Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Millburn : Real Estate Advice

  • All31
  • Local Info2
  • Home Buying14
  • Home Selling0
  • Market Conditions1

Activity 3
Sun Feb 24, 2013
Javier Meneses answered:
Hi Maria. If you have limited funds towards down payment, I would suggest against a interest-only loan. Out of all loans available to home-buyers today, FHA is the one that requires the least downpayment, which is 3.5%. FHA does not offer an interest-only option, just a fixed rate (which I recommend) and a variety of adjustable rates.

Meet face-to-face with a Loan Officer and allow him/her to review your credit and all necessary documentation, so they can determine how much you'll qualify for and go over what the downpayment will be and all other variables as well. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 740-4478
... more
4 votes 9 answers Share Flag
Tue Feb 14, 2012
Gena Bolton answered:
The servicer of the loan does.....

A mortgage servicer is responsible for the day-to-day management of your mortgage loan account, including collecting and crediting your monthly loan payments, and handling your escrow account, if you have one. The servicer is who you contact if you have questions about your mortgage loan account.

If your loan is transferred to a new servicer, you generally get two notices: one from your current mortgage servicer; the other from the new servicer. In most cases, your current servicer must notify you at least 15 days before the effective date of the transfer, unless you received a written transfer notice at settlement.

The effective date is when the first mortgage payment is due at the new servicer’s address. The new servicer must notify you within 15 days after the effective date of the transfer.

Both notices must include: the name and address of the new servicer, the date the current servicer will stop accepting your mortgage payments, the date the new servicer will begin accepting your mortgage payments
telephone numbers (either toll-free or collect), for the current and new mortgage servicer, for information about the transfer.

There is a 60-day grace period after the transfer: during this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old servicer.

The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or get free information on consumer issues, 1-877-FTC-HELP (1-877-382-4357)

Hope this helps,
... more
0 votes 2 answers Share Flag
Thu Feb 24, 2011
BG answered:
Leveraging , leveraging, and more leveraging .. up to 20 times and you all know how it all turned out with Banks. It works only when you are not the LAST one who is holding the bag.
0 votes 2 answers Share Flag
Search Advice
Financing in Millburn Zip Codes