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Financing in The Woodlands : Real Estate Advice

  • All128
  • Local Info16
  • Home Buying40
  • Home Selling8
  • Market Conditions10

Activity 4
Mon Nov 21, 2011
Don Groff answered:
There are so many variables like is the car also used for personal use etc. I would ask a CPA to get the definitive last word. After all they will have to stand behind what they tell you in case you are ever audited.

Best of luck to your wife. Real Estate is a rewarding career.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
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Thu Nov 17, 2011
Don Tepper answered:
Buying a car will hurt your chances. Talk to a loan officer or mortgage broker, who can tell you whether the impact would be minor or significant. A lot will deal with your debt/income ratio. If you're earning $1,500 a month, it'll hurt a lot; if you're earning $7,000 a month the impact will be far less severe.

Also, talk with an accountant about whether putting 30%-40% down on the rental is the best move. It'll certainly reduce your payments. But will you have enough liquid assets after the purchase. Also, if you're expecting the property to appreciate in value (and you should; you shouldn't be buying a property you expect to lose value), you may want to increase your leverage a bit by putting less down.

Hope that helps.
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Sat Oct 25, 2008
Courtney Foster answered:
It's a good idea to shop around with at least two different lenders. Some lenders are what's called 'Mortgage Brokers', which means they can offer several different loan options because they are basically like a loan salesman. Other lenders are what's called 'Mortgage Bankers', which means they are loaning you their own money. Each type of lender will have different % down requirements or necessary paperwork. These are all things to ask about when you're doing your comparison shopping. ... more
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Thu Sep 20, 2007
Courtney Foster answered:
Sue Izard with Cornerstone Mortgage, Steve Head with Head Ellison Financial Group
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