Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,GA http://www.zillow.com/advice/GA/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Can I sell primary home, move to rental and use profit to pay off other debt? http://www.zillow.com/advice-thread/Can-I-sell-primary-home-move-to-rental-and-use-profit-to-pay-off-other-debt/452100/ I think its great that you want to pay off your debt, but if you rent, you are paying someone else's, debt in the form of their mortgage. <br/><br/>Unless you bought your home a number of years ago (ten or more) you're not likely to make a profit, it is more likely to be a loss. It may not look like one, if you have a lot of equity tied up in your home and can take that out to pay off other debts. If that is the case, however, you could also refinance your primary residence at current rates, which are PHENOMENAL, and take the proceeds from that to pay off your other debt. <br/><br/>There is an exemption to the profit you can take on your primary residence without paying taxes. You can look that up on the IRS website or ask a tax professional. <br/><br/><br \><br \>0 replies Sun, 22 Jul 2012 16:56:00 GMT http://www.zillow.com/advice-thread/Can-I-sell-primary-home-move-to-rental-and-use-profit-to-pay-off-other-debt/452100/ 2012-07-22T16:56:00Z Can we qualify for a mortgage together if we are not married? http://www.zillow.com/advice-thread/Can-we-qualify-for-a-mortgage-together-if-we-are-not-married/481418/ My boyfriend and I are interested in finding out if we could qualify for a joint mortgage if we are not married. We also have fair to poor credit and very little money to put down. Should we just give up and rent? I dont even want to look at homes if the end result will just be heart break.<br/><br/>ps. we are looking to possibly sell his existing home and make a new life together and eventually get married.<br \><br \>5 replies Tue, 05 Mar 2013 18:03:00 GMT http://www.zillow.com/advice-thread/Can-we-qualify-for-a-mortgage-together-if-we-are-not-married/481418/ 2013-03-05T18:03:00Z How is if I wanna invest in 4650 Gran River Glen, Duluth, GA30096(Gran River) ?" http://www.zillow.com/advice-thread/How-is-if-I-wanna-invest-in-4650-Gran-River-Glen-Duluth-GA30096-Gran-River/353350/ It all depends on the property, and what your long-short term goals are.<br/>If it's a rehab &amp; sell scenario, you'd have to have a contractor give you an estimate, consider the purchase price, and after-repaired value of the property.&nbsp; Don't forget to include insurance, and holding costs of the home/mortgage while taking into consideration the average marrket time of the area/neighborhood. <br/>If it's a buy and rent scenario, you have to look at what the market rents are in the area vs. proposed mortgage payment.<br/>If it's to buy, and live in while the equity increases, you've got more to work with, as you have to live somewhere, and values over time will undoubtedly go up.<br/>Grant<br \><br \>0 replies Thu, 12 Aug 2010 14:58:00 GMT http://www.zillow.com/advice-thread/How-is-if-I-wanna-invest-in-4650-Gran-River-Glen-Duluth-GA30096-Gran-River/353350/ 2010-08-12T14:58:00Z How does PMI work? Seems like you continue paying MI even after you accumulate 20% in principal. Why http://www.zillow.com/advice-thread/How-does-PMI-work-Seems-like-you-continue-paying-MI-even-after-you-accumulate-20-in-principal-Why/314777/ Refer to your PMI Disclosure contained in your <a href="http://www.zillow.com/mortgage/">mortgage</a> note that you signed at closing. The short answer is at 80% of the original purchase price you can request PMI to be removed and at 78% LTV, the <a href="http://www.zillow.com/directory/lenders/">lender</a> is required to remove it automatically for conventional <a href="http://www.zillow.com/mortgage/">loans</a>. Hope this helps.<br \><br \>0 replies Sun, 17 Jan 2010 14:42:00 GMT http://www.zillow.com/advice-thread/How-does-PMI-work-Seems-like-you-continue-paying-MI-even-after-you-accumulate-20-in-principal-Why/314777/ 2010-01-17T14:42:00Z What is the best way to find a fix and flip homes? http://www.zillow.com/advice-thread/What-is-the-best-way-to-find-a-fix-and-flip-homes/481423/ As a sales agent and certified appraiser in the greater Atlanta area I work with many investors. The number one thing in the Atlanta market is knowing where it is possible to buy, renovate and sell for profit. We have many areas with cheap houses in need of renovation, but there are no market sales of renovated properties to prove market value once renovated. In other words, doesn't matter how well you renovate lenders are not going to mortgage a buyer if there is no proof of renovated sales. There are a few pockets in the Atlanta market where you have both cheap houses available to purchase and renovated sales available to support the sale after you repair. There are a couple areas right now that I know of where you can make a good profit. As a representative to you I can show you both available properties at good prices as well as show you sales to prove the market value once you complete the renovation and what type of quality you will need to put into the property to get the best return on your investment. Call me and we can chat, I work with investors in the Atlanta market, I have also appraised over 6,000 properties. I have a great understanding of&nbsp;the market.<br \><br \>0 replies Tue, 27 Aug 2013 23:57:00 GMT http://www.zillow.com/advice-thread/What-is-the-best-way-to-find-a-fix-and-flip-homes/481423/ 2013-08-27T23:57:00Z if i do a short sale can i buy another house http://www.zillow.com/advice-thread/if-i-do-a-short-sale-can-i-buy-another-house/527715/ I am not sure about Atlanta but we have loan programs in California where you can buy a property the next day out of short sale (but you cannot be late on the mortgage). It is set-up very smooth all is coordinated with both purchases.<br \><br \>0 replies Sun, 09 Feb 2014 00:32:00 GMT http://www.zillow.com/advice-thread/if-i-do-a-short-sale-can-i-buy-another-house/527715/ 2014-02-09T00:32:00Z Can I get a streamline loan on investment property http://www.zillow.com/advice-thread/Can-I-get-a-streamline-loan-on-investment-property/422791/ Mortgage_08, if you take the lowest rate then you will be bringing lots of money to closing since you can not roll those costs into a streamline w/out appraisal. If you do not want to pay out several thousand at closing have the <a href="http://www.zillow.com/directory/lenders/">lender</a> quote you with a credit large enough to cover the costs.<br \><br \>0 replies Mon, 14 Nov 2011 19:33:00 GMT http://www.zillow.com/advice-thread/Can-I-get-a-streamline-loan-on-investment-property/422791/ 2011-11-14T19:33:00Z Are some borrowers having a Difficult time locating JUmbo Loans http://www.zillow.com/advice-thread/Are-some-borrowers-having-a-Difficult-time-locating-JUmbo-Loans/364160/ Clay,<br/><br/>how about this one?<br/><br/><a href="http://www.zillow.com/mortgage/LenderQuoteDetail.htm?quote=ZQ-KTNVTYC">http://www.zillow.com/mortgage/LenderQuoteDetail.htm?quote=ZQ-KTNVTYC</a><br/><br/>I'd love to know which MI company will insure it.<br \><br \>0 replies Mon, 30 Aug 2010 00:42:00 GMT http://www.zillow.com/advice-thread/Are-some-borrowers-having-a-Difficult-time-locating-JUmbo-Loans/364160/ 2010-08-30T00:42:00Z How long does it take to have a mortgage approved after sending in all documentation? http://www.zillow.com/advice-thread/How-long-does-it-take-to-have-a-mortgage-approved-after-sending-in-all-documentation/308612/ I sent in all documentation they asked for over 3 weeks ago. Now, I keep getting emails for new documentation every other day, like they didn't bother to check what I sent in initially. Feel like they're stalling. Any ideas? Wish I'd gone to my bank, but this group was required for "pre-approval" by the home's owners prior to my offer so I thought it best to stay with them since they'd pre-approved me. Very quick &amp; encouraging initially, now I wonder daily if I'll ever be approved. Have a great credit score &amp; savings accounts. They have everything, but keep wanting more.<br \><br \>2 replies Wed, 23 Dec 2009 06:37:00 GMT http://www.zillow.com/advice-thread/How-long-does-it-take-to-have-a-mortgage-approved-after-sending-in-all-documentation/308612/ 2009-12-23T06:37:00Z I want to re-fi http://www.zillow.com/advice-thread/I-want-to-re-fi/427424/ Current Mortgage: 168,000<br/>Current Line of credit: 35,000<br/><br/>House Value: &nbsp;167,000 (According to zillow)<br/><br/>loan was setup in 06 or 07 - has not been touched since<br/><br/>I want to lump it all into one <a href="http://www.zillow.com/mortgage-rates/">loan</a> - can i refi - what are my options?<br/><br/><br \><br \>6 replies Mon, 02 Jan 2012 23:47:00 GMT http://www.zillow.com/advice-thread/I-want-to-re-fi/427424/ 2012-01-02T23:47:00Z how much will borrowing cash from parents to put 20% down hurt us on a 800k house? http://www.zillow.com/advice-thread/how-much-will-borrowing-cash-from-parents-to-put-20-down-hurt-us-on-a-800k-house/322500/ Hi Atl Relo,<br/><br/>It really kind of depends on the lender.<br/><br/>What county are you looking in?<br/>The reason I ask is you may be looking in an area that is designated as a high cost area which would open you up for possibly doing a jumbo FHA or jumbo conventional <a href="http://www.zillow.com/mortgage/">mortgage</a>. If you are looking in a high cost area and can go FHA or conventional, you'll have more options.<br/><br/>I do have a lender that will do a <a href="http://www.zillow.com/mortgage/">loan</a> with 10% down and no MI on jumbo <a href="http://www.zillow.com/mortgage/">loans</a> in addition to the FHA and conventional options.<br/><br/><br \><br \>0 replies Mon, 08 Feb 2010 19:16:00 GMT http://www.zillow.com/advice-thread/how-much-will-borrowing-cash-from-parents-to-put-20-down-hurt-us-on-a-800k-house/322500/ 2010-02-08T19:16:00Z HARP, LPMI and Existing Lender http://www.zillow.com/advice-thread/HARP-LPMI-and-Existing-Lender/362621/ My mortgage has passed from First Horizon to MetLife and now is serviced by IBM LBPS.&nbsp; I meet every qualification for the HARP program but my LTV is 106%.&nbsp; Now lenders will work with me unless I'm at 105% but I don't have the cash to make that happen. It was suggested that I work with my existing lender but IBM LBPS says they are only a servicer and not a lender thus they will not work with me.&nbsp; Shouldn't I have a lender? Is there ever a situation where you have a servicer and no lender?<br \><br \>7 replies Wed, 18 Aug 2010 00:13:00 GMT http://www.zillow.com/advice-thread/HARP-LPMI-and-Existing-Lender/362621/ 2010-08-18T00:13:00Z We want to sell our house and buy a foreclosed home that we have found. http://www.zillow.com/advice-thread/We-want-to-sell-our-house-and-buy-a-foreclosed-home-that-we-have-found/373423/ It depends on your debt to income ratios. You could possibly rent the home out if you qualify for another mortgage. Sometimes it is worth the benefits on the buying end since the interest rates and market is so low. Please contact me to formulate a gameplan. I have all the resources you need. Jonathan<br \><br \>0 replies Tue, 02 Nov 2010 11:08:00 GMT http://www.zillow.com/advice-thread/We-want-to-sell-our-house-and-buy-a-foreclosed-home-that-we-have-found/373423/ 2010-11-02T11:08:00Z can i get a heloc with a house thats free and clear http://www.zillow.com/advice-thread/can-i-get-a-heloc-with-a-house-thats-free-and-clear/418173/ Nothing is different than if you had a mortgage. You just need to qualify.<br/><br/>Happy funding, Rudi<br \><br \>0 replies Wed, 05 Oct 2011 16:19:00 GMT http://www.zillow.com/advice-thread/can-i-get-a-heloc-with-a-house-thats-free-and-clear/418173/ 2011-10-05T16:19:00Z Who does credit counseling/home buying counseling? http://www.zillow.com/advice-thread/Who-does-credit-counseling-home-buying-counseling/521558/ Pretty much any good lender. &nbsp;Try to use a lender that focuses on home loans and mortgages. &nbsp;They will help you to improve your credit score and ultimately, get the home loan that you are trying to obtain.<br/><br \><br \>0 replies Tue, 17 Dec 2013 19:37:00 GMT http://www.zillow.com/advice-thread/Who-does-credit-counseling-home-buying-counseling/521558/ 2013-12-17T19:37:00Z Can you tell me about refinancing an FHA loan through HUD HANDBOOK 4155.1 REV-4 CHG? Qualifying? http://www.zillow.com/advice-thread/Can-you-tell-me-about-refinancing-an-FHA-loan-through-HUD-HANDBOOK-4155-1-REV-4-CHG-Qualifying/376517/ You're probably getting mail from lenders who purchased a mail list of people with mortgages. &nbsp;It's unlikely they have run even a modest credit check. &nbsp;They want you to call so they can try to sell you on it IF you happen to have the means to refinance.<br/><br/>If you owe more than it's worth, and can't make up the difference in cash, then you can' t qualify 99.9% of the time.<br/><br/>I would recommend calling Justin Herring with Southeast Mortgage to see if you can really qualify: 404-312-3459.<br/><br/>Rates are really amazing at this time if he can works something out for you!<br \><br \>0 replies Wed, 01 Dec 2010 18:14:00 GMT http://www.zillow.com/advice-thread/Can-you-tell-me-about-refinancing-an-FHA-loan-through-HUD-HANDBOOK-4155-1-REV-4-CHG-Qualifying/376517/ 2010-12-01T18:14:00Z When will they offer refinancing to strong credit worthy people who has plummeted home values? http://www.zillow.com/advice-thread/When-will-they-offer-refinancing-to-strong-credit-worthy-people-who-has-plummeted-home-values/378061/ Call your servicer and see if your loan's investor is Fannie Mae or Freddie Mac.&nbsp; If that is the case, there is a good chance you can qualify for a program that has been known by several different names - Making Home Affordable, Home Affordability Refinance Program, etc.&nbsp; It is best if your current loan doesn't have mortgage insurance associated with it.&nbsp; Your servicer should be able to tell you if you qualify or not.&nbsp; Other lenders can also look up your address and see if Fannie or Freddie has it.&nbsp; If it is a Fannie loan, you may be able to refinance with other lenders besides your current servicer using the same program.&nbsp;Freddie has started allowing other lenders to do the same, but I haven't heard of as many lenders doing that loan yet.<br \><br \>0 replies Fri, 17 Dec 2010 19:57:00 GMT http://www.zillow.com/advice-thread/When-will-they-offer-refinancing-to-strong-credit-worthy-people-who-has-plummeted-home-values/378061/ 2010-12-17T19:57:00Z I'M A RENOVATIONS CONTRACTOR,HOW DO I GO ABOUT GETTING MY OWN FIRST (FIX/FLIP)HOME? http://www.zillow.com/advice-thread/I%27M-A-RENOVATIONS-CONTRACTOR-HOW-DO-I-GO-ABOUT-GETTING-MY-OWN-FIRST-FIX-FLIP-HOME/587914/ One of the key elements I see to flipping a home is keeping the buyer in mind and their set of circumstances. You must first take into account those items that deem a home difficult to insure for purposes of getting a consumer mortgage subject to appraisal. This means before putting in that shiny floor and and gleaming new counter tops make sure you are up to date with the latest standards in your area regarding property insurance. Some loan programs can be very stringent on what they will loan their precious dollars for and it lies in the basic structural details of the home.&nbsp;<br/><br/>Another item I have noticed is that the investor rarely ever takes a tour to view the competition. Before buying your flip you must have a projected price in mind. You must then go and view the homes in that neighborhood that are for sale for your projected sales price post flip. This will make you realize the elements your new project home will need to compete and furthermore STICK OUT from the competition. &nbsp;<br \><br \>0 replies Thu, 21 May 2015 21:14:00 GMT http://www.zillow.com/advice-thread/I%27M-A-RENOVATIONS-CONTRACTOR-HOW-DO-I-GO-ABOUT-GETTING-MY-OWN-FIRST-FIX-FLIP-HOME/587914/ 2015-05-21T21:14:00Z GFE Settlement charges not equaling what the lender says I bring to closing http://www.zillow.com/advice-thread/GFE-Settlement-charges-not-equaling-what-the-lender-says-I-bring-to-closing/538538/ It could be down to pro-rated property taxes and HOA dues and it could even be your first month's mortgage payment in advance. Your lender should be able to give you a detailed breakdown. The GFE covers lender related costs.<br \><br \>0 replies Tue, 29 Apr 2014 16:14:00 GMT http://www.zillow.com/advice-thread/GFE-Settlement-charges-not-equaling-what-the-lender-says-I-bring-to-closing/538538/ 2014-04-29T16:14:00Z First Time Buyer http://www.zillow.com/advice-thread/First-Time-Buyer/567856/ Hello,&nbsp;<br/><br/>Me and my boyfriend are looking to buy a home for our family. I am working on increasing my credit score and my boyfriend is working on establishing credit since he doesn't have none. We are new to the process and wonder what are tings we should know and look for when buying a home. We do not have a Buying Agent but are also looking at HUD homes because it is our first home and don't want to get into a expensive mortgage payment.We would like more insite on foreclosures, loans, auctions, etc. Anyone have any advice that can help us will be greatly appreciated.<br/><br/>Thank You<br \><br \>2 replies Tue, 25 Nov 2014 21:28:00 GMT http://www.zillow.com/advice-thread/First-Time-Buyer/567856/ 2014-11-25T21:28:00Z