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25130 : Real Estate Advice

  • All4
  • Local Info0
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 4
Sun May 29, 2016
Racksmtj answered:
Lender origination charges 1500 points 1300 so $2,800 lender fees
Origination charges $2500
If you don't put 20% down then you will need insurance that's high but paid monthly as part of your principal and interest payment.

You should figure $5,000 to $5,500

Go to a bank and get pre approved for a mortgage amount then go shopping otherwise your wasting time and in today's market nobody will be interested and any offer you make subject to financing will lose if multi offers are placed.
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Mon Apr 4, 2016
USMortgageRanger answered:
Hi Lorena,

Based on your post you are interested in a conventional mortgage, that would require 5% down or $6500 on a $130,000 home. This does not include your closing cost of an additional 2% approximately. It is best to speak directly with a Lender as there are programs other than FHA and Conventional loans that you may qualify for. I would be delighted to help make your dream a reality.

Lowell Sterling
NMLS 968898
PH 469-347-3572
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Wed Oct 1, 2014
Patti Pierucci answered:
It depends on the loan and what you qualify for. Your local lender is the best source for what you may qualify for.
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Wed Nov 16, 2011
Marco Gomez & The Reach Team answered:
Generally any collections are red flag if however you have a letter that can help explain as to why there is a collection for example one of you was laid off temporarily or there was some sort of financial hardship that may help your case with the underwriter. As far as looking for an agent you should look start working with an agent early on in the process and make sure that you get preapproved for a loan first. sit down with the agent and explain what you're looking for and preferably work with an agent that is experienced in buyers agency that can guide you through the entire process. Always ask for references from the last five buyers they have worked with and also any clients prior to that, this way you know that they're experienced in buyer agency know how to guide you through the process and can recommend trusted partners to work with such as home inspectors attorney's etc. and also make sure that they give you a list of three or four of each vendor to pick from. Good luck.

Hope this helps!
Marco Gomez
New York state associate broker
Keller Williams landmark to
Serving Queens, Brooklyn & Nassau
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