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Financing in Memphis : Real Estate Advice

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  • Local Info61
  • Home Buying235
  • Home Selling36
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Activity 32
Fri Sep 29, 2017
Carldlindley asked:
Fri Jun 9, 2017
Brian Martucci answered:
If you have a mortgage on your property you can refinance at anytime, as long as the numbers make sense for you to do so.

Below are some good articles for you to read about refinancing:
https://www.getloans.com/refinancing-consider-life-loan-costs/

https://www.getloans.com/important-things-to-remember-when-refinancing/
... more
0 votes 1 answer Share Flag
Thu Jul 7, 2016
Rich Crossley asked:
Does getting prequalified negatively effect your credit rating and how long is the pre qual good for
0 votes 0 Answers Share Flag
Mon May 18, 2015
answered:
Hello Beverly!
Your best bet is to shop around! Contact different banks and see what they can do for you. I work for Evolve Bank & Trust at Poplar and Shady Grove. I would be more than happy to see what our bank can do for you. Contact me at (901) 260-1465 or email at mjaynes@getevolved.com ... more
0 votes 5 answers Share Flag
Tue May 12, 2015
thinz answered:
If you type in google "hard money lenders Memphis" you will get a ton of links to check out.
Many will have different terms for interest rate & security, be careful going to someone just because their rate seems low...there could be more to it...ask the same questions to each to get an apples to apples comparison.

For example:

WHAT ARE THE TERMS?
- how many points they charge - (usually between one and five points)
- what is the interest rate and how do you calculate interest?
- can I roll the points or interest into the loan?
- what is the term (length) of your loan and what is the penalty to extend? (assuming you can..)
- what is your down-payment or equity requirement?
- do you fund construction?
- what do you need from me to underwrite the loan?
- can I get 3-4 references from you from people that have taken out loans with you?
(very important to get references...just like with ANY service provider!

Good luck in your search. Tom Hinz www.shortsaletosell.com
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0 votes 1 answer Share Flag
Sat Nov 16, 2013
Staffardnett Young answered:
2 votes 5 answers Share Flag
Fri Jun 14, 2013
Gerald Williams answered:
Sorry Jennifer,
I am not aware of any special programs for recently divorced Mom's. However the most important point is that you are still on the Mortgage with your Ex. Unless he refinaces the Mobile home without you; you are still on the hook to pay that mortgage and it will count against you when you apply for a new mortgage. Suggest you contact a local lender and ask for an assesment of your mortgage capability.
If you would like a recommendation give me a call
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0 votes 2 answers Share Flag
Sat Feb 23, 2013
answered:
This depends on the Lender you are working with and how well staffed they are, etc... Whether they underwrite in house or ship your information to another Lender to underwrite. If it's taken 5 days while you were told 1 to 2, then maybe something is wrong or you should make sure nothing else will change on the loan. I would certainly demand some answers on Monday to make sure everything will happen as you were promised from this point forward. If you have any other quesitons, feel free to contact me. Best of luck! ... more
1 vote 1 answer Share Flag
Thu Oct 25, 2012
REMAX On Point MS answered:
Short Sales~Short Sales~Short Sales (A lot of Myths of there)

You will need an experienced agent that understands short sales, the process, each banks process, time-frame, closing costs paid for by seller, repairs and know what questions to ask the listing agent. Most importantly you will need a cooperating seller. I could go on and on. I have experience in selling short sale for over the past 4 years, probably before most agents. Selling residential real estate for 9 years!

Call us today for more advice about pre-foreclosures!

Laura and Jason, SFR
Short Sale Certified Resource

WallaceTeamSellsMemphis.com
... more
0 votes 10 answers Share Flag
Wed Oct 26, 2011
Michael Bellaire answered:
With Fannie Mae stepping in with rules, policies and procedures, the investment market isn't quite what it used to be. Although Fannie Mae says you could own up to 10 properties with no problem, according to lenders I work with, most lenders/investors (big banks/institutions) have overlays that put the maximum number of properties mortgaged at 4. They generally won't finance or go over that number financed. You may find an institution that will, there area always exceptions. As for switching to a form of commercial, you may find that policies, terms and conditions might be significantly different and not satisfactory for you.
If I can assist you in any manner, or perhaps point you to a lender or two to talk with, feel free to contact me.

Michael Bellaire, Broker, ABR
(901)757-5742
(901)287-8349 (mobile)
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0 votes 4 answers Share Flag
Wed Jun 15, 2011
Vee answered:
There is a program to keep your home in TN from forclosure if you were laid off or had a decrease in income contact www.keepmytnhome.com
0 votes 4 answers Share Flag
Wed Apr 6, 2011
Shannon Feol answered:
I do not know of any "banks" that provide mortgages for overseas investors, however I do work with a group that offers private financing for non-USA investors and with flexible terms. I'd be glad to answer any questions that you have. I have included the link to their website below.

Best of luck with your Memphis Investments, you have chosen a great city to invest in!
... more
1 vote 1 answer Share Flag
Mon Apr 4, 2011
Robert Lee answered:
I would recommend Waterstone Mortgage Corporation

They are the best in the business!
0 votes 7 answers Share Flag
Tue Dec 28, 2010
Vanessa answered:
If you are still looking for some help with this, I would love to speak with you. I am with Mortgage Investors Group and can be reached at vanessa.bintz@migonline.com. or visit my web site and apply online at www.vanessabintz.com ... more
0 votes 2 answers Share Flag
Tue Dec 28, 2010
Vanessa answered:
No, we cannot combine the thda and the 203k loan. Like I said earlier though, we do both so please contact me and we can see which way you prefer to go. If the repairs are extensive, you most likely will want to pursue the 203k loan.
Vanessa Bintz
MIG
... more
0 votes 2 answers Share Flag
Sat Dec 11, 2010
Alo webb answered:
My firm does but we do not go above 60% LTV and prefer the deal to be over a $1,000,000. We will do residential loans hard money if the deal is located in he New York Metropolitan area. If you your loan fits the above criteria please email the scenario to mr_real_estate@ymail.com ... more
0 votes 2 answers Share Flag
Tue Jul 27, 2010
Gerald Williams answered:
Cricktcris,

Not where you are in the process. If you are trying to figure out a budget for purchasing a house I would suggest using 4 to 4.5% as a buget number. If you have begun your search, I would suggest that you contact your lender and they should be able to give you a Good Faith Estimate which will be a better gauge of the actual cost including the prepaid items.

Gerald Williams
Affiliate Broker
Weichert Realtors - BenchMark
901-413-2233
... more
0 votes 4 answers Share Flag
Wed Mar 3, 2010
Wendy answered:
Hi Sharmaine - we have property for sale and would be happy to assist you with closing costs
if you were interested in purchasing from us - you can e-mail me at wfasulo@tampabay.rr.com for information.
Thank you
... more
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