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Financing in 94585 : Real Estate Advice

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Activity 9
Mon Apr 21, 2014
Claudia Muller answered:
You can refinance the day after you close your escrow.
The original appraisal must be utilized. If the borrower is trying to take advantage of the new value, he must wait for six months to pass.
If he paid cash and wants to pull his cash out? This is termed delayed financing.
Depending on loan amount, you can pull up to 80% of the original investment out of the property.
You will be required to provide a new appraisal, but the purchase price must be utilized for 6 months.
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Mon Apr 21, 2014
Claudia Muller answered:
R You purchased the home from a real estate agent.
Contact them and get a good referal. The loan agents that are referred from a know source are your best bet.
On line lending? You will be working with a voice or an email at the other end of the line.
Bank? May take weeks and weeks...unless referred from real estate agent.

I prefer to meet my clients in person. I usually find a convenient location for both us.
I feel if you are going to be entrusting your biggest investment to someone, you should be able to meet them and have access to them when you need them (evenings/weekends).

Touch choice for you. But, be picky.
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Fri Jun 14, 2013
Robert Spinosa answered:
R Ojeh,

Here is the specific conforming guideline, so this will apply to those lenders who would offer you the best terms on fixed rate loans, for example:

"Deferred installment debts, such as deferred student loans, must be included as part of the borrower’s recurring monthly debt obligations. If the borrower’s credit report does not indicate the monthly amount that will be payable at the end of the deferment period, the lender must obtain copies of the borrower’s payment letters or forbearance agreements so that a monthly payment amount can be determined and used in calculating the borrower’s total monthly obligations.

Exception: For a student loan, in lieu of obtaining copies of payment letters or forbearance agreements, the lender can calculate a monthly payment using no less than 2% of the outstanding balance as the borrower's recurring monthly debt obligation. However, if any documentation is provided by the borrower or obtained by the lender that indicates the actual monthly payment, that figure must be used in qualifying the borrower."

Just be certain that your current lender measured you by this standard. Let me know if you have any questions.

Rob Spinosa
rspinosa@rpm-mtg.com
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Fri Jun 14, 2013
answered:
No your tax refund is not used in your income.

If you want me to prequal you:

1. There is no cost or obligaion
2. I am more likely to do the mortgage than most lenders out there

3. We do have a satisfaction guarentee.

949-930-1210
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Fri Jun 14, 2013
answered:
That should be OK, where you turned down somewhere?
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Tue May 7, 2013
answered:
Yes there are creative finance options, but you need to do it correctly, you can have some real ramifications if not done right. As the seller are often held liable for any borrower defaults.

I would have to ask though if the property will appraise for the purchase price?

I get a lot of people financed who were turned down elsewhere. Have them contact me, there is not cost or obligation for them.
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Tue May 7, 2013
answered:
Sounds really simple. the question is what is your home value. From there we can tell what the best loan for you would be. Then we have to be sure that the benefit to you is sufficient. ... more
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Tue May 7, 2013
answered:
Do this all of the time. First though I would try to get you away from the FHA loan if possible. Many people save $500 a month just doing that.

I would need to have more numbers to tell you if it is a good idea or not. We need to weigh the costs (FHA fees are massive) and see if the savings per month justify it

Though a streamline would have not lender fees, there is FHA mortgage insurance fees, that need to be considered.

I would love to go over the numbers with you, there is no cost or obligation for that. Click on my picture and you can contact me.
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Tue May 7, 2013
answered:
It can but there a a lot of variables. I deal with them in a variety or ways.
1. I try to get the loan approved as is. Many times this is possible
2. I try to get the collection removed or disqualified. Sometimes this takes some time.
3. Many times we just pay the collection out of the refinance. This is the best time to negotiate a discount on the pay off. That is because you will not get hit on your credit for that until the loan is closed.
In fact if you can pay the collection I would advise my clients not to pay it themselves. If anything pay it out of escrow.
I certainly would like to work on this for you if you like. I do not charge anything for cleaning up credit, I get paid on doing the mortgage.
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