Currently my wife and I have a 30 your fixed mortgage rate of 5%. We are both students and wanted the lowest payment at the time. We are getting a nice tax return this year and I was looking into refinancing the place. My question is, should be drop it to a 15 year fixed at 2.875% or a 10 year at 2.75%? If we go with the 15 year rate we keep our mortgage payment just about the same as it is today, because we always put an extra 100.00 a month ontop of mortgage. If we go to a 10 year we will increase or mortgage payment by 100.00. We are in our last year of college and my wife already has a job lined up. Our goal is to pay off our Condo sooner than later so we can use it as a rental property. Give me your thoughts…..
If you’re both students, no job, no income, may not be able to Refi right now
Employers want 2 yr job history
Don’t go with 10 year–you don’t know what future will hold
If a 15 is the same as what you’re now paying, I’d go with it
MORE you put down, shorter repayment period, the LESS interest you pay over life of loan
Those extra $100 principal are a great idea, and have increased your equity
Also consider paying twice a month, instead of once. . . .but don’t pay a fee to do so, and keeping current mortgage
Don’t forget to factor in closing costs
Archive for Condo Refi
Should I refinance my mortgage?
FHA RULES REGARDING CONDOMINIUMS
FHA loan have very specific rules when it comes to condominiums. Some of these rules can affect wehther or not an FHA loan can be approved for a particular property, irrespective of teh qualifications of the Buyer. Find out what you need to know regarding purchasing or selling a condo with an FHA loan.
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real estate for sale in ft lauderdale fl 2 CONDO ON THE INTERCOSTAL FOR $208,000.mp4
http://www.adszoom.com/161687/real-estate-classifieds/real-estate-for-sale-classifieds/updated-22-condo-on-the-intercostal-for-208000-fl-united-states/
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Refinance Long Beach, CA – Check Rates 24/7 (866) 800-0447
Long Beach Refinance – REFI with a LOW home loan rate – Call (866) 800-0447
Refinance.24hourly.com
(866) 800-0447
Why Refinance your Long Beach home? We can help you see why now is the time to refinance your home loan. Refinance interest rates in Long Beach, CA are at an all time low. You could be saving hundreds of dollars each month with a 30 year refinance loan, 15 year refinance loan or a 10 year refinance loan.
How to Refinance your home in Long Beach, CA? That’s much easier than you think. We have expert advisers ready to help run your numbers through refinance calculator to show you how much you could be saving. It’s really simple. Call 24/7 and we can tell the latest interest rates in Long Beach.
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Refinancing your home can be scary, but with REFI Experts, we make it easy and painless. Mortgage rates are changing daily, to find out what the rates are now in Long Beach, CA all you have to do is call. We can give you the rates and help show you what your new monthly payment will look like if you choose to refinance your home loan.
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Long Beach Refinance: (866) 800-0447
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Mortgage Minute – FHA for Condos
Mortgage Minute | Patrick Cunningham
Patrick Cunningham, Vice President at HST Mortgage with some great information on the new FHA lending guidelines regarding condos.
Link to HUD search site for condos – https://entp.hud.gov/idapp/html/condlook.cfm
Patrick Cunningham
VP, HST Mortgage
703-766-4636
PCunningham@HSTMortgage.com
Let me know if you have any questions.
Bryan Henry, REALTOR
703-786-2376
BryanLHenry@gmail.com
http://www.BryanLHenry.com
http://www.BHenryBlog.com
http://www.facebook.com/BryanHenryREMAX
http://www.twitter.com/BryanLHenry
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FHA Condo Changes in Huntsville
On December 7, 2010 any condo development in Huntsville that is not approved or re-certified will not be eligible for FHA financing
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Refi and Buyers
If your buyer has a primary residence they refi’d in the past year .. their deed of trust could prevent them from getting another loan.
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Let’s look at some condo financing considerations…
It’s Completely About the Derived Market -
FNMA along with FHLMC (Fannie Mae and Freddie Mac) are the most important buyers of mortgage loans within the US consequential mortgage market. In the role of, they set up risk-based standards for loans so as to can take place sold to them through lenders. These standards go beyond borrower qualification – they extend to property type and apply. If individual mortgages go through these standards, they are referred to as conforming loans. If an individual loan isn’t meeting the requirements as well as therefore can’t be sold to these GSEs (Government Sponsored Enterprises), the lender must either hold that loan within its own portfolio of investments or bundle it into commercial Mortgage-Backed Securities (MBSs). Lenders choose selling their loans to the GSEs therefore they be able to free up then re-lend that money. It must be noted at this time that portfolio loans not sold to FNMA otherwise FHLMC usually take higher interest rates toward the borrower.
So… what will this have to do with Florida condominiums? Well, the standards for eligible developments involve appraisal of the monetary health, structural integrity, legal composition, and secure management of the property.
If a structure or development doesn’t meet FNMA standards, then a loan prepared on an individual
residence unit in it resolve be non-conforming.
Lenders apply FNMA’s guidelines to determine a loan’s eligibility for being sold to a GSE at the secondary market. Nearly of the general condominium property variables include:
* Are any sections of the estate used as a hotel or
timeshare?
* Has control of the HOA been twisted over towards unit owners?
* Is there any pending legal action not in favor of the HOA?
* Does the structure or development include some
commercial space?
* Is the property a conversion or was it purpose-built
such as a condominium?
* Does the property hold sufficient insurance coverage?
* Does the HOA account have sufficent funds for projected
investment expenditures with late repair?
* Are over 10% of the units owned by one being or
entity?
* Are any HOA dues payments from unit owners overdue?
These are clearly an understanding of the standards incorporated in the FNMA secondary market eligibility framework for condominiums. There are also types of properties that are specifically not entitled and will not even be reviewed. Based on the type, size, location, and legal structure of the project, eligibility and warrantability be able to get rather involved. If you’re well-known by means of financial market investment terms, you could say that the lender-requested independent property appraisal is similar to expert analysis, while condominium project eligibility is similar to fundamental analysis.
What this means to us in the real estate business is that lenders now want a satisfactory condo eligibility analysis to be submitted including the loan application. There are a few another methods that FNMA offers for lenders to resolve condo
eligibility. These include:
* Limited Review
* Condo Project Manager (CPM) Expedited Review
* Lender Full Review
* FNMA Project Eligibility Review Service (PERS)
* Special Approval Designation (SAD) which applies
only in Florida
The procedure used is determined through variables such as whether the development is new or already established, along with
certain combinations of the other variables we mentioned above. Further, FNMA has set maximum LTVs (loan-to-value ratios and
occupancy or use restrictions for condo loan eligibilty. Down payments, rates, and terms are all influenced by the information gathered during the eligibility review.
Loans for purchases in non-qualifying buildings or improvements can be rather difficult otherwise even impossible to find. If available, they will hold extra restrictive terms (that means higher rates) because they will end up within the lender’s own portfolio, tying up that money for an extended period. On the other hand, more attractive terms are available for condo or townhouse/villa purchases in well-managed, financially strong buildings or developments because those loans would be conforming also eligible to be sold on the secondary market. Realtors® should also be aware that similar eligibility aspects come into cooperate with mortgage financing for properties in a Planned Unit Development (PUD).
For further discussion on qualifying standards, GSEs, available loan programs, finance terms, and a lot more…check out my website www.YourMortgageSolutionsNow.com, then call or send me an e-mail to discuss your particular deal.
Allow me strengthen the trust your client
has placed in you!
Wwww.YourMortgageSolutionsnow.com
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FHA Condo Project Approvals
Rob Spinosa of http://www.themortgagedictionary.com explains the process of getting a condominium project approved with the FHA, so that homebuyers (especially first-time homebuyers) can purchase condo units listed for sale. This video is directed at the HOA board of directors of any common interest development, or at the property management companies that oversee condominium projects. Covered here are the steps in the process for making a condo project eligible for financing with FHA home loans. In the real estate market right now (June of 2011), obtaining an FHA project approval can permit buyers and sellers to close on purchases and sales, and it can permit Realtors to show a wider range of properties to their clients. For more information or to begin the condo approval process, contact Rob Spinosa at 877.270.5959 or by e-mail at rspinosa@rpm-mtg.com. Rob is a home loan professional with RPM Mortgage in Mill Valley, CA, just north of San Francisco. If you are a buyer or owner looking to apply for a loan, you can do so at: http://www.themortgagedictionary.com.
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Condo For Sale 1140 Stanyan Street San Francisco CA $885000 Natalie Rome
MLS# 406530 P# 415-738-7000 http://www.paragon-re.com/Property_Details/?address=1140_Stanyan_Street&id=4515
Welcome to another San Francisco, CA property for sale brought to you by Natalie Rome of Paragon Real Estate Group – The Leader in San Francisco, CA Real Estate Services.
This video contains information on one of our San Francisco, CA Homes for sale.
Listing Address: 1140 Stanyan Street San Francisco, CA 94117
Property Type: Condo
Price: 885,000
Agent Name: Natalie Rome
Agent Email: nrome@paragon-re.com
Agent Phone: 415 317 3281
Agency: Paragon Real Estate Group
Agency Phone: 415-738-7000
Agency Website: http://www.paragon-re.com
Property Information:
Building Square Feet: 0
Bedrooms: 2
Bathrooms: 1
Description: Welcome to this eminently comfortable home, a mid-century canvas painted with 21st Century features. Function was as important as form in Mid-Century designs, and this condo`s ample windows and open floor-plan doesn`t disappoint. Converted to condo in 2010, this lower level flat features two generously-sized bedrooms at the rear which overlook a landscaped irrigated garden with patio/decking. The remodeled tiled bathroom holds both a bathtub and stall shower. Foodies will enjoy conjuring favorite recipes in the quartz and cherry kitchen with stainless appliances. This is City living at its best, with the home`s proximity to Cole Street shops and restaurants, UCSF, Golden Gate Park, Whole Foods, and the N Judah line. Run, don`t walk.
Condo conversion will be complete with close of the sale and concurrent refinance of upper unit, and final recordation of condo map/CC&R`s.MID-CENTURY TUNNEL ENTRY CONDO; BUILT IN 1948LIVING ROOM WITH CORNER FIREPLACE AND DINING ROOM OFF REMODELED KITCHENHARDWOOD FLOORS THROUGHOUT AND SOME CARPETING OVER HARDWOODINDEPENDENT DEEDED PARKING SPACE IN GARAGE W/ADDITIONAL DEEDED STORAGE. SHARED WASHER/DRYER IN BASEMENT.HOA DUES: $310/MONTHBONUS SPACE INCLUDES AN IN-LAW UNIT RENTED FOR $1,250/MONTH SHARED 50/50 WITH UPPER CONDO. $625 PER MONTH RENTAL INCOME TO OFFSET YOUR HOUSING COSTS!
Please visit: www.1140Stanyan.com
To view the location of this property in San Francisco, CA click the link below.
http://maps.google.com/maps?num=100&hl=en&safe=off&q=37.7634600+-122.4520380&ie=UTF8&t=h&z=16
If you are looking to purchase a home in San Francisco, CA you can visit our website at http://www.paragon-re.com/Property_Details/?address=1140_Stanyan_Street&id=4515 to view all listed homes and real estate for sale in San Francisco, CA
If you are thinking about buying or selling a home or property in San Francisco, CA give Natalie Rome a call at 415 317 3281 for a free no obligation consultation.
Our Real Estate brokers offer years of experience helping home buyers and sellers in San Francisco, CA and our market area.
Thank you for viewing our real estate listings and remember you can search all listed homes, property and real estate at our website: http://www.paragon-re.com/Property_Details/?address=1140_Stanyan_Street&id=4515
To view more listings for Natalie Rome please click here
http://homes-for-sale-real-estate.com/san_francisco-ca/paragon_real_estate_group-4157387000/natalie_rome-4158745007/
Property details have not been verified, lot size, square footage and other details are approximate.
Buyer must investigate property details to their own satisfaction.
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