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Financing in 30127 : Real Estate Advice

  • All41
  • Local Info3
  • Home Buying23
  • Home Selling4
  • Market Conditions0

Activity 9
Wed May 13, 2015
thinz answered:
Yes... they are around and very helpful when conventional financing is not an option.
If you type in google "hard money lenders 30127 (or city name...)"
Make sure you ask the following when evaluating -

WHAT ARE THE TERMS?
- how many points they charge - (usually between one and five points)
- what is the interest rate and how do you calculate interest?
- can I roll the points or interest into the loan?
- what is the term (length) of your loan and what is the penalty to extend? (assuming you can..)
- what is your down-payment or equity requirement?
- do you fund construction?
- what do you need from me to underwrite the loan?
- can I get 3-4 references from you from people that have taken out loans with you?
(very important to get references...just like with ANY service provider!

Good luck in your search. Tom Hinz www.shortsaletosell.com
... more
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Wed May 13, 2015
thinz answered:
You should look into getting a short term affordable adjustable rate mortgage. If that doesn't work, look into a hard money lender...they can get you funds quickly....given you want to refi in a year, the higher interest rate may not be as much of an issue.

If you type in google "hard money lenders Georgia" you will get a ton of links to check out.
Many will have different terms for interest rate & security, be careful going to someone just because their rate seems low...there could be more to it...ask the same questions to each to get an apples to apples comparison.

Remember the following if evaluating hard money lenders -

WHAT ARE THE TERMS?
- how many points they charge - (usually between one and five points)
- what is the interest rate and how do you calculate interest?
- can I roll the points or interest into the loan?
- what is the term (length) of your loan and what is the penalty to extend? (assuming you can..)
- what is your down-payment or equity requirement?
- do you fund construction?
- what do you need from me to underwrite the loan?
- can I get 3-4 references from you from people that have taken out loans with you?
(very important to get references...just like with ANY service provider!

Good luck getting this property! Tom Hinz www.shortsaletosell.com
... more
0 votes 1 answer Share Flag
Fri Aug 15, 2014
Veronica Medellin answered:
We are using First Citizens Bank for our build.

http://www.firstcitizensonline.com

They have a 10% down payment, 5/1 arm, interest only payments while building. You have to have 700+ credit score.

Contact Info

Deanna Turner
Deanna.turner@firstcitizensonline.com
www.firstcitizensonline.com/dturner
... more
0 votes 4 answers Share Flag
Wed Oct 9, 2013
Michael Kirkutis answered:
In the mortgage lending area, ARM mortgages have a advantage of starting lower rates as compared with fixed rate loan but the disadvantage of possibly higher payments over time as the loan adjusts. With any ARM mortgage, once you get to the adjustable period the loan will adjust based on the current index and predetermined margin usually subject to caps on the adjustment. You need to analyze your situation and try to project how long you plan on staying in the property/loan. If you feel uncomfortable with the risk of the higher payments then maybe a fixed rate loan is more suited to your needs. Speak to a licensed mortgage person in your area to look at the mortgage options. Good luck! ... more
0 votes 8 answers Share Flag
Wed Oct 9, 2013
user978212 answered:
0 votes 3 answers Share Flag
Tue Sep 17, 2013
My NC Homes Team answered:
I do not have anything against reverse mortgages and for some individuals they can be beneficial. However this is a complex question and there's simply no one good answer. Seniors would be well advised to sit down either with their own financial planner /counselor or perhaps a Certified Senior Adviser (CSA)
before getting involved in such a significant financial transaction. Getting advise from someone who is actually selling these mortgages is not in the best interest of consumer.
... more
0 votes 4 answers Share Flag
Sun May 19, 2013
Laura Feghali answered:
Hi Tonya,
In my region, agents do not request retainer fees. If two agents have the same qualifications and similar experience and the customer can't decide which one to choose but only one agent asks for a retainer; then the customer may lean towards the agent who doesn't request it.
My state does recognize buyer agency so this helps in keeping your clients exclusively but does not offset any work costs prior to closing.

Hope this is helpful!

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 1 answer Share Flag
Fri Jun 29, 2012
Gerard Dickson NMLS# 213075 answered:
620-639 credit score programs requires additional qualifying that above 640 does not require. Additionally, the higher the score the more down payment assistance programs the borrower
most likely would be eligible for and less scrutiny from the underwriter. These days, keep it
simple..... take the time to get the higher credit score and increase your close ratio to 100%.
I love scenarios so feel free to contact me further at:
Gerard Dickson, Atlanta Ga.
Sr. Mortgage Banker
LoanSouth Mortgage
(678) 478-2838
gdickson@loansouth.com
Apply Online: www.loansouth.com/gdickson
Competitive interest rates, local seasoned underwriting, never miss a closing date!
... more
1 vote 6 answers Share Flag
Sat Aug 6, 2011
Rodney Mason answered:
As for comps, consumer do not have access to the same MLS/FMLS/public records data sources for closed sales that appraisers do. Also, there is a lot of training that goes into differentiating between a good and a bad comp. From my experience, many real estate agents struggle with this as well.

Most homes in this market have a 2 car garage. Finding one with a 3 car garage is going to be much more limiting. A true comp should be similar in age, structure (i.e. ranch to ranch, two story to two story, etc), square footage, # of bedrooms/bathrooms, etc. The comp should be located in the same neighborhood. If none exist, then the appraiser can go outside of the neighborhood. The best comps will have closed in the last 90 days. Comps 91-180 will be accepted if newer ones are not available. No comp can be more than 12 months old. The appraiser will also need to provide one active listing and one pending sale.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
... more
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