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Financing in Northridge : Real Estate Advice

  • All74
  • Local Info5
  • Home Buying20
  • Home Selling3
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Activity 8
Sat Sep 13, 2014
You really need to wait until the cards report, which is usually the first week in the month. But you can sometimes call and get the lender to report now sometimes not. Also I have loans that will approve you at a higher LTV feel free to call me and discuss that if you want. ... more
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Sat Jul 26, 2014
Rudi Hofmann answered:
You do need to answer this question truthfully on your loan application. A good letter of explanation (LOE) should suffice. .... Happy funding, Rudi
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Tue Nov 13, 2012
Caroline Harabedian answered:
Try WestCom Lending, INC. They have some creative solutions. 866-256-0769 (ask for Bridgette).
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Fri Mar 9, 2012
Gregorio Denny answered:
I have first hand experience closing them and contrary to what you hear, there are many that benefit. Sure not everyone fits the criteria, but for those that do, the process is a snap. The original HARP is still available to 125% and same servicer HARP 2.0 has been available for 2 months now. The inquiries for HARP 2.0 have been overwhelming and there is already a waiting list for those that qualify. ... more
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Wed Oct 20, 2010
Shel-lee Davis answered:

Steve gave you some good information. And, of course, you do need to check with your lender on exactly how they handle principal reductions.

On the other hand, if you are a numbers person and want to know the dollars and sense (I mean cents) about it, here is a quick recap. Based on an interest rate of 5%, if you make one extra payment per year, at the end of each 12 month period, you will pay off your 30 year mortgage at approximately year 25 and 4 months. You will save approximately $16,350 in interest on every $100,000 borrowed. So if you plan to stay in the house the rest of your life this makes sense. You have saved both time and money. Of course, the situation changes based on your plans. And, this analysis does not take into account any changes in your income tax liability. For a complete analysis the benefits of making extra principal payments, check with your tax and investment advisors. Good luck on your new home purchase and Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
... more
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Tue Oct 12, 2010
Desari Jabbar answered:
I'm not sure if you can get a official GFE unless you have the sales price of the home. Why not stick with one lender, find a home, submit an offer. At that time, request the good faith estimate. If you're not satisfied with what they have to offer with closing costs, points, etc. Find a lender that offers you what you want.

Best of luck to you!
... more
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Mon Feb 8, 2010
Ted Canto answered:
Hi Paul,

I think it will definitely help the industry and spur more movement in the economy in general. However, I am always a bit bent when people say that lending is harder to come by. It is not at all. That said, the lenders are paying attention to what they should have been doing all along. I have had no problem getting my borrowers approved but I have had to make sure that I cross all my T's and dot my I's. Then again, that is what I am suppose to do as a Loan Officer anyway.

We are lending to the less than 90 day rule and we are going above 20% profit but we require two independent appraisal from 2 different appraisal companies. We are having no problem with it so far. We are also closing them in 10 business days or less.

Ted Canto
... more
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