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Financing in Howell : Real Estate Advice

  • All87
  • Local Info5
  • Home Buying25
  • Home Selling3
  • Market Conditions2

Activity 5
Thu May 8, 2014
Johnathan Dunn answered:
When buying a home with a mortgage, there will be two Title Insurance policies put in place by the title company. One is the buyer's policy which is generally accepted to be a seller cost. The second is the lender's policy which is generally accepted to be a buyer cost.

The seller will pick the title company (who does several things in the process). The buyer may choose to have the seller's title company handle everything or to secure their own title company to handle the things that are important to them. (This is usually advisable when buying bank owned property.)

The title company insures the deed and will charge their fee for it at closing. Who pays it depends greatly on the contract or purchase agreement that is negotiated between buyer and seller. If the seller is paying concessions toward closing costs, the lender policy will be charged to the buyer, but the fee will come out of the funds the seller is providing as concession.
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Thu Sep 12, 2013
Amanda Cox answered:
I live in Howell, Mi and most of the homes that say that do indeed need some work....but sometimes its not stuff that is a big deal and other times it can be a lot of work. It's easier to just call an agent and go look at it and see for yourself and then they can answer questions you have about what the Homepath Renovation loan is. If you have any questions push my picture and I could help you. ... more
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Sat Dec 4, 2010
Mike Malvey answered:
620 is the magic number now for those loans and it's possible that they may increase in the near future. You could meet with a lender that will guide you in the proper direction to get your credit up to where it needs to be. Lenders can show you what actions will raise your score and by how much and about how long that will take. Make sure to get a reputable lender referred by family, friends or an experienced realtor in your area. ... more
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Wed Mar 31, 2010
T.J. Malkasian answered:
Katie,

I would defanitely recommend focusing on re-establishing new credit account and making sure that everything is reporting correctly on your credit report. Also, in order to qualify for FHA or conventional financing in the near future you are going to want to make sure NOT to let anything report as delinquent on your credit report. Late payments or collections after a BK are an easy way to get a new loan turned down. It sounds like you have been able to save and over the course of the next year, while remaining in your current home, you should be able to save quite a bit more. I do have some hard money options that are high cost and high rate loans, but you would probably qualify with a hefty down payment. Once reason it would make sense to go that route as opposed to a land contract or lease option is that you would have the ability to shop for a home that you feel is an awesome value. Even though your financing terms would not be the best, they would be short term and most land contracts and lease options are not your best band for your buck. I personally would rather take a hard money loan, but a home extremely undervalued, then just refinance out of the hard money loan in 3 years when you qualify. Owner financed homes tend to sell for current market prices, or above market prices in return for the seller financing the home for you. Please let me know if you have any further questions about anything :)


TJ Malkasian
Mortgage Banker

Top Flite Financial, Inc.
4149 Embassy Dr.
Grand Rapids, MI 49546

P: (877) FHA-QUOTE
P: (616) 433.7066
F: (616) 829.6002
E-mail: TJ@TopFliteFinancial.com
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Fri Feb 5, 2010
Derek Bauer answered:
An old posting revived - always great to see! CFRA - what ever came of your situation? I like to track those attempting to get all of these loan modifications Obama promised. I would like to be able to write a book on the success of that, but I couldn't fill-up a cocktail napkin with names at this point... ... more
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