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Financing in 20165 : Real Estate Advice

  • All25
  • Local Info2
  • Home Buying9
  • Home Selling2
  • Market Conditions0

Activity 8
Sat Feb 9, 2013
Elliott R. Oliva answered:
If you could tell me what area(s) you are looking to buy in I can put together some detailed information as to what loan programs are available. There are 2 or 3 no money down programs that may interest you.

Elliott R. Oliva
Loan Officer
NMLS#353884
Washington Mortgage Group, Inc.
703-344-8153 direct
novamtg1@gmail.com
... more
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Fri Feb 1, 2013
bala.zawd asked:
0 votes 0 Answers Share Flag
Sun Nov 7, 2010
Dan Tabit answered:
Babs,
A 5/1 ARM is a good product when you know you are going to be moving in under 6 years. I say 6 because even if it adjusts to the maximum you may be money ahead for the first year after it adjusts. Whether interest only makes sense really depends. Most of my lenders have priced this option out of consideration.
Discuss your goals with your lender and look at both scenarios if they are available. You can also consider a 7/1 ARM if you want some additional cushion.
... more
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Mon Nov 8, 2010
Vicky Chrisner answered:
PMI is based on the loan amount and not all loans require it. If your relative will be getting a loan to purchase this home then the lender can explain what, if any, PMI is required and how much. ... more
0 votes 9 answers Share Flag
Mon Aug 30, 2010
Janice Copeland answered:
Hi there!

This is a question to take to your mortgage loan officer for a clear and thorough explanation. It is within your rights to understand every aspect of your loan. So feel free to contact him or her and ask as man y questions as you need to get a clear understanding of your loan. Best of luck to you! ... more
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Tue Nov 10, 2009
Ramesh Chandra answered:
One of the rate sheets I got yesterday shows 5% upto 417k and 6% for loans above that.
rgds,
Ramesh Chandra
703 635 8209
mepcigroup@gmail.com
0 votes 4 answers Share Flag
Sat Sep 27, 2008
Tim Freund answered:
TBI is correct in that you cannot lock in until you are much closer to delivery. Additionally the builder likely conditioned their concessions to you're using TBI, which will pretty well lock you into their system. Moreover regarding the Jumbo conforming... all jumbo conforming loans will need to be closed by 12/1 or 12/15 or else they will not be able to be packaged as jumbo conforming - even thought eh deadline is 1/1/09, lenders won't be able to sell them to Freddie/Fannie that late. Since you are at $620K you should be fine under the new Housing Bill's $625K conforming limits. This actually works to your benefit since the interest rate for conforming is lower than the jumbo conforming rate today. Further you will find the approval process, ratios allowed etc., is automated under the conforming limits, so qualifying is easier. As for recouse in the event the rate is higher than you want... you should review your contract to see if there is a cap on the rate that would allow you out of the agreement. But keep in mind, TB wants you close on your $800K+ home, not stick you with a rediculous rate, however the rate will be determined by market conditions at the time you close. You may choose to fight them if necessary to allow you to shop outside without losing your concessions, but TB will be very resistant to this. In the end, if you still qualify even though the rate is higher, you will be required to close. TB has a reputation of wining arbitration cases and keeping deposits as well as collecting legal fees in addition, so that road is really not a wise option. In the end, they build a fine home and their mortgage company is pretty much as good as any other so you will get the best possible rate. Congratulations on your decision - you will almost certainly look back in time and conclude it was a great decision! This really is an excellent time to buy. ... more
0 votes 5 answers Share Flag
Wed Jul 2, 2014
ian cockburn answered:
Contact 1st American...get on their approved list.
0 votes 14 answers Share Flag
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