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Financing in Crete : Real Estate Advice

  • All42
  • Local Info3
  • Home Buying6
  • Home Selling0
  • Market Conditions6

Activity 3
Mon Apr 28, 2014
Dan Tabit answered:
A couple of things to consider. While you are living in the home, you may be able to legitimately obtain an owner occupied mortgage. Once you move out and convert it, this is gone. Rates and terms are more favorable this way. If you later convert it, lenders aren't as concerned, but check with your lender to be certain.
Next, a balloon note must be paid off when it matures, but you can also pay them off early in most cases. Depending on your current equity and credit, it may make sense to refinance sooner rather than later. Rates are attractive now and as an owner occupant you'll have more options.
Meet with a lender right away and explore your options before any decisions are made.
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Sun Aug 11, 2013
Synthia Noble answered:
UPDATE - just this week we received approval of a loan modification from Harris on our first mortgage. they went from a 10 year to a 40 year mortgage and dropped the rate. the only hitch is that the program is temporary - it follows the obama guidelines. In six months Harris hopes to have their permanent program in place and we have to apply again. In the meantime we get to stay in our house - it only took 9 months to get the loan modification. ... more
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Thu Dec 22, 2011
Steve Smither answered:

The posts below are very true.
We would need a few questions answered to give you an accurate number.
Also remember that when the lender calculates the payment they will include:
Taxes, Home Owners Insurance, any association fees as well as monthly PMI.
Good luck in your purchase...

Steve Smither
Senior Loan Originator
Midwest Equity Mortgage
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