Legally, immediately. With that said, there are economic reasons why it may not be a good idea for you to refinance. If you have a prepayment penalty, you’re going to have to save a lot of money to make it worth paying that penalty. Suppose you have a rate of 7 percent, and an penalty …
Continue reading “How Soon After You Purchase A Home Can You Refinance?”
Yesterday I dealt with a very disturbing phone call from a would be client. He was very happy with the way I found bargain properties, and wanted me to find him such a property. All very well and good. But he said that a condition of the transaction had to be that he would receive …
Continue reading “Cash Back From The Seller to the Buyer in Real Estate Sales”
after Katrina I am upside down with my mortgage.my house is uninhabitable. My flood insurance checkdoesn’t payoff the mortgage. How can i get a short payoffdue to financial hardship – i.e. relocation loss of jobs andsteady income? This is one of the hard truths about mortgages. They are a contract between you and the lender …
Sooner or later, a pretty fair proportion of the population are going to get an offer for a much better job, but the catch is that job is located in another city on the opposite end of the country. What are the major issues relating to the mortgage? Well, first off, the relocating spouse may …
“I am married but want to refinance my house only in my name. What do I have to do?” This is actually pretty easy, and there are at least two ways to potentially accomplish this, depending upon lender policy and the law in your area. Most lenders policies require the property to be titled in …
Continue reading “Issues Relating to One Spouse Qualifying For A Loan On Their Own”
Got a question asking if zero cost loans really exist. They do. I’ve done several dozen myself, for clients who listened to me about the nature of the market. Let me define what a zero cost loan is. It is a loan with a higher rate deliberately chosen so as to get a high enough …
People are understandably hazy on the difference between pre-qualification and pre-approval. Pre-qualification is a non-rigorous process whereby somebody says that based upon the information as presented to them, it appears you’ll qualify for the loan. Pre-approval should be more rigorous. For A paper, it should mean that you’ve fed the final loan information, including qualifying …
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“What mortgage fees can i recover after loan denial” was a search I got. The answer is basically, “None.” Indeed, one of your search criteria should be mortgage providers that don’t charge anything up front, except maybe a credit check fee. Those are about $20, and you should be prepared to spend that $20 several …
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Just like “we’ll beat any deal!” in any other competitive sales endeavor, this is a game. Actually, it’s even more of a game for loans than it is anywhere else, used cars included. What they are hoping is that you’ll go there last, and tell them what the best thing you’ve been quoted, and then …
<blockquote>what happens when house doesn’t appraise?<BR /></blockquote> I presume this question meant “for the necessary value according to the lender’s guidelines”. Lenders base their evaluation of a property upon the standard accountant’s “Lower of Cost or Market.” This is intentionally a conservative system, because the lender is betting (usually) hundreds of thousands of dollars upon …
Continue reading “When The Appraisal Is Below The Purchase Price for Real Estate”
