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Financing in Raleigh : Real Estate Advice

  • All753
  • Local Info77
  • Home Buying279
  • Home Selling47
  • Market Conditions22

Activity 36
Gusdud1989, Home Buyer in Raleigh, NC
Wed Oct 19, 2016
Gusdud1989 asked:
I graduated end of last year. I have been working for over 1 year in restaurant as a server. I'm tired of paying rent fee and it increases every year. So I try to get the mortgage before…
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Blizzardjh, Home Buyer in Charlotte, NC
Thu Oct 13, 2016
Blizzardjh asked:
When filling out the information to get a refinance quote there's a field called "cash out". I'm not sure what to put there.

Thanks, Jami
0 votes 0 Answers Share Flag
Adil, Home Buyer in Raleigh, NC
Thu Oct 6, 2016
Adil asked:
I am not qualified to get a traditional mortgage to purchase a home and i heard about companies who purchase the home for you and leases back to your for three years giving you the option…
0 votes 0 Answers Share Flag
Kris, Home Buyer in Raleigh, NC
Thu Sep 29, 2016
Kris asked:
My husband is our family's primary breadwinner and recently left his corporate executive position and is now doing consulting work for his own newly formed LLC. His income is currently…
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Sundharsham0…, Home Buyer in Raleigh, NC
Tue Jun 14, 2016
Sundharsham007 asked:
I have a signed a contract and I got preapproved for a loan with the builder's lender. The builder mentioned that I am not obligated to use their lender. The closing date will be in…
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Tony Grech, Real Estate Pro in Southfield, MI
Wed Mar 16, 2016
Tony Grech answered:
At 510-515 the options are very slim. you'll need at least 20-25% down payment and it will be a non-prime loan meaning the rate is gonna be pretty ugly.

You should definitely work on getting your finances/credit in order before purchasing. This will help you qualify for a more consumer-friendly loan (lower rates and down payments) and it will help ensure that not only do you get into a home, but you STAY there! After all, the goal is to be a SUCCESSFUL homeowner.

Most lenders will require at least a 620 credit score to do a 3.5% down FHA loan or a 5% down conventional loan. There are a small handful of lenders who are able to do FHA with as little as a 580 credit score (us included), but just meeting the credit score requirement will not ensure you get approved.

Your best bet is to speak to a lender now to see where you are at and to identify areas to work on over the next 5-6 months. Maybe enlist professional help with raising the credit.

If you develop a plan and stick to it, then you'll achieve your dream of owning a home!
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Catherine, Home Buyer in Raleigh, NC
Thu Jan 7, 2016
Catherine asked:
We currently have an FHA loan for our home, but are looking to refinance the loan and finance a home renovation and addition. I think we would need more than the current equity we have…
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Ernie Behrle, Real Estate Pro in Raleigh, NC
Mon Apr 13, 2015
Ernie Behrle answered:
I have 3 lenders I can recommend that are great to deal with:
Natalya Hill with Hamilton Funding Group 919-881-4121 x101
Joe Mecca with Mecca Mortgage 919-790-8300
Chad Erling with Primary Residential Mortgage 919-256-3150

Good Luck
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0 votes 3 answers Share Flag
Ernie Behrle, Real Estate Pro in Raleigh, NC
Thu Mar 12, 2015
Ernie Behrle answered:
Tanya.. for a lender, try Natalya Hill with Hamilton Group Funding 919-881-4121 x101. She and I have known each other for over 20 years now and have collaberated to assist many first time home buyers. I can be contacted using the link under my picture or thru my website shown below.

Good Luck!!

Ernie
... more
0 votes 21 answers Share Flag
Ernie Behrle, Real Estate Pro in Raleigh, NC
Thu Mar 12, 2015
Ernie Behrle answered:
Try Natalya Hill with The Hamilton Funding Group 919-881-4121 x101 I have known and worked with her for over 20 years now. Very Reputable !!
0 votes 4 answers Share Flag
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tue Mar 3, 2015
Tim Moore answered:
It is possible, it will depend on many things but mainly how much equity you have in it. Speak to some banks and see if they offer home equity loans.
0 votes 1 answer Share Flag
Jessica Roll…, Home Buyer in Raleigh, NC
Mon May 26, 2014
Jessica Rollins asked:
number for my HOA so they can obtain a copy of the master insurance policy. I have written to the HOA (a Garner PO box) but have not heard back in nearly 2 weeks. Is there somewhere I can…
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Joel Lobb, Real Estate Pro in Louisville, KY
Sat Jan 25, 2014
Joel Lobb answered:
Important Back to Work Definitions





HUD announced several key terms that must be reviewed in accordance with this program.






•Economic Event: an occurrence beyond the borrowers control that resulted in a Loss of Employment, Loss of Income or a combination of both which resulted in a loss of Household Income of 20% or more for a period of six or more months.
•Onset of Economic Event: the month of the start of or loss of income.
•Recovery from an Economic Event: the re-establishment of acceptable or satisfactory credit. Satisfactory Credit equates to no derogatory credit for any mortgaged or leased property in the 12 months preceding the mortgage application. This also includes any installment or revolving debt for the same period.
•Borrower: “Borrower” includes all parties including primary and/or co-borrower as listed on the loan application.
•Borrower Household Income: the income of all parties on the application or Household Members as listed from the previous Economic Event and derogatory credit.
•Housing Counseling: Counseling from a HUD-approved housing counseling agency related to home ownership and meets acceptable requirements.









If you feel that you might qualify or have any questions regarding this new FHA Back to Work mortgage program, then please give us a call.
















Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
Fill out my form!
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Angie Cole, Real Estate Pro in Raleigh, NC
Wed Jan 15, 2014
Angie Cole answered:
I would be happy to connect you with a mortgage broker. Give me a call 919-538-6477 or angie@acolerealty.com.
0 votes 26 answers Share Flag
Marc D'Angelo…, Other/Just Looking in Roswell, GA
Wed Jan 15, 2014
Marc D'Angelo - Lender answered:
Olend, I help clients all the time clear up their issues at no cost. In most instances we can accomplish this in as little as a week. Please feel free to rech out to me any time. I am available 7 days a week.

Marc D’Angelo
Mortgage Banker
678.442.3405 Office
678.985.6834 Fax
404.925.8291 Cell
mdangelo@brandmortgage.com
apply online: mdangelo.brandmortgage.com


50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
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0 votes 13 answers Share Flag
Irina Bennett, Real Estate Pro in Chapel Hill, NC
Sat Aug 17, 2013
Irina Bennett answered:
Here is an answer from a lender for you:
In general, there are no prepayment penalties allowed in NC on primary residence loans. When you initially "buy" a loan, if there is a prepayment penalty, it has to be disclosed and many times, you are allowed to "buy it out" by paying for this up front. Ask your lender about this.


Amy BonisMortgageTeam
(919) 414 - 4430 www.amybonis.com
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Deric Vacca, Real Estate Pro in Franklin, TN
Thu Jul 11, 2013
Deric Vacca answered:
Hi,
For help with your refinance you are going to need to contact a loan officer. Your options are unlimited as you can just about work with anyone around the country if you choose to. I would suggest working with someone local this way you can meet face to face. This is a business of numbers but it always seems you can get the best deal when you build a relationship and can have the guranteed trust and confidence in a lender. If you have not already been in contact with someone I would be happy to recommend a few lenders I work with on a daily basis. Best of luck! ... more
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Don Tepper, Real Estate Pro in Burke, VA
Tue Apr 9, 2013
Don Tepper answered:
Just to throw a monkey wrench into the situation: Are you on the mortgage? If so, you'll still be on the mortgage; you don't get rid of that obligation with a quit claim deed.

Further, though it's not likely in practice, you could trigger the mortgage's "due on sale" clause.

Run those questions by your lawyer as well.
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0 votes 4 answers Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Tue Apr 9, 2013
Don Tepper answered:
Several reasons.

First, there are a bunch of up-front costs to the lender that are spread out over what's expected to be the average length of the mortgage--somewhere between 5 and 7 years. If a homeowner wants to pay off the mortgage in a year or two, those longer-term costs haven't been recovered through the normal monthly payments. Thus, the penalty helps offset that.

Second--though less common now--teaser rates typically are below market. Again, the lender has done the calculations and figured that it can lose a bit of money (or not make as much) on the teaser rate, so long as the rate goes up and the homeowner keeps paying. But with a refinance, that doesn't happen.

Here's a simple illustration: You go into your favorite fast food restaurant. There's a promotion: A free soda with the purchase of a meal. The restaurant will still make money on the deal, and in fact hopes the additional volume from additional customers will more than make up for the lost revenue from the free soda. You can't just walk in and say, "Well, you're offering a free soda. I want that free soda. But I don't want the full-priced food." Point is: There are costs or expenses in many mortgages that are spread out over an anticipated life of 5-7 years. If the mortgage is refinanced or paid off after 6 months, those costs haven't been recovered.

Thus, the penalty.
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