Financing in 10007 : Questions & Answers

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Patrick Thies…, Real Estate Pro in Elmhurst, IL
Patrick Thies SFR, CNC answered:
Can I switch banks during the buying process? I've already gotten a commitment letter and a bank appraisal. I'm not happy with the loan
You can switch lenders. Just becareful of financing deadlines in your contract.

You will need to be able to get the new approval by any deadlines in your contract, If not, you wi ... more
0 votes Share Flag Tue May 18, 2010 Financing in New York
Chris L. Chr…, Real Estate Pro in New York
Chris L. Christie answered:
Need assistance with a NY COR refi
I'll be glad to assist your client. I even know where Birmingham is. Went to Highland Park and Cass Tech. Contact me at 516 993 4998.
0 votes Share Flag Fri May 14, 2010 Financing in New York
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Does anyone have a list of 203k lenders in the New York/Nassau County area?
You can try Wells Fargo--if you need names please e-mail.
0 votes Share Flag Fri May 14, 2010 Financing in New York
Mark Heusink…, Real Estate Pro in New York, NY
Mark Heusinkveld answered:
We decided to go with the mortgage broker when the bank started giving us hard time but.ended up getting a loan from the bank.
No. If you were upfront with him and he didn't have false expectations.

Even if you weren't. This happens all the time.
0 votes Share Flag Wed Mar 17, 2010 Financing in New York
Jenet Levy, Real Estate Pro in New York, NY
Jenet Levy answered:
can you purchase a home that is selling well below fair market value and borrow the down payment from the equity?
Kmarshelia,
No, you need your own downpayment out of your own funds. The difference between the fair market value and the lower asking price is not your equity and not something you ca ... more
0 votes Share Flag Mon Feb 22, 2010 Financing in New York
Jenet Levy, Real Estate Pro in New York, NY
Jenet Levy answered:
My parents own a house and are willing to sell me $50,000 under value. I'm thinking of taking that as a gift of equity and putting it towards a
Dennie,
You should talk to an accountant about gifts and gift tax.
0 votes Share Flag Mon Feb 22, 2010 Financing in New York
Carl Henker, Real Estate Pro in 95928
Carl Henker answered:
I just moved in to New York City and found a home I might want to purchase, the agent has the exclusive right to sell, but is also trying to act as
It some states a real estate license also allows for brokering a loan. Good way to earn two commissions one on the sale and one on the loan.................. You can check with NY Depa ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Lew Corcoran, Real Estate Pro in Raynham, MA
Lew Corcoran answered:
I got a pre approval from my bank. my job has a credit union where i work. they have a special mortgage for employes that gives money back. they said
In general, interest rates for various loans are lower at credit unions than at banks. And, yes, your interest rate could be different than the one that is advertised. Your credit score ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Keane Ng, Real Estate Pro in Seattle, WA
Keane Ng answered:
Are any other agents running into problems with occupancy requirements with one bank or lender more often than others? They don't all seem equal.
Are you talking about condos or having problems with buyers looking to buy 2nd homes and/or investment properties?
0 votes Share Flag Sat Jan 30, 2010 Financing in New York
Mike B, Real Estate Pro in Raritan, NJ
Mike B answered:
Is it wise to use the home equity of a 2 family home to purchase another home?
Michele, it is difficult to give the correct answer without all of the facts.

There are several options available for you: you could borrow just enough for a down payment, or borrow ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Billwilson, Home Buyer in 10010
Billwilson asked:
Are there any Lenders in New York City offering HELOC's for Condo's over 85% LTV? I need 85% or 90%, or $500,000. $3.4MM condo, $2.6MM Primary. Thx Can someone point me to the right lender. I have a credit score of 701 FICO. $1.6MM income annually, $2.6MM primary, $67,000 HELOC, $3.4MM Appraised value. THus near 80...
0 votes Share Flag Thu Jan 28, 2010 Financing in 10010
Barbara Q., Other/Just Looking in Bergen County, NJ
Barbara Q. answered:
Mortgages approvals and rent history
Did you pay by check?
Can you provide verification of payment ?
If so...That would certainly help.
0 votes Share Flag Tue Jan 12, 2010 Financing in New York
Linda Reming…, Real Estate Pro in 44254
Linda Remington answered:
At what point in the mortgage application process is the bank locked in to the rate they offer me?
Kirsten
My experience as a Realtor representing buyers is that until you sign the "rate lock" documentation it can change...up or down. The rate lock is typically for a wi ... more
0 votes Share Flag Mon Mar 8, 2010 Financing in New York
Voices Member,  in
Voices Member answered:
Should I have my cousin in Chicago be my mortgage broker even though I am in New York City?
In my opinion, working with someone you trust and know is looking out for your best interest is more important than anything.
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Mike B, Real Estate Pro in Raritan, NJ
Mike B answered:
What is an interest only loan?
An interest-only loan is a loan in which the minimum payment is just the accrued interest on your loan: you can pay additional money to reduce the principal.
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Al Akerman, Real Estate Pro in New Jersey
Al Akerman answered:
Refinance Question:
If your appraised value is $175,000 then you would be able to refi up to $183,750-you would need to come up with $10,000 plus closing costs. This is, assuming your loan is held by Fanni ... more
0 votes Share Flag Tue Mar 9, 2010 Financing in New York
Deborah Endr…, Real Estate Pro in Westchester County, NY
Deborah Endres Camacho answered:
Looking for Portfolio Lenders in NY , with jumbo programs?
Dear John,
Yes, we have Jumbo portfolio programs. Please contact me to discuss.
Tel: 914-629-5661.
Best Regards,
Deborah
0 votes Share Flag Tue Jan 3, 2012 Financing in New York
Joe Greene, Real Estate Pro in 10463
Joe Greene answered:
what are the current minimum credit scores for PMI in NYC for a 90% loan? Also in particular if anyone knows...with Citibank
Hi MeganRoss1,

Last Month I heard that the minimum was 700 on the middle score or on an average of the three credit scores. That might have changed. Also, Remember that PMI is an i ... more
0 votes Share Flag Fri Oct 23, 2009 Financing in New York
Mark Heusink…, Real Estate Pro in New York, NY
Mark Heusinkveld answered:
I am just thinking about making an offer on an appartment in NYC but learned that I have to have 100% of the purchase price in liquid assets after the
Meg,

This must be for a co-operative in NYC. Co-op boards are allowed to require a wide range of financial constraints in order to qualify to buy in their respective buildings. It ... more
0 votes Share Flag Thu Mar 31, 2011 Financing in New York
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