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Home Buying in 20191 : Real Estate Advice

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Activity 8
Fri Nov 10, 2017
Ahomebuyer asked:
Fri Nov 7, 2014
Sharon & Paul Krohn answered:
What you will need to spend depends on the area that you select to live in.. There are lots of condos near the metro in Arlington, but for they can run in the $500,000 range. Reston is probably less expensive and there is a metro stop there. However, most condos and townhouses are at least a mile from the metro . There are lots of price variations, depending on the size and location . Alexandria also has townhouses near the metro, but the price also depends on the size and location. The best way to determine where you want to live is to come for a short visit to see what works best for you. ... more
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Thu Mar 21, 2013
Ram Das answered:
Dear Doug,
We have duplexes in Herndon and there are different types. I will check and get back to you about reston shortly.

Please feel free to give me a call if you to go over your choices.

Thank you and looking forward to working with you.

Ram Dasaradi
Long and Foster Realtors
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Sun Jul 8, 2012
Tni LeBlanc answered:
A lender should be able to disclose to you a very near accurate list of costs for the loan. You can make sure you are not overcharged by doing exactly what you are doing -- checking.

Tni LeBlanc
CA DRE License #01871795
(805) 878-9879
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Sat Jul 7, 2012
Vivianne Rutkowski answered:
Every lender is different, but what really matters to ALL lenders is your ability to meet the monthly mortgage payments and your ability to repay the loan.
Since your wife has no documented income right now, she has no ability to repay the loan despite her good credit.
I do not know how old you and your wife are, but in a few years you may decide to have a child/children and that may also affect your family income and your wife's ability to work full time.

As for the Title to the property, your Wife can be on the Title without being on the mortgage. Legally speaking mortgage loan and title are two different documents - it does NOT mean Wife would be able to sell the property without repaying the mortgage loan; it only means that Wife is co-owner of the home.

NOTE: For legal or tax advice always contact professionals in those fields.
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Wed Nov 17, 2010
John Fitzgerald answered:
I think that Kathy Stark is right on target. It's my understanding that "biweekly payment" loans are really ordinary loans with a biweekly payment option chosen. For example, I have an ordinary loan, but, once a year, my lender sends me a snail mail offering to convert me, at no charge, to a biweekly payment schedule. I personally prefer to prepay some additional principal of my loan from time to time.

Check with your loan officer. I'll bet that this is what you got. If you don't like it, then, ask both your loan officer and your settlement agent if the loan for which you are approved-by the way,congratulations!-if you would be able, at your option, to convert to making monthly payments and prepaying, in part, at any time, at your option, some of the loan principal amount. This might be a good question to ask, anyway.

By the way, this also could be related to the HUD-mandated changes to the GFE ( Good Faith Estimate) implemented this spring. In short, many people are still not absolutely clear on the ton of new regulations, so GFE's are most often very conservative. In other words, they show every possible fee and charge up front, even though they propably will not be so high, just to protect the lenders from fearsome fines.

And, yeah, what they propose to do sounds perfectly legal, although you may want to ask an attorney ( your settlement agent should have one available). It's actually standard practice. It takes even an on-the-ball lender about a month to set up processing for a new loan. Just bear in mind that interest is only payable after it accrues, that is, after a time frame elapses during which you have had use of the lender's money.
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Tue Nov 16, 2010
Aguiasia answered:
Thank you all for your responses.
I realized that I did not provide enough detail and because I can not edit the existing question I will post a new one.
I would appreciate any input you may have. Thanks! ... more
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