Financing in 48105 : Questions & Answers

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Rob Weber, Real Estate Pro in Chicago, IL
Rob Weber answered:
Is it possible to get a pre-approval letter for an "Offer Letter Mortgage" in Ann Arbor, MI? Looking for recommendations for recent
Unfortunately you're not in a profession where your offer letter is pretty much a guarantee. Physicians and Attorney's usually are allowed to start before their first day with just an ... more
0 votes Share Flag Mon Feb 4, 2013 Financing in Ann Arbor
California M…, Other/Just Looking in San Andreas, CA
California Market answered:
What is a competitive interest rate for a vacant land loan with a 10 year term, 20% down, and excellent credit?
There are not too many lenders in the market lending on land. And more than likely, they will require much more than 20% downpayment. My best bet is look online, for the very few lender ... more
0 votes Share Flag Sat Jan 19, 2013 Financing in 48103
David Wallner, Real Estate Pro in Ann Arbor, MI
David Wallner answered:
$550K home in Ann Arbor, MI with less than 20% down --> Mission Impossible?
Nick,

My suggestion is to NOT broadcast your financial information on the internet. Talk to a reputable mortgage lender to work out a strategy. I am happy to help with real estate ... more
0 votes Share Flag Sun Jun 24, 2012 Financing in Ann Arbor
Tyrene, Real Estate Pro in Detroit, MI
Tyrene answered:
Are there any hard money lenders in the Ann Arbor/ Ypsilanti area?
Yes indeed Ra Clayton it's many and the area, you will have to become more direct on matters far as what type of investment loan, how good is your credit, Do you have a credit history ... more
0 votes Share Flag Sun Jun 3, 2012 Financing in Ann Arbor
Brian and Ma…, Real Estate Pro in 48108
Brian and Mary Bundesen answered:
Realstate investment via LLC
Thanks for your interest. There are banks willing to finance investments, and I'd be happy to help you. I also run the Ann Arbor Area Real Estate Investors Club, which is dedicated ... more
0 votes Share Flag Sun Jun 24, 2012 Financing in 48103
Tyrene, Real Estate Pro in Detroit, MI
Tyrene answered:
Purchasing investment home via LLC
Hello Dan not a problem ! I would be glad to assist you down the right path of home ownership, I know plus work with Banker's at JP Morgan Chase, Do you have a special Home you have yo ... more
0 votes Share Flag Sun Jun 3, 2012 Financing in Ann Arbor
Rob Weber, Real Estate Pro in Chicago, IL
Rob Weber answered:
Do I really have to rent my condo for 2 full years before a lender will consider this income in regards to obtaining a new loan for a bigger house?
You'd have to move out of your home and start renting your condo before you could think about doing anything unless you can qualify for both payments simultaneously. Once you have ... more
0 votes Share Flag Sat Dec 28, 2013 Financing in 48103
Tom Stachler, Real Estate Pro in Ann Arbor, MI
Tom Stachler answered:
How long after a foreclosure can you purchase a home?
Minimum two years. Same as bankruptcy. Have to have your credit score up in the high 600's too. Stop by the website listed below and let me know if you need help.
0 votes Share Flag Sat Aug 10, 2013 Financing in Ann Arbor
Jim Carey, Real Estate Pro in Ann Arbor, MI
Jim Carey answered:
What is "hazard insurance' and do I have to have it. I am going FHA.. Thanks alot for the previous answers
Hi Christie-Congratulations on being able to have your own home! The definition of hazard (homeowners)insurance is below:
Hazard insurance is often called property insurance or homeown ... more
0 votes Share Flag Fri Mar 18, 2011 Financing in Ann Arbor
Missy Caulk…, Real Estate Pro in 48176
Missy Caulk and Team answered:
Does the lender keep the Escrow account at their institution?
Hi Christie,

Yes and they pay it when it is due. You can escrow for home owners insurance and your property taxes. When the bill comes due the banks pay it.
0 votes Share Flag Fri Mar 18, 2011 Financing in Ann Arbor
Michael Emery, Real Estate Pro in Minneapolis, MN
Michael Emery answered:
How come interest is not paid on Escrow accounts?
Most likely because your state law does not require interest to be paid on escrowed money.
0 votes Share Flag Mon Mar 21, 2011 Financing in Ann Arbor
Kim Smith-Ma…, Real Estate Pro in Wichita, KS
Kim Smith-Martin answered:
We live in CO, My husband got a job in MI for $60K more, we can't sell our house in CO thinking of renting it out can we qualify for home in MI?
The answer here really depends on your equity position in your current home and what you have to put down on your next home. The more equity and the more money the better ! You shoul ... more
0 votes Share Flag Thu Sep 15, 2011 Financing in Ann Arbor
Derek Bauer,…, Real Estate Pro in Livonia, MI
Derek Bauer, Door to Dreams... answered:
Upside down my mortage fixed 5.875 owe $475k. To refinance to lower rate will need 145k upfront. Is it better to refinance or pay $900/month extra?
That is only a decision you can make. If you have the $145,000 required to close on a refinance, then you and your financial planner and/or accountant need to make that decision.
0 votes Share Flag Mon Oct 4, 2010 Financing in Ann Arbor
Gerard Dunn, Real Estate Pro in Potomac, MD
Gerard Dunn answered:
Can a mortgage underwriter actually value a property at less than an appraisers appraisal? If so, is this becoming common? I've never heard of
Yes -

The underwriter has the right to reduce the value of a property if they feel there are circumstances that support their decision.

You can ask that this decision be reviewed ... more
0 votes Share Flag Sun Nov 14, 2010 Financing in Ann Arbor
Patrick Thies…, Real Estate Pro in Elmhurst, IL
Patrick Thies SFR, CNC answered:
I'm starting the home buying process and want to get pre-approved in the next few weeks. I've heard
Rebeccam,

It's taking a little longer to get loans back from underwriting lately and sellers are looking for offers with pre approved buyers. Anything you can do to speed up t ... more
0 votes Share Flag Tue Aug 25, 2009 Financing in Ann Arbor
Luke Allison, Real Estate Pro in Asheville, NC
Luke Allison answered:
My 3 bureau credit score ranged from 670 to 760. Is that bad for getting a low rate mortage?
Your credit is perfectly fine if you are going with FHA. However, it is the middle of the 3 credit scores, that lenders care about - whichever bureau it is from. For conventional loan ... more
0 votes Share Flag Mon Nov 22, 2010 Financing in Ann Arbor
Leanne Smith, Real Estate Pro in 95247
Leanne Smith answered:
what's the best route to pursue lease/option?
let your Real Estate agent know that you are looking for them! From there you could look in classified ads etc to find even more. In this kind of market Lease options are becoming mor ... more
0 votes Share Flag Sat Jan 24, 2009 Financing in Ann Arbor, MI
James Gordon…, Real Estate Pro in Cincinnati, OH
James Gordon ABR PBD SFR SRS answered:
Can a buyer with 10% down payment buy my house for $221K even if the appraisal came in at $205K?
Andrew the lender will only give a note up to the appraised value of the home. If you found a buyer willing to pay over appraised vaule of the home that had cash for the difference betw ... more
0 votes Share Flag Sat Mar 8, 2008 Financing in Ann Arbor, MI
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Joshua Dillon, Agent in Canton, MI
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