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Home Buying in Morada : Real Estate Advice

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Activity 6
Sun Oct 20, 2013
Robert Spinosa answered:
Frankie,

Often your lock is associated with the property itself, so if you're saying you locked a rate while you were in contract on a different property, this is something you should discuss with your loan officer.

As for the rate itself, if it is a conforming, 30-year fixed rate loan, the rate is very good and that would not be motivation for me to switch if you're happy with your lender now.

Let me know if you have any questions.

Rob Spinosa
rspinosa@rpm-mtg.com
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Tue Jun 8, 2010
Steven Ornellas answered:
Hi Christina,

There's a great side-by-side chart located at http://docs.Steven-Anthony.com/033010ComboTaxCreditChart.pdf that breaks down all the details of both the FED & CA Tax credits.

For example, the FED requires you maintain the property as your primary residence for three years. The State requires 2 years. With the FED tax credit you claim it all in your 2010 taxes. The State tax credit is claimed over the 2010-2012 tax years.

There are many other comparisons on the chart.

Best, Steve
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Tue Jun 8, 2010
Steven Ornellas answered:
Hi Christina,

Don has provided you with a clear and correct answer.

To take advantage of the both the CA and FED tax credits a first-time home-buyer must enter into a purchase contract for a principal residence before 5/1/10 (by 4/30/10), and close escrow starting on 5/1/10 and no later than 6/30/10. If this can be done, up to $18,000 in combined tax credits are possible. You can read more about the steps for obtaining these credits via this blog post: http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2010/04/navigating_the_new_ca_and_existing_federal_tax_credit

If you are interested in the CA tax credit do review the "update notes" at the bottom of the post.

Best, Steve
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Tue Nov 10, 2009
Dan Chase answered:
If the appraisal comes in higher that what you offered you did a good job.
If the appraisal comes in lower you got to excited.
If the appraisal comes in about the same then you offered about what was expected.

If your offer is more than the appraisal and you had an appraisal contingency then you should either 1 walk away or 2 have the seller drop their price to the appraised value OR LESS. No one should overpay for a house. It is bad enough they are likely to drop even further in value over the next 2-3 years. Overpaying now just makes that feel even worse.
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Sun Aug 3, 2008
Lee Collins answered:
Hi Jess,
I think it is critical that you compare your mortgage options. You should have your mortgage professional show you 2-4 options side by side of different ways to structure this loan.
"Average cost" is very open ended. There are items like pre-pays which are mentioned in the post below, also points, or there is even a way for the mortgage professional to give you a slightly higher rate and the lender can pay all or some of the closing cost.

This should be quick and simple for your mortgage professional to give you a side by side comparison. Depending on the final numbers, you may only need 4-5% from the seller, and it may make sense to take another 1-2% off the price.

Hope this helps.
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Mon Jul 21, 2008
Maria Avdalas answered:
I would call Eli at Custom Loans at (916)487-8393. He is a loan broker and has access to several different banks and options. I have worked with him and my clients have all been pleased. ... more
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