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Brian Goetz's Advice

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  • 548 Contributions
  • 33 Best Answers
  • 100 Helpful

Brian Goetz wrote:

URGENT- need help with lien release question

Answer
Was the 2nd a home equity line of credit?   If you paid it off, the credit line may still be available to you. If that is the case, they probably did not release the lien since it is still an open ended line of credit. Have a lender pull a title report on your property to make sure. Good luck
April 08
(0)

Refi From Fixed 30 Year FHA vs 5/1 FHA

Answer
business is tough to get nowadays... that is why your current lender is trying to get you to refi.   I'd be willing to bet that if you did this, the lender would call you back next year trying to switch you back into a 30 year fixed!   Just say no!
April 02
(0)

How much do conventional loans typically require for downpayment?

Answer
you can get by with less than 20% down payment, however you would then be required to pay for mortgage insurance. This insurance protects the bank in the event that they have to foreclose and the value of the home is less than the amount owed on the mortgage. The mortgage insurance is paid for by the borrower in one of 3 ways...   1) you pay it on a monthly basis   2) you pay an upfront mortgage insurance premium   3) you take a higher interest rate with the bank and they pay the insurance through the extra money they make by charging the higher interest rate.You can also creatively avoid paying mortgage insurance through a combination of a 1st and 2nd mortgage. For example, if you want to put down 10%... you would get a first mortgage for 80% of the purchase price and a second mortgage for the remaining 10%.   This is referred to as a 80/10/10 loan.  
April 01
(0)

Consolidate 1st and 2nd mortgage with poor credit

Answer
IF you have a lot of equity and are over 62 years old, a reverse mortgage may be an option for you. There are no credit score requirements on a RM.
April 01
(0)

Time for buyer to get morgtage

Answer
it all depends on how quickly the buyers lender gets things done and receives all the paperwork needed to complete the final application. Appraisals can take time, so the sooner it gets ordered, the sooner the loan can close.    If somebody takes longer than 45 days to close, something is wrong.
April 01
(0)

Equity/LOAN in property to buy another home

Answer
yes you can pull cash out of the value of your lot. Try searching "land loans" on the internet for companies that can help you. There will not be a lot of choices, since most lenders only lend improved properties (land with homes on them)   This is not a typical Fannie Mae, Freddie Mac, VA , or FHA loan.Once you have arranged for your down payment, there are a ton of mortgage companies in San Diego (myself included) that can help you get the financing for the purchase.   You will have to have all the details on the land loan in order to get preapproved for your purchase.
April 01
(0)

Property value estimate Thead

Answer
I think the important thing for homeowners to realize is that Zillow is pulling info from the public records, so won't know about seller concessions, repairs, condition of the home, etc...   An appraiser will do the research into all these factors when choosing comps and assessing a properties value.The other thing that I see is that Zillow gives you sales prices of homes from up to 2 or 3 years ago. An appraiser is only going to consider recent home sales. If market values are rising (like San Diego has seen the past 2 years), the Zillow value is usually much lower than the appraisal value. I always tell people that Zillow is a great place to research home sales in your neighborhood, but that they should ignore what the Zestimate says.
February 28
(0)

Refinance 30 yr fixed or 20 yr fixed??

Answer
If the rate is the same for both the 20 and 30 year loans, then take the 30 year.   You can always make extra payments if you want.    If you are planning on renting it out after 1-2 years, then you will want the mortgage to be as low as possible.If you are going to sell it, then I agree with Geofrey with taking a 5 year ARM loan at a much lower interest rate.
February 28
(0)

Can I get a mortgage loan soon after Chapter 7 discharge?

Answer
conventional loans require you to wait until 4 years after a chapter 7 BK so FHA may be your only option. Lenders have not softened their guidelines, they have made them tougher to avoid another real estate fallout.
February 25
(0)

I am going to semiretire early next year we are selling our home here in Colorado so we will have

Answer
If you are over 62 years of age, you could also look into a reverse mortgage and not have a mortgage payment at all.
February 25
(0)