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Financing in Anaheim : Real Estate Advice

  • All266
  • Local Info19
  • Home Buying123
  • Home Selling9
  • Market Conditions2

Activity 14
Fri Jul 28, 2017
Theresa Ongkingco asked:
Thu May 25, 2017
William J Acres answered:
More info needed, but in general, if you cancel the file within 3 days of application, then the lender must refund you any monies you paid to them.. if however, you go beyond the 3 day waiting period, then the lender is not required to refund you any costs.. The appraisal fee is a 3rd party fee and would be subject to their policy.. typically, if the inspection has not been done, then they will cancel with a small cancellation fee (Say $100 or so).. otherwise, if the appraisal report was completed, then no.. you would not be subject to a refund. As far as the processing fee.. most lenders do not charge this upfront.. it's collected at closing.. in fact the only lender I'm aware of that charges an upfront processing fee is Wells Fargo.. This might have changed, but I remember a while back it was done on all transactions..

William J. Acres, California/Arizona NMLS 226347
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0 votes 1 answer Share Flag
Wed Jul 1, 2015
There are some ways to do it. But each would require special circumstances. For example if you are over 62 there is a loan, there are hard money loans etc.

The best thing is to work on your credit and see if we can improve it. I do it all the time, no charge.

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0 votes 2 answers Share Flag
Thu Jun 25, 2015
Hello Irmalmorales, yes there are many choices of loans such as stated income, bank statement programs which are from 30% down.

It only takes a few dozen questions to qualify and go over your options. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or

If my response was helpful, consider clicking Thank, Link or Best Answer.
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0 votes 16 answers Share Flag
Wed Mar 25, 2015
Yes, I would contact someone that is familiar with the Homestyle Renovation Mortgage. If you are adding square footage to your home then it will be worth more once you are finished. The loan will be based on the value of your home after improvements. Would love to help but I only lend in Florida.

Thank you,
Melvin List
Licensed Mortgage Loan Originator, NMLS# 243087
American Mortgage Services CO NMLS# 259805
Cell: 813.629.5478
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0 votes 5 answers Share Flag
Thu Dec 19, 2013
Carlos Chavarin answered:
Most mobile homes are on leased land and there is a monthly space rent, the lowest I have seen is $650.00 and it goes up to $1,700.00 per month. I have only found a couple of parks that you can actually purchase the land. I suggest you enlist the help of a Realtor to help you locate the right property for you and also to help you with the application for credit with the financing institution. As you can see by the previous answers there are many lenders that you can get a loan from.
Good luck!

Carlos Chavarin
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0 votes 6 answers Share Flag
Wed May 30, 2012
Ludy Ivonina answered:
Hi Alex,
Please feel free to contact me at
I'll be glad to help you.

Thank you.

Ludy Ivonina
0 votes 4 answers Share Flag
Sun Nov 27, 2011
Emily Knell answered:
You've been talking about downsizing since July.....Are you ready to get the ball rolling?

To summarize:

--Get an assessment on your current value.
--Get an Estimate Net Sheet so you know where you stand when you're qualifying for a 2b in Laguna Woods, there ARE income & asset requirements.
--Talk to a mortgage lender

I can get your home on the market to sell, we can work out a short Rent Back for you so you can be in the strongest position to make the purchase in Laguna Woods.

I live just about 5-10min away from you & could meet with you this week if you're available. I'll be in the neighborhood, I have to make a stop at the A-Dong market (I love that place ! ) Shoot me an email directly, I don't look back on this same Trulia thread for answers posted after mine.
562-430-3053 c
Realtor Since 1996
Main Street Realtors
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0 votes 13 answers Share Flag
Fri Apr 29, 2011
Roberto answered:
Thank you all for the prompt and helpful answers. Although Karen Parsons responded to what I expect from a vacation home, before making a decision of buying a real state in Anaheim, I still need to clear some hurdles such as to get some help from my bank to come up with such high down payment, as most of you pointed out to qualify with an american lender, and to do some thinking and calculations about the possibility to pay off the mortgage within 10 years for I wish to avoid fluctuation in interest rate since I am stuck with an ARM product, as Michael Abram remarked.
Once more, thank you.
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0 votes 9 answers Share Flag
Tue Jan 18, 2011
Robsavestheoc answered:
Hello, and thanks for posting. We have been negotiating Short Refinance's for 2 years. We have 25 succesful cases and currenty have 14 Lenders/Investors Participating in the program. As you mention there are alot of scams regarding modifications and short sales. Please contact our office located in Anaheim California to see if your lender is participating or vist us on the web at ... more
0 votes 4 answers Share Flag
Wed Jul 14, 2010
Richard Murphy answered:
The Short Refinance approach is not new to the loss mitigation arena, many lenders have been accepting these offers since 2007, however they have not been widely deployed, as the qualifications for a short refinance are very specific, making it hard for many people to qualify.
However if a homeowner, has an adjustable rate mortgage of any type, are currently employed, or have a mortgage that is higher than the homes present value, then THIS is the Solution.
A Short-Refinance can help by refinancing a property for its new current value, allowing the homeowner to stay in their home with a more realistic and affordable monthly payment. It can help more people than just those that owe more on their mortgage than their home is worth or facing foreclosure. A Short-Refinance can also help those that are facing an upcoming adjustment on their ARM (Adjustable Rate Mortgage) loan, where the new interest rate will put their monthly payment out of their financial reach. It can also be used for homeowners that have properties, where they are upside down on the value of their homes.

This pertains to homeowners that have purchased homes in recent years, which are in certain areas, where property values have plummeted, leaving homeowners with values way below the original purchase price.

A Short Refinance will also work for investment properties or non-owner occupied properties. Investment properties properties are harder to get approved and definitely depend on the lender for acceptance. For the most part, in any situation, a lender is more willing to accept these types of offers if the borrower has not gone late on their present mortgage obligations, as they would only be able to qualify for a new mortgage with no history of mortgage lates. In other words the lender needs some type of motivation to be willing to accept a Short Refinance offer. We have a methodology in place to give them the motivation, by showing them the "big picture"; by letting them know what the future holds if they don't remedy the situation now. The lenders are not in the business of collecting real estate, which is what has been happening lately.
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0 votes 10 answers Share Flag
Thu Apr 15, 2010
Karen Parsons Fiddler answered:
Hi John,

You have the correct answers already.....but why are you concerned? Are you not getting one from your lender? This is something to think about, and make sure you have a lender that is doing the right things.

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0 votes 5 answers Share Flag
Mon Aug 31, 2009
Shel-lee Davis answered:

Ask your banker / lender to explain specifically what they are looking for. Different lenders require different information in this type of transaction. Until you get clarity from the lender of your choice on how they want you to document your purchase, I would not recommend making any moves to change how current title is held. One of the problems I have seen happen is that once your name, individually, appears anywhere on title for the property your loan is considered a re-finance and falls under refinance guidelines vs. purchase guidelines, which are much more stringent. Also, if you are a first time homebuyer and are looking for the tax credit, you will want to check with a tax professional to insure that the deal is structured so the IRS views it as a purchase, if that is at all possible.

Your best source for the answer to your question and the one that I posed for you, is your chosen lender and tax professional. If you need referrals in these areas, feel free to contact me through my profile, I know quite a few great professionals in Orange County as well as the Long Beach area (which is not a bad drive from Anaheim). Good luck in sorting this out. Let me know if I can be of help in any way. Dare to Dream.

Shel-lee Davis, CDPE
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
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0 votes 2 answers Share Flag
Fri Aug 17, 2007
Marc answered:
Need to look at primerica, marketing arm for citi bank. They offer simple intrest loans. The loan is recaculated every time a payment is made, unlike schulded structured loans. If you choose to make bimonthly payments they deduct 1/4%. If you have a b or less credit rating and are on time with your payments they will deduct 1% more. They loan 95% ltv with no pmi. That's huge. Intrest only loans are good for poeple not staying in their home for very long. Hopefully your are not looking at a prepayment penality, find out before you make a move. ... more
0 votes 12 answers Share Flag
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