 For those of you that are experienced real estate investors.? |
| Is there anything you know now that you wish you knew when you started out. Please share your stories and any advice for a beginner.... |
|
 Is going into foreclosure as bad as bankruptcy? |
| We are considering going into foreclosure as a last end resort, however we don't want to kill our credit scores forever, so I wonder can anyone tell me,Is going into foreclosure as bad as ... |
|
 What is the best way to find properties in foreclosure? |
Is there an online searchable database?
How do you find the properties that you can buy directly from the bank?
And, when you find something you want, how do you make sure that ... |
|
 What does market value exactly mean on a house? |
I want to know what my home is worth. And to get an idea of what it can sell for.
But a website told me what my house is on market value. Is this anywhere close? Becuase to me the price ... |
|
 Mortgage Calculators? |
These always come up with a figure way too low for the house we think we can afford
Anybody know the best way to work out what we can borrow
Obviously go to the bank but we wanted a ... |
|
 First time buyer...What are steps in putting in an offer? |
My husband and I found a great little house in Ohio. We want to put in an offer but I'm a little weary of the steps...
I know to put it contingent on a termite and house inspection, ... |
|
 Can you use a fax machine to fax real estate contracts? |
About to buy a home. The sellers have moved out of state. Our agen is a duel agant. Can he legally use the fax machine to fax signed agreements? I always thought you needed originals.
A... |
|
 Do I have the right to tell the Apartment Mgr/maintenance personnel to take their shoes off before entering? |
| I mostly ask my close family, friends or relatives to take their shoes off before entering my home because on the inside it's carpet and you know how carpet can get dirty pretty fast especially ... |
|
 House on market, making it more attractive. . .? |
| We are putting our house on the market and I was wanting some tips on how to sell it faster, like anything to fix it up or something?... |
|
 Selling my house "by owner" and not through a realtor: how does closing work? |
I have never been in this situation before.
I was going to go through a realtor but then I located a highly interested private buyer. He wants to buy my property contingent on the sale of ... |
|
 Rent increase not worth it.? |
| My lease just expired, and I received a notice to go into the office and, renew my lease. if I stay on a month too month basis I will be charged to going rate.My problem is that I have lived there ... |
|
 What are all the things that can happen if i break a lease that still has a year left and currently and behind? |
| ive been layed off my husbands hours have been cut we can not afford this house anymore we have to move are financial state is not hte same as it was when we first move in if we leave what can happen ... |
|
 I am selling my home and have a question on paying the buyer closing costs? |
| The market is horrific right now so as a small bonus I decided to pay HALF of the buyer's closing costs and I've already knocked off $25,000 for the buyer. I really think the buyer is ... |
|
 How difficult is it to flip a house??? |
| My husband and I are considering purchasing fixer-upper homes, and reselling them to make a profit. However, we have no experience in doing so. I was wondering if anybody has any experience in doing ... |
|
 Can a real estate agent take earnest money if your loan fell through? |
| My sister was trying to purchase a home. With the recent changes in credit scores, her loan didn't go through. Now the real estate agent has been telling her she has to sign a release of the ... |
|
 (UK only) Have you slipped into negative equity yet? |
| It seems house prices are starting to tumdle in some ... |
|
|  |
thebigB | I got preapproved for a mortgage but how do I acutally know if I got the loan? |
I talked to the person and they have all my info..and ran a credit check...all the stuff how do I actually know if I got the loan or not?? |
 |
 
Cali-Gal
 |
These days of uncertainty in the mortgage industry, a preapproval does not carry much weight as far as I'm concerned. Lenders are changing their guidelines every minute because of what's happening in the secondary market. You will not have a full loan approval until you can provide ALL the conditions that are asked for by the underwriter. Depending on who the lender is funding the loan, there is no guaranty that the lender will be able to fullfill the funding. Read up on American Home Mortgage who just closed their doors on Friday, August 3rd of this year. There were thousands of approved loans that they were not able to fund, so therefore, the potential borrowers had to scramble and find someone else to do their loans. Yesterday, Countrywide (the number one lender in the country) had to borrow 11.5 million dollars so they can still fund loans. If you are going for an "exotic loan" which is anything other that an Conforming Loan with a Fixed Rate, don't be surprized if it does not go through or that the conditions required by you are rigorous and tough to come by.
My advice, if you can't qualify for a Conforming 30 year Fixed Full Documentation Loan....don't buy a house until you can qualify. If you have at least 20 percent down of your own money seasoned in your bank account for two months or more, chances are there will be no problems in getting a full loan approval. Underwriters favor 20 percent down or more. If you can't come up with that much, FHA will consider as little as 3 percent with gift funds allowed. I am afraid that 100 percent financing is going out and will eventually become non-existant (that's my opinion, I could be wrong). |
|
godged
 |
Mortgageman is correct, you won't "have" the loan until you have closed escrow on the property. All too often, people get pre-approved, find a house, get a contract accepted, then go on a spending spree or change jobs - even worse, quit their job - making them not qualified for the mortgage when the lender checks the information again.
Pre-approved is good. Ask your lender what the next steps are from here. |
|
saberhilt
 |
If you've been pre-approved, then you have not gotten the loan. The loan will not come into play until you've found the property, appraisals have been done, and the seller has accepted your offer.
Make sure that you have a contingency to make buying the home dependant on the loan being approved. This way you can get any ernest money back. |
|
RickRN
 |
Nothing is final until you sign the documents at closing. |
|
hirebookkeeper
|
If you are approved and decide you want to go with them for the mortgage, they will send an appraiser out to the home and if the home is worth what you want to mortgage it for and meets all of the mtg company's parameters then a closing will be set and that's when all the settlement takes place. |
|
wilderwriter
|
You don't have the loan until you have made a deal on the house you want and the lender (usually, but not necessarily always, the lender who gave you the pre-approval) accepts the deal and makes the funds available. Don't forget that you have to actually have the pre-approval, not jsut the word of someone who has done a credit check on you. The lender usually grants a pre-approval for any house up-to-a certain value, based on your income and credit-worthiness, but will need to get an official appraisal on the specific house. |
|
Country Girl
 |
You have to find the house you want to buy before they approve your loan. Preapproval is for the approximate amount you can "shop" for a home. Once you find one you like in your price range, then you let the bank know to finalize the paperwork to put the loan through and all the paperwork will be signed at that point. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 9 minutes(s) ago
| | | |
9 | 47 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 1 week(s) ago
| | | |
9 | 2 month(s) ago
| | | |
9 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
