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Financing in North Carolina : Real Estate Advice

  • All456
  • Local Info33
  • Home Buying251
  • Home Selling49
  • Market Conditions10

Activity 259
Wed Apr 17, 2013
Josh Miller answered:
Tue Apr 9, 2013
Don Tepper answered:
Several reasons.

First, there are a bunch of up-front costs to the lender that are spread out over what's expected to be the average length of the mortgage--somewhere between 5 and 7 years. If a homeowner wants to pay off the mortgage in a year or two, those longer-term costs haven't been recovered through the normal monthly payments. Thus, the penalty helps offset that.

Second--though less common now--teaser rates typically are below market. Again, the lender has done the calculations and figured that it can lose a bit of money (or not make as much) on the teaser rate, so long as the rate goes up and the homeowner keeps paying. But with a refinance, that doesn't happen.

Here's a simple illustration: You go into your favorite fast food restaurant. There's a promotion: A free soda with the purchase of a meal. The restaurant will still make money on the deal, and in fact hopes the additional volume from additional customers will more than make up for the lost revenue from the free soda. You can't just walk in and say, "Well, you're offering a free soda. I want that free soda. But I don't want the full-priced food." Point is: There are costs or expenses in many mortgages that are spread out over an anticipated life of 5-7 years. If the mortgage is refinanced or paid off after 6 months, those costs haven't been recovered.

Thus, the penalty.
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0 votes 1 answer Share Flag
Wed May 8, 2013
Don Tepper answered:
All the time.

At least get competing quotes.

One caveat: Beware of online lenders. Some are good. Some aren't. But there's often less accountability than if the lender is down the block and you can physically visit. ... more
0 votes 4 answers Share Flag
Thu Jul 23, 2015
Frank Coxx answered:
3.5% of sales price...if you are doing a HUD home it is $100 down...
0 votes 11 answers Share Flag
Wed Aug 6, 2014
Ron Thomas answered:
Are you trying;

Good luck and may God bless
0 votes 3 answers Share Flag
Thu Mar 28, 2013
Andy Matejka answered:
IS this the website you are using?

if you are still having trouble, feel free to email me the address and I'll check it for you. ... more
0 votes 1 answer Share Flag
Sun Jul 28, 2013
Andy Matejka answered:
CH. 7? Ch. 13? what type of loan? what's the current rate? Why did you file?

CH. 7 won't allow a new mortgage for 4-7 yrs. if it's Conventional and depending on the Govt. Sponsored Entity that insured your loan (FHLMC or FNMA). Therefore you would need FHA which you wouldn't be eligible for 2 yrs. from the discharge date. so if you filed CH. 7, you might be better off just paying down the mortgage.

Ch. 13 allows you to petition the court for permission to obtain a new loan if you've been making payments on time for a year for FHA, VA, USDA. However, Conventional loans will require 2 yrs. waiting period from discharge date. Keep in mind the lender you select may have it's own overlays.
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0 votes 3 answers Share Flag
Sun Mar 10, 2013
Larry Story answered:

Not sure what you are asking for. Are you looking to refinance your home or to buy another home?

You can always take a loan out on your home if it is paid off. Your best path is to speak with a bank/mortgage lender. They can best give you your options. If you need a some numbers of lenders just let us know. I am sure some will answer here on Trulia also.

Hope this helps,
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0 votes 4 answers Share Flag
Sat Feb 16, 2013
Jill Ford answered:
Not the mortgage/loan expert but can't resist taking a stab at this one. I haven't encountered lenders in this new (post 2008) lending environment who will do what you are hoping for. Love to hear from you if you do. ... more
0 votes 2 answers Share Flag
Sun Apr 28, 2013
Kathleen Turner answered:
You need to connect with a good commerical real estate broker who will have a number of lender contacts that wil finance such a project. Not all lender do commerical oans, regardless of the price. One I can recommend to you is John Vickers, with Keller Williams Commerical. John's contact info:
John Vickers, KW Commerical (704) 575-0667,

Best success!
Kathleen Turner, ABR, CRS, ePro
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0 votes 6 answers Share Flag
Sun Jul 28, 2013
Melissa Albert answered:
Hello Peter,

This is a great question for a lender. Find one locally and pick his or her brain.

Good luck
0 votes 5 answers Share Flag
Sat Feb 2, 2013
Tony Garcia answered:
sure. send me an email
0 votes 1 answer Share Flag
Tue Jan 22, 2013
Mike Jaquish answered:
If the actual market value is $210,000, I think you can hardly go wrong.
If the actual market value is $160,000, I think you need to not overpay.

Comparable sales will help determine market value and from there you can derive an offer and fair price. Your agent easily should be able to provide those calculations.
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Tue Feb 23, 2016
Jernel Sanders answered:
Many rentals in the area do accept section 8 vouchers those who do can be found at
0 votes 3 answers Share Flag
Tue Jan 1, 2013
Andy Matejka answered:
A general rule of thumb is 2 yrs.

However, this is the time of year that folks begin preparing their income taxes for 2012 and depending upon your specific circumstances an underwriter could request to see 3 yrs. worth of returns since you might not close until your 2012 transcripts could be available.

If you'd like help getting approved, feel free to apply online or give me a call.
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0 votes 3 answers Share Flag
Fri Dec 28, 2012
Kathy Byrnes answered:
Call Kelly Waugh with Fairway Mortgage. She is excellent. 704-578-4577 -
0 votes 4 answers Share Flag
Wed Feb 6, 2013
Amy Baker answered:
I would definitely suggest talking to a few different agents before you hire one to be your buyer's agent. Be sure whoever you choose has in depth knowledge of programs that can help you with low downpayment and experience in the areas you are looking in. Also make sure their 'style' fit with you side you will be working together for a while and you want it to be a very positive experience.

Amy Baker
Allen Tate Realtors
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0 votes 10 answers Share Flag
Tue Dec 18, 2012
John Siddons & Mike Laine answered:

If you do not have a buyer's agent, contact me directly and I'll hook you up with my lender who may be able to help you!

John Siddons
704-458-1843 ... more
0 votes 7 answers Share Flag
Sat Feb 23, 2013
Debbie and Salvador Arriero answered:
Jeff Trout, Myers Park Mortgage - 704-971-6145 - he's phenomenal. Great programs. Then when you are finished with him, give me a call - I'd love to help you find a home. 704-443-8627 or visit our website

Debbie Arriero
Arriero Realty, Inc.
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0 votes 15 answers Share Flag
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