Zillow Advice RSS: Question-Discussion-Guide,Home Buying,WA http://www.zillow.com/advice/WA/home-buying/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Rise in Bellevue, WA Bank-Owned Homes, Foreclosures Sold http://www.zillow.com/advice-thread/Rise-in-Bellevue-WA-Bank-Owned-Homes-Foreclosures-Sold/381220/ <p>With a little more respect to Steve's reply on the subject, it appears he is confused as to the difference between the holder of the note and a loan servicer, in rudimentary terms, the funds exchanged for title to the property are ultimately dispersed to the holder of the note.&nbsp; Bank of&nbsp;America may have been where the borrower applied and posted monthly payments, but that doesn't mean they held the note indefinitely if at all, particularly if it was a loan backed by Fannie Mae or Freddie Mac, as is the case with over half of all residential mortgages.&nbsp; As mentioned,&nbsp;if it is found that there was an error in procedure regarding the foreclosure process, then the borrower might be entitle to monetary compensation as damages, if proven in court.&nbsp; Chances are this would be a title insurance issue and they would be responsible in paying a claim, the extent of the same,&nbsp;coupled with&nbsp;who would receive the benefit would depend on the nature of the policy and other factors.&nbsp;&nbsp;The daily additions of more and more internet posts indicating that all these recent&nbsp;foreclosures&nbsp;will be declared invalid, and the borrower who didn't make payments for several months&nbsp;if not years before foreclosure will be able to reclaim the house years from now when the market has recovered are nothing more that myth.&nbsp; Keep in mind that foreclosure laws also vary widely from state to state.&nbsp; Trust the source, not the fact that you read it.&nbsp; &nbsp;</p><br \><br \>0 replies Tue, 18 Jan 2011 00:13:00 GMT http://www.zillow.com/advice-thread/Rise-in-Bellevue-WA-Bank-Owned-Homes-Foreclosures-Sold/381220/ 2011-01-18T00:13:00Z 1 month after I bought my home, the value has dropped on zillow $102,000? Why? http://www.zillow.com/advice-thread/1-month-after-I-bought-my-home-the-value-has-dropped-on-zillow-102-000-Why/452797/ <p>The appraisers rarely go too far above sale price. Mainly the appraiser is making sure for the bank or mortgage company that you are not OVERPAYING for your house. In otherwords, if something happened and they needed to get their money back, they could. If you overpay, they would most likely not get all the monies back for the loan amount. It is just for the banks to cover themselves. No worries.</p><br \><br \>0 replies Tue, 31 Jul 2012 20:45:00 GMT http://www.zillow.com/advice-thread/1-month-after-I-bought-my-home-the-value-has-dropped-on-zillow-102-000-Why/452797/ 2012-07-31T20:45:00Z can anyone get my wife and i a loan with a 701 credit score and a 586 credit score? http://www.zillow.com/advice-thread/can-anyone-get-my-wife-and-i-a-loan-with-a-701-credit-score-and-a-586-credit-score/245849/ You should try <a href="http://www.zillow.com/mortgage/">Zillow Mortgage Marketplace</a>.<br \><br \>0 replies Tue, 16 Jun 2009 00:44:00 GMT http://www.zillow.com/advice-thread/can-anyone-get-my-wife-and-i-a-loan-with-a-701-credit-score-and-a-586-credit-score/245849/ 2009-06-16T00:44:00Z Building a house and using construction loan but no mortgage http://www.zillow.com/advice-thread/Building-a-house-and-using-construction-loan-but-no-mortgage/328318/ I plan to have a home built in Tri Cities, WA and use a construction <a href="http://www.zillow.com/mortgage/">loan</a> until such time as I sell a rental home (built 1955) in Henrico Co, VA (value dropped about $10k and house almost paid for). The house in VA is on the largest lot in the neighborhood, 18,500 sq ft, and the small house is brick with beautiful trees around. Once the new home is built I will pay off the const loan in cash from the sale of the VA home.&nbsp; My current home (built 1975) in King County, WA will be rented out until such time as the value increases (value has dropped over $100k and I owe $167k at 5% with $100+k equity).&nbsp; I am retired and my wife and I want a smaller new house so that when I die my wife will have a newer house with few maintenance problems.&nbsp; What is the likelyhood of getting a construction loan considering that there will be no <a href="http://www.zillow.com/mortgage/">mortgage loan</a> on the property once built?&nbsp; I don't want to sell other investments to come up with cash for tax reasons.&nbsp; Will finance specialists or Realtors please respond?&nbsp; I will be talking to <a href="http://www.zillow.com/directory/lenders/">lenders</a> but I want some outside opinions and advise on how to negotiate.<br \><br \>5 replies Thu, 25 Feb 2010 07:05:00 GMT http://www.zillow.com/advice-thread/Building-a-house-and-using-construction-loan-but-no-mortgage/328318/ 2010-02-25T07:05:00Z First time home buyer deployed. How much of the process can I do while overseas? http://www.zillow.com/advice-thread/First-time-home-buyer-deployed-How-much-of-the-process-can-I-do-while-overseas/477695/ <p>A quick answer to your question is that you can do most of your process via email. You can get yourself pre-approved by a lender to know how much of a mortgage they'd be willing to give you and they can discuss your options with down payment and closing costs. You'll have to scan and email them paperwork - tax forms, etc. or have a family member or friend take them to the lender since I doubt you'd have them with you. You can look on-line for homes and, if you have a buyer's agent you can really trust or a family member, they can preview selected homes and take videos. You can put in an offer's paperwork via email with a contingency that you like a home as much in person as you did via videos and pictures BUT, a seller may not be willing to accept that kind of a contingency. Even if you give them a right to continue marketing their property, the status of the listing will be such that buyers and their agents will know there is a contingent offer that the sellers accepted and will be reluctant to even look at the property. You are asking the sellers to essentially take their home off the market until you can decide it you want it or not.&nbsp;<br/><br/>The better way to go is to do your shopping on-line after you get pre-approved and when you come home, go see the properties that are still on the market that you liked and make a quick decision. Depending on how quickly you make your decision and get an offer accepted and can get the rest of the paperwork to your lender, you can close in 1 to 2 months from the accepted offer. Your buyers agent can help you to structure your offer so that it's accepted right away.</p><br \><br \>0 replies Thu, 07 Feb 2013 17:37:00 GMT http://www.zillow.com/advice-thread/First-time-home-buyer-deployed-How-much-of-the-process-can-I-do-while-overseas/477695/ 2013-02-07T17:37:00Z Mortgage approval http://www.zillow.com/advice-thread/Mortgage-approval/470305/ I want to purchase a house with my Uncle. I have been at my current job for 2 years and in the same field for almost 7. I make about $26,000 Net income. My uncle is making $20,000. I have great credit and only a car payment for debt, He is debt free and new to the country, but has a stable job even though it has been only 6 months. What is the likely hood that we will be approved for just about $200,000 (wish houses were cheaper in WA) together if we have $15,000 down payment?<br \><br \>2 replies Tue, 04 Dec 2012 03:23:00 GMT http://www.zillow.com/advice-thread/Mortgage-approval/470305/ 2012-12-04T03:23:00Z Short sale - whats up with the agent asking price way way below comps in the area. http://www.zillow.com/advice-thread/Short-sale-whats-up-with-the-agent-asking-price-way-way-below-comps-in-the-area/286308/ <p>Pretty soon we need to start asking qualifications of the seller prior to making offers on houses?&nbsp; Is XYZ bank&nbsp; or investment group reasonable?&nbsp; Is the short seller just proving to the banker what the price is so the seller can get a <a href="http://www.zillow.com/mortgage/">mortgage</a> reduction?&nbsp;<br/><br/>Beware of short sales or of properties that seem too cheap.&nbsp; If you do win that cheap property, you really need to hire a&nbsp; couple of different inspectors.&nbsp;<br/><br/>If you seriously want to <a href="http://www.zillow.com/learnmore/what-zillow-offers-buyers.htm">buy a home</a>, for yourself, look at what you can afford, in the area you want to be located in, and look at homes that have been prepared for the market, and have sellers who are willing to do what it takes to get it sold.<br/><br/>If you are looking for the low cost deal,&nbsp; for the quick turn around, you need to find a very&nbsp; nice agent who has a lot of free time, and doesn't mind making tweny&nbsp; plus offers for every sale.&nbsp; This is not me, so don't ask, but there are agents who will do this.</p><br \><br \>0 replies Thu, 08 Oct 2009 05:37:00 GMT http://www.zillow.com/advice-thread/Short-sale-whats-up-with-the-agent-asking-price-way-way-below-comps-in-the-area/286308/ 2009-10-08T05:37:00Z down payment financing http://www.zillow.com/advice-thread/down-payment-financing/541882/ I want to buy a house and don't have the down payment. I've asked a family member to go in with me. We've agreed on them paying the full down payment and i'll live in the house and make all mortgage/operating expenses. They'll have a room in the house for when their in town, which isn't often. (10 days a year). &nbsp;We've agreed that the no one can force the sale of the house for 2 years but after that if either party wants out we can sell or refinance. In return for the down payment at closing each party will get all the cash they put in the house including home improvements and any principle paid down. After all expenses are paid we will split all profits 50/50. I know that i'll be doing most of the home improvements since my family member doesn't &nbsp;live in-town but I get to treat the house as my own and make all the decisions on the property.&nbsp;<br/>Should i do this deal?<br \><br \>3 replies Wed, 21 May 2014 18:11:00 GMT http://www.zillow.com/advice-thread/down-payment-financing/541882/ 2014-05-21T18:11:00Z How would I structure a contingent offer? http://www.zillow.com/advice-thread/How-would-I-structure-a-contingent-offer/177390/ First, I would contact a <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> in your area to get a market analysis of the home you own, and the one you wish to purchase. Find out what you could sell your home for in this market and look at the market analysis for the home you would like to buy and make sure it is priced fairly. Next, contact a <a href="http://www.zillow.com/directory/lenders/">lender</a> and speak with them about your <a href="http://www.zillow.com/mortgage/">mortgage</a> options. Then look at the expenses involved (commissions, closing costs, down payment, etc) with selling your home and buying another, and determine what your bottom line is. <br/><br/>If you decide it's a good move, then I would consider putting a contingent offer in. Why not? If the home's on the market then they will at least have to consider your offer, but your contingency MUST have an expiration date with it. Make sure your home is already on the market when you submit your offer, priced competitively, with lots of photos and advertised on multiple online sites. Over 85% of potential home buyer's begin their search online. Also, make sure you stage your home to sell, did you know that only about 10% of home buyer's can visualize a home's potential? <br/><br/>Hope this helps! <br/>Alicia Monahan<br/><br \><br \>0 replies Wed, 17 Dec 2008 20:28:00 GMT http://www.zillow.com/advice-thread/How-would-I-structure-a-contingent-offer/177390/ 2008-12-17T20:28:00Z With Rates So Low, Why Are Buyers Still Hesitant? http://www.zillow.com/advice-thread/With-Rates-So-Low-Why-Are-Buyers-Still-Hesitant/361777/ There are many factors that are causing buyers to be cautious even with historic low interest rates.&nbsp; Double digit unemployment, unstable stock market, and an over abundance of delinquent mortgages all signs that we are nowhere near a bottom.<br/><br/>Simon Mills<br/>Mills Realty<br \><br \>0 replies Thu, 19 Aug 2010 18:52:00 GMT http://www.zillow.com/advice-thread/With-Rates-So-Low-Why-Are-Buyers-Still-Hesitant/361777/ 2010-08-19T18:52:00Z what is the best time of year to buy a home? summer/fall/winter/spring? http://www.zillow.com/advice-thread/what-is-the-best-time-of-year-to-buy-a-home-summer-fall-winter-spring/390174/ Why pay your landlord mortgage if you qualify and invest in yourself?&nbsp;My answer should be ALL THE TIME :) I am busy all the time, and I have buyers and sellers&nbsp;throughout&nbsp;the year. There are tons of investors(builders, contractors, landlords), tons of first time buyers, and tons of sellers(banks, and homeowners) . Right now there are a lot of properties less than 70 cents of $$. Most of them short sales-approved and not approved, and also a lot of bank owned. I personally love Fannie Mae and Freddie Mac owned homes. Closing is fast, closing costs contributed by the seller(bank) &nbsp;to the buyer. Also , a lot of negotiation windows :) Rates are really low, and right now &nbsp;a mortgage is less than a rent payment. Why pay your landlord mortgage if you &nbsp;qualify and invest in yourself? There are a lot of loan programs available, as little as 0 down, or 3.5% :) Fannie Mae for example have a program homepath 10%down for investors(for example if you want to rent after you buy) , no mortgage insurance, and no appraisal needed.First time buyers can enjoy 3.5% contributed towards their closing costs. &nbsp;<br \><br \>0 replies Fri, 17 Jun 2011 07:09:00 GMT http://www.zillow.com/advice-thread/what-is-the-best-time-of-year-to-buy-a-home-summer-fall-winter-spring/390174/ 2011-06-17T07:09:00Z Approval process http://www.zillow.com/advice-thread/Approval-process/480423/ <em>As a Broker and past Mortgage Broker I'd advise you to ask the lender to tell you what the requirements are.&nbsp; If the buyer is in the same field for 2 or more years, consecutively, it should count.<br/>I was wondering if you haven't already discussed this with the lender and what they said that led to your posting this question.&nbsp;<br/> Good luck to you!</em><br \><br \>0 replies Tue, 26 Feb 2013 22:59:00 GMT http://www.zillow.com/advice-thread/Approval-process/480423/ 2013-02-26T22:59:00Z I want to buy a house but im very new to market.. http://www.zillow.com/advice-thread/I-want-to-buy-a-house-but-im-very-new-to-market/302261/ <a rel="nofollow" href="http://www.erate.com">mortgage rates are at record lows for those that can qualify</a><br/><br/>Please don't hesitate to contact me once you've been pre-approved!<br \><br \>0 replies Mon, 30 Nov 2009 16:27:00 GMT http://www.zillow.com/advice-thread/I-want-to-buy-a-house-but-im-very-new-to-market/302261/ 2009-11-30T16:27:00Z What can I do to get more (or better) quotes for my loan request ZR-KGQSPCG http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-KGQSPCG/467199/ Provide all documentation requested from the lender and compare the APR with another.&nbsp; If you need a good mortgage broker, please let me know, I work with several.<br \><br \>0 replies Tue, 27 Nov 2012 07:16:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-KGQSPCG/467199/ 2012-11-27T07:16:00Z Homeowners Insurance http://www.zillow.com/advice-thread/Homeowners-Insurance/545389/ Both need to be on the policy since you are both on the mortgage. Has to match the mortgage.<br \><br \>0 replies Fri, 13 Jun 2014 16:30:00 GMT http://www.zillow.com/advice-thread/Homeowners-Insurance/545389/ 2014-06-13T16:30:00Z is tehere debts or liens on the property 1899 kirkpatrick rd. humptulips wa and how much is owed http://www.zillow.com/advice-thread/is-tehere-debts-or-liens-on-the-property-1899-kirkpatrick-rd-humptulips-wa-and-how-much-is-owed/402630/ A title company can do a lien search for you - it's not free though. They'll be able to let you know of any mechanics liens, etc. on the property and if any existing mortgage was released.<br \><br \>0 replies Sat, 11 Jun 2011 00:09:00 GMT http://www.zillow.com/advice-thread/is-tehere-debts-or-liens-on-the-property-1899-kirkpatrick-rd-humptulips-wa-and-how-much-is-owed/402630/ 2011-06-11T00:09:00Z we are buying a short sale. its through wells fargo just found out there is a 2nd mortgage on it. We http://www.zillow.com/advice-thread/we-are-buying-a-short-sale-its-through-wells-fargo-just-found-out-there-is-a-2nd-mortgage-on-it-We/445813/ It takes longer when the second mortgage is in place but not&nbsp;dramatically. I just closed on the short sale with 2&nbsp;mortgages. It took 2.5 month from the offer date. It would be 2 month without the second&nbsp;mortgage.&nbsp;<br \><br \>0 replies Wed, 06 Jun 2012 18:53:00 GMT http://www.zillow.com/advice-thread/we-are-buying-a-short-sale-its-through-wells-fargo-just-found-out-there-is-a-2nd-mortgage-on-it-We/445813/ 2012-06-06T18:53:00Z Do I need to have my full down payment available at time of making offer? http://www.zillow.com/advice-thread/Do-I-need-to-have-my-full-down-payment-available-at-time-of-making-offer/534117/ Hi Sarah,<br/><br/>You don't need the full&nbsp;down payment to make an offer. Once offer is accepted, you give an earnest money deposit. As long as you have the down payment by closing, you are ok. I am o mortgage broker. [Content removed by Zillow Moderator. Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>]<br/><br/>Best Regards,<br/>Julie<br \><br \>0 replies Fri, 28 Mar 2014 16:59:00 GMT http://www.zillow.com/advice-thread/Do-I-need-to-have-my-full-down-payment-available-at-time-of-making-offer/534117/ 2014-03-28T16:59:00Z I am a Canadian from Vancouver Island. What are "the rules" for buying property http://www.zillow.com/advice-thread/I-am-a-Canadian-from-Vancouver-Island-What-are-the-rules-for-buying-property/459042/ Its nice that some mortgage companies are offering 25% down... when I bought a year ago it was cash only...<br \><br \>0 replies Wed, 27 Mar 2013 21:33:00 GMT http://www.zillow.com/advice-thread/I-am-a-Canadian-from-Vancouver-Island-What-are-the-rules-for-buying-property/459042/ 2013-03-27T21:33:00Z Poor question looking to rebuild http://www.zillow.com/advice-thread/Poor-question-looking-to-rebuild/491333/ I have to agree with Chris Macak. He explained the process very well. There are many very good mortgage brokers out there that will be very eager and willing to help you get a plan to get back on track. A little dilegence on your part now will go a long way to get you into your new home faster than you can imagine.<br/><br/>A good plan will include a very good <em><strong>budget</strong>.</em> I know that may be viewed as a dirty word but it will get you there much faster. Just as a map will get you to your destination quicker and more acurately than just guessing which way to go. "<em>Dave Ramsey's Financial Peace University</em>" has very easy to follow bugeting tools that I use and like but I'm sure there are others out there that could be just as effective.<br/><br/>Planning where your money needs to go will keep you moving in the right direction. It will insure that your monthly commitments are paid on time which will also increase your credit score. This may also allow you to find extra money to put aside so you will have a good downpayment when your credit score&nbsp;has improved enough&nbsp;to buy your home.<br/><br/>I wish you a very speedy recovery!<br \><br \>0 replies Wed, 08 May 2013 22:10:00 GMT http://www.zillow.com/advice-thread/Poor-question-looking-to-rebuild/491333/ 2013-05-08T22:10:00Z