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OnePawUp's Advice

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  • 254 Contributions
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OnePawUp wrote:

Why does everyone want "No Closing Cost" loans?

Answer
Personally, with rates near 4.75% and my loan only 5 months old it makes sense for me to look for 5.0% with no closing costs.FHA streamline is what I am looking at.
March 13 2009
(0)
5.0% FHA 30yr Fixed with no closing costs - is it possible with today's rates?
Loan amount: 352kState: CACredit: 750+ZR-NDJMQVHThanks!
March 13 2009
(0)
Looking for lenders who do not require a history of payments to refinance
We just purchased our house back in early October of 08 financed at 5.75% - made two payments and are just about to make a third payment at the end of this month. Would like to take advantage of the low rates and do a no-cost streamline refinance at around 5.0%. Anyone know of lenders who do not require a long payment history to refinance?Thanks!
January 15 2009
(0)
Cutting laminate flooring when already laid down?
Over this weekend we started laying laminate throughout the entire house. One problem that arose was how to setup the right transition for a door that is slanted like this \ . Long story short - we ran the laminate out into the hallway and are looking to make a diagonal cut between the two door frames. What tool can we use to accomplish this? Right now our only choice is scoring it with a box cutter or cutting it slowly with a jamb saw. Any help is appreciated.
October 06 2008
(0)
Questions prior to funding ...
My LO & I have provided the escrow company multiple times the hazard insurance information yet when we signed closing documents yesterday they still have the policy grossly estimated on the HUD1. How do I go about getting this corrected before the loan funds? Also, in CA the tax impound amount is estimated based upon the prior sale which was over $150k more than our purchase price - how long does it typically take for a lender to adjust the impound amount and issue a refund? Is there anything I can do to expedite this process?
September 27 2008
(0)

SHORT SALE APPROVED .. BUT!!.....

Response
Good luck on closing a loan on a short sale in 15 days in this market.  
September 27 2008
(0)

Well, it's been quite a wait but we closed yesterday ...

Response
Thanks for the comments so far everyone. plarua - thanks for the welcoming! We have looked at somewhere between 50-75 houses before finding something we actually liked. In one neighborhood (Mira Mesa) the REO's and short sales looked absolutely atrocious with unpermitted additions, all of the doors slammed through the drywall, and in various states of disrepair. We decided the area was not for us and happened upon this property in Mesa Park / Kearny Mesa area which the previous owner left in excellent condition which will only need minor repairs - we were shocked. Mikal1 - I was definitely frustrated with the seller (HSBC) at times especially when the management company of the servicer of the loan couldn't figure out who actually owned the house. The wait for them to get their act together was trying to say the least. The LO we used was Greg Denny who my wife & I are very pleased with. I would very highly recommend him to anyone looking for a LO in California. It was refreshing to work with someone in this transaction that was working with / for us as opposed to serving their own interests first.
September 27 2008
(0)
Well, it's been quite a wait but we closed yesterday ...
As many of you may have remembered we started escrow August 8th on the bank owned foreclosure we made an offer on - well it's been quite the ride. Our initial closing date was supposed to be September 8th - however the seller (HSBC) had not recorded the foreclosure deed properly before putting the property up for sale which in turn delayed the preliminary report going to our lender (a lender we found on Zillow mortgage forums :D). Lucky for us the rates dropped through the floor on September 8th and our closing date was pushed back until the 15th. This gave us enough time we thought to go ahead with a rate modification to take advantage of the lower rates. Well, as it turns out the entire financial market was collapsing (and continues to) and one term of the modification was that the loan would have to go back through underwriting where the UW wanted to nitpick on EVERYTHING. Long story short, we received our final approval, got the lower rate, and signed the documents yesterday. We are very excited! We should get the keys Monday or Tuesday to our first home once the lender funds the loan. Ideally we would have loved for everything to go smoothly however both my wife & I are very happy with the level of service and commitment our lender has shown us throughout the process. I highly recommend anyone to check out the mortgage forums if you are currently looking for a lender and see what they have to offer you. Our loan guy closed our FHA loan in 14 business days that had to go through underwriting 2 times! All in all I would still recommend that people look into REO's for great deals - we are very happy with how it turned out and the wait has been worth it. I'd be happy to answer any questions about my experience or to help those of you in the same predicament that we were in.  
September 27 2008
(2)

The House Closed!

Response
How long did you close take?
September 18 2008
(0)

The House Closed!

Response
How long did you close take?
September 18 2008
(0)