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Financing in Boston : Real Estate Advice

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  • Local Info121
  • Home Buying451
  • Home Selling54
  • Market Conditions33

Activity 105
Michael Suff…, Real Estate Pro in Wakefield, MA
Wed Jan 30, 2013
Michael Suffoletto answered:
There would be little or no adjustment to rate with a 15 year fixed mortgage compared to a longer term. Also, the rate adjustment is eliminated if you borrow less than 60% of the appraised value as Richard mentioned with a 30 year fixed. ... more
0 votes 2 answers Share Flag
Heath Coker, Real Estate Pro in Falmouth, MA
Tue Jan 29, 2013
Heath Coker answered:
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful:
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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0 votes 6 answers Share Flag
Moy Lopez, Real Estate Pro in Quincy, MA
Sun Jan 27, 2013
Moy Lopez answered:
You will need a lender that will keep the loan in their portfolio so that they will not have to worry about selling it in the secondary market. You will need at least 20% down as you will not be able to get mortgage insurance on the investment property. You will own 66% of the total units in the complex which is anther reason whu most lenders will not be able to help you. ... more
0 votes 5 answers Share Flag
Anthony Piem…, Real Estate Pro in Boston, MA
Sun Jan 13, 2013
Anthony Piemonte answered:
You could get as little as 3% down depend on the type of loan, I would seek out a mortgage professional
0 votes 9 answers Share Flag
Territory.c…, Real Estate Pro in MA,
Wed Nov 7, 2012 answered:
It is possible but their may strict financing requirements. We have helped a lot of international clients buy homes, including from Canada, so happy to help any time just call or email:
617 848 5407 x702
Massachusetts Premier Buyer Brokerage
... more
0 votes 7 answers Share Flag
Rafael Herna…, Real Estate Pro in Boston, MA
Wed Nov 7, 2012
Rafael Hernandez answered:
Hi Alison,

Have you found someone to help you out yet. If not give me a call. I am a local realtor in the area and have had experience dealing with this type of financing. My number is 617-606-9701. We specialize in both rentals and sales in my office. Look forward to hearing from you.

Rafael Hernandez
A Plus Realty Group
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0 votes 2 answers Share Flag
Eric Girard, Real Estate Pro in Boston, MA
Sat Oct 20, 2012
Eric Girard answered:
Those facts look very good so I don't see why she wouldn't be able to buy a home. However, the first step in the buying process is to get a pre-approval letter (read: not pre-qual letter). Then you will know how much you can afford and it will be easier to get your offer accepted and to eventually close. I hope this helps. ... more
0 votes 10 answers Share Flag
Scott Murphy,  in 01876
Sun Jun 17, 2012
Scott Murphy answered:
HI, Matt.

It seems most people have the right of it here with standard guidelines requiring 20% on single family investment properties and 25% or more for multi-family investment properties. Depending on what your stated intentions are for your current property and your own willingness to compromise, there may be some moves we can make to help you out. Give me a shout when you're free and we'll talk about creative financing options. I'm also local and can meet with you in person if that helps...

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0 votes 10 answers Share Flag
Carey T. Han…,  in Massachusetts
Wed Jun 13, 2012
Carey T. Hansen answered:
I would be more than happy to help you. GIve me a call anytime. I work 7 days a week and you can call me anytime. Thank you.

Carey Hansen
NextGen Realty
1 vote 13 answers Share Flag
Heath Coker, Real Estate Pro in Falmouth, MA
Sun Jun 3, 2012
Heath Coker answered:
This is a reason to use an attorney.
Most legal advisors, which i am not, have experience and know how to get the best info more quickly than you have experienced.
Less than 15% is a pretty strict criteria.
You might call afew banks and see if that is specific to your lender or a standard across the industry.
A local bank may have different criteria if they are not selling the loan on the secondary market.

However, >15% delinquent owners in a condo may be a tell or a larger problem in that complex.
Are the fees too high?
Is there internal fighting / disputes?
Be careful.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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0 votes 8 answers Share Flag
Lynne Hagopi…, Real Estate Pro in Framingham and South...
Sun May 20, 2012
Lynne Hagopian answered:
Ying...I agree with the others that typically a deposit of $ 1000.00 with the offer and then 5% of the purchase price with the signing of the P&S (minus the $ 1000.00 initial deposit with the offer).
There are dates to be adhered to and if necessary your buyer's agent should help you with asking for an extension if needing more time. I am sorry you have lost money. If I can be of further help to you in purchasing a home if you are not working under contract with an agent, you may call me at 508 648-0393.

Lynne Hagopian
Hammond Residential
... more
0 votes 16 answers Share Flag
Louis  Wolfs…, Real Estate Pro in Needham, MA
Fri Dec 16, 2011
Louis Wolfson answered:
I would not insist on permits prior to offer. I would offer, get it accepted and then as you did, do your due diligence. It is always easier to get out of a deal, than into one.

A buyers agent should inform his client as you state regarding the permits and is liable if they do not. ... more
0 votes 10 answers Share Flag
Louis  Wolfs…, Real Estate Pro in Needham, MA
Fri Dec 16, 2011
Louis Wolfson answered:
Claire most definately. What would make you think you could not? You can own and finance property anywhere in the world, you do not have to live in it to do so.

That said, the amount and the rate will be dictated on the appraised value, income to debt ratio's and equity requirements, and you providing the bank the typical documents they will require. Loan application and it sounds based on what you state above you will not have any problems.

If you need direction or a lender let me know .

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0 votes 4 answers Share Flag
Heidi Zizza, Real Estate Pro in Framingham, MA
Mon Dec 5, 2011
Heidi Zizza answered:
You will need to be moved in to the property to comply with being owner occupant. Offer the tenants a cash out which could solve the roblem. Maybe the seller will split it with you since they extended the lease. ... more
0 votes 10 answers Share Flag
Justin Ruzic…, Real Estate Pro in Greenville, SC
Sat Sep 3, 2011
Justin Ruzicka answered:
it would change the offer because of disclosures that must be given with FHA finances. If these disclosures were not presented at time of offer, then totally changes the offer.

best of luck
... more
0 votes 10 answers Share Flag
Shane Milne, Real Estate Pro in South Jordan, UT
Wed Jun 29, 2011
Shane Milne answered:
Q: Can I change my loan officer after getting the pre-approval?
A: Yes you can, even with the same lender, as you can just refuse to do the loan with them unless you are dealing with someone else and obviously they'll value your business over a loan officer's feelings. However believe it or not, that loan officer has done some work, and so I wouldn't be surprised if he would share in the compensation somehow. But really your concern should be that your loan is handled properly, which it hasn't been to your satisfaction, so if you've brought this up and it's been more or less dismissed by the loan officer, it's now time to seek out their supervisor/manager and ask to be assigned a new loan officer as there seems to be some differences in work ethic expectations. The supervisor will likely either then play an integral role in your remaining loan process or assign it to a different loan officer.

Q: He works at a bank, can I file a complaint against him?
A: If he's violated a law of some sort, yes you can file a complaint with whatever agency has jurisdiction over the loan officer/the law that was broken (whether it's a RESPA violation, federal regulation, a state disclosure violation, etc.). You can also voice your displeasure in an email, and what I usually recommend is to write it out on your computer, don't hit send yet, but call up and speak to a manager, use the letter as your guide to state your position in a clear and objective manner, and email it at the same time you are talking so they know you have taken this lack of respect very seriously.

Elaine, here is is a very detailed explanation on the current Good Faith Estimate, including which 6 items actually constitutes a loan application that requires the GFE to be sent out within 3 days:

Like Scott says, if you were just pre-approved/pre-qualified, then the GFE wouldn't be sent out until the required information for the application is known.
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0 votes 3 answers Share Flag
Louis  Wolfs…, Real Estate Pro in Needham, MA
Mon Jun 20, 2011
Louis Wolfson answered:
80 10 10 is the way to go, give Andrew a call, see if he can turn it quick enough.
0 votes 3 answers Share Flag
Marie Souza…, Real Estate Pro in Centerville, MA
Thu May 19, 2011
Marie Souza Team answered:
Call the Bank & speak with your mortgage person directly. Did you lock in your rate? Do you have a signed fee disclosure from them? All banks are a bit behind in re-finances right now, because there are so many happening. Go to the source, to get the answers you need.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
... more
0 votes 1 answer Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Thu May 19, 2011
Scott Godzyk answered:
It depends what you signed, most often it is the appraisal and credit report, if the closing attorney has pulled title you could pay for that and depending what you signed, you may owe the loan officer a fee . Best bet is re-read everything you signed and look to see what they can or can not charge you for if you cancel. good luck ... more
1 vote 1 answer Share Flag
Danielle O'B…, Real Estate Pro in West Roxbury, MA
Sun May 8, 2011
Danielle O'Brien answered:
Hi Andrew, I realize they were not looking for 100% financing. My point in saying that was to point out that not only was I able to secure financing in a similar situation, it was for a substantial amount. I answered the question in relating my experience - my LTV was also high, with decent credit and reserves, and rental income issue. My husband is a veteran so we were able to take advantage of VA. ... more
0 votes 8 answers Share Flag
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