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Financing in San Mateo : Real Estate Advice

  • All200
  • Local Info18
  • Home Buying79
  • Home Selling15
  • Market Conditions3

Activity 9
Sun Aug 11, 2013
Lance King answered:
Depends on the property type and your financials. Typically speaking you will get better rates with more down. We work with 3 excellent lenders who all have different programs. I'm happy to send referrals - contact info below.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
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0 votes 6 answers Share Flag
Thu Sep 27, 2012
Jacob Varghese answered:
Tue Mar 2, 2010
Jacob Varghese answered:
The possibility of getting the money back for the appraisal report is bleak. Consult a real estate attorney for damages.
0 votes 15 answers Share Flag
Fri Sep 25, 2009
C2 Financial Loans answered:
Jason,

I would be more than glad to assist you with a pre-approval and present you with some financing options. I don't charge any upfront fees. I work with clients all over the Bay Area. Feel free to check my company out through the Better Business Bureau's website.

Regards,
Shawn
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0 votes 4 answers Share Flag
Tue Aug 25, 2009
Tita Garcia answered:
Interest rates are relatively low right now. I have a buyer that closed yesterday with a 5% interest rate for a 30 year mortgage. That's phenomenal! Absolutely, I would lock my rate right now, but make sure you know what the ramifications are if you don't close on Sept 20th. I would dot my i's and cross my t's first before I commit to anything. Best of luck! ... more
0 votes 10 answers Share Flag
Tue Aug 18, 2009
Julie Rice Thall answered:
Jay,
Congratulations on your decision to buy a new home!

If you are planning to buy a condo, the project which the condo is a part of must be approved, regardless of the down payment being made. If you are planning to go with an FHA loan (which is advisable if you are putting less than 20% down), then you can get a spot approval, as you mentioned. If you can put at least 10% down, and want to pursue conventional, Fannie Mae financing, then the project must be approved by the bank that you are taking the loan out with. Once upon a time, Fannie Mae approval was all that was needed. In today's market, the physical lender will want to approve the condo project personally.

First, let me give you the big picture. The lenders, FHA or otherwise, are concerned with protecting their collateral...which is the condo you wish to buy. Since condos are part of a HOA, the lender is very concerned with the HOA and the project, and how it is run. Here are a few things of the many things that can make a lender not approve a condo project:
a) More than 15% of the HOA dues are deliquent
b) More than 51% of the units are being occupied by renters rahter than the owners
c) There is pending litigation against the HOA
d) There is not adequate reserves available to perform unexpected, but necessary repairs

So first, decide on what type of financing makes the most sense for you and get lender pre-approved. Second, find a condo you wish to purchase. Third, let your lender do the work to discover if the condo project is approved, or will be approved by the lender. And just know that if the lender does not approve the condo project, they are doing you a favor by discovering deficiencies in your property that would eventually effect your future property value. If the lender will not approve the project, you probably do not want to buy into that proect anyway.

Good luck!
Julie Thall
jthall@rpm-mtg.com
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Tue Aug 4, 2009
Daniel Pryce answered:
I am available to accomodate TIC Financing in San Francisco. Best way to contact me is via email with your scenario and I will look into the options I have available. I look forward to speaking with you.

danielpryce@mortgagecalifornia.com
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Thu Aug 21, 2008
Adrian Huntington answered:
In all transactions you get what you pay for. If you hired a lawyer you would not pay for the cheapest lawyer which is a public defender. If you have700+ credit I suggest you get a quote from your local bank. If you have a checking account savings and agree to ETF Mortgage Payments banks such as Wells Fargo, Bank of America will give you a better rate with less to no cost. Buyer be aware no closing costs means higher interest rate. It may only be an eighth, but over time they got paid for your so called deal. I am a Realtor and Loan Officer. Whether you go to a retail Bank or use a Wholesale Broker you will pay something. You need to go with someone who you can trust. If you are buying a home typically the seller chooses the Escrow company. You should ask for Seller concessions to pay for the escrow fees. Most escrow fees are competitive. We are at a point when the high fee companies are out of business.
If you have any questions, or would like for me to quote you some reasonable fees. Email me some details. I think some figure is missing from this total.

Sincerely,

Adrian Huntington
Welcome Home Real Estate & Finance
53 La Serena Ct.
Alamo, CA 94507
adrianh@americanfinancialfunding.com
925-818-6694
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0 votes 5 answers Share Flag
Mon Feb 11, 2008
Jim Walker answered:
Yes they can.
1. They may have gotten their numbers from Countrywide on different days or even a different hour on the same day. That is the most common reason for rates or fees to differ.
2. They may be quoting different programs such as one might be quoting full documentation (better rate and fees) the other might be quoting lighter documentation.
3. Someone may have gotten it wrong, or purposely jumped the gun. . Lets say the loan was $450,000, One broker might accidentally or intentionally (but incorrectly for the moment ) quote a conforming loan rate and another correctly quote a Jumbo rate.

However with loan limits set to change very soon, the loan may fall within the conventional rate structure soon anyway. The broker quoting the Jumbo rate will seem higher because he is conservative and not willing to quote something that has not been signed by the president yet, nor implemented by the GSE's. The broker quoting a conventional rate, may be willing to take the risk of quoting you a rate for a program that your loan size will probably conform to in 45 to 60 days, even if the ink is not dry yet.

4. Finally it is possible that the brokers have their own fees that do not match up with each other. Or someone calculated something differently, or some one made a mistake for the good, or someone else was being conservative (higher) with their estimate. Or that one made an improbably low estimate to get your business.

5. Picking the lowest quote, does not guarantee that you will get what they quote. nor does it mean you are any more likely to get a better deal from the lower quote. A quote is just an offer to do business.

6. A written good faith estimate gives you a little more to go on, since it is writing., but is still only an estimate, and is not binding on the broker or the lender.

7. The closest you can come to knowing what your rate and fees will be is when you lock in the loan rate.
( IN WRITING )
Yet locking in the loan rate more than 30 to 45 days away from the expected close of escrow can be much more expensive than allowing your rate to float, especially when interest rates are falling.

The best broker to go with is the one who can explain all of this to you. one that seems to know what they are doing, one that asks you a lot of questions. A really good broker may even discuss loan programs that you did not think of that might save you more money than the one you asked for.
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