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Financing in Fremont : Real Estate Advice

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  • Home Buying484
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Activity 33
Tue Nov 26, 2013
Steven Ornellas answered:
Hi Norm,

You assumption is correct. Here are a few links you might find interesting:

"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd
Personally, I only work with Mortgage Broker/Bankers.

http://docs.Steven-Anthony.com/SAR-HowMortgageRatesAreDetermined.pdf
http://docs.Steven-Anthony.com/RateShopping-DoItRight.pdf

-Steve
... more
0 votes 8 answers Share Flag
Wed Jun 20, 2012
Hollie answered:
How about Cashier’s Check?
0 votes 14 answers Share Flag
Thu May 10, 2012
Steven Ornellas answered:
Neabella:

I have no reason to believe the information provided to you is not genuine; however, perhaps you might obtain a 2nd opinion from another Homepath Renovation mortgage lender, which you can fine here: http://www.homepath.com/financing/index.html

-Steve
... more
0 votes 2 answers Share Flag
Fri Apr 20, 2012
Mellina LaRocca answered:
BEST ANSWER
Mellina Larocca, Agent, Fremont, CA
Hello and thank you for your question. It's always advisable to first discuss this probability with your lender. A loan for investment property may cost you more and therefore you would qualify for a loan amount. total less than $750,000.00. If you bought a property for example that is a duplex and you would be living there as your primary residence, they may consider the same loan amount or more.

If I can further assist you in any way, my direct number is 408-674-5869.

I wish you the very best,
Mellina
... more
0 votes 4 answers Share Flag
Thu Oct 13, 2011
Steven Ornellas answered:
Hi Brianna, this is a perfect question for your mortgage broker to answer given your specific situation.

-Steve
0 votes 8 answers Share Flag
Sun Sep 18, 2011
Dan Tabit answered:
Weaglehunter,
I checked on a rate sheet for a major lender and found 45%. In my experience doing loans, I have found that high income earners have been considered for higher ratios, so discuss this with a lender. ... more
0 votes 7 answers Share Flag
Sat Jul 16, 2011
Michael Tessaro answered:
Mr. Barner,

What are your questions? I am happy to help it I can

Best,

Michael Tessaro
FREMONT REALTOR since 1984
myeastbayhouses@gmail.com
925-519-9099
0 votes 13 answers Share Flag
Wed Feb 1, 2012
Acosta Alice answered:
The bigger banks like Bank of America, Wells fargo and Compass Bank will do the smaller loans, but their fees are usually pretty high. If the loan amount you are looking for is $67,000, you should be ok to go to a regular lender and pay normal fees. Usually under $55,000 is where is starts to be a problem. ... more
0 votes 5 answers Share Flag
Wed Nov 10, 2010
Dan Tavares answered:
That really depends on the lender that you use for the new purchase. Certain ones want up to 12 months seasoning before lending to you again. Might look into a short term private money loan to get you in, then refinance after seasoning is up. ... more
0 votes 5 answers Share Flag
Thu Sep 30, 2010
ANDREW OLLICK answered:
Why is she saying you need to remove the contingency. In most financing transactions it's not advisable unless you're ok with loosing your deposit in case your loan falls through. Even if you have a conditional approval on your loan, a lot of things can go wrong.
If she has a good reason for removing it, then you need to decide for yourself. But otherwise, i wouldn't do it, unless your loan is clear to close :)

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
Latest Post: Naples Luxury Home on Fire
www.andrewollick.com/realestateblog
... more
0 votes 17 answers Share Flag
Sun Apr 5, 2015
Gregorio Denny answered:
As of January 1, 2010, all yield spread premium is credited to you, the borrower, and disclosed on page #2 line #2 of your GFE. This is federal law for a broker, however' your friendly neighborhood bank or savings and loan will not have to disclose this to you.

Make sure you are getting the benefit of the YSP credited to you and make sure you understand the new GFE. Read this for a good explanation.
http://wefixrates.info/Files/GFEExplained.pdf
... more
0 votes 15 answers Share Flag
Mon Jun 21, 2010
Pacita Dimacali answered:
Several questions here....

1. You're "giving" her 20% down payment. How is this reflected on her bank account?

2. Are you a co-signer on the loan, and will you be on title? If so ---- your own financial situation will be evaluated in terms of whehter or not you can qualify to have two loans. How will you take title (joint tenant? Tenants in common? etc)

3. Is she a contractor for the second job which makes it temporary, or self-employed status

4. How much does she owe (credit cards, auto loans, etc)., What's her credit score? These will play a significant role in getting preapproved.

5. What type of loan?
... more
0 votes 6 answers Share Flag
Sat Jun 15, 2013
Nicholas answered:
If your hoa insurance does not include ho6 (walls-in coverage), your bank may not fund the loan. They should have explained this to you before you signed all of the documents, typically you will need a policy quote at the very least, with a policy to be bought at closing to cover the interior of your unit. It should be pretty cheap though, it's like renters' insurance. ... more
0 votes 5 answers Share Flag
Wed Apr 28, 2010
Barbara Van Duyn answered:
Hi Bluebells -

According to the IRS, Mortgage insurance acquired to purchase a home has the same deductability as mortgage "interest" . This rule has been in place since 2007 and is clearly stated on the IRS website. I would talk to a CPA so you can evaluate the impact of your projected "adjusted gross income" to determine the extent of your mortgage interest & MIP deductability. Other things to consider are how long you plan to stay in this home and the expected annual rate of appreciation in the area you are purchasing. MI is a big number on the monthly payment so any opportunity to take a lower MI rate is worth getting a tax professional opinion.

Removing MI on a conventional loan is acceptable once the LTV reaches 80 percent. However you need to know what each lenders guideline are for doing so. Get answers to whether you will have to refi into another conventional loan or if a new appraisal showing 20 percent equity will be enough. The loan originator should be able to tell you how the lender address this in their loan documents while you are shopping for a loan.

All the Best,
Barbara
... more
0 votes 12 answers Share Flag
Mon Mar 29, 2010
Nicholas answered:
Lots of the big banks are limited to 4 financed properties. Some portfolio their loans so they don't care. If you own exactly 4 properties, I don't think it should affect your ability to do a cash-out refinance, if you have the equity/credit/income to qualify. ... more
0 votes 5 answers Share Flag
Sun Feb 28, 2010
Hannah Fliegel answered:
Hi Pat,

Try Wells Fargo Private Home Mortgage
415-945-2303
Jeffrey Bjork

Good luck!


Hannah Fliegel
0 votes 1 answer Share Flag
Mon Jan 4, 2010
CJ Brasiel answered:
Lean & Mean -

FHA use to allow up to 6% seller credit for non-recurring closing costs. The FHA is set to change this to 3% max. Most conventional lenders are following the cue. Some never allowed more than 3%.

Your best bet will be to talk to a broker to see if they can find a lender who hasn't changed to this new standard.

CJ
... more
0 votes 11 answers Share Flag
Sat Dec 12, 2009
Annie Nguyen answered:
You need to call them and explain the situation and ask them for the new plan of repayment based on your situation. You just can't just send under payment to them without notice. They don't care how your credit will look. They only record you are in default with your account due to under payment. The late fees and all will be added to your balance, you will owe them more and more eventually. Even you are in foreclosure but you will have need a place to stay. A damaged credit will prevent you from renting a place or applying for a job. It causes more severe damage than you can imagine. You said you are in foreclosure? Have you tried to do the loan modification yet? How can I help you to avoid the most damage of foreclosure? Please just ask, I will help you. I need more information so I can give you the right advice to solve the problem. ... more
0 votes 4 answers Share Flag
Fri Nov 6, 2009
Jesse Sierra answered:
Hi Cris,
Talk to your local:
Bank of America
Wells Fargo

I had good experiences with them.

Best regards,

Jes Sierra, B.Sc.
Realtor®
Century 21 Beachside Realtor
Chino Hills, California ... more
0 votes 5 answers Share Flag
Mon Feb 22, 2010
Brian Ripp answered:
Based on the information you mentioned, the seller can not keep your deposit. If you have not removed the financing contingency, you may cancel with no loss of deposit.

However, I have not seen the contract and I do not know what other terms are in the contract. You should contact your agent and/or the Broker of the company and discuss your situation.

Hope this helps you.

Brian Ripp, CRS, GRI
Broker, Notary
Check my web site: www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
510-710-4905 cell
510-794-9006 wk
Realtor since 1985
DRE Lic. 00886348
... more
0 votes 8 answers Share Flag
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