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Home Buying in 95133 : Real Estate Advice

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  • Home Buying18
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Activity 5
Fri Nov 14, 2014
Samysayad answered:
Why not refinance and get rid of the mortgage insurance? Depending on what rate you have now and what your mortgage balance is of course. Even if the rates today are higher than what you have, you may still come out with a lower payment by dropping the MI all together. Otherwise you will wait 3-6 months and request another appraisal. If the cost of the appraisal is $500 every time, you may spend another $1000 before the appraised value ( every appraiser has a different approach ) gets you to 75%. I would imagine the number of sales/comparables will decrease with the holidays nearby.

You will have to figure out the difference in payments between the existing lower rate and the new higher rate... if you are talking about $40 a month increase, it may be worth saving the cost of the appraisal and the 3-6 months of MI payment. It could take 3-5 years to recover that expense by staying with the lower rate. If the payment difference is $150 a month, then it may be worth waiting and ordering additional appraisals. Its all simple math, you can determine what your cost will be by keeping the lower rate vs. taking a slightly higher rate.

Rates are still holding strong, there are all sorts of low cost / no cost options ( keep in mind nothing is free, no cost just means they build it into your rate rather than a closing cost )

Its easy to find out if this is right for you, just a numbers thing. Gets some rate/ cost estimate then do the math.

Hope this helps and good luck.
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Mon Apr 29, 2013
Terri Vellios answered:
This is in addition to your other question about being foreclosed.

Your lease states your rights. Follow the links provided to you regarding your rights in a foreclosure situation.

All the best to you.
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Wed Aug 8, 2012
Lamson Dang Broker/Listing answered:
Yes, you can Anoo; however, it might be easier to find a very old home (100+ years), then put $20,000 to $40,000 to fix it up and resell it to make some profits. I have worked with many investors who are currently finding those houses.

Best regards,

Lamson Dang
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Wed Aug 8, 2012
Robert Lei answered:
Hi Ganesh,
Title and Escrow fees are dependent on which title and escrow company you use, not the lender.

If you are the one paying the title escrow fees, then you should be the one who can choose which title and escrow company to use. However, shopping around might not be worth your time because all the major title and escrow companies charge approximately the same fees. It makes more sense to choose the title and escrow company based on their expertise and/or convenience for you.

County transfer tax is fixed for Santa Clara County at $1.10 per $1000.

Some cities also charge city transfer tax. You happen to be buying in one of those cities that charge this. San Jose charges $3.30 per thousand.

Traditionally, in Santa Clara County the seller pays 100% of the County transfer tax and the seller and buyer split 50/50 the City transfer tax. However, as others have stated, since you are buying new from the buiilder, they will ask you to pay those.
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Sun Aug 5, 2012
Michael Cheng answered:
Warmington has a good track-record of home building in California. I've seen their workmanship and it's on par with similar new townhouse developments in the area (Pepper Lane and Fusion).

The area is not particularly good, but with the VTA access and plenty of new homes revitalizing the area, your investment returns will be good. With today's price, you'll likely get double-digit returns over the next year, or 50-100% returns on your equity if you put 10-20% down.
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