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Financing in 90005 : Real Estate Advice

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  • Home Buying11
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Activity 172
Sun May 10, 2009
John Barry answered:
Hello Nurse,

I am not familiar with the real estate laws in Missouri, but if you are talking about property in California, you are correct. As California is a community property law state, when refinincing the property, the lender will customarily require that your husband either be on the title to the property, or sign a quitclaim deed with language to deed any interest he has in the property to you as your sole and separate property. Please have him email me at john.barry@coldwellbanker.com if he still thinks you are making it up, and I will be happy to fill him in!

Hope this helps!

Have a good night!

John Barry
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
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0 votes 2 answers Share Flag
Thu Apr 23, 2009
Jerry Kussy answered:
Go to www.hud.gov. That is the government agency that oversees 203k loans. You will be able to search exactly for approved 203k lenders.
0 votes 3 answers Share Flag
Tue Apr 14, 2009
Steven Ornellas answered:
Hi Sam, there's no way to know what direction rates will be heading in October. My bigger concern is what happens if the Builder is not finished with your home in October and your 200-day lock expires. Also, what happens if the home appraises for less than your contract price?

For other considerations see: http://docs.Steven-Anthony.com/BuilderRealtorAgent.pdf

There is quite a bit to be aware of....

Best, Steve
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0 votes 1 answer Share Flag
Thu Apr 9, 2009
Sandra Miller answered:
Diana -

I can look that up for you if you provide your address - email me at sandra.miller@engelvoelkers.com
0 votes 2 answers Share Flag
Tue Dec 13, 2011
Crestico Realty answered:
Dear Ramesh,

Regarding financing, I have found that many buyers look to their Realtors for lending and financing advice. I believe that this causes many miscommunications and misunderstandings. While Realtors certainly have lots of experience in these matters, they are not technically trained to handle and answer your questions. For this reason, I have worked very hard to establish a solid working relationship with a Direct FHA Lender and as a result, have a dedicated representative at the Lender. My dedicated rep treats my clients with the utmost care and concern and makes himself available for them around the clock. I also have a very close working relationship with a home decorator who is a licensed contractor and offers estimates and consultations.

Please feel free to contact my rep at the Lender, whose information I have provided below. Make sure you let him know that you are a Crestico Realty referral so that I can personally guarantee the level of customer service you receive.

Houtan Hormozian
American Guardian Home Loans
(949)242-5215
hhormozian@amguardian.com
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Wed Jul 17, 2013
Dallas Texas answered:
YEAH a home buyer who gets it!... GREAT COMMENTS ... !

YES there are some banks WHO ARE DEMANDING in order submit your offer your pre-approval letter should be from that lender who owns the property. YOUR OFFER CANT be submitted.

We work with clients purchasing homes WE KNOW LONGER forward properties to clients which have those lender specifications IF YOU RECEIVE an accepted offer... additional pull on your credit.

Have your buyers agent SKIP over those properties of those lenders. There are quite of few... all agents across the country dont appreciate that forced business practice including the home buyers.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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0 votes 6 answers Share Flag
Thu Apr 2, 2009
C answered:
ps. It was a foreclosure that we fixed up, that's why the value is so much higher.
0 votes 3 answers Share Flag
Thu Apr 2, 2009
Adrian Huntington answered:
Mortgage Broker = Wholesale Rates
Bank/Credit Union = Retail

When you go to Wells Fargo, or Countrywide Etc. (Retail you don't have to pay Junk Fees= Loan Processing Fee and Administration Fee.

If you use a Mortgage Broker you would pay a Lender Fee to Wells Fargo, or Countrywide Etc. Plus the Junk Fees.

Obviously people wouldn't use a Mortage Broker if they had to pay more. Most Lenders give the Mortgage Brokers a Wholesale interest rate.

So if the lowest rate available at Par Pricing(Not Discounted) was 4.75% at Wells Fargo Retail, the Mortgage Broker may have a Wells Fargo Wholesale Rate of 4.625% to make up the difference of the $1000 Junk Fee.

The Interest Rate Matrixes are set up different for Retail Vs Wholesale. The Mortgage Broker also makes money by receiving a Yield Spread Premium for charging a higher rate then Par Pricing. This is also the case with Retail Lenders. If the lowest rate available without buying Points is 4.75%, and there are not adds to the rate for Fannie Mae and Freddie Mac Risk Factors, (Examples Higher LTV, FICO SCORES ETC.) and the Lender-Broker gives you a higher rate of 5.25%, they will get paid a rebate(Yield Spread Premium)

Whether you use a Retail Bank, or Mortgage Broker, you need ask your friends and family to refer you to a Loan Officer that is honest and doesn't take advantage by overcharging, or giving you a higher interest rate.

The advantage of a Mortgage Broker is that they use more then one bank, and can shop for the best deal and rate.

The advantage of Retail Banks is that most of them provide a interest rate break if you do EFT Mortgage Payments and sign up for Checking and Savings with them.

It is normal to pay a Lender Fee of $900.00. Most Lenders and Mortgage Brokers will charge 1 Point which Equals 1% of your loan amount. This is customary as they must feed their family. More then one point is greedy. DOn't confuse this point with Discount Points. Discount Points are when you pay a percentage to "Buy the Rate Down.

Example. The Current Rate is 4.75%, but you pay 1 point to lower your interest rate to 4.25%.

Also watch out for large Yield Spread Premiums. Zero Yield Spread Premium means that you got the best rate possible. In Conventional Loans a yield spread of up to .0375% is not uncommon when rates fluctuate. Over .05% you may want to ask questions. FHA loans sometimes have a higher YSP, yet you got the best rate, don't be alarmed if it is .05% A yield spread above 1% means you were overcharged.

Some Lenders and Brokers offer no cost loans by giving you a higher rate to make up the difference, or by charging a YSP. Remember nothing is free. They will argue that YSP. doesn't come out of your money. That is correct as the bank pays the Broker the rebate. YSP(Rebate) = Reward for Charging Higher Rate.

Hope this helps. If you need a trustworthy Mortgage Broker, or Lender I can help you out.

Sincerely,

Adrian Huntington
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0 votes 6 answers Share Flag
Sat Apr 11, 2009
Tyler Flaherty answered:
Ramesh, First and foremost get in touch with a good loan officer. I am sure you will find one easily on this website. A loan officer may say you do not need to wait at all. Judging from what you have said you are in great shape for buying a home. Get pre-qualified and you will be well on your way.
Best of luck,
Tyler Flaherty
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0 votes 8 answers Share Flag
Thu Apr 2, 2009
Steven Ornellas answered:
Sun Feb 22, 2009
Matthew Tetloff answered:
As far as your mortgage and terms...nothing should change unless they have different underwriting standards. Call your loan officer tomorrow to see if there are any concerns. Moe than likely you are ok. Good Luck! ... more
0 votes 1 answer Share Flag
Mon Feb 16, 2009
Robert Chomentowski answered:
I don't think any one knows for sure at this point. If so, if will be on case-by-case basis.
0 votes 3 answers Share Flag
Sun Feb 8, 2009
Bill Eckler answered:
Sebastian,

We recommend that our customers get preapproved and take considerable time doing so because of the numerous programs, confusing terms, and constant rate changes.

Additionally, it is extremely important to meet with several loan agents, remembering always to request a "good faith estimate" that can be taken from one loan agent to anither, in this manner you are holding them accountable to their peers.

This is an often overlooked and misunderstood part of home buying. Our recommendation is to slow this part of the process down and make certain you are getting the best rate....remembering what you think you are getting may not be so...proceed with care!
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0 votes 9 answers Share Flag
Fri May 8, 2009
Steven Ornellas answered:
Julieann, at a minimum, I would suggest that you speak with the Title Rep to determine how to best handle this.

Consider an interspousal transfer grant deed. My understanding of an interspousal transfer grant deed is to easily transfer real property between spouses so the property is not reassessed for tax purposes, and/or you need to transfer interests in the property, and/or convert “community property” into separate property (California is a Community Property state).

Once, escrow has closed, you can again change title to add you. In fact, you might want to sign the deed that adds you when you sign the loan paperwork with instructions to record the refinance docs first, and then the deed to add you back.

Best, Steve
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0 votes 4 answers Share Flag
Sun Dec 21, 2008
Dominique Ressurreicao answered:
I believe I can help you with this. Please send me your contact information or you can also review our website. My contact information is on the website.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
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0 votes 1 answer Share Flag
Mon Dec 7, 2009
Julia Huntsman answered:
Hi Courtney, You should try looking for municipal programs and agency programs for first time buyers, and some programs do not have the requirement of being a first time buyer. If you take a look at my blog, you can find the post I did earlier in the month about those programs.
Julia Huntsman, Broker Associate
562-896-2609
http://www.longbeachrealestate.blogspot.com
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0 votes 6 answers Share Flag
Mon Oct 13, 2008
David answered:
the bank will ask for at least 90 days of most recent bank statements and paystubs.
0 votes 6 answers Share Flag
Wed Jun 22, 2011
Jim Johnson answered:
You may find your answer here:

http://www.hud.gov/offices/hsg/sfh/faqs/atl1val.cfm
0 votes 7 answers Share Flag
Thu Jan 22, 2009
M.D.J answered:
In retrospect the HOA questionnaire which revealed the delinquencies should have been received earlier to avoid being homeless but what is done is done

The only way around it would be a limited review questionnaire for the HOA which would have no reference to delinquent HOA fees but that would depend on the lender and what the loan approval says.

You have no obligation to stay with your current lender if they can no longer help you and as far as the appraisal fee that has to do with what was agreed on.

Other than Fannie guidelines there is FHA and portfolio lenders (savings & loans) that could be a solution for you but more information would be needed.

Hope this helped and good luck to you
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0 votes 3 answers Share Flag
Thu Mar 27, 2008
Darren Miller answered:
In CA an agent can be a loan officer and a Realtor... Did the Realtor take out an equity line on there primary residence? Typically the agent does not get this type of information from a buyer/borrower, that is the loan officers job. ... more
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