Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,NC http://www.zillow.com/advice/NC/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate we were approved for 159,300.00 usda loan, we are first time buyers, what should be our first move http://www.zillow.com/advice-thread/we-were-approved-for-159-300-00-usda-loan-we-are-first-time-buyers-what-should-be-our-first-move/368777/ You may be qualified for a million dollars. But the real question is what is your comfort level when it comes to making the monthly payments. <br/><br/>Sit down with a mortgage professional and have them spell out how much you will be spending every month (including taxes, insurance, utilities, typical and untypical repairs etc) and THEN decide&nbsp; how how much you should spend on a home.<br/><br/>You might decide that despite being qualified for $159,000, you might want to purchase a more modest home and have a lower monthly payment (one that won't keep you awake at night).<br/><br/>Recently I had buyers that were qualified for upwards of $350,000. They wisely spent only abut $220,000 as that was their comfort level when it came to writing those monthly mortgage checks.<br \><br \>0 replies Mon, 04 Oct 2010 21:23:00 GMT http://www.zillow.com/advice-thread/we-were-approved-for-159-300-00-usda-loan-we-are-first-time-buyers-what-should-be-our-first-move/368777/ 2010-10-04T21:23:00Z first time home buyer,credit score 580. http://www.zillow.com/advice-thread/first-time-home-buyer-credit-score-580/208305/ Based on that score, it sounds like you've most likely been preapproved for an <a href="http://www.zillow.com/fha-loan/">FHA loan</a> (your score is right on the edge of what they'll accept, based on what I've been hearing from the <a href="http://www.zillow.com/directory/lenders/">mortgage brokers</a> that I work with).&nbsp; You MAY be able to to get your loan right now, but if you can bring your scores up, you might qualify for a loan that costs you less in closing costs.&nbsp; My recommendation would be to talk to a good, helpful mortgage originator (if you don't know one, ask the <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> that you're working with), and have them go over your credit reports in detail.&nbsp; Often, you can raise your score significantly in 45-60 days by doing small things...closing some department store credit cards, paying off some old debts you don't even know that you have (medical organizations are famous for doing that to people).&nbsp; You've got plenty of time, so should be able to get to where you want to go...good luck!<br \><br \>0 replies Mon, 09 Mar 2009 11:10:00 GMT http://www.zillow.com/advice-thread/first-time-home-buyer-credit-score-580/208305/ 2009-03-09T11:10:00Z I did not get any quotes on my loan request (ZR-PKWCNFK). Can someone help me figure out why? http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-PKWCNFK-Can-someone-help-me-figure-out-why/296258/ <p>Underwriters are risk averse.&nbsp; They are less likely to provide you with a <a href="http://www.zillow.com/refinance/">refinance</a> to avoid foreclosure.&nbsp; You already have a <a href="http://www.zillow.com/mortgage/">loan</a> that will keep you from foreclosure and it is your current mortgage.&nbsp; You should contact your current lender and explain your hardship.&nbsp; According to the Home Affordable <a href="http://www.zillow.com/mortgage/">Mortgage</a> Act you should qualify for Modification, but you need to contact your current lender.<br/><br/>I don't quite understand how your creditors are denying payments, you need to make arrangements to pay them what you can afford until the debts are satisfied.&nbsp;<br/><br/></p><br \><br \>0 replies Tue, 10 Nov 2009 01:42:00 GMT http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-PKWCNFK-Can-someone-help-me-figure-out-why/296258/ 2009-11-10T01:42:00Z Need a home loan in Charlotte/Huntersville with low score/good income http://www.zillow.com/advice-thread/Need-a-home-loan-in-Charlotte-Huntersville-with-low-score-good-income/438218/ I know credit scores in general are such a poor determiner if someone will reliably pay their mortgage. the last report I ran had multiple errors and Ispent days trying to contact creditors, post disputes, search receipts on paid accts etc- working 55+ hours a week and traveling for work constantly we just dont have the time or patience to spend to fix it -ie at this point it is just easier to rent. I agree I need to connect with a buyers agent/or lender at some point soon though -thanks for the input Sharon and Terry!<br \><br \>0 replies Sun, 08 Apr 2012 13:25:00 GMT http://www.zillow.com/advice-thread/Need-a-home-loan-in-Charlotte-Huntersville-with-low-score-good-income/438218/ 2012-04-08T13:25:00Z Need NC Lender http://www.zillow.com/advice-thread/Need-NC-Lender/574004/ Hello,<br/><br/>I am in need of a lender who can provide me with a mortgage for investment properties in North Carolina. I live outside of NC and was denied a loan based on the fact that I only have one tradeline (credit card) available to verify my credit score. Everything else checked out.<br/><br/>I have good credit and a solid income. I graduated in 2013 and have transcripts readily available to verify my 2 year history. I don't have any debt and can provide my monthly rent expenses and any other information needed.&nbsp;<br/><br/>Can anyone help me out or refer me to someone who can?<br/><br/>Thanks.<br \><br \>4 replies Fri, 30 Jan 2015 18:54:00 GMT http://www.zillow.com/advice-thread/Need-NC-Lender/574004/ 2015-01-30T18:54:00Z how can a person with a lower score than 600 (upper 500+) get a mortgage loan. less than 100k loan? http://www.zillow.com/advice-thread/how-can-a-person-with-a-lower-score-than-600-upper-500-get-a-mortgage-loan-less-than-100k-loan/376500/ You may want to check HUD's website (click <a href="http://www.hud.gov/ll/code/llslcrit.cfm" rel="nofollow">here</a>).<br/>I'd suggest checking the various Lenders whom didn't increase their fico scores.&nbsp; Your best bet will be to find a direct Lender, whom is not a Bank, but just handles only mortgages and is direct with HUD (FHA).&nbsp; Best of luck, sorry to hear about your circumstances.&nbsp; This happens a lot with divorce, unfortunately.<br \><br \>0 replies Wed, 01 Dec 2010 17:24:00 GMT http://www.zillow.com/advice-thread/how-can-a-person-with-a-lower-score-than-600-upper-500-get-a-mortgage-loan-less-than-100k-loan/376500/ 2010-12-01T17:24:00Z Should I buy or rent a home in Raleigh, NC? http://www.zillow.com/advice-thread/Should-I-buy-or-rent-a-home-in-Raleigh-NC/567833/ <p>It truly depends on your situation.&nbsp; Will you be living in Raleigh for a long term?&nbsp; Do you have good credit?&nbsp; (AnnualCreditReport.com is FREE)&nbsp; Check out a Buy vs. Rent Calculator at Bankrate.com (<a href="http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx" rel="nofollow">http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx</a>.)&nbsp; Call a local Reator to help you prepare for home ownership!</p><br \><br \>0 replies Tue, 25 Nov 2014 18:54:00 GMT http://www.zillow.com/advice-thread/Should-I-buy-or-rent-a-home-in-Raleigh-NC/567833/ 2014-11-25T18:54:00Z Zillow should monitor new Agents http://www.zillow.com/advice-thread/Zillow-should-monitor-new-Agents/327126/ Here you go:<br/>Code of conduct:<br/><a href="http://www.zillow.com/mortgage/help/CodeOfConduct.htm">http://www.zillow.com/mortgage/help/CodeOfConduct.htm</a><br/>Good Neighbor Policy:<br/><a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">http://www.zillow.com/howto/GoodNeighborPolicy.htm</a><br \><br \>0 replies Mon, 12 Apr 2010 17:13:00 GMT http://www.zillow.com/advice-thread/Zillow-should-monitor-new-Agents/327126/ 2010-04-12T17:13:00Z I want to buy a home, and want to as much down as possible making my loan request about $60-75,000, http://www.zillow.com/advice-thread/I-want-to-buy-a-home-and-want-to-as-much-down-as-possible-making-my-loan-request-about-60-75-000/606412/ Lenders do set minimum amounts to finance a mortgage based on profit. &nbsp;Financing below $80,000. Is not profitable and the time involved means the lender loses money - something lenders are not willing to do. &nbsp;So financing a loan above $100,000. Guarantees a profit.<div><br/></div><div>Another solution is to put less money as a down payment, finance a mortgage for $100,000., then 2 months after you close on your new home, pay the mortgage company the difference you wanted to put down. &nbsp;Example: &nbsp;House = $400,000. - 20% down = $320,000. mortgage. &nbsp;Let's say you had $270,000. In cash but can't get financing for $50,000. &nbsp; You wait 2 months after closing, then pay the mortgage $270,000. leaving you the balance of $50,000. &nbsp;The difference is the mortgage company will lose the additional interest &amp; profit from you, but you will save thousands of dollars in interest. &nbsp;Caution - make sure your mortgage loan does NOT have an early payment penalty.</div><br \><br \>0 replies Sun, 04 Oct 2015 14:26:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-home-and-want-to-as-much-down-as-possible-making-my-loan-request-about-60-75-000/606412/ 2015-10-04T14:26:00Z Appraisal for my house http://www.zillow.com/advice-thread/Appraisal-for-my-house/256151/ It depends on what you want the appraisal for.&nbsp; If you are looking to sell or <a href="http://www.zillow.com/refinance/">refinance</a> the new guidelines state that the appraisal must be ordered from an appraisal service.&nbsp; This service must be ordered with no contact from the <a href="http://www.zillow.com/directory/lenders/">mortgage company</a> or owner of the property.&nbsp; The appraisal that you would order for your purposes can not be used.&nbsp; Feel free to email me if you have any questions.<br/><br/>Thanks!!!<br/><br \><br \>0 replies Tue, 14 Jul 2009 17:49:00 GMT http://www.zillow.com/advice-thread/Appraisal-for-my-house/256151/ 2009-07-14T17:49:00Z Zipcode not valid http://www.zillow.com/advice-thread/Zipcode-not-valid/481430/ <em>I tried using the mortgage refinance calculator but it doesn't seem to recognize my zipcode. I live in Fuquay Varina, NC 27526 and my home is on the Zillow site. Is there someone I could notify to get that fixed?</em><br \><br \>0 replies Tue, 05 Mar 2013 19:07:00 GMT http://www.zillow.com/advice-thread/Zipcode-not-valid/481430/ 2013-03-05T19:07:00Z 80/20 Refinancing Question - Is it possible? Is it worthwhile? http://www.zillow.com/advice-thread/80-20-Refinancing-Question-Is-it-possible-Is-it-worthwhile/186720/ No you don't have to pay off. At that price you probably qualify for an <a href="http://www.zillow.com/fha-loan/">FHA mortgage</a>. But you were in a 80/20 to avoid PMI (private <a href="http://www.zillow.com/mortgage/">mortgage</a> insurance). The reason most people choose to do this is that the interest on your second mortgage is tax deductible. While PMI is NOT tax deductible. With your scores, coupled with your income (debt-to-income ratio), a lender will determine whether a new <a href="http://www.zillow.com/mortgage/">loan</a> would make it worth the PMI compared to paying the higher rate on the 20% second you currently have.<br/>I would venture to say that you can get a lower rate, but the actual monthly and tax savings may not make it worth switching your loan program.<br/><br \><br \>0 replies Fri, 09 Jan 2009 19:50:00 GMT http://www.zillow.com/advice-thread/80-20-Refinancing-Question-Is-it-possible-Is-it-worthwhile/186720/ 2009-01-09T19:50:00Z I was wondering hows the neighborhood? http://www.zillow.com/advice-thread/I-was-wondering-hows-the-neighborhood/61737/ Since, I represent the seller I cannot tell tell you if any previous offers have been made and how much they were. Everyone has different preceptions on how a neighborhood is, my advice to you would be to ride by the house at different times, night and day, that goes for any home you are interested in. I am available to show the home to you, but I do require that you have a prequalification letter from a reputable <a href="http://www.zillow.com/directory/lenders/">mortgage company</a> first- this is for two reasons 1. my safety & 2. my clients time. If you need some names and numbers I can send them to you.<br/>If you have any other questions please email me directly at libby.pondo@allentate.com or call my cell phone at 7040351-0307.<br \><br \>0 replies Sun, 27 May 2007 16:22:00 GMT http://www.zillow.com/advice-thread/I-was-wondering-hows-the-neighborhood/61737/ 2007-05-27T16:22:00Z Why do I need a realtor? http://www.zillow.com/advice-thread/Why-do-I-need-a-realtor/430518/ You've never NEEDED a Realtor in NC to buy or sell a home.&nbsp; Any individual can represent themselves in the buying or selling process.<br/><br/>You might&nbsp;WANT a qualified Realtor to share their expertise over hundreds of home transactions, their superior connections in the mortgage (good luck online for purchase money), inspection, closing attorney, and home repair vendor fields.&nbsp; You might even WANT the savings a Realtor can get you from them, or other programs that as a Buyer you don't pay for anyway. You might want the access to MLS information on comparable closed sales and financial concessions made when preparing your offer, which can usually mean several thousand additional dollars to your benefit.<br/><br/>But no, you don't NEED a Realtor to buy a home.<br \><br \>0 replies Tue, 31 Jan 2012 20:58:00 GMT http://www.zillow.com/advice-thread/Why-do-I-need-a-realtor/430518/ 2012-01-31T20:58:00Z Will anyone finance a property that has 2 double wides on a single 3acre lot? NC http://www.zillow.com/advice-thread/Will-anyone-finance-a-property-that-has-2-double-wides-on-a-single-3acre-lot-NC/574018/ <p>We apologize for the delay in your response. Here is a link to connect you with one of our highly rated lenders that can guide you.</p><p><a href="http://www.zillow.com/directory/mortgage-lenders/">http://www.zillow.com/directory/mortgage-lenders/</a></p><p>Good luck.</p><br \><br \>0 replies Tue, 03 Feb 2015 18:17:00 GMT http://www.zillow.com/advice-thread/Will-anyone-finance-a-property-that-has-2-double-wides-on-a-single-3acre-lot-NC/574018/ 2015-02-03T18:17:00Z Who is the current mortgage holder with name and contact information? http://www.zillow.com/advice-thread/Who-is-the-current-mortgage-holder-with-name-and-contact-information/259253/ interested in purchasing this property.<br \><br \>0 replies Wed, 22 Jul 2009 17:59:00 GMT http://www.zillow.com/advice-thread/Who-is-the-current-mortgage-holder-with-name-and-contact-information/259253/ 2009-07-22T17:59:00Z Loan done between the buyer and the seller done on the same day as the closing is that illegal http://www.zillow.com/advice-thread/Loan-done-between-the-buyer-and-the-seller-done-on-the-same-day-as-the-closing-is-that-illegal/251540/ <img imageid="X1-IA13e01msxkgwwh_dt973" uploadtype="new" imagetype="8" src="http://images1.zillow.com/is/image/i0/i1/i3335/IS13e01msxj2cgz.jpg?op_sharpen=1&amp;qlt=90&amp;"/><br/><br/>-As long as the&nbsp;mortgage is recorded and paid as agreed this is legal.&nbsp;<br/><br/>-Private <a href="http://www.zillow.com/mortgage/">mortgages</a> are legal in NC, the only restriction is that an individual not issue more than 5 in a calender year.<br/><br/>-Hope this answers your question.<br \><br \>0 replies Tue, 30 Jun 2009 22:24:00 GMT http://www.zillow.com/advice-thread/Loan-done-between-the-buyer-and-the-seller-done-on-the-same-day-as-the-closing-is-that-illegal/251540/ 2009-06-30T22:24:00Z my elderly parents home equity line is almost used up. payments are up-to-date. what now??? http://www.zillow.com/advice-thread/my-elderly-parents-home-equity-line-is-almost-used-up-payments-are-up-to-date-what-now/206794/ The line of credit would be paid back with the proceeds of the sale of the home after your parents are deceased, just like any <a href="http://www.zillow.com/mortgage/">mortgage</a>. If the value of the property is less than the outstanding balance owed to the <a href="http://www.zillow.com/directory/lenders/">lender</a> what frequently happens is that the heirs let the home go back to the lender in a foreclosure action. But that does not mean that the lender will not attempt to attach other liquid assets to satisfy the difference between the <a href="http://www.zillow.com/mortgage/">loan</a> and the sale price of the property.<br/><br/>Check with an attorney in your area for more specifics. The way your question is phrased makes it difficult to give you an answer in the short format of Zillow.<br/><br \><br \>0 replies Thu, 05 Mar 2009 06:44:00 GMT http://www.zillow.com/advice-thread/my-elderly-parents-home-equity-line-is-almost-used-up-payments-are-up-to-date-what-now/206794/ 2009-03-05T06:44:00Z If I purchase a property as a LLC, will closing fees be different? http://www.zillow.com/advice-thread/If-I-purchase-a-property-as-a-LLC-will-closing-fees-be-different/291661/ As far as the closing fees for the <a href="http://www.zillow.com/directory/lenders/">lender</a>, it should not make a difference.&nbsp; Some <a href="http://www.zillow.com/directory/lenders/">lenders</a> will not give <a href="http://www.zillow.com/mortgage/">mortgages</a> to LLC's so you have to be careful.<br \><br \>0 replies Mon, 26 Oct 2009 18:54:00 GMT http://www.zillow.com/advice-thread/If-I-purchase-a-property-as-a-LLC-will-closing-fees-be-different/291661/ 2009-10-26T18:54:00Z whAT IS THE INTEREST RATE ON AN FHA LOAN TODAY http://www.zillow.com/advice-thread/whAT-IS-THE-INTEREST-RATE-ON-AN-FHA-LOAN-TODAY/202170/ Best pricing on <a href="http://www.zillow.com/fha-loan/">FHA</a> comes in half and whole rate intervals. &nbsp;Depending on the trading of <a href="http://www.zillow.com/mortgage/">Mortgage</a> Backed Securities, FHA rates hover between 5-5.5% in today's market. &nbsp;This would be with 1% buydown fee (either <a href="http://www.zillow.com/mortgage-glossary/Origination/">origination</a> or discount).<br \><br \>0 replies Sun, 22 Feb 2009 00:02:00 GMT http://www.zillow.com/advice-thread/whAT-IS-THE-INTEREST-RATE-ON-AN-FHA-LOAN-TODAY/202170/ 2009-02-22T00:02:00Z