Question by Sean E: Should I use my current lender when purchasing a new home? I have a current mortgage and am looking to pre-qualify for a new housing (selling my old one). Are there any advantages/disadvantages to using the same lender I got my first home through?
Best answer:
Answer by dezynor Your current lender will have all of your necessary info and credit payment history easily at hand. It might be slightly easier to use them alternatively of starting out from scratch with a new lender. Of course if you have a friend at another lending institution they may be able to push things through as well. Note that all lenders are looking much more carefully at buyers credit and loan-to-value.
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Question by Good Girl: Buying a home and need a consultant for lender practices? We are uneasy with our lender we are using to purchase a new home. We don’t have anything on her but we want that extra guidance to watch every move our lender and underwriter makes during the process of purchasing the home. Who can we hire (pacifically) to monitor all actions by the lender to make sure that no lender laws are violated?
Best answer:
Answer by Steve D First, you are never going to see what the underwriter does, unless they ask for more information from you. Second, you tin pretty much forget getting access to anything the loan officer does. Your best wager is to engage a real estate lawyer to review each piece of paper and request that comes through your hands – note that this can get expensive with the amount fo paperwork and contact you will have.
Question by towtruck 01: when buying a new home, should we go with the lender that works with the co. of the homes or our own lender ? I think the lender that works with the new homes is trying to screw us. $ 15,000 in incentives is what he says we’re getting but closing costs will cost est. $ 12,900. Also on loan application no mention of incentives or amount of my yearly income and he wants me to sign loan app.
Best answer:
Answer by pudn36 Don’t sign it. Do they know you have money? Closing costs should not be any more than 5 to 10% of purchase price. Is there 2 lenders trying to get you the like loan? Thats good you are reading the fine lines. Plus how many realtors are involved? I’ve never heard anyone getting incentives other than lowering your points (interest rate). But after you sign it they jack up the interest rate up. Is this an engross only loan? Forget it, you’ll be in debt for the rest of your life. Is it an attribute card loan? Find your own in every circumstance, never hire one that the seller or realtor suggests. The younger you are the more they see you coming and going. Especially if this is you first home purchase. Talk to a financial consultant. Don’t hire a lawyer, they won’t do a thing. Tell the crows to go away and burn the ink pen.
Question by MightyMoose: What are the tax implications of taking a lender-approved loss on my home? We recently moved for family and employment reasons from Phoenix, AZ, to San Antonio, TX. We have only owned our home in Phoenix for two years, and in that time, it’s value has decreased by at least $ 80k. We have been offered the option of a “short sale” by our lender, but I don’t know what the tax implications of that are. What would we end up paying in taxes if we had a “debt forgiveness” of $ 50k from our lender?
Best answer:
Answer by Elsa D You simply have to pay the income tax for your state and the IRS for that amount. They give you a 1099
Question by : Who paying closing costs on a lender owned home? Would it be the bank selling that home or the buyer? Or just does it take a tough negotiator to make the bank pay?
Best answer:
Answer by Chrys You do…the bank is going to pay NOTHING…they don’t negotiate either. You buy foreclosed you buy what you see, and what the bank wants.
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Question by Todd S: If my 2nd home forecloses, and my 2nd mortgage on my 1st home is with that same lender, what will happen? 2 mortgages on the primary home that will remain in good standing (no late payments). The 2nd mortgage is with the same lender as the investment house. If the investment house forecloses with negative equity, will the first home be in jeopardy?
Best answer:
Answer by Chillin K Talk to the lender. Also talk to a lawyer. If you can transfer the second home to a business that you own before it goes into foreclosure, it may not count against you. The business will have to be incorporated.
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www.NewAmericanFunding.com http www.twitter.com www.linkedin.com Today I desiring to talk to you about purchasing a home with a reverse mortgage. Now , this is a message that goes out to the elderly of our community. But it’s something that doesn’t get talked about all that frequently. First off, one thing you never hear astir is that 25% of homeowners, own their homes free and clear. Well, a lot of these people are baby boomers. You know, baby boomers are the largest bubble of population in the United States. And the leading edge of the baby boomer population is grew towards retirement age. You’ve got 65+ year old people in this enormous bubble of population, and a lot of them are in a very alike situation. They own their home free and clear or mortgage very little on it. They want to leave their housed to their heirs. They’ve got tons of equity in their home, and it’s their biggest asset, but they can’t enjoy that equity of cover unless they do a rearward refinance which is advisable in certain situations. But what’s also typically commonplace with these borrowers or these homeowners is they’ve got their savings, call it two or three hundred thousand dollars in the bank from a lifetime of savings and if they’re prudent investors at this presenting of their life they’re earning about three and half percent interest on their money because they’re in fixed income type of investments. So here’s a strategy I’d like you to consider. You’re a vacuous nester. You’ve got a great big beautiful … Video Rating: 5 / 5