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Financing in Marietta : Real Estate Advice

  • All569
  • Local Info70
  • Home Buying130
  • Home Selling22
  • Market Conditions27

Activity 10
Thu Sep 15, 2016
Kirsten Wellborn answered:
Hi Leta,

It looks like nobody answered your question yet.

A HELOC is a Home Equity Line of Credit. This type of mortgage that your speaking of was very popular before the market decline. These loans are sometimes referred to as piggyback loans.

80% 1st mortgage
10% HELOC
10% down payment.

The HELOC is a revolving credit account that is more like a credit card account (without the card) that is tied to your house. These types of loans usually carry adjustable rates.

The reason that people do these types of loans is they avoid paying PMI or private mortgage insurance because the lender in the 1st position only has it financed for 80% of the value.
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Tue Jul 26, 2016
Joe Borelli answered:
Compared to the standard FHA loan programs, the 203K renovation loans involve a number of extra steps from pre-approval to the loan closing. To make the loan approval process, work with a local 203K lender. Find the latest list of FHA approved 203K lenders here:

http://203klenders.org
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Sat Feb 22, 2014
Rodney Mason answered:
Hi Beth,
Whether you are a first time buyer or not does not matter in most cases. In order to be classified as a "First Time Home Buyer", you cannot have been on title to any property within the last 36 months. Whether or not you are on an actual mortgage does not matter since title is the basis for the determination.

Are you trying to purchase a new home or are you wanting to refinance your exisitng home into your name? If you are trying to purchase a new home, then the taxes and insurance from your current home would be counted against your Debt to Income ratio. Once you have a recorded Quit Claim Deed removing your name from title, the taxes and insurance from the current home would then not be counted against you in a new purchase.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Wed Mar 20, 2013
Robert A Whitfield Broker answered:
Hi Brenda,

In reality Buyers are the primary drivers of the value of real estate - if they don't want to buy it, and or financing is too hard or impossible to get, it doesn't matter at all what the seller has to sell, or what any agent or appraiser thinks its worth, nothing happens without the Buyer taking action.

You are absolutely right about appraisers giving differing opinions of value based not only what the appraisal is for, but who the end user is that is paying for the appraisal.

However, that was not my point - if you give 10 appraisers the same type job to evaluate for the same type end user, they will generally be more consistant and closer with each other on the opinions of value, than if you ask 10 agents to perform a CMA for the same type purpose/end user.

Still, I have seen some wacked appraisal by supposed experts - and successfully refuted many for my sellers. Just like anythng else - there are good and bad in any industry.
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Sat Jan 21, 2012
Robert Robbins answered:
Jim,
2 additional reasons you may find, are that:
1. Due to regulatory issues, each State will price out different from one another.
2. Bank Rate.com is more or less an Advertisement. Meaning that anyone on there is likely to be 'Low Balling' a figure to entice you to come to them. I'm not saying their rates aren't correct. But they may not have any risk factors included in them. for example
95% purchase vs under 80%
Credit scores of 660 vs. 800
These can easily either raise a rate or the costs associated with obtaining the rate.
Also Rates are not the Big Worry anyhow. It's the Closing costs associated with them.
on a typical 30 year loan rates can go from 3.5% with nearly 4% of the financed price in closing costs to 4.25% with nearly 0 closing costs. you need to do the math but it will be easy to see in most cases with rates so close together, Low and 0 Cost loans are smarter financially.
Example 200k home 5% down leaves 190k to finance. you could get the "Water Cooler" rate of 3.5% but you would have to cover 7600.00 in closing costs (+ escrows) as well as your 10k down payment. (Exception - you can get your agent to have the seller pay 3% closing costs - then you would only pick up the remaining costs)
if you do your out of pocket costs as a part of the financing you can see the savings is NOT always worth the additional costs
Example - same home 200k minus down payment leaves 190k add back in 7600 for costs to bring you to
197600 at 3.5% = 887.31 base payment (not including taxes, Insurance or PMI) vs. a 0 cost loan at 4.25
190000 at 4.25% = 934.69 base payment (not including taxes, Insurance or PMI)
yes there is a 47.38/month savings but divide that into the 7600 it cost you to get it.
7600/47.38 = 160.4 months to break even that's nearly 13.5 years
Statistically, you are more likely to sell or refinance in the next 5 years on average. That would mean throwing away 8.5 years of recovery on that money or about 4800 of it still unclaimed.
Again this is if You are Paying for it. If you can get the Seller to front for Closing Costs then get the lowest rate you can (with out you bringing anything else to the table)
Anyhow that’s my suggestion. I hope that it gives you a few extra things to think about. If you need any other advice don’t hesitate to call

Rob Robbins
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
Office 678-578-7613
Toll Free 866-430-0970
Cell 404-932-5353
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Wed Jun 8, 2011
Glenn M Sable answered:
Hank,
The original thread stated "the appraiser suggested I Not approach the county tax people on the issue as it may net a higher tax assessment"
The fraud would be in the disclosure and closing when the true age is discovered. I believe the appraiser has an ethical duty to both his/her client and to the public trust -i.e. the county appraiser and assessor to suggest correction when a discrepancy is discovered. After all you and I pay taxes based upon our public records, why should others "skate" with invalid data.
If anything, the correct YB date would lower the tax liability.

The fraud is specific, the appraiser knows the real story, recommends cheating the local govt, sets up the seller for potential law suit over the real age and probably other pertinent information. When called for testimony the appraisers has only two options, lie in open court with "have no information" or acknowledge an error in the appraisal. Either way, not good for anyone!

Glen
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Tue May 17, 2011
Tim Brown answered:
Kiki,

If by modify you mean to rid yourself of the balloon payment on the second I believe there is. Depending on your home value, you can accomplish this goal either by consolidating the two loans into a single mortgage if the value is there or if it is not, call the second mortgage lender and discuss modifying the terms of the second mortgage lender.

In the current environment, no second mortgage lender wants to call due a loan where the borrower is making timely payments. They have too many loans that are in default to play hard ball with you. I am very confident they will be amenable to converting the loan to a fully amortized mortgage that will allow you to keep your current payment schedule.

If you need any help with accomplishing this, I would be happy to help.


Timothy Brown | Managing Broker
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
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Fri Apr 15, 2011
Scott Butcher answered:
Your might be better off speaking with the local Community Banks in your area that would hold onto your loan and service it themselves versus selling it in the secondary mortgage market. Most national or regional mortgage companies simply won't do a mortgage under $75,000, much less $50,000 simply becuase they make hardly any money due to the smaller loan size. This is especially true now that the new Frank/Dodd Wall Street Financial Reform Bill & Federal Reserve Board Ruling went into effect on 4/6/2011 which limits how much much mortgage lenders can earn. This isnt' what you want to hear, but thought you might like to know why it will be harder to find a traditional mortgage for you home purchase.

If you are looking at a fixer upper, then you should look for a FHA 203(k) Streamline lender in your area. That might be a possible solution to get rehab money and a larger loan amount.

Good luck.
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Wed Mar 23, 2011
Michelle Foster answered:
Hi Nh0328:

I have a terrific Loan Officer to recommend to you....simply put she is the best! Jan provides awesome customer service and she is very knowledgeable. Her contact information is below:

Jan S. Wagner, CRMS Certified
Branch Director/ Licensed Mortgage Originator [NMLS 152431]
Primary Capital Advisors, LC [NMLS 3076]
Canton Street Branch Roswell, GA 30075
Office: 678.505.4161
Cell: 678.525.1486
GAMP’s Top Producer Award Recipient 2006 – 2009
Apply online at www.janwagnerpcm.com
YOUR MORTGAGE, ON TIME & ACCURATE

Good luck and Best wishes,
Michelle
Michelle Foster, REALTOR, ABR, QSC
Better Homes and Gardens Real Estate Metro Brokers
678-653-2309
www.alltopmariettahomes.com
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Thu Jan 1, 2009
Rosario answered:
Hello

I am here i will be Happy to assist your customer during the home buying process. Please feel free to call me with any questions you may have. I strive to make the home financing process smooth and hassle-free for avery one

* HABLO SPANOL *

Thank you.


Rosario Maldonado
Loan Advisor
Amerisave Mortgage Corporation
Direct 505-304-2907
rmaldonado@amerisave.com
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