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Financing in Woodbridge : Real Estate Advice

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  • Local Info17
  • Home Buying60
  • Home Selling6
  • Market Conditions9

Activity 9
Fri Sep 2, 2016
Jcc6800 asked:
I have arm with index rate 1 year libor and margin 2.25%. Rate cannot go higher than 10.875% over life of loan. Rate can increase at adjustment period no more than 2. Would it be good idea…
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Mon Jun 20, 2016
Shannon asked:
Anyone familiar with Ocwens Shared appreciation mortgage. I saw this on their website. I was looking into this.
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Thu Nov 5, 2015
Amelia Robinette answered:
You would do a cash out refinance on the rental property, use the cash to pay off the HELOC debt. This can usually be done in one transaction and the payoff can be handled by the settlement agent.

You would get investor rates, programs and restrictions on the cash-out refi. Look at some options, they may not be as good as your HELOC rates/terms.
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Fri Aug 16, 2013
Jason Todd Smith answered:
http://www.fanniemae.com/loanlookup; https://ww3.freddiemac.com/corporate.

Start by checking out both of these websites. Depending on your current loan to value, credit scores and debt ratio you may be eligible to refinance through Fannie Mae, Freddie Mac or FHA.

You may be able to refinance with FHA up to 96.5% of the current appraised value. Depending on your current loan terms and interest rate with Emigrant Bank it may help you.

If you are active duty or a veteran, you may qualify for 100% VA financing.

Feel free to give me a call at 703-840-4170

Jason T Smith
Senior Loan Officer
Atlantic Mortgage Direct
13221 Woodland Park Road Suite 110
Herndon, VA 20171
MLO-1694VA
O 703-840-4170
C 571-212-8507
F 866-324-4476
jsmith@amdloans.com
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Tue Mar 15, 2011
Lori Jeltema answered:
Do you have a VA loan? If so, call the lender you last financed with and ask about doing a streamline - may be no appraisal requirement and little closing fees.
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Wed Aug 11, 2010
Andres Piedra answered:
HI USAF05. I guess you could call me USAF07, as that is when I left active duty.

Anyway, you're received some great information here. USAA, with whom I used to have a mortgage as well, is the one's who have the 720 rule. You really should shop around for mortgages to find the best rates and to see where you can get approval. Since you are federal employees (I am too, as well as a Realtor), check with Pentagon Federal Credit Union (There should be a branch in almost every possible location we work in this area), Navy Federal Credit Union (they accept all services for membership now) and I can also refer you to some brokers to whom I often refer my clients.

If you need any help along the way, please don't hesitate to ask. If you're not working with an agent yet, I'm more than happy to send you listings and help out in any way, really. Also, if you haven't done so yet, be sure to file a disability claim with the VA which may help you avoid paying a VA loan funding fee in January which could save you thousands of dollars.

Very best to you.

And Piedra
Keller Williams Old Town Alexandria
703-344-6885
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Thu Jul 15, 2010
Isaac Hull answered:
Yes, this is correct. Once an appraisal is attached to a Case # it stays. But if you have good comps that support another value you can ask your lender submit a rebuttal to the appraiser....this does not always work but it is worth a try. If you have good info that supports another value you may have a chance.

Good luck.
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Wed Jan 6, 2010
Todd Durand answered:
Hi Shannon -

Net Present Value (NPV) is a calculation of the current value of future payments. That being said, I believe that you are trying to calculate the NPV that the lending will place on your home. In order to calculate this you will need the following:

- Amount of the monthly payment
- payment start date
- number of payments remaining
- nominal interest rate

That being said, I will run a sample for your using a program that I use on my PC using the following values:

- Amount of the monthly payment ($1,000)
- payment start date (02/06/2010)
- number of payments remaining (240 months)
- nominal interest rate (7%)

The Aggregate amount of the payments is $240K ($1k per month for 240 months). The NPV using 7% is $128,982.51.

Hope that helps. If you have the above values and can send them to me I will calculate for your specific situation.

All the Best, Todd
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Wed Nov 25, 2009
William Polack answered:
You'll have to do a blood test..just kidding. Once the marriage goes through, you'll want to get a will and testament so that if something happens to one of you, the contents of the house will also be taken care of. Otherwise, all that you own will be publicized in the paper (probate) for 30 days giving other family members the ability to claim those belongings and then whatever is left, will be sold to pay debt and then given to the state in which you live. Your spouse may never see the engagement ring he gave you. Important stuff. ... more
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