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Financing in Santa Clara County : Real Estate Advice

  • All145
  • Local Info5
  • Home Buying93
  • Home Selling7
  • Market Conditions6

Activity 213
Sat Oct 23, 2010
Gabriel Nguyen answered:
If it is transferring title from Mother (Parents) to kids then NO. Other than that, YES.
0 votes 5 answers Share Flag
Thu Sep 13, 2012
Carl Henker answered:
Do not remove you loan contigency until you have loan approval! As for as getting you deposit refunded talk with your agent.
0 votes 20 answers Share Flag
Sun Dec 12, 2010
Constantine K. answered:
This should not be a problem. You can contact me directly to discuss. Guidelines are changing daily so it's best to submit as soon as possible to lock in at current program parameters.
(858) 848-LOAN.
I am out of San Diego, CA.
... more
0 votes 9 answers Share Flag
Sat Sep 13, 2014
Gregorio Denny answered:
Only if you were never late on any payments and have a good reason for the short sale, like job relocation. Otherwise; not a chance!
0 votes 20 answers Share Flag
Thu Sep 30, 2010
Daniel Berman answered:
I am not a loan consultant but I know of a very good one, whom I highly recommend:

Adam O'Donnell
adam.odonnell@guaranteedrate.com
650-464-9019

Dan Berman
Pacific Century Realty
List for as low as 1%
... more
0 votes 3 answers Share Flag
Tue Sep 14, 2010
ANDREW OLLICK answered:
Most lenders limit the number of financed properties at 4. Regardless of location.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
www.andrewollick.com/realestateblog ... more
0 votes 8 answers Share Flag
Tue Sep 7, 2010
Bentley Advisors answered:
I can either assist directly or provide guidance and referral to the best party to assist w/ your transaction. Contact me directly and we can discuss.
0 votes 14 answers Share Flag
Wed Aug 18, 2010
Terri Vellios answered:
Jimmy Kang
Senior Home Mortgage Consultant
Renovation Specialist
Wells Fargo Home Mortgage
MAC: A0449-011
581 University Avenue
Palo Alto, CA 94301
408-888-7742 - Direct
866-554-5204 - eFAX
jimmy.kang@wellsfargo.com
www.wfhm.com/wfhm/jimmy-kang
... more
0 votes 3 answers Share Flag
Thu Jul 22, 2010
Barbara Van Duyn answered:
Hi Mini -

Paying down your principal balance will not reduce your monthly payment on an existing amortizing loan. Is there a reason you are not considering refinancing to lower the rate and payment?

Barbara
... more
0 votes 6 answers Share Flag
Thu Jul 22, 2010
Carl Henker answered:
Check with a credit union - try the Golden One CU.
0 votes 6 answers Share Flag
Sat Jan 16, 2016
answered:
You can do a streamline without an appraisal - But you can not add any closing costs back into your loan.

* Take your principal balance plus 1 months interest
* subtract the UFMIP refund (if applicable) and add back 2.25% UFMIP
* That is your maxium mortgage amount

- You will usally have to come to closing with money - usually the same amount as a payment

- Get a LOCAL company to help you with this, as there are many possibilities!!
... more
0 votes 13 answers Share Flag
Sat Oct 16, 2010
Gregorio Denny answered:
If your mortgage is not "purchase money" in California, it becomes recourse. Refinancing, even when changing rate and term, makes your mortgage recourse.
0 votes 9 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
Wed Jul 14, 2010
Hollie asked:
0 votes 0 Answers Share Flag
Thu Jul 15, 2010
Michael Barron answered:
Hi Mini, Nobody on this site will know your particular financial situation nor should they obviously.

A good question to ask yourself is how long do you plan on living in the home that you wish to purchase?
If more than 5 years, say 10 years then maybe the 30 year fixed would be best suited, and same applies if you are looking to move again within 5 years to the 5/1 ARM
Get yourself a good lender and they can help, but the final choice will depend on your particular preferences.
Be prepared for lots of opinions. Everyone has an opinion, Its your choice and only yours.

Hope this candid information helps

Kind Regards
Michael Barron
Realtor
First Team Real Estate
... more
0 votes 17 answers Share Flag
Fri Jul 16, 2010
Andrea Wince ~ Lic. 01439761 answered:
Hello Mini, my advice would be to get all the "promised" terms of your loan IN WRITING in the form of a GFE-Good Faith Estimate. The terms, conditions and total cost of your loan including escrow and closing fees should be itemized on the GFE. Then, prior to signing loan documents, ask your escrow officer for another estimated closing statement to ensure your costs are what you were promised. ... more
0 votes 21 answers Share Flag
Mon Jul 5, 2010
Graystone Realty Group answered:
Thursday's bond market is in positive territory after this morning's economic data gave us favorable results and the stock markets opened with losses. The major stock indexes are extending yesterday's negative tone with the Dow down 95 points and the Nasdaq down 24 points. The bond market is currently up 7/32, which should improve this morning's mortgage rates by approximately .125 of a discount point.

This morning's important data came from the Institute of Supply Management (ISM) who reported that their manufacturing index fell to a reading of 56.2 from May's 59.7. This was below forecasts of 59.0, indicating that manufacturer sentiment was not as strong as expected. That is good news for the bond market and mortgage rates since it hints at manufacturing sector weakness.

Also released this morning were last week's unemployment figures from the Labor Department. They announced that 472,000 new claims for unemployment benefits were filed last week when analysts were expecting to see that only 458,000 were filed. This data tracks only a single week's worth of new claims, so it usually has little impact on the bond market and mortgage rates unless it varies greatly from forecasts. That was the case this morning as traders are more interested in tomorrow's monthly report.

Tomorrow morning brings us the release of two reports, including the extremely important Employment report from the Labor Department. This report will give us June's unemployment rate, number of new payrolls added or lost and average hourly earnings. These are considered to be very important readings of the employment sector and can have a huge impact on the financial markets. The ideal scenario for the bond market is rising unemployment, a large decline in payrolls and no change in earnings. Weaker than expected readings would likely help boost bond prices and lower mortgage rates tomorrow. However, stronger than expected readings could be extremely detrimental to mortgage pricing. Analysts are expecting to see the unemployment rate rise 0.1% to 9.8%, with 100,000 jobs lost and a 0.1% rise in earnings.

The Commerce Department will post May's Factory Orders data late tomorrow morning, which is similar to the Durable Goods Orders report that was released last week. The biggest difference is that this week's report covers both durable and non-durable goods. It usually doesn't have as much of an impact on the bond market as the durable goods data does, but can lead to changes in mortgage pricing if it varies greatly from forecasts because it measures manufacturing sector strength. Current expectations are showing a 0.7% decline in new orders from April's levels. A larger decline in orders would be considered good news for the bond market and could help lower mortgage rates slightly tomorrow. However, the employment data is much more important to the markets than this report is.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.


©Mortgage Commentary 2010
... more
0 votes 13 answers Share Flag
Mon Jul 12, 2010
answered:
Cool name! Did you do it as a no points transaction? If this is the case the mortgage broker or banker will lose their compensation if the servicing changes from one lender to another. Usually you wiil need to wait till the 90 day mark so that the loan funds after the 120 day mark so they are not penalized. Feel free to contact me with any further questions. ... more
0 votes 9 answers Share Flag
Tue May 25, 2010
Ruth and Perry Mistry answered:
Hi Concerened

Do call Boris at 925-699-1210 and let him know I referred you.

Best Regards and Goodluck.
Perry
408-656-5343
0 votes 0 Answers Share Flag
Mon May 24, 2010
Mark Overholtzer answered:
The federal tax credit seeems like it is pretty much over. All signs point to that program being finished, and now they are pushing forward with the HAFA program.
The Ca Tax Credit program is on. You can find more information here :http://www.ftb.ca.gov/individuals/new_home_credit.shtml ... more
0 votes 2 answers Share Flag
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