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Financing in Orange : Real Estate Advice

  • All176
  • Local Info13
  • Home Buying66
  • Home Selling7
  • Market Conditions3

Activity 14
Claudia Mull…, Real Estate Pro in Fremont, CA
Wed Jan 6, 2016
Claudia Muller answered:
Actually there is a 'bank police' that monitors your loan for 12 months after closing the transaction.
Welcome to the computer age.
FNMA, Freddie Mac and GNMA (and all other investors) monitor the names that are hooking up the utilities. They monitor the address on the checks that pay the mortgage of the account from which the auto payment is coming.
The Note that you are signing states that it is your intention to occupy this property from the time of the inception of the loan for a minimum of 12 months.
Should the lender discover that this is not the case, the loan will be 'called' due an payable within 30 days of the discovery.

It is best to listen to the professionals in these cases. "Lying" as stated below to a lender constitutes mortgage fraud and that could get you in trouble...

The mortgage meltdown of the past few years has opened the eyes of the lenders.
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0 votes 9 answers Share Flag
Claudia Mull…, Real Estate Pro in Fremont, CA
Tue Dec 8, 2015
Claudia Muller answered:
As a lender:
The MIP must be shown as a charge to you. It will be offset as a cost to close by the increased loan amount.
MIP will be on the charge to you side of your closing statement.
You will then see the large loan size on your credit side of statement.
These will balance out.

A really great lender will point this out to you at the beginning of your purchase transaction through both the new TRID initial disclosure and a detailed conversation at the time of loan application.

If you are reading this answer and considering a loan officer make sure they are explaining every line of the TRID and steps of the loan process in detail.
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0 votes 3 answers Share Flag
Larry Webb,…, Real Estate Pro in Ladera Ranch, CA
Thu Mar 27, 2014
Larry Webb, Ph.D., MBA answered:
Hi Cindy, The market has gone up quite a bit in price since your original post and you may no longer be under, please contact me below and I can put you in touch with a great lender that can discuss your situation in detail and make recommendations for you. My contact info is:

Larry Webb, Ph.D., MBA
Broker Associate/Agent – REALTOR®
(714) 222-1465
Century 21 Award - Fine Homes & Estates
Orange County, California (Serrano Heights Expert)
Video Biography:
See my professional recommendations on
CalBRE Real Estate Broker’s License: 01413405
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0 votes 15 answers Share Flag
Grant Fawcett, Real Estate Pro in Tustin, CA
Mon Jun 17, 2013
Grant Fawcett answered:

I'm a mortgage banker. There are a lot of items to consider when evaluating a refinance. Would it make sense to refinance? It depends on your current rate, how long you are looking to keep your investment property, how many years you've been paying on your current investment property - In short, what are the benefits to you?

All of this could easily be evaluated by showing me a copy of your mortgage statement. I would then show you an amortization schedule of future payments & how it effects your principal balance.

Fannie Mae Guidelines require me to use 75% of your rental income to offset your mortgage payment. You can put down as little as 3% down on a conforming conventional loan.

Please call if you have any questions.

Best of luck.

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
Ph: (949) 212-4578
NMLS: 632835
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0 votes 6 answers Share Flag
Kawain Payne, Real Estate Pro in Seal Beach, CA
Wed May 29, 2013
Kawain Payne answered:
Hello Kwaku710,

It will stay on your credit report for 7 years.

Think of 7 as "the number of completion". This goes back to Old Testament days, and has been carried over for thousands of years. In those days debts were forgiven if not paid in full by the 7th year.

Negative info on credit reports can stay on for 7 years. After enduring the 7 year penalty , you will be able to start over without the negative info on your credit report.

Best Regards,
Kawain Payne, Realtor
Prudential California Realty
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0 votes 5 answers Share Flag
,  in
Mon Apr 15, 2013
Yes it is a bit crazy but really you must go with an FHA or VA loan on this. It is one of those things left over from the mortgage meltdown that does not make any sense really. I am in Costa Mesa if you would like more help on this. ... more
0 votes 8 answers Share Flag
Skylerasue, Home Buyer in Fort Worth, TX
Thu Mar 7, 2013
Skylerasue answered:
"The process to decide whether to refinance is usually fairly basic. You need to answer three questions: 1)How much will it cost?; 2)How much will you save?; 3) How long are you likely to remain in the property? Then see how long it will take you to be ""paid back"". In most cases the answer will be fairly obvious.

There are other considerations that depend on your income level and the tax deductibility of mortgage insurance...if you still need it. But putting that aside I would recommend that you carefully analyze the level and speed of the ""payback"" before you move forward. "

Know about Conventional:
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2 votes 23 answers Share Flag
Jovan Simon,  in Santa Ana, CA
Sat Sep 8, 2012
Jovan Simon answered:
Hey CPbronco,

Your best bet is to work with a local trusted lender, and I can help you out. With 5% down on a conventional loan you will have MI(Mortgage Insurance), if this multi unit is a investment property realistically you will need to put down more and also have a few months reserves. But if your going to occupy one of the units, that's a different story.

With our company we don't charge any points or junk fees so make sure which ever company you decide to work with don't as well. Closing costs can be rolled on to the back of the loan.

Give me a call for more detailed information so I can help you accomplish your goals even if it's not with us.

Jovan Simon
Account Manager
In House Lender
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0 votes 30 answers Share Flag
Rosegudy, Home Buyer in Dallas, TX
Mon Jun 25, 2012
Rosegudy answered:
The FHA Funding Fee is the upfront cost and monthly premium you pay when you get a mortgage guaranteed by the Federal Housing Administration (FHA). The upfront fee, also called the upfront mortgage insurance premium (UFMIP), equals 2.25 percent (subject to change) of your mortgage amount. The monthly insurance premium (MIP), a different percentage, is added to your mortgage payment. Monthly MIP Funding Fees are calculated a bit differently, but the math is relatively easy.

Click here for more information:
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2 votes 11 answers Share Flag
Jaleesa Pelu…, Real Estate Pro in Laguna Beach, CA
Thu Jan 13, 2011
Jaleesa Peluso answered:
Thanks for asking this question on Trulia! Although it has been quite some time since 2011... This is still a really relevant questions since I meet so many first time homebuyers with the same questions.

There are basically two things you should do:

1. Find a real estate agent who you feel you can trust and who knows the local area. The agent can put you in contact with some trusted loan officers and can help explain to you the process of buying a home.

2. Talk to a loan officer. A real estate agent can recommend you one or you can often just go to your bank. The loan officer can look at your finances with you and come up with a gameplan. He/She can help you figure out the right financing plan for you.

Your loan officer and your real estate agent can help you through this entire process. Ask them as many questions as you can think of, and you will start to understand the general process of purchasing a home with financing.

Good luck!

Jaleesa Peluso
Laguna Beach Realtor
Berkshire Hathaway
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0 votes 12 answers Share Flag
Jenny A. Le,  in California
Tue Feb 23, 2010
Jenny A. Le answered:
First, a deed of trust is a document that evidences a lien on property given as security for a debt. Deeds of trust require the use of a trustee and vary from state to state.

Second, a closed end is a single loan transaction with specific term of months or years, specific payment, and has no provision for future advances. A loan is called closed-end credit because there's a set date when all of the debt needs to be paid back in full, plus interest.

Sometimes, the borrower has the option to choose a loan set up as a closed-end or an open-end second mortgage. An open-end loan functions like a credit card where the borrower uses the credit line, repay and repllenishes the available credit (revolving) for future advances.

So a closed end deed of trust is a legal secured document for a non-revolving loan.

I hope the information helps.
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1 vote 2 answers Share Flag
Bob Phillips, Real Estate Pro in Rancho Santa Margarita...
Wed Dec 31, 2008
Bob Phillips answered:
The new FHA maximum loan limit, for Orange County, as of 1/1/09 - tomorrow - will be $625,500. I have some excellent lenders to recommend if you need assistance.
0 votes 5 answers Share Flag
ScottSchang,  in Orange, CA
Thu Aug 7, 2008
ScottSchang answered:
And they don't require 3% down, they max out at 95% LTV but have silent second mortgages - 4% for Orange county. I do a lot of these loans.
0 votes 40 answers Share Flag
Victoria Alw…, Real Estate Pro in Yorba Linda, CA
Tue Jul 22, 2008
Victoria Always Realtor Green answered:
Dear Selina:
I am certified to demostrate the differenr downpayment programs available today. Some of these programs you may not have to repay. Please call me with any questions you may have.
Victoria, REALTOR
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0 votes 15 answers Share Flag
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