Zillow Advice RSS: Question-Discussion-Guide,Refinance,UT http://www.zillow.com/advice/UT/mortgage-refinance/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Looking for a non-bank mortgage lender to refinance a property http://www.zillow.com/advice-thread/Looking-for-a-non-bank-mortgage-lender-to-refinance-a-property/542796/ <p>My&nbsp;father-in-law&nbsp;resides abroad and&nbsp;he purchased an undeveloped lot&nbsp;in Park City Old Town with 80% seller financing at 5% interest for 5 years. He has a perfect record servicing the loan. The 5 year loan period ends next year and we are&nbsp;looking for a new non-bank mortgage loan to enable him to pay the seller when the 5 year loan term ends. Does anyone have a recommendations on the best way to go about refinancing a property under these circumstances.<br/><br/>Thanks</p><br \><br \>2 replies Tue, 27 May 2014 22:20:00 GMT http://www.zillow.com/advice-thread/Looking-for-a-non-bank-mortgage-lender-to-refinance-a-property/542796/ 2014-05-27T22:20:00Z Does anyone know if Harp 3.0 has passed? or will it? http://www.zillow.com/advice-thread/Does-anyone-know-if-Harp-3-0-has-passed-or-will-it/543942/ 15 replies Tue, 03 Jun 2014 21:11:00 GMT http://www.zillow.com/advice-thread/Does-anyone-know-if-Harp-3-0-has-passed-or-will-it/543942/ 2014-06-03T21:11:00Z Top 3 Mistakes Made By New Real Estate Rehabbers http://www.zillow.com/advice-thread/Top-3-Mistakes-Made-By-New-Real-Estate-Rehabbers/553272/ <br/><div>You've taken the crash course on real estate investing and now you're convinced you can make millions in real estate. You've contacted an agent to get started finding properties and you are ready to go. But what are the three most common mistakes made by new real estate rehabbers?&nbsp;<div>1.&nbsp;&nbsp;&nbsp;&nbsp;Going at it alone: The most successful real estate rehabbers use a mentor to help them find and evaluate deals. Once you find a seemingly good deal, a real estate mentor is crucial in helping you make the deal a good deal. If you skip this step of using a mentor, this is probably a mistake.<div>2.&nbsp;&nbsp;&nbsp;&nbsp;Using only one realtor: Don't sign a contract with a single realtor right away. Talk to multiple agents and tell them your unique goals. Test each of these agents out before signing a contract. One of the most common mistakes is locking in with only one agent that never sends you quality deals to look at.<div>3.&nbsp;&nbsp;&nbsp;&nbsp;First rehab is a gut rehab: Never take on a gut rehab on your first few deals. There is a big difference between a cosmetic rehab and a gut rehab. Until you are experienced doing several cosmetic rehabs first, don't make the mistake of taking on a gut rehab.<br/><div>These are just a few of the most common mistakes made by new real estate rehabbers. What else would you add to the list?<br/><div>Posted by Corey Curwick Dutton&nbsp;</div></div></div></div></div></div><br \><br \>6 replies Tue, 05 Aug 2014 20:15:00 GMT http://www.zillow.com/advice-thread/Top-3-Mistakes-Made-By-New-Real-Estate-Rehabbers/553272/ 2014-08-05T20:15:00Z Oversupply of Residential Props in China Threaten its Economy http://www.zillow.com/advice-thread/Oversupply-of-Residential-Props-in-China-Threaten-its-Economy/553034/ <br/><div>Chinese real estate developers have been building residential properties at breakneck speed over the past several years. This has led to overbuilding and now a glut of inventory that is just sitting. As seen in a recent Forbes.com article, a shocking photo of a family staring at vacant, residential high rises in the distance. But is China facing the same woes that the U.S. faced back in 2008 as the real estate market crumbled? According to Forbes.com, this looming bubble in China is different from what happened in the U.S. because China is not plagued with the subprime issue, nor the house of cards of mortgage backed securities that the U.S. faced. The problem in China has to do with the fact that urban sprawl has not kept up with the overbuilding of these residential high rises in China. Chinese lenders that have funded these developments have had to extend their loans on these properties that are not being sold. According to a report from the IMF a further drop in real estate investment will affect financial and economic activity in China. China was caught up in speculation and greed in its development spree over the past several years. If China isn't paying the price already, it seems from this IMF report that it will soon.<br/><div>Posted by Corey Curwick Dutton&nbsp;</div></div><br \><br \>6 replies Mon, 04 Aug 2014 19:28:00 GMT http://www.zillow.com/advice-thread/Oversupply-of-Residential-Props-in-China-Threaten-its-Economy/553034/ 2014-08-04T19:28:00Z Bank of America Employee Accepted Bribes on Short Sales http://www.zillow.com/advice-thread/Bank-of-America-Employee-Accepted-Bribes-on-Short-Sales/551018/ 1 reply Wed, 23 Jul 2014 20:41:00 GMT http://www.zillow.com/advice-thread/Bank-of-America-Employee-Accepted-Bribes-on-Short-Sales/551018/ 2014-07-23T20:41:00Z The U.K.?s Most Hated Industry Capped on Loan Shark Rates http://www.zillow.com/advice-thread/The-U-K-s-Most-Hated-Industry-Capped-on-Loan-Shark-Rates/549936/ [duplicate post deleted by Zillow moderator]<br \><br \>2 replies Wed, 16 Jul 2014 21:58:00 GMT http://www.zillow.com/advice-thread/The-U-K-s-Most-Hated-Industry-Capped-on-Loan-Shark-Rates/549936/ 2014-07-16T21:58:00Z Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes http://www.zillow.com/advice-thread/Mortgage-Fraud-Conspirators-Still-Facing-Stiff-Punishments-for-Crimes/549357/ <em>[repeat post deleted by Zillow&nbsp; moderator]</em><br \><br \>2 replies Fri, 11 Jul 2014 22:40:00 GMT http://www.zillow.com/advice-thread/Mortgage-Fraud-Conspirators-Still-Facing-Stiff-Punishments-for-Crimes/549357/ 2014-07-11T22:40:00Z Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes http://www.zillow.com/advice-thread/Mortgage-Fraud-Conspirators-Still-Facing-Stiff-Punishments-for-Crimes/549196/ <em>[repeat post deleted by Zillow&nbsp; moderator]</em><br \><br \>1 reply Thu, 10 Jul 2014 19:38:00 GMT http://www.zillow.com/advice-thread/Mortgage-Fraud-Conspirators-Still-Facing-Stiff-Punishments-for-Crimes/549196/ 2014-07-10T19:38:00Z What % of homes were refinanced last year? http://www.zillow.com/advice-thread/What-of-homes-were-refinanced-last-year/543576/ I'm wondering about a figure or percentage of how many refinances were done last year in the US or in Utah. Does anyone know or know where I could research this?<br \><br \>2 replies Sun, 01 Jun 2014 19:07:00 GMT http://www.zillow.com/advice-thread/What-of-homes-were-refinanced-last-year/543576/ 2014-06-01T19:07:00Z Non-Bank Lenders in the UK Pour Money into Commercial Loans http://www.zillow.com/advice-thread/Non-Bank-Lenders-in-the-UK-Pour-Money-into-Commercial-Loans/542724/ <br/><div>According to a recent article from the Financial Times, non-bank lenders such as insurance companies, hedge funds, debt funds, and the like are pouring money into commercial loans. Almost 25% of new commercial loan originations in the UK in 2013 came from non-bank lenders, and about 50% of that number came from insurance companies. This is largely attributed to low interest rates, which have prompted investors to look for higher yields. Bill Maxted, a researcher at De Montfort University said, "There are more lenders in the market and there is a real competition, with interest rates margins falling and loan to value ratios rising, there are some quite aggressive terms being offering by debt funds in particular."<br/><div>&nbsp;(Source: Financial Times: <a rel="nofollow" href="http:// http://www.ft.com/intl/cms/s/0/2d48ab1e-dcfe-11e3-b73c-00144feabdc0.html?siteedition=intl#axzz32vRmZn00">http://www.ft.com/intl/cms/s/0/2d48ab1e-dcfe-11e3-b73c-00144feabdc0.html?siteedition=intl#axzz32vRmZn00</a>)<br/><div>Posted by Corey Curwick Dutton&nbsp;</div></div></div><br \><br \>0 replies Tue, 27 May 2014 17:24:00 GMT http://www.zillow.com/advice-thread/Non-Bank-Lenders-in-the-UK-Pour-Money-into-Commercial-Loans/542724/ 2014-05-27T17:24:00Z Deutsche Bank?s Stock Price Slides 25% in 2014 http://www.zillow.com/advice-thread/Deutsche-Bank-s-Stock-Price-Slides-25-in-2014/542078/ <div>Shareholders of Deutsche Bank protested at its annual meeting last Friday over its announcement of a new capital raise of 8 billion Euros. Shareholders are questioning the timing of this capital raise, since the bank's share price has slid by 25% since January 2014. Union Investment, a top shareholder in the bank, was among the protesters at the annual meeting on Friday, and was quoted as saying, "The share price performance is a tragedy, a lot of investor confidence has been lost; the capital raisings do not make it better."<div>&nbsp;&nbsp;&nbsp;&nbsp;Top management has also come under extreme fire for this as well for the bank's high litigation costs, referring to 5 billion Euros paid out over the last 5 years in settlements and litigation-related costs. Mr. Jain, the bank's CEO, commented, "You should trust us because the rebuilding of Deutsche Bank is working, because we are strengthening capital and reducing risk."<br/><div>&nbsp;(Source: Financial Times: http://www.ft.com/intl/cms/s/0/87ded282-e191-11e3-9999-00144feabdc0.html#axzz32SSph4Av)<br/><div>Posted by Corey Curwick Dutton&nbsp;</div></div></div></div><br \><br \>0 replies Thu, 22 May 2014 20:05:00 GMT http://www.zillow.com/advice-thread/Deutsche-Bank-s-Stock-Price-Slides-25-in-2014/542078/ 2014-05-22T20:05:00Z Fixing up a Property to Sell? Here Are 3 Popular Rehab Loans http://www.zillow.com/advice-thread/Fixing-up-a-Property-to-Sell-Here-Are-3-Popular-Rehab-Loans/541450/ <br/><div>Are you thinking of fixing up a property this year to sell? You may need a rehab loan. So, what options are available for financing for those seeking rehab loans? The 3 most popular options for rehab loans are:&nbsp;<br/><div>1.&nbsp;&nbsp;&nbsp;&nbsp;FHA 203k Rehab Loan<div>2.&nbsp;&nbsp;&nbsp;&nbsp;Home Equity Line of Credit or HELOC<div>3.&nbsp;&nbsp;&nbsp;&nbsp;Hard Money Rehab Loan&nbsp;<br/><div>Unless you're a non-profit or you are looking to fix up the home you live in, you won't be eligible for an FHA 203k rehab loan. Real estate investors need not apply! And if you think you're getting a low cost loan by going FHA, think again. There's 0.55% ongoing for insurance, loan fees or points range from 2.75% to 4.75%, definitely count on an appraisal fee, ongoing inspection fees, and other junk fees.&nbsp;<div>&nbsp;&nbsp;&nbsp;&nbsp;HELOCs aren't available as readily as they used to be, in fact, most banks no longer offer equity lines of credit anymore. And for those banks that do offer HELOCs, most won't lend on investment properties. So unless you live in the property, forget about getting a HELOC if you're seeking a rehab loan for an investment property.<div>&nbsp;&nbsp;&nbsp;&nbsp;This leaves me with the last option: a hard money rehab loan. This option is by far the fastest and easiest loan to qualify for. Although the cost of a hard money rehab loan may be higher than a FHA 203k rehab loan or a HELOC, if you've got a need for speed, a hard money rehab loan is the only way to go. If you've never obtained a hard money rehab loan before, the requirements are less stringent than traditional loans. &nbsp;And if you do need a rehab loan in a hurry, take a minute to read a blog [Promotion removed by Zillow moderator. See our Good Neighbor Policy.]</div></div></div></div></div></div></div><br \><br \>1 reply Mon, 19 May 2014 14:51:00 GMT http://www.zillow.com/advice-thread/Fixing-up-a-Property-to-Sell-Here-Are-3-Popular-Rehab-Loans/541450/ 2014-05-19T14:51:00Z Private Money Mortgages Help Borrowers with Bad Credit http://www.zillow.com/advice-thread/Private-Money-Mortgages-Help-Borrowers-with-Bad-Credit/540766/ [spam deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]<br \><br \>0 replies Wed, 14 May 2014 19:34:00 GMT http://www.zillow.com/advice-thread/Private-Money-Mortgages-Help-Borrowers-with-Bad-Credit/540766/ 2014-05-14T19:34:00Z UK Launches ?Help to Buy? Scheme to Boost Housing Market http://www.zillow.com/advice-thread/UK-Launches-Help-to-Buy-Scheme-to-Boost-Housing-Market/540401/ <br/><div>Lloyds Bank recently announced one of many loan programs aimed at boosting the housing market in the UK. The loan products allow for a 5% down payment and have a 2-year fixed rate of 5.19%. According to a Propertywire.com article, this is just one of a range of measures the UK is taking in an attempt to boost the housing market, and thus the UK economy as a whole.&nbsp;<div>&nbsp;&nbsp;&nbsp;&nbsp;But is a low down payment requirement and a low "teaser rate" just another "scheme" to temporarily increase sales while putting homebuyers into unsustainable mortgages? A 2 year fixed rate mortgage being offered by Lloyds is just an adjustable rate mortgage, the same type of loan which led to the demise of the mortgage market in the U.S. back in 2008. This is a lesson we learned all too well in past years and hopefully history won't repeat itself again. Only time will tell how these &lsquo;Help to Buy' mortgages play out in the UK. What is your opinion on this topic? Is it too soon for banks in the UK to be playing this game all over again?<br/><div>(Source: Propertywire.com: <a rel="nofollow" href="http:// http://www.propertywire.com/news/finance-update/help-buy-scheme-products.html">http://www.propertywire.com/news/finance-update/help-buy-scheme-products.html</a>)<br/><div>Posted by Corey Curwick Dutton&nbsp;</div></div></div></div><br \><br \>1 reply Mon, 12 May 2014 18:27:00 GMT http://www.zillow.com/advice-thread/UK-Launches-Help-to-Buy-Scheme-to-Boost-Housing-Market/540401/ 2014-05-12T18:27:00Z Resolve Tax Liability Problems with a Private Money Bridge Loan http://www.zillow.com/advice-thread/Resolve-Tax-Liability-Problems-with-a-Private-Money-Bridge-Loan/540041/ [spam deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]<br/><br/><div>Posted by Corey Curwick Dutton</div><br \><br \>0 replies Fri, 09 May 2014 17:55:00 GMT http://www.zillow.com/advice-thread/Resolve-Tax-Liability-Problems-with-a-Private-Money-Bridge-Loan/540041/ 2014-05-09T17:55:00Z Low Appraisal on a Re-FI http://www.zillow.com/advice-thread/Low-Appraisal-on-a-Re-FI/539415/ <p>We want to refinance a home and roll our heloc into it. With the upgrades we have done to the house we expected a fair appraisal to at least show for what we have put into it. We have updated our kitchen, new windows, new roof, new bathroom forthcoming. The bank we approached was aware that we were in the middle of a bathroom project, and landscaping project. We were so disappointed with the appraisal that came back though. It had wrong information on it, like showing aluminum windows, when we have put in dual pane vinyl, &nbsp;and other miss information, ie square footage, not noting horse property or out buildings we have put on the property. We put in front of the bank the errors and they said that those things don't make enough of a difference???? Now after the appraisal they are saying we have to finish the bathroom before they will close. This is after being totally transparent about the bathroom being re done, the bank states that the redoing of the bathroom won't make any difference in the numbers. Our bathroom is gutted. We can cover the cost of the bathroom without the loan but, I feel really uneasy. I don't trust the comps, the appraisal was low. How does this appraisal effect us possibly selling in the next few years? Why do our upgrades not matter. We have excellent credit and there is still room with the new loan, so I don't get it. Should we be worried about this appraisal and the way the bank is acting?<br/><br/>My husband is a vet, we have used the VA loan on a previous home - could we still qualify for a stream line VA re-fi?</p><br \><br \>5 replies Mon, 05 May 2014 21:42:00 GMT http://www.zillow.com/advice-thread/Low-Appraisal-on-a-Re-FI/539415/ 2014-05-05T21:42:00Z Should I refinance from FHA to conventional to get rid of mortgage insurance? http://www.zillow.com/advice-thread/Should-I-refinance-from-FHA-to-conventional-to-get-rid-of-mortgage-insurance/534172/ We are in the process of possibly refinancing our home and wondering if refinancing to a conventional loan is a good idea. We are on an 30 Year fixed FHA loan with a 4% interest rate and paying about $160 in mortgage insurance each month. We've had our real estate agent run comparisons on houses in our neighborhood and we have a pretty good chance that our house is valued much higher than what we purchased it for. The main question is if our house is valued high enough would it be a good idea to refinance to a&nbsp;30 year fixed conventional loan at %4.375 and get rid of the mortgage insurance or stay with our current loan?<br \><br \>5 replies Fri, 28 Mar 2014 16:30:00 GMT http://www.zillow.com/advice-thread/Should-I-refinance-from-FHA-to-conventional-to-get-rid-of-mortgage-insurance/534172/ 2014-03-28T16:30:00Z zestimate... http://www.zillow.com/advice-thread/zestimate/526344/ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Your estimate for my home valve is way too high. Because of your inflated value, I was led to believe that I might be able to refinance.&nbsp; So I started the loan process, had my house appraised and it came in $51,000 short.&nbsp; Thus, making making the refinance not an option.&nbsp; I'm also now out of $500 for the appraisal. As of now, your website offering estimated values seems like a scam giving people false hope of bettering their financial situations.&nbsp; I am extremely disappointed.&nbsp; I doubt you offer any help after leading people who use your website down this road, but if you do, I'll take it.&nbsp; As for now, thanks for helping screw me out of $500.<br/><br/>Will Thaler<br/>[deleted by Z moderator for consumer privacy]<br \><br \>4 replies Wed, 29 Jan 2014 15:49:00 GMT http://www.zillow.com/advice-thread/zestimate/526344/ 2014-01-29T15:49:00Z Demand for Bridge Financing Will Increase through 2015 http://www.zillow.com/advice-thread/Demand-for-Bridge-Financing-Will-Increase-through-2015/506063/ <div>A new set of banking regulations called the Basel III was imposed on U.S. banks, both small and large, in January of this year. Under new leverage standards, banks will have to hold 3% equity to total assets by 2018. And regulators this month proposed that 8 of the largest lenders in the U.S. must hold 5-6% equity to total assets. But what does this really mean?<div>&nbsp;&nbsp;&nbsp;&nbsp;For the real estate investor, this means lending on investment properties will be reduced through 2015. But why? For example, Deutsche Bank failed a recent stress test performed by regulators which has forced it to shrink its balance sheet by as much as 20%. This resulted in it selling some loans and not issuing new loans. Marc Hellingrath, a fund manager in Frankfurt, Germany said, "Some banks will have little choice&hellip;.most banks aren't where they'll need to be on the leverage ratio so they're cutting debt by reducing lending."<div>&nbsp;&nbsp;&nbsp;&nbsp;The property type that will be hit the hardest by a reduction in lending is commercial and investment real estate. Bridge financing is an option for real estate investors who may have difficulty obtaining bank financing in the next several years.<br/><br/>But what is a bridge loan? Read more on this topic from one of our past blog&nbsp;[Promotion and website removed by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>.]<div>Lending on investment properties, and in particular, on commercial properties, will remain tight through 2015. To learn more about our private money bridge loans, follow &nbsp;[Hotlink removed by Zillow moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>.]</div></div></div></div><br \><br \>0 replies Fri, 09 Aug 2013 18:35:00 GMT http://www.zillow.com/advice-thread/Demand-for-Bridge-Financing-Will-Increase-through-2015/506063/ 2013-08-09T18:35:00Z Refinance http://www.zillow.com/advice-thread/Refinance/475459/ &nbsp;Should I refinance my FHA loan with 286 payments, rate of 5.5 balance 140,888<br \><br \>6 replies Wed, 23 Jan 2013 01:46:00 GMT http://www.zillow.com/advice-thread/Refinance/475459/ 2013-01-23T01:46:00Z