Zillow Advice RSS: Discussion,All Real Estate Advice Topics,Durham- NC

Any mortgage lenders in/near Durham that take graduate stipend as income?

Fri, 10 May 2013 21:05:00 GMT

I'm starting a PhD program in Durham this fall, and I'm looking to buy a house. Does anyone know of any lenders who would treat my stipend (guaranteed for 5 years) as income?

1 reply

how often are homes inspected for tax value?

Tue, 07 May 2013 17:43:00 GMT

I am looking at a home, list price is approximately $180,000. Listed tax value is $280,000. The home was assessed last in 2012. When will it be re-assessed?

1 reply

Investment Property Refinance w/ LPMI

Wed, 13 Mar 2013 18:05:00 GMT

My wife and I purchased a home in Durham, NC in 2007 with a BofA "Doctor Mortgage" which was a 30yr fixed 6.125% including LPMI. We moved out of state in 2011 and converted the property to a rental at that time. The property has been occupied by tenants since we moved.

Our current LTV is ~85-90%. I attempted to refinance last year and was told by BofA we were ineligible because I have LPMI. I tried to go with a third party who said LPMI was no problem, but then Fannie Mae said we were ineligible because they purchased the mortgage after May 31, 2009 (I just looked up our address and found that Fannie Mae purchased the mortgage June 1, 2010).

Is it true I am disqualified from HARP 2 even though our mortgage was originated in 2007? Do we have any way (other than bringing down LTV to 75%) to refinance and take advantage of low interest rates?

3 replies

refi without PMI

Thu, 08 Sep 2011 21:57:00 GMT

House recently appraised for $440k, have a single 5.5% 30y fixed with $397k remaining, paying PMI. What is my best option to lower payment without spending a lot at closing? I'm comfortable with 5/1 ARM given that we'd like to move within 2 years. We have excellent credit and income.

5 replies

Raleigh -Durham Airport and Triangle Area Poised for Porsperity.

Fri, 13 Aug 2010 10:45:00 GMT

As many of us who live here know The Raleigh- Durham International Airport has been busily working on expanding for some time and it won't be long before they complete Terminal 2. See attached article from today's N&O for the latest update. To me this is an excellent indicator that the local economy is poised for significant growth over the next couple of years. State, Local and Census projections all anticpate growth in the Traingle {Raleigh- Durham- Chapel Hill area) of 50% over the next 5 years, making this an excellent time to consider buying real estate in this area.
RDU poised for prosperity - Local/State - NewsObserver.com .

1 reply

Staging Your Home

Sat, 07 Aug 2010 18:32:00 GMT

The first thing to remember is de-personal! You want prospective buyers to visualize themselves living in your home. Don't get offended when a buyer or your realtor makes suggestions on updates. You may have loved your home exactly the way it is, but you want as many buyers to be attracted to it as possible. So, you may need to change paint colors, remove excess furniture or take down that stuffed deer above the fireplace.

4 replies

Government mulling changes to Freddie and Fannie

Wed, 18 Aug 2010 16:50:00 GMT

Below is a link to a Wall St. Journal article as the Government considers what do to about Fannie Mae and Freddie Mac. Everybody seems to agree that something needs to be done, however as is typically the case there's anything but a consensus.

Wall St Journal Article on the fate of Freddie Mac and Fannie Mae

For myself my concern is allowing the large banks who have been invited to the initial gathering to have too much input. It's my opinion that many of Freddie and Fannie's problem stem from the fact that these same lenders gamed the system to begin with. Certainly some of the blame lays squarely with Fannie and Freddie for their overly aggressive manner in which they set out to try and put everyone in a home to begin with, however the simple truth is the Government needs to require Lenders to do more than simply place mortgage loans which are immediately sold on the secondary market. Originally banks were required to invest a percentage of their deposits into the local community and mortgages were the primary tool to achieve this mandate.

I doubt anything major will happen soon, for numerous reasons: still weak economy, sluggish housing market, partisan politics etc. Nonetheless I do expect that there will significant changes enacted over the next 6-9 months and how this will effect the real estate market will be something that will effect all of us over both the short and long haul. I'll be watching closely and commenting from time to time.

0 replies

how do i get a zestimate

Fri, 04 Jun 2010 19:28:00 GMT

zestimate

2 replies

Where do I go on this website to estimate the value of my home?

Sat, 30 Jan 2010 05:28:00 GMT

1 reply

HOW TO CORRECT WRONG HOME INFO 2 YRS ON?

Fri, 17 Jul 2009 19:20:00 GMT

Zillow is still reporting the wrong information almost two years after I reported the error about my home. I own two lots (comprising 7 acres total) at 4323 Pleasant Green Rd Durham NC 27705. Zillow is basing its assessment on my tax bills of only the one lot (3.5 acres plus house). I have updated the information to reflect the error but still Zillow has not made the adjustment. How do I go about getting the powers at be at Zillow to revise the information? They can check the tax records to see that there are two lots and two tax bills at 4323 Pleasant Green Rd, and they can see that the two lots were sold together as a unit in Nov 2005.

1 reply

Refinance after marriage

Mon, 01 Jun 2009 20:54:00 GMT

I was living in a townhouse with my sister, but I just recently got married and will be moving out. I would like to refinance my townhome, which my sister and her boyfriend will live in. My first current loan status is $99,150.00 at 6.87% and my second loan is $22,600.00 at 9.5%, do have have to refinance as a rental home? What is the best solution at this time in market? Should I wait to refinance?

1 reply

Refinance?

Wed, 14 Jan 2009 18:29:00 GMT

I'm considering refinancing one or two properties. Your guidance is appreciated.

The first - primary residence (27713), 30 yr fixed at 5.625. I owe 150K. It is worth $230K. I plan to stay in this house for 5 years at a minimum but will likely sell between 6-8 years from now.

The second - rental property (27513), 30 yr ARM, max adjustment is 1 pt every 2 years., Current rate = 5.125, next adjustment in 18 months. I owe 107K, It is worth 190K. I plan to keep this property as a rental for several years and pay it off over the next 15-20 years.

Thanks in advance for your help.

5 replies