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85028 : Real Estate Advice

  • All10
  • Local Info0
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 1,390
Fri Mar 22, 2013
Josh Barnett answered:
From Wikipedia:

Escrow payment is the common term referring, (in the US), to the portion of a mortgage payment that is designated to pay for real property taxes and hazard insurance. It is an amount "over and above" the principal and interest portion of a mortgage payment. Since the escrow payment is used to pay taxes and insurance, it is referred to as "T&I", while the mortgage payment consisting of principal and interest is called "P&I". The sum total of all elements is then referred to as "PITI", for "Principal, Interest, Tax, and Insurance". Some mortgage companies require customers to maintain an escrow account that pays the property taxes and hazard insurance.

Others offer it as an option for customers. Some types of loans, most notably Federal Housing Administration (FHA) loans, require the lender to maintain an escrow account for the life of the loan.

Even with a fixed interest rate, monthly mortgage payments may change over the life of the loan due to changes in property taxes and insurance premiums. For instance, if a hazard insurance premium increases by $120.00 per year, the escrow payment will need to increase by $10.00 per month to account for this difference (in addition to collection for the resulting escrow shortage when the mortgage company paid $120.00 more for the hazard insurance premium than what was anticipated).

By RESPA guidelines the escrow payment must be recomputed at least once every 12 months to account for increases in property taxes or insurance. This is called an escrow analysis.
The validity of an online escrow company's license can be checked with the regulating authority. Usually this is accessible through their official website, and should always be checked before dealing with an escrow company to ensure it is not a look-alike or fraud.
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Sat Mar 23, 2013
Stephanie Weiss answered:
at the top, go to the FIND A PRO in the upper right corner of the Trulia website and then enter Goodyear, AZ and you should then see a LIST of agents to choose from. Note there are agents who have "recommendations" ... more
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Fri Nov 1, 2013
Chris Boughton answered:
I believe the biggest cons to this scenario is typically you would pay more for the home, and/or at a slightly higher interest rate due to the increased risk that the owner is taking. There is also some concerns about the seller carrying the loan and not making payments to the mortgage company if it is not owned free and clear. If the contract is written properly, this risk can be minimalized. The reason most people would accept this increased risk and cost is due to not having the credit to qualify for a home through more traditional channels such as Conventional or FHA.

I wish you the best in working toward your dream home!
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0 votes 8 answers Share Flag
Sun Sep 1, 2013
Korene L. Clopine-Seaman answered:
Let you realtor deal with the seller's realtor.
Let your new lender get the loan our. Just be ready willing and able to do everything the lender and the realtor asks of you. Time is absolutely of the essence here and any document that is needed is needed NOW.

Good wishes on your new home!
I am a Mortgage Banker that lends in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS! You may hear more information on YOUR Source For Real Estate on Money Talk Radio 1510 AM each Saturday from 12:00 Noon until 1:00 PM
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Thu Mar 21, 2013
Lorrie Feld, ABR,GRI,SRES, answered:
At this point your only options on a loan would be a seller carry back or working with a lender that has programs for this purpose at a higher interest rate. You would most likely have to pay 7-8% on these loans from a lender and maybe 5-6% on a seller carry back. You would need to find a home where the seller has equity and is willing to do this. There are listings out there like that, you just have to search.
Please feel free to contact me if you need any help.
Lorrie Feld
Keller Williams Integrity First
480-570-1074
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Wed Mar 20, 2013
Jennie Miller, Pllc answered:
Tue Apr 2, 2013
Doug McVinua answered:
I would be glad to assist with recommending a couple of local lenders that will be able to shoot straight and tell you what is going on and what could be done.
0 votes 8 answers Share Flag
Fri Mar 22, 2013
Doug McVinua answered:
Rachel

My daughter is an agent, lives downtown, loves the area and could help you find a rental.
0 votes 6 answers Share Flag
Tue Mar 19, 2013
Jennie Miller, Pllc answered:
Have you driven this during rush hour? That would be a good test of the amount of time.
0 votes 6 answers Share Flag
Thu Mar 12, 2015
Leo Zuniga answered:
I'm happy to review your good faith estimate for you.....origination is usually only 1% of the loan amount...in your case $2475. Closing costs are also generally 2.5-3% of the sales price...in your case they should only be about $8250. I can give you my professional opinion if you'd like to email or fax your good faith estimate over.

Leo Zuniga
leo@vipmtginc.com
P - 602-332-0420
F - 623-565-8018
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0 votes 13 answers Share Flag
Mon Mar 18, 2013
Bianca Bennett answered:
Three reasons why buying is the greatest opportunity for you today:

1. Interest Rates

There is never been a cheaper time to buy a property using banks money than today, which means your payment will be less.

2. Home Prices

Home prices are lower than they were during the “Boom”, as low as it was in 2002 – 2003 Nationwide.

3. Inventory

There are more homes for you to choose from than ever, there are so many options! If you remember 8 – 9 years ago you had a choice of 2 or 3 homes and you had to choose one of those 3, today you have a choice of 100. And lets not forget you can jump on some good opportunity, some good deals such as Bank Owen, Foreclosure and Short Sale properties.
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Wed Mar 20, 2013
Jim Barganski answered:
The bus stops on the street in front of the house about 5 houses down the road.
0 votes 3 answers Share Flag
Thu Mar 14, 2013
Ann Griffin answered:
You need to ask a question. Right now, it is difficult to guess what information you need. Can you try again?

Ann Griffin
Coldwell Banker Trails & Paths
0 votes 2 answers Share Flag
Fri Mar 15, 2013
Ann Griffin answered:
Fran, there are 67 listings sold since September 14, 2012, within a mile of this listing. To get the details, please email me at anngmesa@gmail.com and I'll send you the list.

Regards,
Ann Griffin, Realtor
Coldwell Banker Trails & Paths
480-789-9584
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0 votes 5 answers Share Flag
Tue Oct 29, 2013
Brian answered:
No. Ten percent is the minimum.

Brian Cardenas
AmeriFirst Financial, Inc.
0 votes 16 answers Share Flag
Fri Jun 7, 2013
Anna M Brocco answered:
Check with the local police department, local archived print media, ask any neighbors, etc.
0 votes 8 answers Share Flag
Wed Mar 13, 2013
Theodore Shonka answered:
Shoot me an email at teddy@teaminvestmentsinc.com, I work primarily with investors. I am curious to what property you are referring to, 20% down is the minimum usually for condos, some condos are hard to approve for investors as well. I will let you know though, thanks Chris ... more
0 votes 6 answers Share Flag
Mon Nov 25, 2013
Jeff and Kaye Piggot answered:
It's a great time to sell. The market is seeing some of the lowest inventory ever. This is changing hte market from a buyers market to maybe not a sellers market in terms of higher pricing yet but at least equal. Check with an agent about the specifics of Phoenix but market and industry wide say "yes"! ... more
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Tue Mar 12, 2013
Rebecca Kallhoff Team answered:
Mon Feb 25, 2013
Lorrie Feld, ABR,GRI,SRES, answered:
The best website for school ratings and reviews is www.greatschools.org. This site will give you scores on any school and parents comments as well.
Hope this helps.
Lorrie Feld
Keller Williams Integrity First
480-570-1074
... more
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