Jan 13, 2010 Financing in San Jose
Katina Wright, Real Estate Pro in 30310
Katina Wright answered:
If I refinance my primary residence from $250,000 to $410,000 and use the extra cash plus savings to pay off the mortgage on my second home, is
Greetings,
Good luck with the appraisal on this one. You want to increase the debt on where you sleep every night to payoff the balance of second home that you may end up moving into ... more
0 votes Share Flag Thu Jan 21, 2010 Financing in San Jose
Nicholas,  in San Francisco, CA
Nicholas answered:
Non-citizen parents helping out with paying for home. What's the best way to do this?
Are they permanent resident aliens, Resident aliens, or foreign nationals? Do you really need them to qualify for the monthly payments? If not, I would recommend leaving them off the ... more
0 votes Share Flag Mon Jan 18, 2010 Financing in 95110
Hannah Flieg…, Real Estate Pro in Larkspur, CA
Hannah Fliegel answered:
I'm seeking referrals for loan remodification experts here in San Jose for one of my clients. Any referrals? Qualities: ethics, plus not a huge
Hi Erica,

Here is the best referral I've been sending clients to this loan auditor who can assist clients in working out a deal with the lender after some leverage is obtained t ... more
0 votes Share Flag Thu Oct 29, 2009 Financing in San Jose
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