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Financing in 90501 : Real Estate Advice

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  • Home Buying7
  • Home Selling1
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Activity 4
Thu May 26, 2011
Robert Spinosa answered:
Bart,

Simply put, APR is the "price per pound" of the money. When you go into a grocery store and you see the 32oz. box at one price, and the 24oz. box at another, you have to look at the price per ounce to know which is the better deal.

APR strives to do that with a mortgage. If you pay $3000 to get a $300K home loan from one lender, and $5000 to get the same $300K from another, the APR would be the way that difference would be represented, even if the "note rate" is the same.

Don't worry if this isn't 100% clear. Most loan officers don't get it either. If you need help, just get in touch.

Rob Spinosa
rspinosa@rpm-mtg.com
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Sat Dec 11, 2010
Bart answered:
My question is for information purposes. I have never purchased a property using a conventional loan. Conventional loans seem to be cheaper than FHA loans, because of the upfront mortgage insurance.

I like Trulia because I can ask a question of something I don’t and get a lot of good answers.

Thanks you guys

Bart
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Wed Oct 13, 2010
Christy Schwartz answered:
Please give me a call!! We will be able to get you done in 3-4 weeks. If you have paid the mortgage on the 30th day for the last 2 months you will be fine because it is considered what we call rolling 30 day late. It is not considered to be more then 30 days late but it has occurred in the last couple months. We can refinance you into another FHA loan at a low rate and get you the cash out you need.
877-288-8303 ext 325 or email me at cswathwood@proficiomortgage.com
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Mon Aug 30, 2010
Shel-lee Davis answered:
Bart:

There are many direct lenders doing these loans at par (i.e. no points). You will have to pay for the appraisal, lender's title insurance, escrow, and some lender fees. FHA appraisals run around $400, title and escrow should be no more than $2,000 for both combined, and lender fees should be under $1,000.

The only way to know the exact cost of this loan, and whether you will qualify, is to speak with a lender. Of course, as mentioned below, if you qualify for a conventional loan it could save you money. FHA has an upfront mortgage insurance premium (which they usually finance into the loan) and a monthly mortgage insurance premium (which I believe you have to pay for 5 years regardless of your loan to value). You might want to comparison shop.

If you need a referral to a couple of great direct lenders, please feel free to contact me by phone or e-mail. I work in the South Bay and may be able to direct you to someone who can help you out. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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