Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Manalapan : Real Estate Advice

  • All114
  • Local Info10
  • Home Buying22
  • Home Selling4
  • Market Conditions6

Activity 4
Wed Dec 7, 2011
William Troy answered:
Hi Lorenzo, how are you? I have a few pieces of land for sale we can discuss. Shoot me an email when you can and I will send the info. You can purchase a short sale, depending on the listing agent and the bank some can be very aggravating and take a long time to close. As long as some experienced is handling it, it can go smooth.

William F. Troy
Broker-Salesperson
REO/HUD Director
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
Office-(732)557-4600 ext. 422
Cell- (732)600-1570
... more
0 votes 8 answers Share Flag
Sat Oct 29, 2011
Dan Tabit answered:
Anna,
You would likely qualify for a new mortgage against the new home. Rates on purchase loans are typically lower than on cash out refinances. I would just plan on setting up a new mortgage, purchase the right opportunity when it presents itself with a large down payment and then prepare and sell your current home. Once your current home sells you can pay off the other mortgage or invest the proceeds in other places. ... more
0 votes 6 answers Share Flag
Tue Mar 30, 2010
Heather Daccurso answered:
Hi Mona,
I am not sure how easy it will be to get an FHA mortgage for this condo community. Attached is a link from the Housing and Urban Development website showing all the criteria the community must meet to be approved. As long as the community meets the criteria they should grant the loan but that is hard to say until they complete the spot check.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/96-41ml.txt

Thanks,
Heather Daccurso, Sales Associate
Weichert Realtors
Office: 732-577-0440
Cell: 732-580-5309
... more
0 votes 5 answers Share Flag
Wed Dec 7, 2011
Other/Just Looking answered:
Lender answer:

Generally speaking, you may lock an interest rate once.

When you lock a rate, you are asking the lender to make a commitment to deliver your loan upon closing into a specific investment pool with a specific yield on the investment. Lenders will not allow you to re-lock for a lower rate (see exception below) in the same way that lenders do not increase your rate after locking in a rising rate environment. The point of a lock is to freeze the rate for you, the lender, and the future investor during the underwriting process.

Many lenders offer a "float down" options, which allows you to re-lock at a lower rate should rates fall during your lock period. The float down must be specified prior to locking; it may come with a fee; and in general it can be exercised once. Float-down options are typically offered on construction-to-permanent loans since C-to-P lock periods often extend up to a year.

A decision to pay for a float down option prior to locking or to execerise a float down option after locking depends on the fee and the length of time you expect to own your home. In most situations, purchasing a float down option is a wise idea. If you expect to own (or retain the mortgage) for a short period, the fee may exceed the payment savings. Your mortgage sales rep can work out the figures for you both ways to assist in making a decision.
... more
0 votes 3 answers Share Flag
Search Advice
Search

Followers

323