Profile picture for BayTeamAdvisoryGroup

BayTeamAdvisoryGroup's Advice

Contributions are sorted newest to oldest.

  • 6 Contributions
  • 0 Best Answers
  • 0 Helpful

BayTeamAdvisoryGroup wrote:

Interest Only

Answer
Unfortunately even if this option was possible, in the end you would still be doing a "cash out" refi with the new first loan because you are not only refinancing the 355,000.00 current 1st mortgage, you will also at closing, take an additional 451,000.00 cash out to repay yourself. You may want to consider alternative financing ideas if you have liquid assets allowing you to pay off the HELOC. If you have questions or need advice you may contact me @ [email removed by Zillow moderator]..I have business partners that handle these kind of transactions, let me know if I can help.
November 15 2012
(0)

Avoid PMI- pay premium up front?

Answer
It really depends on your personal financial situation/living situation. If you are looking to stay in the home for more than 5 years than it could make sense to pay the premium up front, but realize of course that this increases your overall closing costs that much more. If you are uncertain as to whether you will be in the home longterm and would rather pay on a monthly basis, the average monthly cost for PMI is 30-50.00 in addition to the rest of your monthly mortgage payment. It all depends on what is more feasible for your pocket. :)
November 15 2012
(0)

Can I refinance my old home as investment property while I wait for it to sell?

Answer
The best way to pull the equity out of your current home would be by way of an equity line of credit against your home. But first and foremost, most lenders will not allow you to put a line of credit against your home if it is actively listed on the market for sale. You may want to check with your lender to determine your next and best step. 
November 13 2012
(0)

Who Pays for a disaster inspection

Answer
All home inspections of any kind are in most cases covered at the buyer's expense.
November 13 2012
(0)

Wells Fargo refusing to remove PMI when I paid down my principal

Answer
Hello,To determine the value the bank would have used to determine PMI, you need to first know the appraisal value and your original mortgage amount, because they use the lesser of these two. If you have a copy of your credit report with your mortgage showing as a trade line, it will show the original note amount, or call your mortgage companies customer service dept. and ask for the information or a copy of the original mortgage docs. 
November 13 2012
(0)

firstime home buyer finacing 11,800

Response
Hello,Great question, and it really all depends on which lender you attempt to seek financing through. Most lenders have a minimum loan amount set within their credit policies. I know with the more conventional banks, they normally have a minimum mortgage amount of 30k. I hope this helps! 
November 13 2012
(0)