Any Financing Or Mortgage Questions You May Have?
I will be writing a few articles on real estate financing and mortgages.
My question to you is which topics in the mortgage industry do you understand the least? What would you like to know more about?
Hi, I am a broker in Californa interested in becoming a hard money lender. LEGALLY, is there anything I need to get set up. Or can I just lend as much on real estate as many times as I want?
I would like to know about mortgages in my name... How many is too many?
Also what is a good DTI ratio?
[addsig]
Sure,write to us about the real estate bubble. DO we still do RE deals or take our money and run to the cayman islands?
Your help appreciated!
Samw,
You probably missed the banner advertising that the bubble broke May 29th, wait a minute this is July 9th, the market is already gone why aren't you in the Cayman's with the rest of us?
Please bring more par baked pizza when you come, we are running low.
John $Cash$ Locke
[addsig]
He is probably stuck at the pizza place talking them into a subject to pizza for you. lol
Question 1. Which is better: A HELOC or cash out refinancing to get $ for a downpayment?
Question 2. If you use an option arm, which payment do most lenders use to qualify you for other morgages?
Yes it is indeed Bubble Time, I am as usual amazed at the persons still trying hard to get the price above all prices.
Today I looked at two little houses built once again many years www.ago.On the same lot. One is of course a partial conversion of a garage. They left enough garage for a very skinny compact car.
They have been painted but I think when they painted over the termites they were still in motion. Most mottled effect on the exterior walls.
The price desired was $665,000. The top rent on the houses would be a total of maybe $2,000. All updates are Home Depot. So the offer was $10,000 down. leaving a balance of $655,000. This balance to be taken back by the Seller in the form of a note secured by lst Trust Deed. The face of the note will be for the sum of $655,000. This amount will be paid in equal monthly payment each month for a period of 420 months. The sum due on the lst of each and every month shall be $1,559.52 and continue on until paid in full. The note shall bear no interest.
One again at an interest rate of 6.2% todays standard. A monthly payment of $1,559.52 for a period of 420 months the beginning note balance would be $267,186.49. Add in the downpayment of $10,000 and the true price of the houses is: 277,186.49. Estimated true market off the Spike about $425,000. The Seller is discussing the offer with his girl friend who is his financial advisor. I thinks she needs the money for beauty school.
Interesting. Lucius 8-) 8-)