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Financing in 46410 : Real Estate Advice

  • All32
  • Local Info2
  • Home Buying8
  • Home Selling2
  • Market Conditions0

Activity 5
Mon Apr 15, 2013
Curly Sue answered:
Most lenders have minimum loan amounts. My company's minimum is $70,000
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Mon Mar 25, 2013
Debbie Hemphill answered:
The judgement would have to paid before a loan could be made. The reason is because the judgement would become a lien on the house you want to purchase. It would be a superior lien to the loan on the property.
Hope this helps!
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Mon Mar 25, 2013
Johnette Gore answered:
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Wed Jan 12, 2011
Tim Moore answered:
Points are a way the lender makes some profit right now by lowering the interest rate by getting some money upfront. Approx 8 discount points will equal 1 % of interest rate. So if you saw a rate of 5% you could lower that rate to 4% if you payed 8 discount points to the lender to allow you to do it. Each point is 1% of the loan amount.

So if you have a 5% loan where you borrow $200,000

You could pay 2 points ($200,000 x 4%) = $4000 to lower the rate from 5% per year to 4.50% per year. The points basically give the lender some instant profit for lowering the loan interest rate.
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Mon Mar 25, 2013
Joe Shoemaker answered:
Start at your bank. Then call a reputable, big mortgage lender in your area. Avoid fly-by-night shops or places that advertise only payments and rates in the newspaper.
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