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Financing in Baltimore County : Real Estate Advice

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  • Local Info2
  • Home Buying24
  • Home Selling7
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Activity 43
Sat Jul 8, 2017
Kylieminugh79 answered:
Sun Mar 26, 2017
Sif02 asked:
I recently purchased the house about three months ago and I'm interested in getting a home equity loan to finish out some home improvements. My house appraised about $12,000 more than…
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Fri Oct 7, 2016
T.nuss5790 asked:
I have heard about special financing for lawyers that includes between 0-10% down and no PMI.

Does anyone know anything about this in the Baltimore, MD region?
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Wed Sep 21, 2016
SY answered:
My experience is that in a refi any escrow refunds are simply extra dollar amounts that you borrowed, but probably shouldn't have. In an example, if an old loan had impounding with $4000 balance for taxes and insurance, your new loan will likely be increased by $4000 to start a new impound account with $4000 balance. Eventually you will get $4000 refunded from the former lender, which is money you borrowed in the new loan to fund the new impound account.

You have 2 good options. If you can get a better return on your investment elsewhere, put it there. If you can't get a better return, use it to pay down principal, decreasing your interest expense over the life of the loan. Less favorable options are to keep it at a lower interest rate (savings or checking account) or spend it, in which case you are paying interest on that over the life of your loan.
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Tue Jul 12, 2016
Allison answered:
Hi, Tdruttenberg. I believe that the mortgage payment would depend on the price of the home. So you could potentially find a larger home for the same price as a small single family dwelling.

First step is to speak with a mortgage lender to find out exactly how much you can afford and what you are comfortable paying as a mortgage payment. Then the next step is to have a realtor help you find the home you want to buy.

I hope you found this information helpful :-)
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Mon Apr 4, 2016
Mail answered:
My previous mortgage lender was US Bank. They told me that they ship out the escrow refund check 20 days after the loan is paid off in full. This information is current as of April/2016. ... more
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Mon Nov 2, 2015
Darrell D. Drouillard answered:
VA loans involve a Certificate of Eligibility (COE) and are reserved exclusively for the veteran. Though there are some underlying situations for extension to spouses and such, I would say that probably in the majority of situations where a non-spouse family member is seeking benefits from VA, when they are using the status of another and they never earned VA benefits themselves, they would not be eligible. ... more
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Sun Aug 23, 2015
Sidney Hertz answered:
I used to refinance my VA loan into an FHA loan. I had some late payments and needed to clear up my eligibility. They were super easy to work with and my shift work schedule which I thought would be a hassle ended up being no big deal for them. I had previously tried to use quicken loans but that was a total bust. ... more
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Wed May 6, 2015
Yes they can because at the end of the day those taxes are real and it's your responsibility to pay them. The escrow account is just a vessel used to pay them.

If there is too much money in the escrow account then the will periodically re-evaluate the payment and refund any overages to you. If a bill comes and there is not enough, then they will raise your payment and bill you for the shortage.

Even though they f'ed up in sending you the $2500, the fact of the matter is that a bill came due and taxes and insurance are the owner's responsibility even if you have an escrow account.

Like Tim said, fighting them is futile.

In hindsight, if the refund seemed fishy - I'm sure you didn't think your taxes went down $2500 from one year to the next - you could have called and the lender might have spotted the error then. But that's probably something to just keep yourself aware of in the future.

Hope this helps!
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Mon Jan 12, 2015
lsmith7520 answered:
You find it, I'll rehab it to your specs, sell it to you turn-key.
Larry 410-458-3438
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Fri Nov 7, 2014
Kevin Mayhew answered:
If you are referring to monies that were placed into escrow to insure that work was performed on a property you are in the process of purchasing or selling, the answer is yes. You should not be receiving a check, money placed in escrow is usually held by the settlement agent and paid to the contractor who is providing the service. The settlement agent has a responsibility to both the buyer and seller to insure the fund are paid to the appropriate party upon successful completion of the work.

I hope this addressed your question regarding escrow of funds.
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Fri Apr 18, 2014
Calvanaugh Hoskins answered:
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Tue Apr 15, 2014
Rin asked:
Fri Mar 21, 2014
Hello there,

I believe this can be done, yes. Of course I would have to have all the documents and analyze the whole picture. I am located in Maryland and routinely lend in Ohio as well so I could cover both of those potential options if necessary.

I am available to help you at your convenience if you wish.

I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
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Mon Feb 3, 2014
Tarik Walker answered:
1 year employment or income can be possible with further explaination. Is it new job after graduation? Change of jobs but same industry or position? Brand new busines? From what you described the previos questions would need to be explained or determined before moving forward. ... more
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Sun Sep 22, 2013
ndouglastommy answered:
If I refinance my family house and request a goodbye mortgage money for my town house, I will need to pay transfer taxes for the cash out amount? How much is the %?
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Sun Jun 9, 2013
Michael Cassell answered:
Mon Jun 3, 2013
fd answered:
Hi. Key Bank offers HELOC and Home Equity loans up to 100% LTV. I'm not sure if they do business in Maryland, but I would check with them. US Bank does second home loans up to 90% LTV. Again, check with them to see if they do business in Maryland and good luck. ... more
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Mon Apr 29, 2013
Are you going to live in the house as your primary residence?
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Mon Nov 26, 2012
Rich Homer answered:
Your best bet is to contact a local Mortgage Broker at "Find a Pro" in the header of this website.
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