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Financing in 10014 : Real Estate Advice

  • All49
  • Local Info4
  • Home Buying15
  • Home Selling4
  • Market Conditions3

Activity 191
Wed Jun 30, 2010
Al Akerman answered:
Paul, the banks would look at the monthly maintenance charge, but most banks would your payments to go as high as 45% of your salary-not 28%.

Good luck.
0 votes 2 answers Share Flag
Tue May 18, 2010
Patrick Thies answered:
You can switch lenders. Just becareful of financing deadlines in your contract.

You will need to be able to get the new approval by any deadlines in your contract, If not, you will need to ask for an extension to obtain financing; The seller could deny the extension and then the contract would be null and void for failure to obtian financing. ... more
0 votes 5 answers Share Flag
Fri May 14, 2010
Chris L. Christie answered:
I'll be glad to assist your client. I even know where Birmingham is. Went to Highland Park and Cass Tech. Contact me at 516 993 4998.
0 votes 4 answers Share Flag
Fri May 14, 2010
Anna M Brocco answered:
You can try Wells Fargo--if you need names please e-mail.
0 votes 6 answers Share Flag
Wed Mar 17, 2010
Mark Heusinkveld answered:
No. If you were upfront with him and he didn't have false expectations.

Even if you weren't. This happens all the time.
0 votes 4 answers Share Flag
Mon Feb 22, 2010
Jenet Levy answered:
Kmarshelia,
No, you need your own downpayment out of your own funds. The difference between the fair market value and the lower asking price is not your equity and not something you can borrow on. It means you are getting a good deal, but you still need a downpayment. Your first step should be to prequalify with a lender. Then you will know exactly what you can afford and what you need to put down on a property. ... more
0 votes 4 answers Share Flag
Mon Feb 22, 2010
Jenet Levy answered:
Tue Jan 3, 2012
Carl Henker answered:
It some states a real estate license also allows for brokering a loan. Good way to earn two commissions one on the sale and one on the loan.................. You can check with NY Department of Real Estate for clarification. In my opinion I would use a real estate agent for the purchase and a loan agent for the loan. Use your best judgement on whether he is working in your best interest on both parts of your transaction. ... more
0 votes 9 answers Share Flag
Tue Jan 3, 2012
Lew Corcoran answered:
In general, interest rates for various loans are lower at credit unions than at banks. And, yes, your interest rate could be different than the one that is advertised. Your credit scores will paly a large part in what determine your interest rate.

Yes, you should be pre-approved for a mortgage before you shop for a home. That way, you will know how much home you can qualify for. As you are getting pre-approved for a mortgage, it's not necessary to "shop around." The requirements for a mortgage pre-approval are pretty much the same.

In theory, you should be able to shop for a mortgage without it hurting your credit score - but the credit checks should be done within 15 - 30 days.

By the way, you do not have to be a member of the credit union to apply for a mortgage there.
... more
0 votes 10 answers Share Flag
Sat Jan 30, 2010
Keane Ng answered:
Are you talking about condos or having problems with buyers looking to buy 2nd homes and/or investment properties?
0 votes 4 answers Share Flag
Tue Jan 3, 2012
Mike B answered:
Michele, it is difficult to give the correct answer without all of the facts.

There are several options available for you: you could borrow just enough for a down payment, or borrow enough to purchase a home outright. It really all boils down to the value of your current 2 unit, the purchase price of your new home, the potential market rent on the unit you will vacate, your creditworthiness, income, and other factors.

I would suggest you peruse my blog for some information, and I would happily offer a no-cost, no-obligation , consultation.
... more
0 votes 9 answers Share Flag
Thu Jan 28, 2010
Billwilson asked:
Primary. Thx Can someone point me to the right lender. I have a credit score of 701 FICO. $1.6MM income annually, $2.6MM primary, $67,000 HELOC, $3.4MM Appraised value. THus near 80...
0 votes 0 Answers Share Flag
Tue Jan 12, 2010
Barbara Q. answered:
Did you pay by check?
Can you provide verification of payment ?
If so...That would certainly help.
0 votes 6 answers Share Flag
Mon Mar 8, 2010
Linda Remington answered:
Kirsten
My experience as a Realtor representing buyers is that until you sign the "rate lock" documentation it can change...up or down. The rate lock is typically for a window of time and I've had loan officers and buyers "shop" the rate....not lock if they feel the rate will go down and the loan officer is the one keeping an eye on the rate and making quick communication with the buyer to lock as soon as they feel the rate is at the lowest they might see it. Rates do change multiple times daily anymore so it can be a roller coaster ride. Hopefully your loan officer has discussed this with you so you understand their particular procedures and options. You also need to understand the time frame your typical lender and loan time typically takes to close the loan and be sure you lock in for a long enough time frame.
Good luck!
... more
0 votes 9 answers Share Flag
Tue Jan 3, 2012
Voices Member answered:
In my opinion, working with someone you trust and know is looking out for your best interest is more important than anything.
0 votes 17 answers Share Flag
Tue Jan 3, 2012
Mike B answered:
An interest-only loan is a loan in which the minimum payment is just the accrued interest on your loan: you can pay additional money to reduce the principal.
0 votes 11 answers Share Flag
Tue Mar 9, 2010
Al Akerman answered:
If your appraised value is $175,000 then you would be able to refi up to $183,750-you would need to come up with $10,000 plus closing costs. This is, assuming your loan is held by Fannie Mae.

If your loan is currently owned by Freddie Mac, then you might be able to Refi without bringing any money to the table at all because they allow up to 125% in certain situation.

I have provided a link below so you can check if Freddie Mac currently has your loan.

Your credit is phenominal! It is very rare for someone to have a middle score over 810.

If you are able to do it, you can significantly reduce your rate. As far as should you do it you can contact me anytime to discuss (I am available on Sunday) at 908-415-3958.
... more
0 votes 5 answers Share Flag
Tue Jan 3, 2012
Deborah Camacho answered:
Dear John,
Yes, we have Jumbo portfolio programs. Please contact me to discuss.
Tel: 914-629-5661.
Best Regards,
Deborah
0 votes 3 answers Share Flag
Fri Oct 23, 2009
Weichert Realtors House and Home answered:
Hi MeganRoss1,

Last Month I heard that the minimum was 700 on the middle score or on an average of the three credit scores. That might have changed. Also, Remember that PMI is an insurance product like any other and different insurers will have different requirements. Since Mortgage consultants are the go betweens for with PMI providers, you should speak with several Mortgage consultants to get a true Minimum Fico score requirement. Below is the Mortgage consultant that I trust the most.

Scott Reich
Sales Manager
Access Mortgage
225 Littleton Road
Morris Plains, N.J. 07950
Direct: 845-561-3877
Fax: 973-630-3593
Cell: 914-760-1783

I hope this helps. Please let me know if I can be of further assistance.

All the best,
JOE GREENE
Broker/Owner
WEICHERT, REALTORS - House & Home
609 Kappock Street
Suite 1A
Bronx, NY 10463
(718) 432-5000 ext.601 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
joegreene@weichert.com
... more
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