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Financing in 19154 : Real Estate Advice

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  • Local Info2
  • Home Buying22
  • Home Selling2
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Activity 161
Fri Mar 30, 2012
Tim Moore answered:
You have omitted what the cost will be to refi for the ARM's. You have a 5.125% now and say you want to rent the house for some period after you move out. If I was you I would think long and hard about refinancing at all but you certainly have to work the numbers and play the "what If" game to see what works and what to avoid. I can 100% assure you that in 5 years rates will be up over 5% and those ARMS will be rising each year, most likely, you may wish you still had that fixed rate at 5.125%. ... more
0 votes 14 answers Share Flag
Tue Dec 17, 2013
Frank Vigliotti answered:
When a mortgage holder is "upside down" on the value of their property and no longer wants to keep the property, they will consult a team of real estate experts, usually a Realtor, short sale negotiator and real estate attorney. At the Henri Frank Group at Remax Preferred, we require our clients seeking a strategic default meet with the team we've assembled.

During the consultation the team professionals will review the mortgage holders circumstances and strategically design a default. None of the professionals can tell a borrower to stop paying their mortgage payment, but if the borrower decides to stop paying that could be considered in the strategic default.

It is always recommended a consultation be set up whether it is a strategic default or short sale consideration. The Henri Frank Group has assembled a team that includes attorney Pat Nugent of Nugent and Ground in Fort Lauderdale, Kirsten Dolstrom, negotiator of a property short sale and Henri Vezie, Realtor and Frank Vigliotti, Realtor.
... more
0 votes 3 answers Share Flag
Tue Feb 7, 2012
Renee Porsia answered:
Hi Diane,

Getting a mortgage these days can be very challenging even for people who would be considered to have high credit scores. There is a lot to know and prepare for. You don't simply want to just use any lender. It's best to find a buyer agent who can work with you, build a trusting relationship, educate you about the home buying process, discuss your goals and then work with you to achieve them. I would be more than happy at no cost, to speak with you and answer all of your questions.

Thanks.

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 ask for Renee
www.reneeporsia.com
... more
0 votes 5 answers Share Flag
Fri Jan 27, 2012
Carl Henker answered:
You may not finance furniture. Any dollar amount for furniture included in the sales contract will be ducted from the sales price as a seller consession. If the seller wants to give it to you at no cost that is fine. ... more
0 votes 5 answers Share Flag
Tue Jan 31, 2012
JG Real Estate answered:
Hi walter, as an investor myself I have encountered the need for a portfolio lender many times. There are a few specific banks which I has used which have served me well, and I have good contacts there. I would prefer not to display this info on the web, so please give me a call at 215-467-4100 or email me at jared@jg-realestate.com ... more
0 votes 3 answers Share Flag
Wed Jan 25, 2012
Gwen Perseghin answered:
low! although it also depends on what type of loan.. FHA loans tend to have higher interest rates than Conventional loans, for example... but 3.98, yes definitely
0 votes 4 answers Share Flag
Wed Jan 23, 2013
Alain Picard answered:
I haven't heard that it is illegal but I have heard that it could cause the loan to have to be paid in full. I'm not sure about this so I can only tell you what I've heard from different people. I know people who have added someone to their deed with a quit claim deed while having a mortgage in only one or their names and nothing has happened to them but only an attorney could answer this for sure. ... more
0 votes 7 answers Share Flag
Fri Jan 6, 2012
Kathy Bass answered:
You can make an offer contingent on the sale of your existing home and possibly set up a simultaneous closing date. According to the amount of money you make, you may qualify to hold two mortgages until you can sell the first home. Your best bet is to talk to a lender in Dothan and see what they are willing to do. If you already bank with a national bank, they may already have a branch in Dothan. ... more
0 votes 2 answers Share Flag
Mon Jan 9, 2012
Michael R. Torres answered:
Do you specialize in 203k loans? I would not recommend using a loan officer that does not specialize in these loans. There is much more involved than a typical loan and if they are not experienced in them, it will mean major headaches for you. Some more questions:
Do you have a HUD Consultant that you like to use?
What criteria do you require for the contractor to be approved?
Do you allow self-help?
Do you have in -house underwriting? (should be yes!)

I have a few loan officers that I work with when using a 203k loan so feel free to contact me for a recommendation. Good luck...this is an excellent product!!

Michael Torres
RE/MAX Central
Call or text - 215-275-2009
michael@michaelshomeinfo.com
... more
0 votes 7 answers Share Flag
Sat Jan 7, 2012
answered:
Why on earth would you not be allowed to make a down payment? It's more likely the loan officer wanted you to take a larger mortgage for the larger commission. Find a new lender. VA loans don't carry any prepayment penalties, pay down your loan all you want. The VA gets their funding fee either way.

An advantage of putting money down on your VA loan is that your finding fee (that's added on top of your loan increasing your repayment) is lower if you put more down. Since these figures may change, I'll omit those percentages. If you have and want to put down more money, you can but don't feel obligated to if you'd rather keep that money for a rainy day.
... more
0 votes 4 answers Share Flag
Fri Apr 27, 2012
Ron Thomas answered:
Most Lenders would like some reasonable expectation that you will be able to repay the loan:
How you gonna do that with no income?
0 votes 12 answers Share Flag
Thu Dec 8, 2011
Annette Levinson answered:
Canesji,
Your rate is too high and so are your closing costs. I would check with another lender.
0 votes 1 answer Share Flag
Thu Nov 17, 2011
Alexander Shulzhenko, ePro answered:
Lenore, Roughly..........$400-$500.

I would have to have the variables such as Property Real Estate Taxes, Insurance, and the % of your loan which depends on the lender and your score.

Contact a professional Mortgage Broker, find a home and i can give you a better number.
Here is a good Mortgage Broker:

Edward Dubinsky
Branch Manager
Office: 267-296-9309
Cell: 215-808-5353
Fax: 215-701-9198
E-MaIl: edubinsky@ahmcloans.com
Web Site: edubinsky.ahmcloans.com
... more
0 votes 8 answers Share Flag
Tue Nov 15, 2011
Laura Feghali answered:
Hello Home Buyer,
Not all mortgage brokers are of the clearing house type. A mortgage banker has a variety of lenders to select from, including banks, so that he can find you the best deal out there for you. Many of them can also do their own underwriting which expedites the process.

Hope that helps.

Good luck on your home purchase!

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 15 answers Share Flag
Sat Jan 7, 2012
Annette Levinson answered:
Mon Sep 23, 2013
Dan Tabit answered:
Phong,
The problem with mortgage advertising and trying to make a decision regarding a lender based on them is that they are confusing at best and at worst misleading. Each lender uses a different set of assumptions to generate a rate & fee schedule and then because rates change constantly, they are no longer valid once they are posted.
Any lender you or someone in your office uses can do refinances as well as purchase loans. As a lender for many years, refinance rates are typically slightly higher than purchase loans but shouldn't be too far off. Talk to some lenders about the scenario, rates will vary depending on credit, loan to value, term, etc.
... more
0 votes 11 answers Share Flag
Wed Oct 26, 2011
Keith J. Lawson answered:
Good Morning,

I have assisted many buyers with VA loans. Feel free to give me a call, I'd be happy to help.

Warm Regards,

Keith J. Lawson
REALTOR®
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
LawsonRE@gmail.com (email)
www.keithlawsonhomes.com (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
... more
0 votes 4 answers Share Flag
Wed Oct 26, 2011
Carl Caldas answered:
In the state of PA. It is not necessary to have a lawyer review the contract. Closing costs typically run 5-6% the cost of the home. Just keep in mind when asking for a seller to cover closing costs you may end up paying closer to asking price then negotiating.

I am happy to run you closing costs and explain what they entail.

Best,

Carl Caldas
CITYSPACE
215-279-1897
... more
0 votes 5 answers Share Flag
Tue Oct 25, 2011
answered:
You can not have two active homes being financed at the same time and state that both homes are your primary residence. When a lender pulls your credit they are going to see the inquiry for the refinance on your credit report and vice versa when Wells does their 7 day pull just before closing and ask what it was/is for. You are taking an unnecessary risk by having both loans active. The fact that you are putting a lot down and have excellent credit/income does not have a bearing. ... more
0 votes 2 answers Share Flag
Tue Oct 25, 2011
Larry Lichtman answered:
Hi Denise,
If you can qualify with him as a cosigner, it may not be an issue. You should call an experienced mortgage broker to discuss your situation and concerns and maybe get pre-approved. I would suggest you contact
Ed Dubinsky 215-808-5353, edubinsky@ahmcloans.com. He's very helpful.

Good luck. If you would like to discuss preparing the offer with the necessary clauses, terms and contingencies to protect your best interests in all situations, I'd be honored to assist you and make it a seamless, smooth transaction. Please feel free to call me anytime with any real estate related questions.
All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
... more
0 votes 5 answers Share Flag
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