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Financing in 27676 : Real Estate Advice

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Activity 18
Tue Apr 9, 2013
Don Tepper answered:
Several reasons.

First, there are a bunch of up-front costs to the lender that are spread out over what's expected to be the average length of the mortgage--somewhere between 5 and 7 years. If a homeowner wants to pay off the mortgage in a year or two, those longer-term costs haven't been recovered through the normal monthly payments. Thus, the penalty helps offset that.

Second--though less common now--teaser rates typically are below market. Again, the lender has done the calculations and figured that it can lose a bit of money (or not make as much) on the teaser rate, so long as the rate goes up and the homeowner keeps paying. But with a refinance, that doesn't happen.

Here's a simple illustration: You go into your favorite fast food restaurant. There's a promotion: A free soda with the purchase of a meal. The restaurant will still make money on the deal, and in fact hopes the additional volume from additional customers will more than make up for the lost revenue from the free soda. You can't just walk in and say, "Well, you're offering a free soda. I want that free soda. But I don't want the full-priced food." Point is: There are costs or expenses in many mortgages that are spread out over an anticipated life of 5-7 years. If the mortgage is refinanced or paid off after 6 months, those costs haven't been recovered.

Thus, the penalty.
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Tue Apr 9, 2013
Jean Williams answered:
Yes - ownership of the property becomes shared upon marriage. In NC one spouse can purchase a piece of property but two signatures are required to sell it.
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Mon May 14, 2012
Don Tepper answered:
I doubt they'll come down significant more. In fact, there really isn't room on the downside for much more of a drop.

Whether to refinance depends on what rate you currently have. But, assuming the numbers work out that it makes sense to refinance now, I'd do it now. Even if rates DO drop maybe another quarter of a point, you'll still be in a much better position than you are right now. And it's really impossible to call the absolute bottom of the market as far as rates are concerned.

Hope that helps.
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Thu May 10, 2012
Don Johnson asked:
30 year down to 3.71%
15 year down to 2.94%
0 votes 0 Answers Share Flag
Sat Apr 28, 2012
John T. Little answered:
your post does not show the house.......if you let me know the address i might be able to shed some light on the subject.

Sincerely,

John T. Little
CRS,ABR,CRFS,CLHMS,E-Pro
Broker Owner
Triangle Realty Solutions
4620 Watkins Rd.
Raleigh, NC 27616
Ph#(919) 798-6285
Fax (877) 447-4333
Www.TriangleRealtySolutions.com
www.findtrianglelistings.com
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Sat Jan 25, 2014
Shanna Rogers answered:
Hi Rebecca,

Most lenders will not lend until 2 years after a short sale. However, maybe you can check with some Mortgage Brokers to see if any might be able to do something to assist you.

Shanna Rogers
SR Realty
www.RealtyBySR.com
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Fri Aug 26, 2011
Margaret Hassani answered:
I am doubtful of that. If you are very strong financially with good cash reserves, you may qualify for another (totally separate) loan for a foreclosure home. You can always talk with a lender about the possibilities. ... more
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Tue Mar 29, 2011
Anna M Brocco answered:
Without overall financial information, etc.;--In order to determine the type of financing, do visit with any qualified loan officer, after reviewing your information a determination on qualification can be made. ... more
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Mon Feb 7, 2011
Douglas Fujikawa answered:
Bill K,
"Good deals" on equity lines are hard to find these days. The interest rates are reflective of todays' risk and credit environment. Your best bet it with a local credit union or if you have a strong banking "depository assets) relationship with a large retain bank like Wells and Chase. Most large banks will discount the rate or waive annual fees if you maintain a certain banking relationship with them. Good luck! ... more
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Thu Dec 30, 2010
Patrick Thies answered:
Either you have to bring the difference between what you are able to sell your house for and what you owe the lender to the closing, or you need to contact your lender and see if you qualify for a short sale. A short sale (if approved) allows you to sell the property at current market value and then have the bank forgive the difference (amount not covered by the sale). There are rules and qualifications involved with a short sale so you need to work with someone who has experience with short sales. You are also going to need an attorney to help you with this. There are legal ramifications that go along with doing a short sale, so you wan to make sure that you cover yourself and have it handled correctly. ... more
0 votes 8 answers Share Flag
Mon Jun 3, 2013
Scott Miller answered:
Hi Davis. Start working on repairing your credit! Here's a link for a company that charges reasonable rates:

http://www.lexingtonlaw.com/

My attorney in Philly used them and had fantastic results! You need to get your score up higher or you're going to be paying thousands of dollars in payments because of higher interest rates.

GOOD LUCK!!

Scott Miller, Realty Associates, Boca Raton, FL
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Thu Jan 7, 2010
Jean (Zhihong) Fletcher answered:
Hello,

I would suggest you to contact a local lender. He/she will be able to help you out and analysis your overall situation and give you some recommendation. If you need one, please don't hesitate to email or call me. I do have a couple of very good ones.

Thanks,

Jean
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Fri Nov 27, 2009
Vivian Olkin answered:
I am not a loan officer but you should be able to do it with the wonders of email, scan, and fax. People do it from across country so why not across the ocean? If you need help finding a good lender, let me know. ... more
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Mon Nov 16, 2009
CCC answered:
Hi, to my understanding is 24 months. I have been told that could be exceptions, case by case.

Did you know that NACA only pre approves the loan? Final approval will be done by the "real" investor.
At the final stages of the purchase, you will need to provide update documentation, from cancel rent checks to bank statements, paystubs and anyhting else required by the investor.

NACA program requires rental verification of 12 months and from that information, seasoing has to be more than 12 months.

Good luck.
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Mon Aug 8, 2011
Patrick Thies answered:
You can contact the Condo Association for that building. They should have that information.
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Tue Jan 20, 2009
Marty S answered:
As long as your income and assets, along with your credit, meet the loan requirements, there should be no issue with you refinanicing. You may have to play a little extra for a local Notary, but you should still be able to take advantage of low rates.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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Mon Jan 19, 2009
Bill Eckler answered:
Lou,

Since this could be percieved as a legal issue, you might want to consider consulting an attorney for their input.

Good luck
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Thu Sep 25, 2008
Lizete Santos answered:
Hi J,

Since last week they've gone up so there is tangible data that they'll increase in the following weeks to come.

Have you consulted a mortgage professional? What have they recommended? What is your financial situation? If rates were to increase 10-20 basis points would it affect you? If so then I'd lock it sooner rather than later.
Ultimately it's your decision but I wouldn't wait too long to lock the rate.

Good luck!
Lizete
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