Financing in 22306 : Questions & Answers

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Ciné…, Real Estate Pro in Stafford, VA
Ciné Wright answered:
Anyone know of any Private Lenders, Hard Money Lenders that lend in Fredericksburg, NVA areas?
Hello Mr. Wright of Fredericksburg,
Excellent questions and one which may present several answers depending on your particular circumstances.

I'd welcome the opportunity to speak w ... more
0 votes Share Flag Sun Oct 28, 2012 Financing in Alexandria
Marie Souza…, Real Estate Pro in Centerville, MA
Marie Souza Team answered:
Can we refi our Freddie Mac backed loan - its a rental in Alexandria, VA?
Gina - Have you tried calling you mortgage person whi helped with the purchase/re-fi? They should be an excellent source here.

Does the property have an equity in it? Is the rent co ... more
0 votes Share Flag Tue Feb 28, 2012 Financing in Alexandria
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
Are the Title Company fees for a refinance more than for a regular purchase? (excluding Title insurance)
They are usually close to the same for a single loan. You can ask your loan officer up front. Here in NH they charge anywhere from 395 to 495. Ask your loan officer if you have a choice ... more
0 votes Share Flag Sat Feb 18, 2012 Financing in Alexandria
Fred Glick, Real Estate Pro in Los Angeles County, CA
Fred Glick answered:
Is Mortgage Insurance Deductible in 2012?
Sorry, no it is not. Congress "forgot" to renew it.

And, your FHA MIP stays on forever now.
0 votes Share Flag Wed Jan 16, 2013 Financing in Alexandria
Sally Grenier, Real Estate Pro in Boulder, CO
Sally Grenier answered:
Do banks renegotiate rates on existing loans in lieu of refinancing?
You can ask, but they most likely want to do a regular refi. I would talk to another lender or mortgage broker and see what they have to offer. It's great that you have good cred ... more
0 votes Share Flag Sun Aug 21, 2011 Financing in Alexandria
Lori Jeltema, Real Estate Pro in Newport News, VA
Lori Jeltema answered:
second home as rental property to help out with paying two mortgages, do i need to get bussiness license or permit?
You'll want to talk to an attorney who specializes in business licenses to see if it benefits you. The protection of having a license and placing your properties in that name are ... more
0 votes Share Flag Mon Sep 5, 2011 Financing in 22311
Nicky Mcdonn…, Real Estate Pro in 22314
Nicky Mcdonnell answered:
Question regarding the mortgage preapproval process-
Hi LT,
Getting a pre-approval is the first step in your home buying process so that you know what you can afford. There are numerous reputable lenders to choose from and I would be ha ... more
0 votes Share Flag Mon Nov 1, 2010 Financing in Alexandria
Gerard Dunn, Real Estate Pro in Potomac, MD
Gerard Dunn answered:
Can I use equity in another, fully-paid-off home to avoid PMI?
Yes. This type of setup is called an indemnified deed of trust or (IDOT) for short. This is a portfolio type loan that would be done by a local lender, not a FannieMae or FreddieMac p ... more
0 votes Share Flag Fri Oct 8, 2010 Financing in 22314
Chris Lefebv…, Real Estate Pro in Methuen, MA
Chris Lefebvre answered:
My Mortage broker initially promised me a rate of 4.785 and persuaded me to come to her as I was shopping around. Once I went to her and was about to
It sounds like a bait and switch, but the rate that each person qualifies for depends on credit scores and other factors and program rules. Also, until you lock in a rate they could ch ... more
0 votes Share Flag Mon Dec 6, 2010 Financing in 22314
Maureen Cody, Real Estate Pro in Charleston, SC
Maureen Cody answered:
Can you switch title companies once you are under a ratified contract?
Dear Andrew,

That would be a question to ask your Realtor for guidance and advise.

Best of luck,

Regards,
Maureen
maureen@maureencody.com
0 votes Share Flag Thu Apr 8, 2010 Financing in Alexandria
Lew Corcoran, Real Estate Pro in Raynham, MA
Lew Corcoran answered:
Fiancing a Fannie Mae Homepath Property
You do not have to use the Fannie Mae HomePath mortgage to buy a Fannie Mae HomePath property. The HomePath mortgage is offered through lenders and not direct by Fannie Mae.

There ar ... more
0 votes Share Flag Thu Jul 15, 2010 Financing in Alexandria
Delaine Camp…, Real Estate Pro in Alexandria, VA
Delaine Campbell answered:
The lender all of sudden is coming in and paying for closing costs (by lowering origination fee / compared to GFE)?
It sounds like the builder gave you some buyer concessions that got "used" and applied to the loan. It doesn't sound like you "lost" any money, but without seei ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in 22314
Bill Polack, Real Estate Pro in Atlanta, GA
Bill Polack answered:
Is a buyer generally seen as a 'risk' if they choose a credit union as their lender?
No. More as a threat to banks...haha...Honestly, Credit Union's are generally the best way to go about financing anything, including a house. Because they tend to keep the loan in ... more
0 votes Share Flag Wed Sep 23, 2009 Financing in 22314
Leslie Manni…, Real Estate Pro in Leesburg, VA
Leslie Manning Woods-Hulse answered:
VA financing on a shortsale/foreclosure?
That is a good question, Please go to our website. There you will find Homestead Mortage, Bill Bunnett is the lender we recommend. Bill is the V.P. Of the mortgage brokers associati ... more
0 votes Share Flag Wed Sep 9, 2009 Financing in 22304
Pat Mulligan,…, Real Estate Pro in Newport News, VA
Pat Mulligan, ABR, SRS, CDPE answered:
What is the loan market for 1st time FHA primary residence with 2nd trust (HELOC) like these days?
Hi DJ:

I asked one of my favorite lenders. See below for his response.
If you want a smart, caring loan officer, I woul highly recommend John. He can help you.

Hi Pat,
Seve ... more
0 votes Share Flag Sat Sep 5, 2009 Financing in 22314
Cindy Jones, Real Estate Pro in Alexandria, VA
Cindy Jones answered:
I have a FHA loan under process for a short sale property. I have two years of verifiable work history,
This is a question best asked directly to the mortgage professional who first qualified you for your FHA loan. If you have already made an offer on a short sale then you also need to t ... more
0 votes Share Flag Tue Apr 14, 2009 Financing in Alexandria
Lanre Folayan…, Real Estate Pro in District of Columbia
Lanre Folayan 202-378-0283 answered:
The I.R.S has a tax lien on me for back income taxes which i'm paying back on a monthy payment plan. I have
I would advise you to ask a certified public accountant this question.
0 votes Share Flag Sun Mar 2, 2008 Financing in Alexandria, VA
Gary De Pury, Real Estate Pro in Pasco County, FL
Gary De Pury answered:
Stuck in the horns of a dilemma
That is an easy one.....Find a seller that is willing to do a LEASE OPTION. Then negotiate a price that is fair and agreeable to both buyer and seller. Rent from him for a few years a ... more
0 votes Share Flag Tue Apr 22, 2008 Financing in Alexandria, VA
Metro DC Hou…, Real Estate Pro in 20036
Metro DC Houses Team answered:
Title Insurance
The cost for Title Insurance varies on which company is issuing the insurance and is based on the amount you are insuring (the cost of the property). The Lenders Policy is always requi ... more
0 votes Share Flag Mon Dec 31, 2007 Financing in Alexandria, VA
Holly Grigai…, Real Estate Pro in Cottonwood, AZ
Holly Grigaitis answered:
How does a mortgage broker make money?
They are paid by fees and points. Sometimes you will pay a higher rate, but it is better than never finding the financing at all! Also, brokers will often have better programs and rat ... more
0 votes Share Flag Sat Dec 15, 2007 Financing in 22314
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