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Financing in Pasadena : Real Estate Advice

  • All186
  • Local Info8
  • Home Buying56
  • Home Selling12
  • Market Conditions1

Activity 14
Sun Aug 25, 2013
Bill Eckler answered:
Conditions may vary depending on your individual details. To best understand your options, it would be advisable to consult several different lenders for their input.

Good luck,

Bill ... more
0 votes 9 answers Share Flag
Thu Aug 15, 2013
Dan Tabit answered:
Depending on how bad your credit is, maybe. There are two general sources for an loan secured by property, conventional bank lender and/or mortgage brokers are one source that all work with stricter guidelines but offer the most competitive rates and programs and hard money lenders.
A hard money lender would look at your equity situation and consider loaning you some money. The terms from a hard money lender will vary greatly, so shop this carefully.
When I have a client with credit issues, it's easy to say no or refer them to a hard money lender, but the best solution for everyone is to take the time to work through why the credit is damaged and set up a plan to both repair the credit and set the client up for long term success. Too often people in your position will end up losing everything, including all that equity and the property attached if they don't resolve the issues that got them there. Consider meeting with someone to get an outside perspective on your whole circumstances so you can make the wisest choice.
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0 votes 4 answers Share Flag
Sun Aug 25, 2013
Francis Recalde answered:
Brian the range can go as high as 35% and will depend on the lender and loan program. I suggest you speak with an experienced loan broker to determine best scenario for you. I can certainly match you with one or more of my trusted financing experts to help you. Just let me know. ... more
0 votes 10 answers Share Flag
Wed Jun 6, 2012
Ron Takeuchi answered:
Great Question, Brian! Generally, better to do the loan individually BUT I will defer to my trusted lenders who are the experts and can look at your specific situation in a Pre-Approval. Please contact me if I can be of any assistance.

Ron Takeuchi
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0 votes 12 answers Share Flag
Tue Dec 13, 2011
Dot Chance answered:
Are you SURE you will not qualify for a refi? I can refer you to a couple of lenders who may be able to help you. With so much equity in your home there may be a way. Contact me and we will brainstorm to get you some help!

Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center

WHEN YOU THINK OF REAL ESTATE...Think! My business thrives from your referrals!
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0 votes 11 answers Share Flag
Sun Aug 25, 2013
Glen Mitchell answered:
Interesting, not sure how many property managers would be willing to take a place for less than a year, but everything is negotiable. Is property currently rented. What is your investment background or current occupation. Any way you could show you have the skill set? I'm sure you do if you have the time. Check in with some property management companies and see what they charge. You may be surprised and can get someone to handle everything and leave you free to find more properties or sit on the beach :)

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0 votes 10 answers Share Flag
Wed Mar 17, 2010
Robin Silverberg answered:
Ask the lender. They may ask to look at the agreement to see what it says about that. It is also up to the 4 members. If one or more do not have as good credit, they may be left off the note. ... more
0 votes 1 answer Share Flag
Wed Mar 17, 2010
Robin Silverberg answered:
That is not really a bad deal. Many people think they are going to get a 5% rate on a commercial loan, but that just doesn't happen any more. You may want to shop around though to see if you can do better, or get someone to do it without the point. Have you inquired directly with a bank, or is this through a mortgage broker? You best bet for something like this is a small local savings bank. Also, not sure what you mean by DSC. Are you talking about the debt service ratio? ... more
0 votes 4 answers Share Flag
Thu Mar 18, 2010
Monique & Joe Carrabba answered:
Hello Ken,

If you have interest in writing an offer that is all cash, make sure you have other contingencies in place (inspection for example) so you can switch to a loan as you would not be able to use loan or appraisal as an issue if you decide to back out. If you qualify for a loan you could switch to all financing once escrow is opened. I would get a loan during escrow.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
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0 votes 7 answers Share Flag
Tue Mar 9, 2010
Edward Uriarte answered:
One of the officers in the LLC needs to personally Guarantee the loan. It wouldn't be referred to as Primary contact but a personal Guarantee by that member. I hope your partner understands that becuase it could affect his purchasing power on personal real estae. You can call me if you have any othe questions.

Edward Uriarte
Loan Consultant
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0 votes 2 answers Share Flag
Wed Feb 24, 2010
Nicholas answered:
I would talk to your lender. Some may have a rental survey done at the time of appraisal, and you can get up to 75% of the fair market rent credited towards your income ratios.
0 votes 10 answers Share Flag
Wed Jan 6, 2010
Bentley Advisors answered:
Assuming you truly have $120k of documented income, have zero debt and a min qualifying credit score of 700, you might qualify for an $800k+ purch price. With your $200k down, the loan amount would be roughly $600k. ... more
0 votes 18 answers Share Flag
Tue Dec 29, 2009
Ted Canto answered:
Hi Fretter,

Don't Fret. It is a bit more difficult to qualify someone who has been out of the workplace for 2 years or more. However, there are situations that if explained and it makes sense, you can get around the problem. The down payment part is not so much the issue so I am not convinced that will help the situation much. I have a lot of questions to ask as, obviously, there are reasons that kept you out of the workforce. I would be happy to assist you and exploring your options.

You can reach me via email or phone.

Ted Canto
Direct: 888.724.7402
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0 votes 6 answers Share Flag
Tue Jul 21, 2009
Robert Spinosa answered:

Since I believe that every person seeking home financing is unique and has his/her individual preferences, I'm never convinced that one person (your agent's referral, for example) can be right for everyone. Human (and financial) relations don't really work that way.

My advice for finding a broker is to ask several of your peers who they have used in the past and if they had a GREAT experience with that person. If you have no first-hand referral options, then perhaps next would be a banking relationship that you already trust, like your credit union.

I think you're doing yourself a great service by using Trulia too. Maybe you don't realize it yet, but by opening up and asking for help you may just identify a number of qualified people who speak your language and are interested in earning your business. Once you have several options, you can then begin to confidently compare rates and costs, which should also be very important in your choice.

I am in home financing and am happy to help, so let me know if there's any way I can be of service as you do your research. Feel free to check out my references below and call or e-mail any time.

Best regards,

Rob Spinosa
Mortgage Master Inc.
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