Mark Gelbman's Advice

HI,I am located in Rochester. We can help you out with this. I am curious though, do you owe more than your home is worth? Please feel free to give me a shout on Thursday.Thanks,Mark GelbmanSr. Mortgage Planner

Hi,The mortgage amount and the interest rate will dictate the mortgage payment. If you put down less than 20%, you will also pay 1/12 of the annual property taxes and 1/12 of the annual homeowners insurance. If you are purchasing a condominium, add the monthly association dues.The rate is determined by a number of factors:- loan program- amount of down payment- credit scores- type of property, i.e., condo vs house- use of property, i.e, primary, 2nd or investment.Let me know if I can help you out.Mark Gelbman

Hi kim,I can be a great source of info for you. I am in Rochester. We finance conventional, VA, FHA and Mshda. would love to help.Mark 

Hi,Most lenders can offer you a no-cost option. We raise the interest rate to offset the costs. You should ask your lender to do a side-by-side comparison to see which is the best option for you. I do these for my clients on a regular basis. Let me know if I can prepare one for you.Mark

Hi,$4,000 for closing costs, not including the escrow account is excessive. I work with a lender that will allow you to continue to pay your own taxes and insurance. Most lenders will require an escrow account. Let me know if I can help.Mark

Private investors will charge considerably more in the interest rate. Not all lenders are "big" banks. You need to take the time to interview loan officers in your area to make sure you are working with someone that is working in your best interest. 

Yes, You will be able to streamline. Mark

Hi,We provide 203K financing throughout MI. I would be happy to help.Mark G.

Go Huskers,You are absolutely correct. I am working on a purchase pre-approval and I was in that mode, mentally. Didn't even consider whether it was a refi or purchase.If refinance, I would need more information. You may need to bring money to the table to make up the difference, between what you needed for value, and what you got.

If the appraisal comes in under the purchase price, these are the options:- you can pay the difference between the purchase price and appraised value + down payment based on the appraisal amount.- Renegotiate the purchase price- Walk from the deal and get our earnest money deposit back.Hope this helps,Mark G.