Lewis Poretz ---- Open Mortgage

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Lewis Poretz ---- Open Mortgage, in Annapolis
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About Me
Mortgage Professional with 15 + years experience



honest, ethical, local - VA, FHA, USDA approved lender



Purchase, Refinance, Construction, Lot/Land, Bridge Loans, Commercial
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Lewis Poretz…'s Questions (0)
Lewis Poretz…'s Answers (68)
Whitney Denh…, Home Buyer in baltimore city, mary...

How much would i have to pay a month?

Asked Sat Oct 18 2008, 06:55 by Whitney Denh…  -  21205  -  Home Buying  -  5 answers
Lewis Poretz ---- Open Mortgage answered:
Whitney - there are many mortgage calculators on the net. But we need to know a few things first. Do you qualify? What type of loan? How much money down? etc.... the days of " what's your interest rate" are gone. - Sat Oct 18 2008, 09:42
SSA, Home Seller in Baltimore

In this market how hard is it to get a mortgage???

Asked Sat Oct 4 2008, 11:14 by SSA  -  21209  -  Market Conditions  -  12 answers
Lewis Poretz ---- Open Mortgage answered:
Seek high quality advice from a mortgage professional. Contrary to media hype, banks are in fact neding money. FHA loans DO NOT require golden credit. They do require loans that make sense, that benefit the borrower. Now more than ever a complete loan package is a necessity to turn into FHA underwriters. A tightly packaged loan with solid letters of explanation and ratios that are in line are easy to get approved. Find a loan officer who KNOWS THE GUIDELINES and you will be just fine. - Thu Oct 16 2008, 17:56
Maria, Home Buyer in Alexandria

We are looking to buy a condo in Ocean City, MD. Will not pay 2005 prices. Want a foreclosure or short sale.

Asked Sun Oct 12 2008, 15:18 by Maria  -  Ocean City  -  Home Buying  -  7 answers
Lewis Poretz ---- Open Mortgage answered:
Maria - looking at the answers below I find Monica's resume very impressive. Experience makes a difference! Think long and hard about purchasing a foreclosure or short sale. They are not always the deal people think they are getting and can be very stressful and take forever.

I typically tell my clients to search for a home that has been on the market for a while, that has dropped the price a few times, that maybe says all offers considered. Get a loan commitment letter from your mortgage banker and make an offer. Remember this - it is 2008 and you are in control! Not the seller. I promise there are many, many 2nd home owners in dire need of selling at this very moment. If you are a pre approved buyer - you are gold! Take your time and find a deal on your terms...... - Thu Oct 16 2008, 17:45
Mihai Pintil…, Home Buyer in 20904

Already put an offer on a house. House is owned by a bank that goes bankrupt. Advice?

Asked Wed Oct 15 2008, 06:03 by Mihai Pintil…  -  20905  -  Home Buying  -  6 answers
Lewis Poretz ---- Open Mortgage answered:
Fernando and Mansur are correct. We need more information. Just because NovaStar is no longer in business does not mean the house cannot be sold. Put your agent to work for you and have them get the details. If your agent is listing the house and does not understand if their is clean title fire your agent and find a new one. I do not think the fact that NovaStar owns the house will prevent it from being saleable. - Thu Oct 16 2008, 17:39
Brigitte, Home Buyer in Maryland

When is there a sellers assistant program available again?

Asked Thu Oct 16 2008, 13:04 by Brigitte  -  Maryland  -  Home Buying  -  8 answers
Lewis Poretz ---- Open Mortgage answered:
Seller assistance programs have not gone anywhere. FHA allows up to 6% seller help. VA allows up to 4%.

Are you talking about down payment assistance programs? - Thu Oct 16 2008, 13:19
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FHA, VA, USDA - Residential, Construction, Lot/Land, Reverse

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