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Gene Riggs's Advice

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  • 85 Contributions
  • 2 Best Answers
  • 13 Helpful

Gene Riggs wrote:

Kitchen flooring for new home- Hardwood versus Tile

Response
Go for what you like or you will not be happy and wish you did.  Re-sale is Wood all the way.  Go for it.  If it's hight quality and a good finish you will not hurt it.  :-)
February 09 2013
(0)

Is my FHA streamline refinance worth doing ? Am I really saving money?

Answer
This is very much worth while no matter how you slice it. Your your savings is huge and you can always pay additional principle to take years off the life of your loan.  :-) go for it.
February 09 2013
(0)

What are chances of buying a $200k home with $90k down, bad credit. Wife and been saving.

Answer
No conventional lender will touch it.  Do not buy on a LC.  Take you time repair the credit.  If anything you will buy the same home for less in 6 to 12 monthths.  Values will sink another 10 to 20% in 2013 Guaranteed. Unemployment will go up further, more companies with shut down amd more layoffs are coming.  We have not seen the bottom yet.Hang on.  I have spent 35 years in lending and have been a broker since 1974 and have not been wrong yet.  There is absolutely no reason for what I am saying not to happen and I can name 100 reasons why it will and it's happening while we chat here.  Why rush at something you will get a better deal on soon.  Fix the credit and proceed with conficence and stay on solid ground.  Remember you only build a building or relationship on a solid foundation, not sand and espicallay sinking sand.
December 26 2012
(1)

Can mortgage rates/terms be "too good"?

Answer
No not really, Just be sure you do your home work and call at least 3 lenders and compare rates and costs.Most will be at 3.75 today for a 30 year fixed. Some Brokers cost will be more than the banks and credit unions but some are less.  The broker I use does not charge an application fee however some banks charge you $375 just to take an application.  Many banks so not have the knowledge as the brokers do.Many banks just turn down people that not not cookie cutter deals.  Most mortgage companies will work 10 time harder than a bank employee to get your loan done.  I am a Real Estate Broker and I have 35 years in the banking industry and I use a Broker and get my clients the best deals and I do free credit repair myself.
November 18 2012
(0)

203K vs Mortgage Loan

Answer
A 203 K is a mortgage loan. Why mess around, if you want a 203 K home you are obviously getting a buy.  Rates will be a litte higher but now buy much. Do the deal or spend more trying to pay cost twice.  Unless you flip it to a 15 yr. fixed rate and pay it off faster.I recently did a 203 K and the rate was only a 1/2 pt. higher.  You get what you pay for.  That is a special needs loan and takes more time and expertise so therefore the cost is a little higher.
October 18 2012
(0)

a 30 yr loan with score of 623 and 75% down

Answer
You should not have any problem I can get it done for you if you would like. I use a fantastic Broker and I get all of my loans done.  I also do free credit repair for all of my clients that need it.  But then again I have 35 years in banking in addition to being a broker and company owner.
October 18 2012
(0)

How much can I qualify for?

Answer
That is so far off base it isn't funny.  Visit you local Bank.
October 18 2012
(0)

where to find a bank agent?

Answer
I use a mortgage borker in Michigan and get great pricing and rates. Super service. Where are you located. Let me know if I can help with your process.
October 18 2012
(0)

what is my recourse 45 days after closing to find that the heating system is broken

Answer
It strictly depends on your contarct.  If you had an agent check with he or she.  If not you must know what you agreed to and the state law that applies in your state.  If in your agreement is was not mentioned and you did not have an agent or inspections I would say you are stuck with the repair or replacing.
July 06 2012
(0)

Escrow money back.

Response
Reat you contract. What does it say about defects.  In my state you can walk no matter what is found.  I live in Michigan and we had 10 day.Reat the contract. You should also get a copy of the inspection report ASAP.  Cancel the transaction in writing and have it dated and witnessed if you do not have an agent.  If you have an agent let them honor your wishes. Have it done ASAP.
July 06 2012
(0)