Financing in 11203 : Questions & Answers

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Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
what hurts your score more an unemployment forbearance or doing a modification?
Dear Angela:

First off, you should speak to a mortgage banker or broker to get the specific answers to these questions based on your current credit situation and your personal qualif ... more
0 votes Share Flag Tue Apr 16, 2013 Financing in Brooklyn
Kevin McLaug…, Real Estate Pro in Murrieta, CA
Kevin McLaughlin answered:
Can I get a conventional loan with a credit score of 692, 639, and 648? I have the required 20% to pay down, I currently have a FHA loan
Best way to know is to visit with a reputable mortgage lender and have them pre-qualify you. Bring income and asset info with you. On the surface, it looks like you could qualify, but y ... more
0 votes Share Flag Wed May 8, 2013 Financing in Brooklyn
Alison Hillm…, Other/Just Looking in San Francisco, CA
Alison Hillman answered:
Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?
You should really ask a local attorney/RE agent, but generally HOA and RE taxes are attached to the property. If the trustee sale is by the mortgage bank, then it is likely that at clos ... more
0 votes Share Flag Wed Mar 27, 2013 Financing in Brooklyn
NAPLES REAL…, Real Estate Pro in Naples, FL
NAPLES REAL ESTATE GUYS answered:
What are the steps involved in the FHA loan process?
Engage a local Licensed Mortgage Broker by clicking "Find a Pro" in the header of this website. www.naplesrealestateguys.com
0 votes Share Flag Tue Mar 12, 2013 Financing in Brooklyn
Rhonda Holt, Real Estate Pro in 11203
Rhonda Holt answered:
Can one still carry debt and qualify for an FHA loan?
Hello, most buyers have debt when applying for an FHA loan or any loan. It just depends on they type of debt you have, how much it effected your credit score and how much it effects yo ... more
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
R Wright, Real Estate Pro in New York
R Wright answered:
Any there any costs/fees/whatever else associated with the loan origination process?
There are several fees associated with the loan process. Your single most significant fee is often the loan origination fee also referred to as points on the loan. It is best to work wi ... more
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Javier Menes…, Real Estate Pro in Farmingdale, NY
Javier Meneses answered:
What types of closing costs are connected with FHA insured loans?
With any home loan in general, you'll have two main types of closing costs. One is lender related and the other is title related closing costs. These cover bank fees, appraisal, ti ... more
0 votes Share Flag Mon Mar 11, 2013 Financing in Brooklyn
Javier Menes…, Real Estate Pro in Farmingdale, NY
Javier Meneses answered:
How can I improve my credit score? I get that I need to improve it- but how do I do it?
A good Loan Officer (in my opinion) will be able to look at your credit and tell you exactly what you can do in order to improve it. In fact, sometimes we can even let you know how much ... more
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Jacob Shayov…, Real Estate Pro in Brooklyn, NY
Jacob Shayovitz answered:
How do you get a "Deed-in-Lieu" of foreclosure?
Negotiate with the owner and then get a Attorney to complete it. Good luck.
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
I’ve heard about Fannie Mae programs. Will they really help me buy a house?
Actually you may be talking about FHA which allows for more financing at good rates.
0 votes Share Flag Sun Mar 24, 2013 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
What is a reverse mortgage, and can it ever be a good idea?
See link for helpful information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten
0 votes Share Flag Thu May 2, 2013 Financing in Brooklyn
Madeline Pad…, Real Estate Pro in Brooklyn, NY
Madeline Padovano answered:
What is an 80/20 mortgage and is it a good idea?
Hi Rhayward: definitely a good idea, if you have the cash. If not you have to apply for an FHA mortgage. You should discuss this with a mortgage banker.

80/20 - is a normal conven ... more
0 votes Share Flag Mon Feb 25, 2013 Financing in Brooklyn
Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
What is it like to rent with bad credit?
It is like very difficult.
0 votes Share Flag Sun Jun 9, 2013 Financing in Brooklyn
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
What is the typical amount of time to conduct a refi, after one has agreed on terms with a mortgage broker? That seems long...
typically it should be about 3-4 weeks if you have supplied the mortgage broker with an application and all requested documentation. Also depends on the type of property, and type of l ... more
0 votes Share Flag Tue Feb 12, 2013 Financing in Fort Greene
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
What are the risks of combining 2 standard mortgages into 1 Jumbo on my primary residence?
the main risk is that the rate may increase a bit. Other than that I don't think there is any greater risk. Talk to your mortgage professional about this.
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
How can one reduce the principal balance on their mortgage to avoid default?
Your best bet is to visit makinghomeaffordable.gov. There are a lot of scams out there, so you want to be careful. That website will provide you with the right resources.
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
What are the advantages of having a rate locked loan?
There are none if interest rates are going down, but if interest rates are rising, this will "lock" you in so you can enjoy the lower rate being offered right now.
0 votes Share Flag Mon Feb 11, 2013 Financing in Brooklyn
Stephen Fitz…, Real Estate Pro in Portland, OR
Stephen FitzMaurice, Realtor answered:
Are there downsides to a second mortgage beyond the higher interest rate?
Generally you also have to pay Mortgage Insurance Premiums when you have a second loan, this will significantly increase the price (usually by 100's of dollars a month) of your overall ... more
0 votes Share Flag Mon Feb 11, 2013 Financing in Fort Greene
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Can one qualify for FHA's HECM reverse mortgage?
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't n ... more
0 votes Share Flag Thu May 2, 2013 Financing in Prospect Heights
Luke Constan…, Real Estate Pro in 11201
Luke Constantino answered:
How do you stop an eviction if you need help financially?
I shouldn't be answering this, but here goes:

NYC is one of the most pro renter cities in the country. At times, it seems like the renter has more rights than the owner. If a tenant ... more
0 votes Share Flag Mon Feb 4, 2013 Financing in Sheepshead Bay
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Sal Cappi, Managing Broker in 11231
Sal Cappi
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11231
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Noah Freedman
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Ted Matsumoto
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Brooklyn
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