 I'm thinking about leting my home go into foreclosure, to get a better deal on a bigger home. Is this smart? |
| I bought the condo last year brand new for 244,000 and now the builders are selling the same condo for the starting price of get this 189,000 for a 1,743sq ft 3bed 2.5 bath 2car garage. My plan was ... |
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 Do i get a thirty day or sixty days to move? |
| ive been living in my home for six years and i live on a care home property. landlord has just sold the property. so im not sure if there are any other rights i had. nothing was written in my rental ... |
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 Paying down the principle on a 30 year mortgage? |
| On our monthly mortgage bill there is a designated area to indicate if we are paying for principal only (after the initial payment). Do I still need to write a seperate check for a "principle ... |
|
 What is a definition of a SLUMLORD? |
our landlord is..... well.. he sucks!!!
he showed up askin about or leaky hot water tank.... but didnt even bother tryiong to fix or suggest fixin it. he asked my husband what he wants to do ... |
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 RE: My landlord is being investigated for fraud, do i have to pay my rent? |
I posted a question earlier you can view it here - http://uk.answers.yahoo.
I would just like to ... |
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 Why do people bither looking at a home that is for sale,? |
when they dont have the money, are just bored, ***** about everything to get the price down or are just nosey neighbors?
I hate "tire kickers"
Dont ppl have anything better to ... |
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 Lein on house that I did work on? |
| How would I go about putting a lein on a house that I did work on. The people who own the house paid the company I subcontract thru, but the company did not pay me. Now I was told I could put leins ... |
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 Mortgage pre approval question? |
| I am a first time home buyer and i just recieved my mortgage pre approval letter for $116,000 or a maximum monthly payment of 1281.09 including tax and insurance. I was wondering what should by my ... |
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 Section 8 housing? |
| I am currently on section 8 housing. My boyfriend wants to move in with me. I was wondering I don't want to commit fraud but how long after he moves in do I have to tell housing assistance? I ... |
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 Are house prices going to go down tis year? |
| we are first time buyers and cant really afford much so would it be worth holding on a little longer to see if prices fall?... |
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 Is it safe to tansfer deposit money before signing a contract? |
| I was told by the agency it is normal to transfer the deposit funds + the rent in advance before signing the tenancy agreement. Is that true? Because of the amount involved, I can't help but ... |
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 How can I buy a house when I am refused for a pre approved mortgage? |
| I only have enough money for a down payment but I still have to borrow a considerable amount. But according to the banks I dont make enough to buy a house. But I know once I get the house the ... |
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| Can a person be locked out for non payment of rent,? |
| I am renting a building from a private owner and I run a restaurant, I was in the process of moving to another reidential home with my family and did not open the retaurant for about a week , at ... |
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 Landlords, I need help encouraging a tenant to decide to leave...? |
| I have a tenant that has violated the rental agreement two too many times. I certainly have enough reason to evict him, but would like him to think it is his idea rather than risk evicting him and ... |
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rlgjr2003 | Is it a good deal to buy a new home from a developer who offers incentives only through their lender? |
We are in the market for a house, and have talked to a number of developers in our community. They seem to offer great incentives, but only through their preferred lender. Is this a good idea, or is there some hidden landmines we need to be aware of? |
 |
 
Have_***
 |
Yes and no. I am a mortgage broker in San Diego... there have been deals from developers that I could not touch, and others that I have beaten hands down. Do the smart thing, consult with a mortgage broker or banker and see what they are offering. Chances are, if you're getting a large incentive from a developer, you may be paying more for the loan in the back, ie. a higher interest rate or an option arm with a high margin. Compare your offers, do the math, be a smart buyer. |
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traxic
 |
Make Sure Its Up To Code :)
Im Sure The Developers Are Getting Kick Backs. |
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PatV
|
Since right now there is a buyer's market, you are in a good position to negotiate for yourself.
Anytime someone else is determining the lender for you, I would be suspect that "hidden landmines" exist. You'll need to compare that lender to several you find yourself, including any pre-approval you have gotten.
New Homes tend to be priced higher on the market than pre-owned homes. Compare homes in your area and work closely with your realtor to see if a new home is what you really want.
Although we know the interest rate will go up, we don't know when. Don't be rushed into anything without doing your homework.
Good luck. |
|
iz R
 |
Sometimes they offer good incentives if you use the lender of the developer HOWEVER. per RESPA regulations, a developer can not punish or force you to use someone that you want to use. |
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Obo
|
I donno!!! Ask my dad, hes a broker/loan officer. |
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robert w
 |
Hidden Land Mine Galore!
visit DaveRamsey.com to find out what not to do.
No 20 / 80 loans - bank wins / you loss
Loans of 15 years fixed equaling one week take home pay or bank wins . We see the effects in foreclosures everyday now of people who take the banks word they qualify for an type loans, bank wins/ you loss.
Have good cash up front and be willing to walk a way if you don't like the 'real terms'. |
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marnefirstinfantry
|
Many times Developers deal in such large bulk lending that offers could be had by the buyers of new homes... Play it safe and ask around... |
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sesimplyme
 |
If you are talking about closing cost incentives, all developers do this. They all have their own lenders who they offer this type of incentive through.
However, there are different types of incentives when you are buying a new house. There are Design center incentives and sales incentives that have nothing to do with who your closer is.
Look into all of your incentives and look around with several developers before you buy a home from them.
A good source to utilize when you are buying a new home is JD Powers on the internet. They will give you a rating of the home builders and a customer satisfaction score.
Good luck with your new purchase. |
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Meeko
|
Usually it's just a great relationship that's been built between the developer and the lender. You scratch our back, we'll scratch yours. I see this a lot in my community. Don't shy away of this situation. It could work out to your benefit. Ask around in your community for some feedback on both the lender and the developer. Get some GFEs (good faith estimates) from each of the lenders and compare rates, fees, etc. I hope it all works out for you. Building a new home can be a lot of fun. |
|
San Diego Art Nut
 |
The builder is probably getting reduced costs from that lender. It could be very legal. Ask the builder what their arrangement is.
But please be aware of all costs, up front and at closing. Also, be able to compare them to deals offered by other lenders. Be very up front and let the prospective lenders that you are not ready to make a decision until you have all the facts and possibilities. A good lender will trust their product.
And make sure the lender uses a reputable appraiser. Get a building inspection too.
Good luck. |
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