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Financing in Monmouth County : Real Estate Advice

  • All55
  • Local Info1
  • Home Buying34
  • Home Selling5
  • Market Conditions1

Activity 50
Thu Jan 26, 2017
Vikinggal asked:
steeply. Excellent credit score, worth, but not enough cash to purchase a home w/o selling existing home first. How can I get a mortgage if home equity line of credit $ amount is low? Would…
0 votes 0 Answers Share Flag
Thu Oct 22, 2015
Tony Grech answered:
If that's the true FEE to refinance then that is excessive. FHA charges a 1.75% up front fee to do a loan so that should be about $5400 give or take. Then lender fees could be a couple thousand. And depending on how much your taxes and insurance are, you have to factor in escrows. Escrows are not a cost of doing the loan, although they do factor into settlement.

The more alarming factor is the time you've been on hold. No excuse for that whatsoever. You should immediately seek another lender to help you out. No reason any loan (even with repairs) should take any more than 45-60 days.

feel free to reach out and I'll see if I can help

Tony Grech
Sr. Mortgage Loan Originator – NMLS #977416
Luxury Mortgage Corp
29200 Northwestern Highway, Suite 300
Southfield, MI 48034
Mobile: 313-622-7383 | Direct: 248-714-4914 | Fax: 248-415-1522
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0 votes 2 answers Share Flag
Thu Jul 23, 2015
Andy Brown answered:
There are many options in the growing Jumbo Mortgage Market now including 5% down to $850k loan amount or 10% down to $1.5m. Unfortunately we don't lend in NJ but I'm sure something is available there. ... more
0 votes 2 answers Share Flag
Fri Aug 8, 2014
Annette Lawrence answered:
At a 50,000 high level view, appr 2% of your income. Add to that taxes and insurance and the total should not be more than 36% of your monthly income. That hugely vague number will represent about 80% of the price of the home you can buy.

Those numbers will let you know if you are in the ball park. There are 1,0000 reasons and 1,000 more that a big bank lender can and will create to guarantee you are left at the buyers alter 4 days before closing. Don't allow your shadow to cross the threshold of a big bank.

What you should do is pick up the phone and call a Freehold REALTOR to discuss your situation and real estate needs. Your REALTOR will be able to direct you to the lender with a proven record of delivering financing solutions for folks just like you, needing real estate just like yours, with goals mirroring yours....and hold the lender accountable for their actions.

In this market it will prove essential your lender is able to provide for you the resources allowing you to make an authoritative purchase offer. Such authority is not present in a pre-qualification or a pre-approval. Both have allowed lenders to abandon buyers at the alter. Have your lender, or my lender, provide you a 'CLEAR TO CLOSE' before you start shopping for a home, This means you have passed the lender underwriting FIRST and you can now, with the assurance you have the money, close in DAYS! Now that is a purchase offer with authority.

Pick up the phone and call a Freehold REALTOR.

Best of success,
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0 votes 3 answers Share Flag
Tue Jul 15, 2014
Frank Coppola answered:
I have access to private investors. Please call me at 732-585-5817
0 votes 2 answers Share Flag
Sat Apr 19, 2014
Maria Gonyo answered:
I have a perfect Lender for you to turn to:

ERic Jones
Branch Manager
Office: 3032194547
Cell: 646) 580-4839
Fax: 315-701-9198

If you want to discuss your situation in more detail please Email me on When you are ready to buy your home after obtaining a pre- approval i will assist you with finding a home.

Maria Gonyo
Realty Mark Cityscape
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0 votes 6 answers Share Flag
Thu Apr 10, 2014
Sarah Pomphrey answered:
Best for you to contact a reputable mortgage broker/rep in your area. They will be able to offer you the
best advice on how to proceed. Good Luck!
0 votes 13 answers Share Flag
Fri Jan 10, 2014
Andrew Tisellano answered:
not sure where you are in the process but you still have the right to shop around for a better rate with another lender.
0 votes 4 answers Share Flag
Tue Sep 24, 2013
lendersnetwork answered:
You will need a construction loan I have a few lenders that offer these loans for all types of credit scores and loan products. FHA and Conventional..
0 votes 3 answers Share Flag
Tue Sep 24, 2013
lendersnetwork answered:
Some Lenders I know can do conventional mortgages with a 620 credit score and just 3% down.
4 votes 23 answers Share Flag
Tue Sep 10, 2013
x answered:
Rates can change multiple times a day, so anything you read in the paper is definitely at least a day old and anything on the Internet is more than likely not updated. Every rate you see has an associated price to it that is determined not only by the market, but also by the risk of you loan application. Risks in loan applications include, but are not limited to: credit score, loan to value, property type, state and possibly county where the property is and of course loan term and product type. When you see a rate advertised, you have to understand that the mortgage company is pricing that rate with all of the stars aligned to yield the lowest rate. I will give you some advice having been in the mortgage business for 13 years, call a few mortgage bankers, have a discussion with them, discuss rates (keep in mind that the rates can change until you lock), decide who you feel most comfortable with, do some homework on the banker (LinkedIn, Trulia, ActiveRain etc - see the link to my LinkedIn profile below) and then stick with your favorite. Trying to save an eighth to a quarter percent isn't worth the effort to bounce around when you are dealing with the most important transaction of your life.

If you would like some help with your transaction, please feel free to reach out to me. I can provide references.

Ryan McPartland
Chase Private Client Mortgage Banker
212-717-5902 office
646-522-6340 cell
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1 vote 1 answer Share Flag
Sat Sep 7, 2013
Joel Lobb answered:
0 votes 6 answers Share Flag
Wed Feb 20, 2013
Cavine answered:
I have been trying to sell my home as a Short Sale for over 2 years. The bank either never responded to the offers or in the last instance......the bank set the asking price. A buyer came in at full asking price. He patiently waited for months only to be told when we thought a closing was imminent that they upped the asking price by $9,000. He walked away. If I was a buyer, I'd stay away from a Short Sale!

As the seller, within 24 hours, I submitted to my attorney every document the bank asked for. It was not me that held this Short Sale up, as the house has been vacant for over 2 years and I just want it sold and off my shoulders. There seems to be no control over what the bank does. I've called every agency I thought would be of help, including my Congressman to no avail. The last contract was signed the beginning of Feb for $1,000 over the banks asking price and a cash offer. Just wondering how the bank will screw this sale up.
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0 votes 13 answers Share Flag
Fri Nov 9, 2012
Fred A. Blumberg answered:
Wed Aug 22, 2012
Andrew Tisellano answered:

It may also depend on the type of investment property.
I can refer you to a few mortgage people to choose from
0 votes 2 answers Share Flag
Thu Jul 5, 2012
Joan Congilose answered:
Most likely they are lines of credit, home equitiy loans or refinances on the property
0 votes 7 answers Share Flag
Thu Jul 5, 2012
Joan Congilose answered:
You can check your documents from when you closed on your house or call your attorney or title company. If all else fails you can go to the hall of records in your town and look it up.I don't think your life insurance has any relation to your mortgage but your homeowners insurance company definitely does ... more
0 votes 7 answers Share Flag
Sat Jan 14, 2012
Joe Cordova answered:
Joe Harvey provided the perfect link to answer this question below. I would make sure you truely have LPMI and not the standard monthly MI. If you have the monthly MI you will still be eligilbe for Harp 2.0. Fnma and Freddie Mac will implement this product into their underwriting engines, DU (desktop underwriting) & LP (loan prospector) in March. All lenders at that time should be able to refinance the loan with no appraisal requirement. Right now we have seen some of the servicing lenders already originating these types of loans.

HARP 2.0 is designed to help homeowners with or without private mortgage insurance (PMI), but the government’s revisions specifically excludes homeowners that chose lender-paid mortgage insurance (LPMI).

LPMI is mortgage insurance that’s built into your rate. If your mortgage statement itemized your monthly PMI, you have borrower-paid mortgage insurance and are thus eligible. All other mortgage insurance types are ineligible–including single-premium insurance.

Source: (
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0 votes 6 answers Share Flag
Wed Dec 7, 2011
Rudy McDowell answered:
There's no limitation on relocking. However, depending on the reason, you may be charged to do so. Typically that charge equates to .125 or a full .25 of the loan amount.
0 votes 3 answers Share Flag
Wed Dec 7, 2011
Michael Marino answered:
Hello Lorenzo,
First off Congrats on taking the first step in buying a home. The direction you are going in is a very good one, yet can be a very involved one as well. The other posting's offer you great advise and all are very accurate. I can only suggest to you though the first thing you need to do is find Some one you are comfortable working with and check them out as well. We all can offer you similar things and all have connections. I can offer you, great builders, agents, attorney's, as well. And of course a mortgage lender. Before you get your heart set on a piece of land, or a home talk to someone first. Get an ideal area you would like to live. Find out the taxes in the area if there is sewer or septic if there is gas in the area that can be ported into for all this will be a huge additional cost to you and your family. It would be my pleasure to help you out with this step by step. feel free to reach out to me. if not, good luck in your search and have fun with it. ... more
0 votes 8 answers Share Flag
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