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Financing in Humble : Real Estate Advice

  • All152
  • Local Info14
  • Home Buying40
  • Home Selling2
  • Market Conditions3

Activity 3
Thu Jan 8, 2015
James L. Smith answered:
I would advise you to consult a Mortgage professional in your market. A state licensed loan officer at a local but, nationally recognized mortgage company will be able to refinance you into a more suitable loan product preferably a 15 or 30 fixed rate. This way you do not have to deal with this situation of rising interest rates again. If there is not a way to refinance you immediately, the mortgage professional should give you a financial plan to reach that place of transition. ... more
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Fri Jun 15, 2012
Tommy Burris answered:
Make sure the builder's lender matches the best deal you can find in the market.
Stipulate that if they cannot, you get to use your own lender and keep the freebies.

BTW: Inquiries are overrated.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
... more
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Thu Jun 14, 2012
Tommy Burris answered:
I beg to differ with Don a little.... And would like to clarify my original answer.

Lenders that forget to check off boxes correctly(in calculating APR) are mostly out of business or soon will be after their next audit.

APR is still a valid tool. I just don't like it because it is a leap of faith and doesn't encourage the borrower to 'what if' their loan offer.
Ex:
Will you pay off early?
How long will you stay in the loan?
Then APR doesn't apply if you don't fit inside the box of someone who will happily pay their loan off in equal 360 payments.

Advice:

Ask lenders lending questions
Ask realtors realtor questions
Ask a person acting as a lender & realtor: "Which one are you good at?"

Good Luck!
... more
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