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Home Buying in Eloise : Real Estate Advice

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Activity 4
Wed Aug 10, 2016
Diane Christner answered:
Trulia allows FSBOs such as yourself "free" access because real estate agents are paying the costs for you thru fees to have their contact info on the side of the listing pages, such as yours.

You can ask Trulia to remove your listing if you are not happy with the listing as posted.
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Tue Sep 10, 2013
Brian Nguyen answered:
First off, you would need to speak with a lender to apply for a loan and prequalify. When applying for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com ... more
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Thu Jan 6, 2011
MeLynda Rinker answered:
This looks like a no-brainer but with all the changes in this industry things can change on a daily basis as fas as mortgage guidelines go.

Be aware that the mortgage industry does not seem to like to give mortgages under $50,000. The mortgages are sold typically to other companies, and on many occasions, the same day you close on your home. The larger the mortgage, the better chance is that the person actually had money down and A+ credit and all the things that give mortgage companies the warm fuzzies about a mortgage. Many times, they will sell the big "warm fuzzies" and attach the smaller deals. You can have the good one if you take the not so good one as well.

You will find your best bets for getting the smaller mortgages through your larger banks where your private mortgage Brokers may not have an option available to them to offer you the mortgage smaller than $50,000. Realize that on a $50,000 deal with 20% down that you are really only mortgaging $40,000 so you may not even hit the threshhold of their bottom level if you don't go to a bigger bank.

Your bigger banks will typically charge you less than your private mortgage brokers as well so be sure to take the new form and shop for the best mortgage. Be aware of the points that they are charging you and calculate for each loan offered what it would cost if they charged no points so that you can observe apples to apples in your search. Also look at the cost to buy down your rates and look at the cost of buying down and if you did, how long will it take to balance the cost with the benefit. If you are going to just sell the house in a couple of years then the cost of buying down may not be beneficial for you.

So, did you get your loan the way you wanted it? Let us know how it went.
MeLynda Rinker
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Thu Jan 6, 2011
MeLynda Rinker answered:
Bruce,

It has been a long time since you wrote your question and things have gotten interesting out here in real estate land. Typically, when you as the buyer want to include your closing costs in the sale there are two ways to do it. One is to ask the Seller to pay for everything or you can get a mortgage that is higher than the asking price to be able to include those closing costs. There is a middle ground that we often look at and that is where your offer is higher than listing price (or higher than the actual price you want to pay) and then you bump up for your closing costs and offer that price and ask the Seller to pay your closing costs. In this scenario you are actually paying your own closing costs via your mortgage but you do not have the out of pocket costs that you would typically encur by just paying for your own closing costs at closing.

A few things to be aware of in doing this: First, the house has to appraise at or above the price you have offered and if it doesn't then you are going to have to rewrite the contract at a lower price or say no thank you and move on to the next property. (you have probably spent a lot of money on home inspections and the appraisal so make sure you can afford to lose that cost if you decide to back out of the deal. Secondly, as for the short sale end of this, it is rare that a bank will agree to more than 3% of the sales price as an amount they will be willing to pay for in the process. Some will do 6% but they are the rare bird in the flock right now.

I would have a very indepth conversation with my lender if I were the buyer and explain to them exactly what it is you want to do and make sure that they can accomodate your ideas in with their lending guidelines.

Without bumping up and asking the Seller to pay for your closing costs I HAVE seen the Buyer's bank or mortgage company be willing to roll your closing costs into your loan. For instance, you offer $100,000 on a home and then pull a mortgage of $106,00 to be able to roll your costs in to the mortgage. The house will have to appraise at $106,000 or higher for them to do it. 6% is the most a bank will ever approve in my experience.

You need to go into it with your conversations very much on the table with your lender to be able to accomplish this. They know the guidelines and unless your Realtor is also a mortgage guru, they may not be up on the changes in the mortgage industry on a daily basis.

Have you found a home yet and did you buy a Short Sale?
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