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Financing in Mesa : Real Estate Advice

  • All539
  • Local Info41
  • Home Buying160
  • Home Selling22
  • Market Conditions20

Activity 25
Sat Jul 30, 2016
Steve Bernstein answered:
In my biased opinion, I believe a borrower should shop for their mortgage rate and fees upfront, based on an "apples to apples" comparison. For example, maybe call two mortgage banks, and two mortgage brokers, and request a written estimate for your specific details of transaction.

For Example:

"Hello Lender XYZ, My Name is James Sandomierski, and I am shopping for a mortgage. Are you able to provide me with a written Estimate?" "Can you please email me the estimate, based on the following terms:"

* $300,000 Purchase Price
* 20% Down Payment
* $240,000 Loan Amount
* 30 Year Fixed Rate Conventional Loan
* With No Discount Points or Origination Points
* Based on a 45 Day Rate Lock Period
* And a XYZ Middle Credit Score

Then say: "I will review your rate and fee estimate upon receipt, and I will call you back if I am interested in proceeding further."

Then wait to see who responds quickly and efficiently with the best rate and fee combination, and proceed with that Loan Originator for you mortgage Prequal Letter & Preliminary Mortgage Approval.

Note if a Loan Originator doesn't provide a written estimate, or is slow to respond, then that is the likely service you would receive from that lender.

Finally, if you are looking for the best low cost mortgage lenders in Arizona, please call me, or visit my website. Thank You! Steve Bernstein (480) 424-7144 NMLS 1230169 / 1443346 Equal Housing Lender.
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2 votes 1 answer Share Flag
Mon Jun 20, 2016
Single Family Housing Guaranteed Loan program or Section 502 loans are primarily used to help households purchase homes in rural areas. The Kentucky USDA loan allows for 100
% financing ... more
0 votes 10 answers Share Flag
Thu Feb 26, 2015
Brian Martucci answered:
If you can't cover all costs, its a short sale. Maybe ask the realtor about paying them on installments, post closing? Its a long shot, but maybe. And maybe they'll help out and reduce the commission a bit. And maybe you can find someone $$ somewhere to cover the shortage, like gift money from a family member, or cash advance a credit card, or take out a personal loan at a bank? Good luck. ... more
0 votes 3 answers Share Flag
Sat Nov 22, 2014
Michael Cheng answered:
Not necessarily. A short sale is only possible when a lender has agreed to take less than what you owe. Otherwise, you just owe the commissions separately.
0 votes 1 answer Share Flag
Tue Nov 11, 2014
Tony Garcia answered:
assuming it was a chapter 7 BK, you would be eligible for FHA financing 2 years after your discharge date.

The only real questions will be:

1. Do you have a 2 year employment history prior to your current job
2. Can you do the 3.5% down required by FHA
3. What is your current credit score
4. do you have a debt to income ration acceptable to FHA.

I would suggest you make a formal loan application, a good loan officer will be able to answer all your questions. I would be happy to help, email me at if you would like to discuss.
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0 votes 1 answer Share Flag
Mon Jul 28, 2014
Jennie Miller PLLC answered:
You should speak with a lender directly so that they can look at your entire scenario.
0 votes 3 answers Share Flag
Sat May 24, 2014
Hi Jane,

Tough to say. It really just depends on which properties are more "comparable". The appraiser may possibly use a mix of your neighborhood and the other neighborhood and make adjustments. Appraisers value homes for a living, so they'll be able to see differences from subdivision to subdivision and make corrections if necessary.

There is an element of risk with an appraisal unfortunately. You really can't determine what the outcome will be until it is completed.

Probably not the advice you wanted to hear, but it's kind of a wait and see situation.
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0 votes 2 answers Share Flag
Tue Feb 25, 2014
Hank Wilson answered:
You can expect an opinion from everybody. Ask friends, family and neighbors if they know of a good Realtor or someone they trust. A good Realtor will walk you through every step patiently and answer every question along the way from start to finish. Good luck! ... more
0 votes 14 answers Share Flag
Thu Feb 13, 2014
Owensn1983 asked:
Tue Sep 24, 2013
Jeremy James Jack answered:

This link should cover all the questions you need answered. Please let me know if you need further assistance. ... more
0 votes 3 answers Share Flag
Thu Aug 8, 2013
Kate Ward answered:
Hi "Stark"
I work with a Great lender - his name is Courtney Crofoot, Peoples Mortgage, phone is 602 882-5588. Not all lender are the same. Give Court a call, it is worth your time.
Kate Ward
Coldwell Banker
Trails and Paths
602 481-5577
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0 votes 7 answers Share Flag
Fri Nov 11, 2011
My recommendation, sir, is to pay them on time...
0 votes 6 answers Share Flag
Thu Jul 28, 2011
Gerard Carney answered:
The answer I believe you want is Yes they will bundle that amount for the insurance with you monthly mortgage payment, they like this so they know it is being paid and since they require you pay it, the same would go for the escrow Property Tax payment. This too is a simple guarantee to the bank that it gets paid, not paying your taxes would allow the county to sell your property to make the taxes owed them, and it over rides even primary lender, so you know that the banks want the Tax escrow paid each month, it takes the only default competitor off the table! So lets say PMI is $30 per month, your taxes $3600 for the year or $300 per month for the escrow account, and your monthly mortgage payment is $1250 per month, bundled into on sum we see a monthly payment of $1580. Rule of thumb if it has an importance to the bank then they like to add it to the payment so they know it is being paid and there is no risk to them! ... more
0 votes 9 answers Share Flag
Fri May 27, 2011
Kevin and Debra Hammontree answered:
My husband and I have 20 years combined experience in real estate, however, we are not lenders and would never pretend to be. Please contact this local lender to find out your options:

Lanie Martin ( MLO-0912514 ; NMLS # 225169)
CobaltMortgage | Senior Mortgage Planner
725 W. Elliot Rd. Ste. #101-4
Gilbert, AZ 85233
Direct: 480-353-2318
Cell: 480-200-4132
Fax: 1-877-475-7252 |

We would love the opportunity to help you find a home if you find out you can qualify. Please mention our names to Lanie and she will give you the best possible service.

Our best to you,
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0 votes 14 answers Share Flag
Thu May 19, 2011
Laura Higginbotham answered:
You can buy right now. We specifically work with buyers who have not yet built their credit scores back
up yet or have a very recent BK, Short Sale or Foreclosure on their record. This is through a local bank, not a private lender or hard money lender. Contact me directly for details. ... more
1 vote 9 answers Share Flag
Thu Apr 14, 2011
Hi Nate,

If you are still looking, we can finance (refinance & purchase) your cabin even if you had up to ten fincanced properties.

Please feel free to contact me; I'd be glad to help you with any more questions you may have on this.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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0 votes 5 answers Share Flag
Wed Feb 16, 2011
Terrence Charest answered:
A market analysis of an unseen home is very difficult to do. You must get these from a local real estate agent who can view your home and be able to give you the best price range of what your home could bring in. ... more
0 votes 6 answers Share Flag
Mon Nov 22, 2010
Hi Mehul,

Congratulations on your decision to purchase your first home. If you have contacted someone for your loan, please feel free to contact me for a second opinion or any questions you may have. I work for one of the largest local mortgage banks in the Phoenix area & would be happy to meet with you, personally.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA, VA, USDA, Jumbo, Conventional, loans to Canadians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
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0 votes 11 answers Share Flag
Wed Jun 23, 2010
Kent Gagon answered:
Fannie Mae recently release new guildelines that can be found on their website as to how long it has to be from the time of foreclosure to time of new loan application. If you went through a full foreclosure, you are looking at 5 years, if you did a short sale or deed in lieu, 2 years. As for improving your credit, try, they are suppose to be really good at helping to restore credit but no guarantees. Unfortunately you are not alone but you will be able to buy again in a few years. For the best advise, call a local lender or bank that you deal with they will be able to help you best. Good luck hang in there this is a big problem for tenants these days do your best to find a home that was not purchased in the height of the markets because many of those owners are going into "strategic default" Sad but true.
Good luck
Kent Gagon
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0 votes 3 answers Share Flag
Fri May 28, 2010
Matt Puzz answered:
I can write USDA mortgages, give me a call. I am a lender in Mesa, live in Mesa and can help you.

Matt Puzz
Amerifirst Financial Inc.
0 votes 4 answers Share Flag
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