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03053 : Real Estate Advice

  • All10
  • Local Info0
  • Home Buying5
  • Home Selling3
  • Market Conditions0

Activity 10
Thu Mar 14, 2013
Tracey Langdon answered:
Good Morning

Depending on what kind of an agent you are looking. Here are a few questions to get you started. Also you should be able to feel comfortable with the agent you chose.

As a buyer:

How will you search for my new home?
Do you know the area?

As a seller:

How will you market my home?
How often do you advertise?
Will you show me a sample flyer?
Do you know the area?

Hope this helps
Tracey Guy
The Gove Group
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0 votes 9 answers Share Flag
Sat Apr 22, 2017
You aren't always required to combine your 1st & 2nd mortgage into a new 1st mortgage if you want to refinance. Refinancing of only the 1st mortgage is done all of the time, but when you have a 2nd mortgage and are only refinancing the 1st mortgage, the 2nd mortgage needs to subordinate to the new 1st mortgage you are getting. The reason being is that it was assumed that when you obtained the 2nd mortgage, that if the 1st mortgage was ever paid off (even in a refinance situation), the 2nd mortgage would slide into the 1st lien position on the title of your home - giving them greater protection/lesser risk in case of a default.

The subordination process requires the 2nd mortgage lender to evaluate the refinance of the 1st mortgage you are attempting to do, often including a full credit review, income/debt review, title report review, and even an appraisal review to make sure you have sufficient equity in the property. The appraisal isn't always required by them, for example if you are refinancing under the Making Home Affordable (HARP) program, or if you are doing a "streamline" refinance of your 1st mortgage, then the 2nd mortgage lender usually doesn't require an appraisal.

However depending on the details of your current 1st mortgage, you may still be required to get an appraisal for the refinancing of your 1st mortgage. There is no loan product that will just automatically lower your interest rate without any review - your information will always be reviewed by an underwriter if you want to refinance into a new mortgage. Even if you apply for a loan modification (which can potentially damage your credit) rather than refinancing, your information will still be evaluated.

As far as your reason, that is fine to not want to extend the length of the loan out any further than it already is, however you must realize that the payments on your mortgage statements are just the minimum you are required to pay. You can always make more than the minimum required payment, and in turn, that will reduce the amount of time it will take you to pay off that loan. So even if you refinanced into a 15-year loan, you can still make equal payments which would pay off your mortgage in 7 years. So if the rate on the new 1st mortgage refinance would be lower than your 2nd mortgage rate, it could be smarter to include that into the new 1st mortgage since you would be lowering the interest rate on all of the mortgage debt. That is where you and the loan officer would analyze the different options, and determine if combining your 1st & 2nd mortgage into a new 1st mortgage would be more beneficial than leaving the 2nd mortgage in place. Remember, it is the interest rate you are paying on your money vs. the term of the loan, because the term of the loan can always be shortened by making a larger payment than the minimum required.

Shane Milne | Lending in all 50 states | NMLS #81195
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0 votes 7 answers Share Flag
Sat Mar 10, 2012
Bob Clark answered:
I think this year will be a great market for selling. Interest rates are on the rise so it's a good time for buyers to get in NOW.

Check out my website and click on Bringing people home and it will go over our marketing for your home. ... more
0 votes 7 answers Share Flag
Sat Aug 3, 2013
Phil Rotondo answered:
Hi Home Owner;
See who recently sold a home in the area of your property and interview that Real Estate agent.
Ask someone you know if they can recommend a qualified Realtor to help you with your home.
Contact a Real Estate company in the general proximity of your property.
This should give you the opportunity to interview 3 Real Estate agents.
Compare, see you feel comfortable with and list your property!
I hope this helps.
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0 votes 13 answers Share Flag
Mon Nov 16, 2015
Sean Dawes answered:
An appraise works for mortgage companies and are kinda the final say when it comes to the property's worth.

Can a realtor effectively price a home? yes...but an appraiser might give some insight that a realtor might not. for example i had a property where i know it was worth $5-10k more but the appraisal came in less and well its either deal or no deal as they say

Sean Dawes
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0 votes 23 answers Share Flag
Sun Dec 15, 2013
Richard Lecinski answered:
You may want to think about walking the neighborhood and talk with people that live there.
0 votes 8 answers Share Flag
Wed Jul 30, 2008
John Anthony Alcantar answered:
You sound like the buyer, every bank is waiting for. Your next step is going to a bank/mortgage broker and getting a loan pre-approval. After that, find a Realtor, find a property, then make an offer! Good Luck! ... more
0 votes 6 answers Share Flag
Mon Mar 24, 2008
Carrie Crowell answered:
Assurance that I could sell again later is a good one. Finding a great community for my family would be number one. I am currently a home buyer and seller.
0 votes 5 answers Share Flag
Tue Jan 24, 2012
Carrie Crowell answered:
Currently I think this market favors buyers. But don't leave out the savvy sellers who know what they are doing. Even in markets that have not made the complete shift, buyers now have more options and are able to request more from the sellers than they were even six months ago. ... more
0 votes 15 answers Share Flag
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