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Financing in Gilroy : Real Estate Advice

  • All101
  • Local Info15
  • Home Buying25
  • Home Selling1
  • Market Conditions2

Activity 14
Wed Jul 3, 2013
Sam Shueh answered:
Only if you take out your 401K for discretionary use and show the additional money on the bank statement. For example, a joint account.
0 votes 15 answers Share Flag
Mon Sep 24, 2012
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Seems as though this is a legal question, not a real estate related question. Many people think that because something involves a house/property that real estate agent should know. This involves nothing to do with the buying/selling of a property. It seems to be a legal matter involving a very complicated family matter.

Seek legal counsel.
... more
0 votes 15 answers Share Flag
Thu Jun 28, 2012
Wayne Giroux answered:
Hi George

The simplest way would be to put it on the market with a qualified Realtor and note that it is for sale 50% or that you are willing to consider 50% financing. The 50% financing should attract as it can be difficult getting financing for vacant land. You will need to show your ability to deliver clear title of course .. Wayne ... more
0 votes 7 answers Share Flag
Fri Jul 6, 2012
Anna M Brocco answered:
Your friend should really be consulting with an attorney, if she is unhappy with her current lawyer, there are plenty of others...
0 votes 12 answers Share Flag
Wed Jul 3, 2013
Sue Wylie answered:
That one is best left up to the loan experts. Contact a lender you trust and discuss. Also, you may want to talk with your tax accountant about this.
0 votes 10 answers Share Flag
Mon Apr 12, 2010
Michael Russell answered:
In my experience, Marc, mortgage companies have two tracking spreadsheets for your loan, one is the scheduled payments and one is the actual. When you pay on time and the balance becomes 78% then p.m.i. removal automatically happens. An issue arises when you pay extra principal and wish to have the p.m.i. removed before the scheduled 78% month. In this case you will usually have to pay for an appraisal because while your principal balance is not in question the lender wants to know the current market value of your property to show you have indeed reached the majical 78 or in some cases 80% plateu. Most lenders have the guidelines for removal of p.m.i. on their website, in one of your statements or you could call them. Best of luck ... more
0 votes 5 answers Share Flag
Thu Oct 8, 2009
CCC answered:
It depends, if you financing / mortgage has seen the Purchase Agreement / Contract might not be a good idea to change the terms since some lenders might see it as a red flag. Please contact your Home Mortgage consultant and express your questions about the price of the property. ... more
0 votes 6 answers Share Flag
Thu Oct 15, 2009
X answered:
Bottom line is the bank will lend based on appraised loan to value. You cannot loan for more than the house appraises for. The builder won't be happy about it, but he'll have to lower his price to appraised value if he/she want's to sell it. ... more
0 votes 7 answers Share Flag
Tue Aug 11, 2009
Bill Mccord answered:
Marc,
The simple answer is that you can do nothing other than cancel the deal. You are fully entitled to be angry about finding this out so late in the process, but have no other recourse.
I can't defend the logic, but I can tell you that this is the way it is, and always has been. It has nothing to do with the Bank, it is simply the policy of the PMI company which is a totally different entity.
Good luck, Bill
... more
0 votes 5 answers Share Flag
Mon Apr 20, 2009
Bill Mccord answered:
In California Pre-Approved means you are fully qualified and that your loan is in place just waiting to be attached to a property. Now the chosen property has to be approved. That requires the Fully Signed Purchase Contract, The Preliminary Title Report, The Appraisal, and in some cases a Pest Control Report.
Pulling these things together may take a week to 10 days, at which time the loan is submitted to the Lenders Underwriter. A good Mortgage Broker will usually make sure there is nothing negative for the Underwriter to find and the loan will be fully approved within a couple of days of submittal. Purchase loans always take priority over refinances.
Unfortunately some Mortagage Brokers are better than others at managing all this and the submitted loan may returned with a requirement for additional documentation or clarification of some part of the package. A good example of this would be that your self employed Loan App was submitted with copies of 2 years tax returns, when this particular lender requires 3 years for self employed. There are many similar possibilities especially for the self employed.
You should at least be able to get straight answer in laymans language in the circumstances you describe.
Good luck, Bill
... more
0 votes 5 answers Share Flag
Thu Apr 16, 2009
Lori Lewis answered:
You can get lender paid MI - usually a 1% hit to your rate.

You can look at your loan and see if it makes sense to pay the PMI for a short time. I see your in CA so your value may not come up as soon as you wish.

Weigh they both out to see whats best long term
... more
0 votes 9 answers Share Flag
Thu Jul 4, 2013
Memphis Owners answered:
A word of caution, Marc. It does appear that your closing costs are extremely high. For a conventional loan, costs usually run about half of this. It's important because I'm sure the seller-paid closing costs are reflected in the price. ... more
0 votes 12 answers Share Flag
Tue Apr 15, 2008
Dave Sutton answered:
You need to talk to a (or possibly two) mortgage brokers in your area. There are far too many variables, which change daily, for anyone else to give you a precise answer. Just to hit a few of the high spots, your rate will depend on your FICO score, the down payment, your income relative to a proposed payment, your length of employment, whether it's owner-occupied, and many, many more.

When I bought my first house in 1965 there was only one kind of home loan - 20% down and 20 year payout, period. If that were the case today your question would be simple to answer, but it's not.

A Realtor should be able to recommend a good mortgage broker. in your neighborhood.
... more
0 votes 3 answers Share Flag
Wed Mar 26, 2008
Darren Miller answered:
West, we now have the new FHA loan amounts and rates in our system.
0 votes 6 answers Share Flag
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