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Financing in 95138 : Real Estate Advice

  • All16
  • Local Info1
  • Home Buying8
  • Home Selling1
  • Market Conditions0

Activity 128
Sun Mar 31, 2013
Terri Vellios answered:
In todays crazy multiple offer market, if Buyers have cash they either decide to go cash or elect to make up appraisal difference if financing.
0 votes 14 answers Share Flag
Mon Apr 1, 2013
Not all mortgages have a pre-payment penalty period attached to them.
You might want to refer back to the Note associated with your loan. If there is a pre-payment penaly is should included in the Note (or there should be a 1 page rider regarding that) ... more
0 votes 11 answers Share Flag
Wed Feb 20, 2013
Hi Sage Bear, as long as it's in the same industry then all lenders should be OK with this. A 3-week gap in employment isn't that big of a deal. We routinely help people with 1-2 month gaps in employment and the most I've ever been asked is for my clients to provide a letter of explanation. When you get to 3 months or more then often we see lenders start asking for our client to be on the new job for 6 months. For your situation, some lenders may want to know you aren't on a probationary period with your new employer, but that should be the extent of it.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
0 votes 2 answers Share Flag
Wed Feb 20, 2013
Hi Sage Bear,

Most banks and credit unions do not allow non-occupant co-borrowers on HELOC's. Credit unions tend to have more liberal underwriting guidelines for HELOC's, so I suggest you call Patelco or KeyPoint Credit Union.

Best wishes,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981
... more
0 votes 4 answers Share Flag
Tue Dec 1, 2015
Charles Lee answered:
We can do with Private funds but our rate and terms are a bit higher.
0 votes 16 answers Share Flag
Wed Feb 13, 2013
Hi Albert,

It is unlikely that a refinance to a lower payment, with no cash out, would cause any problems with your new purchase. It should acually help you to qualify. In today's higher level of scrutiny and qualifications, when you are approved for the short sale purchase, proper documentation of the refinance will be necessary for financing that purchase. However, based on what you ahve shared, you should be fine.

Let me know if I can help you by answering any further questions or a quote for either loan.

Bill Phillips
Home Loan Consultant
First Priority Financial - Silicon Valley
(408) 957-7600
... more
0 votes 5 answers Share Flag
Sat Jun 1, 2013
charles butterfield answered:
Thank you for your question, Mr. Lee:

Unfortunately if you lost one rental property to foreclosure two years ago, in 2011, it will be very difficult to refinance your other rental property at a reasonably low interest rate, even though the loan to value ratio is very low.

For more information you may contact me at my cell phone: (408)509-6218 or send me an email at my email address:

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
... more
0 votes 7 answers Share Flag
Mon Feb 4, 2013
What kind of property is this?
0 votes 5 answers Share Flag
Sun Jan 13, 2013
Scott Godzyk answered:
If you financed any of your closing costs your laon balance could be higher than you borrowed. You should ask your loan officer to explain why they are asking this. They should easily be able to explain their own policies. ... more
0 votes 13 answers Share Flag
Wed Sep 13, 2017
charles butterfield answered:
Thank you for your question:

In general, it is easier to get a loan to finance a single family house and the rates are lower.

A mobile home is generally personal property, like a car, that is parked on leased land.

The lender regards the loan on the mobile home to be a higher risk than the loan on a single family home where you own the land as well as the house.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:

... more
0 votes 6 answers Share Flag
Fri Oct 25, 2013
Mitchell Pearce answered:

If it is a request for a mortgage, federal rules state the bank has 3 days to respond once it has all information necessary to respond. If you provided all information they have asked for and not gotten a response, I suggest you go to a different bank and start fresh.

Mitchell Pearce
... more
0 votes 6 answers Share Flag
Fri Nov 16, 2012
Jeff Hansen answered:
I'm happy to do your refinance for you.

Jeff Hansen
TERA Capital Group

We are a mortgage broker with access to several lenders. We may be able to do a no point, no cost refinance for you. Call me to discuss your options. ... more
0 votes 10 answers Share Flag
Mon Oct 29, 2012
Sally Blaze answered:
Appraisers work independantly from lenders and realtors. To reach an assessed value on a home in escrow, an appraiser uses multiple tools for the evaluation. One of these tools is to look at recently sold homes in the same area and of similar style, size, etc.

The most common reasons there are disagreements with an appraised value are the properties used for comparison, and the condition and quality of the home being appraised versus those it is being compared against.

If there is a dispute, sometimes lenders or real estate agents will request a second appraisal, but more often the parties involved in the home purchase negotiate a solution.

I have not answered the specific question: how often does this happen? I am not familiar with statistics reflecting how often this happens. It does happen, especially when we are in a market of increasing values (such as we see today).

Sally Blaze
Alain Pinel Realtors
DRE 01856137
... more
0 votes 9 answers Share Flag
Thu Apr 28, 2016
Carmelle Jean-Paul answered:
Yes, Definitely!! Programs such as FHA lets you purchase a home with as little as 3% down, and many people do not know that even with a conventional loan, it is not necessary to put 20% down. Based on the amount that you have or receive towards closing costs, may be enough to offset the amount that you need to close the deal when purchasing a property. Your agent will be able to help you decide your options. ... more
0 votes 12 answers Share Flag
Thu Nov 15, 2012
Cindy Davis answered:
Great question. There are some differences between lenders, but the differences aren't usually about rates. When referring to any given program, most rates are pretty darn similar.

The differences I've found, have to do with how costs are structured, and every company does it differently. You want to get a 'good faith estimate' of all your closing costs from each lender you're considering, as well as their rates. Look at such fees as lender origination points, document fees, etc. That;s where I often see the biggest differences.

Talk to at least 2 lenders and compare the information they offer you before selecting one to work with. Best of luck to you.
... more
0 votes 6 answers Share Flag
Tue Mar 5, 2013
Rich Homer answered:
You need to speak to a Mortgage Broker
0 votes 10 answers Share Flag
Thu Dec 25, 2014
Gregorio Denny answered:
I assume you are saying that you are buying an investment property and you wish to use the rental income to qualify. It sounds like the lender is asking for for the signed lease agreement and the security and 1st months rent deposited into your account. this is pretty standard with owner occupied multi unit properties. For example, on a 2 unit FHA where you want to use the income from the second unit to qualify, you will need to show proof of the lease and monies deposited. Is this what you are doing? ... more
0 votes 4 answers Share Flag
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