Buyer want me the seller pay closing cost in AZ.-Will mortgage rates go up?
823729
Seller normally pays some parts of the closing costs - talk to real estate agent.\n\nYes, mortgage rates go up in 2007 but you don't care you just sold your house.\n\nThe economy will get better under Dems because Bush is now grunting for the 2008 elections.\n\nAny other questions just ask
510658
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:\n\nAppraisal = $120,000\nAsking price = $100,000\n15% of asking price = $15,000\nNew Purchase Price = $115,000\nBank loan (85% of purchase price) = $97,750\nseller second = $17,250\n\nYou can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well! \n\nGood luck...
279641
The mortgage lender will not provide an attorney for you.  If there is an attorney at the closing, be assured that unless you signed a retainer agreement hiring that attorney to represent you, that attorney is representing someone else.\n\nThe answer to whether you need an attorney is "it depends."  (Sorry, but true.)  If you are questioning ANYTHING about the transaction, I would advise hiring an attorney for a flat fee (as opposed to an hourly rate) to review the paperwork prior to closing (if it's a basic buyer/seller transaction, reviewing the paperwork should not take more than a couple of hours, at most) and possibly accompany you to the closing.  Again, if it is a simple transaction, the closing should not take longer than a half-hour or so.  You can very likely get legal representation for that amount of time (two hours to review documents, plus accompanying you t the closing) for around $1000.00 or so.  It seems like a lot of money, but considering what you're paying for your home, I think it would be a good investment.
1120802
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
552495
Well, I'm a loss mitigator and they say it costs the lender about 40,000 on average to take a home and resell it over time.\n\nThe costs vary but if I had to put a number on it... at default time about $800-$1,200 then if the foreclosure is filed another let's say about the same.  Then if they acquire the home.  The realtor fees, maintenance fees, loss of income from the loan -that's where the bulk of the $40,000 obviously comes in.  Don't forget there are unseen costs like the personnel used to listen to you tell them why you can't make the payments. \n\nYou've only got a couple options and moving is the best idea early on when you realize something has changed and it's not going to get better.  By the way, don't answer every call but do keep in touch- they won't move to foreclose as fast if you stay in touch!  even if you've got a motgage that's over the value of the property now- don't worry- just put it on the market and let the lender do an assisted short sale with the new buyer... it will be much better- see my web site if you want more specifics on why you should make a decision quickly, etc. Obviously, if you live in the Chicagoland area of Illinois you can call me -I might be able to help you get this done or at least help you since I'm a Real Estate Broker and a Loan Officer that does this as a community service to help people in these situations on a regular basis.
594418
Does your mortgage have a cap rate?  If it does, it will eventually stop going up.  If the cap is low enough, you don't need to worry, but otherwise, I'd agree with the previous answer...I refinanced my variable rate mortgage last year because I knew this was coming.  You really need a fixed rate mortgage in this environment.
1173538
If you plan to sell in a few months, ask about "Pick-a-payment" option.  This allows to make very low payments for a few months.  Usually all the payments are really low, but of course it depends where you live.  I work for a Mortgage Co. in Phoenix, AZ, and most of the min. payments have been from $ 400-800 a month.  But, please ask before signing anything, and make sure you understand, don't feel embarrased to ask a lot of questions.
650310
I specialize in real estate and wow, that is a tricky question.\n\nGenerally, I would recommend NOT doing it by estimate alone.  I just tried out a new loan officer who had a great closing costs and interest rate estimate.  Looked like a killer deal.  The interest rate stayed the same, but at closing, man it was amazing how those closing costs took off for the sky.  After I did more background, I found she had a rep for being aggressive like that.\n\nGenerally, people have a reputation and the people who best know that reputation are realtors.  Realtors are particularly good sources because they are trying to close a deal and want someone who is highly reliable and skilled at the financing, someone who will make it a "non-issue."  They also do a lot of deals, so through sheer numbers of transactions, they come in contact with a lot of loan officers.  They don't want a person who screws around, misses details, or screws their clients.  They want someone who simply produces, because w/o a loan, they don't get that commission.  Realtors generally know.  Experienced realtors do know.\n\nI would try to contact three *experienced* realtors and ask for one or two people they would recommend.  That will significantly increase the likelihood you get someone competent, and thereby have a good experience.  The competent ones, in addition to having competitive rates and closing costs, are a blessing to work with.\n\nIn other words, assume incompetence is the rule.  Don't make the mistake most people make of simply taking whomever says, "You're approved" first.  Don't go for whomever talks a good game.  There's a lot of money in loaning money.  Some of the most imcomptent people also are the best talkers.  Go for a competent reputation through someone who's livelihood depends on it.  Ask an experienced realtor.\n\nAnd it's actually ok to say, I am not looking to use a realtor at this time.  I would just like a recommendation for someone you'd recommend for loans.  A good realtor appreciates the honesty and knows helping you will spred goodwill about them, too.\n\nGood luck.  Email with any questions.\n\nJared
834094
I am amazed at some of the responses:\n\n1. "Its' pretty rare to get more than 90% of the property's value."  This is plain wrong! It is rare to get financing greater than 100% of loan-to-value, but it's very common to get financing for 95%, 97%, and 100%.\n\n2. "It has to appraise out at $200,000 [to get a loan for $200,000]." This quote needs clarification. If the agreed upon sales price is $185,000, conforming/conventional (FNMA) lenders will loan a max of $185,000.  Conforming lenders will loan on the LESSER of the appraised value or agreed upon sales price.  There may be some non-conforming lenders that will lender on the greater of the two, but you will pay through the nose for a high rate.\n\n*** Guys, if you haven't worked in the mortgage business, please be very careful as to the information you pass along.
155397
There is no standard answer, as rates change daily. It depends on how aggresive the bank wants to be, and the loan officer.  When comparing rates, you should do so on the same day. The 2 important questions you need to ask is the rate on that specific day, and the amount of ALL closing costs. A lot of lenders (particularly brokers and on-line mortgage companies) only include THEIR closing costs, and not outside 3rd party costs such as attorney fees, title insurance, recording fees, appraisals. etc.
160491
I am actually a mortgage consultant. You can goto my site if you would like, and enter your info, and I can email you with any info. But for now, to make a mortgage affordable, put down as much as you can. The more down, the less the payments will be. Most people cannot put down 20% these days, which is fine. It is very common to do two mortgages, one for 80% of the sale price, and then another for the rest minus down payment, using two over one that is more than 80% removes PMI, which is Private mortgage insurance, which is almost always required for a loan above 80% of the value of the home. Also, with an adjustable rate mortgage, like a 3/1, which means the rate is fixed for 3 years at a low rate and then can fluxuate once a year after that, that is good for first time buyers. Or even a 5/1 , working the same way. That way, you get a lower rate, and if you move within 5 years great, whihc is the average for first time home buyers, and if you decide to stay, you can always refinance, when the rates are low again. If you want some more information, just goto my site, and I will email you back. In the box down the bottom, make sure you let me know that you got the link from here. I cannot help in all states, but I can def. help you out informationally.
537125
YES YES IF YOU HAVE AT LEAST A 580 CREDIT SCORE (SHOWING W2) I DO NOT HAVE PMI OR MI WITH 100% WE ALSO OFFER 6% CLOSING COST TO BE ROLL INTO THE MORTGAGE FOR A TOTAL OF 106  I AM A SR LOAN MANGER AT A MORTGAGE BANK . ANY QUESTIONS PLEASE EMAIL AT JOHNG@OLDMERCHANTS.COM
1064299
I agree with Realestatelawyer on this one.  There would be a clause in your mortgage that would not allow it to go any higher than 9.875%.  As far ARMS being dangerous????  That is just not true.  They are only dangerous for the dumb witted person that has no idea what they have gotten themselves into.  Use them right and they will be your best friends.\n\nI would ride out the 5.875%.  Maybe add some extra payments onto the mortgage this year as well.  I doubt that rates with be anything like they were in the next two years, but we never know what could happen.\n\nGood luck with that.  If you still are considering refinancing, feel free to contact me and I could help you out with that.  You can contact me at timothy.kazee@americanhm .com.  Have a great night!
1155603
The advantage is in knowing that you have equity in your home already....Don't let the seller know what it got appriased at - ok - - -Now - if you needed help with the closing cost, that is another matter, the seller could help with closing cost, and you would make a offer to the seller to adjust the purchase price....I do not recommend this - but it has been done in the past, expecially if you already have your financing approved.  The advantages is down the road, if you wanted to do a line of credit - you have the equity of 11,000 to use - for newer carpet - etc....  I would just let it build since home markets are on the rise in different areas, and on the decline in others.  Good Luck.
38572
The Federal Real Estate Settlement Procedures Act (RESPA) requires lenders to disclose APR, or annual percentage rate. There is only one acceptable method for Federal compliance. If your mortgage interest rate is at 5.75%, and your payment is a given amount, then the total amount of your mortgage, less any additional fees you are paying to the lender such as points, are deducted from your loan amount and the lower amount that results is used to back-calculate what the interest rate would be if your given payment were used to pay back the smaller amount. That rate is your APR. Theoretically this allows you to compare different combinations of rates and points, but in practice it isn't so useful. \n\nAn example: Your loan amount is $100,000 at 5.75%. That would make your payment for 30 years 583.57 per month. If you paid two points to the lender, then using $98,000 and a payment of 583.57 your APR would be 5.937%.
864782
What area are you looking in? Also the norm is that the Sellers pay commission for the 'Selling agent/Buyers agent'. If your agent is aggressive enough he/she will ensure they get paid half of what the'Listing agent' is getting paid... example lets say the Mls says that the selling agent will receive 3% commission on the sale of the home... then if nothing changes and then escrow amends that then the selling agent gets paid that 3%. Which usually means the seller is paying 6% to whomever is the listing agent. Usually the 'selling agent' gets paid at the close of escrow. Let me know if I can help you negotiate if your in the state of California ... If not I can recommend someone professional in your local city! :)
860805
the interest would be the same if you got the same interest rate, because the loan would be the same just divided. besides you would probably have to pay closing fees again, also new loan fees.\nif you want to pay your loan off faster increase your payment, most of the first 5 years of payment goes to interest, by increasing you payment by $5.00 a month you would pay off much faster. by paying  half you payment twice a month it would also pay off faster.\nI just noticed that you have an adjustable rate mortgage, historically mortgage companies raise the rates as fast as they are allowed to according to the contract, a fixed rate at a half percent more would be much safer, and you need to check to see if there is a prepayment penalty, that is pretty standard.