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Financing in San Leandro : Real Estate Advice

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  • Local Info8
  • Home Buying49
  • Home Selling6
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Activity 2
Thu Dec 27, 2012
John Juarez answered:
You say that the mortgage company’s representative is advising you that you do not need your ex-husband’s signature to take out a loan on property that is still owned by you and your “SOON-TO-BE” ex-husband.

Advice from California agents about what you can or cannot do in regard to putting a mortgage on a house that may or may not be in your name only may be poor advice in New York. You should seek the advice of a local legal advisor…perhaps your divorce attorney…as to what you can do with the house is it in not in your name only and your divorce is not final at this time.
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Thu Dec 27, 2012
Ms. K answered:
Never allow a banker to tell you how much you can afford. I went to Bank of America for this "advice from a professional" about how much I could qualify for. I didn't want to do it, but all my friends and business associates kept on bugging me. Although I already knew what was reasonable on what I could afford, I was curious on how far off the Bank of America mortgage specialist would go. To prove them all wrong, I went and was shocked at how far off this guy was. I actually had to chuckle after he told me. It was about $100,000.00 too high of what I could afford! I replied that with that kind of mortgage payment, I'd be forced to eat peanut butter and jelly sandwiches for the remainder of the 30- year loan and quickly walked out.
Make sure your financial situation is in super tip-top shape before thinking of buying. You know what that means. Zero debt. 1 years worth of expenses put away in a very safe investment vehicle for your emergency fund. High FICO scores in the high 700's. 20% down. A large retirement fund already safely socked away with the diligence to be able to continue putting at least 15-20% away continuously. Is all of that in place? No? Take the next year to square that all away and come back again with your question.
Kim
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