Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Ashburn : Real Estate Advice

  • All149
  • Local Info10
  • Home Buying54
  • Home Selling9
  • Market Conditions7

Activity 10
Mon Apr 10, 2017
Ashleylcash asked:
The financing for the build would be available in about 2 years. The answer is probably "no," but everything is negotiable, so I'd love to hear that someone has heard of this.
0 votes 0 Answers Share Flag
Sat Jan 12, 2013
Julie Gray-Roller answered:
Hello:

I would definitely contact the condo association for more detail on the ratio of owner occupied to investor properties within the condominium. Lenders do require that information to process a loan and actually, in my experience, the association will make certain a buyer intends to occupy the property -- so they assure there isn't an overage of rental units within the condominium.

Another point, if the condo docs reveal a high number of defaults (either foreclosures or short-sales) this info can cause problems when the lender is considering approving a loan.

I'm available to help with any other information you are seeking.

Regards,

Julie Gray-Roller
Long and Foster
... more
2 votes 2 answers Share Flag
Sat Jan 12, 2013
Julie Gray-Roller answered:
I assume you plan to purchase another property when you cash out? Since this is an investment property and is fully paid that is for you can take out as much as you wish. The condominium association isn't have any say on your decision.

You can look at your position the same as a situation wherein you bought the property for cash. No mortgage, no lender, no approval required by a financial institution or the condo association finance committee.

The decision is yours to make and act upon.

Please contact me if you are looking for an experienced agent to manage the rental of your property and/or to help you locate another investment property.

Regards,

Julie Gray-Roller
Long and Foster Realtors
... more
0 votes 1 answer Share Flag
Thu Aug 30, 2012
brent mendelson answered:
Kahnkmr007,

Most lenders don't offer the program you want. Nick does and it's good to have options. I don't know him personally but he has a good reputation in our local lending area and his answers on Trulia are always good. That being said I don't recommend the 10% 2nd mortgage. Take a look at that and also the one piece 90% loan that was mentioned. I have that program also and long term that is a much safer route. Yes you have mortgage insurance but it's all on a fixed rate note. The 2nd mortgage if a line of credit is subject to price increases as we move forward. That's why it was mentioned to pay it off in a few years. Plus that loan does expire in a a set period of time, 5 to 10 years probably. My advice would be to talk to me and talk to Nick. Either way you'll get good straight forward advice and you can go from there. I think it's always good to compare a few local lenders anyway.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 3 answers Share Flag
Wed Jul 27, 2011
brent mendelson answered:
We charge $875 per home as our bank fee for processing your loan. That includes our underwriting, processing, flood cert and tax service fee. Some lenders are slightly more, some are slightly less. If you are using and residential bank or broker they must adhere to the GFE rules that others mentioned. Basically they can't just add fees. If it is hard money or commercial as Shane said they can basically do what they want. Doesn't make it right but they can do it. Hope this helps. ... more
0 votes 5 answers Share Flag
Thu Nov 18, 2010
Kamal Singh answered:
Actual interest rate will depend on many factors like credit score, employment history and debt ratio. I understand your question is to track interest rates. www.bankrate.com is website where you can track interest rates and there are market experts who predict future rate ,but most of times its hard to guess future rate.

Current rate on website is


Product Rate +/- Last week
30 yr fixed 4.51% 4.20%
15 yr fixed 3.92% 3.61%
5/1 ARM 3.39% 3.26%

Feel free to contact me for your real estate related questions.
--
Kamal Singh
Jobin Realty ( loudoun County)
Cell- 703-728-3403
novarealtor@gmail.com
VA, MD ABR® Realtor
http://www.vamdnewhomes.com/Testimonials/page_988131.html
... more
0 votes 8 answers Share Flag
Wed Jul 28, 2010
Lisa Moroniak answered:
In line with what Mr Stevens shares below - reach out to a reputable lender and have a "big picture" discussion. There is no "one-size-fits-all" answer and a good lender will offer many options for you to choose from in the form of a Good Faith Estimate. Strike a balance between having cash on hand, comfortable monthly payment and an interest rate relative to your estimated length of stay in the home.

All my best!

Lisa Moroniak | REALTOR® | Service360°
Keller Williams Realty
Phone: 703-635-0388
Fax: 703-679-1701
Licensed in VA
... more
1 vote 4 answers Share Flag
Fri Oct 2, 2009
Thomas Johnson answered:
If your still in the market for refi, I would like to price for you I'm seeing rates in the 4% range, a few factors would have to be taken into consideration most important is credit scores. ... more
0 votes 4 answers Share Flag
Wed Aug 26, 2009
Michael Humphreys answered:
If you loan is owned by Fannie or freddie you may be able rto refinance now if not you probably will not be able to. You can see if one of them own your loan by going to there website and entering your address. Your loan adjusting might not be the end of the world either depending on what happens over the next 2 years, your loan adjustingmight not be bad. There are plenty of people out there right now that there loans actually adjusted down due to the current state of everything. In your loan paperwork there will be an explanation on how your arm adjusts and what it is based off of. ... more
0 votes 4 answers Share Flag
Sun Jun 1, 2008
xyz answered:
None of them answered your question well in here.

I would try to answer well on this question. It is very easy. If you have 1099 with two year history you would have to have tax return 2006 and 2007. Without tax return, 1099 income would not be used at all. If you have worked with a national lender like Wells fargo, the MD Mortgage consultant can originate the loan in VA. If you want to have a phone consultation, please call me at 703 760 5664 at Wachovia Mortgage, Mclean, VA 22102. or email me at sean.thorson@wachovia.com. ... more
0 votes 7 answers Share Flag
Search Advice
Search
Financing in Ashburn Zip Codes

Followers

231