Why You’ll Get a Bigger Loan on a House vs. a Condo
Wednesday, 23 April 2014
Question: “Maybe you can answer this for me. I talked with a lender who said I can buy a house for 490K, but a condo for only 450K. Why do I qualify for a higher price for a house than for a condo?” Answer: It’s because of the HOA fees. The lender adds them to
- Published in Q&A - Home Financing Questions
Is Your Credit Info Sold to Banks?
Wednesday, 02 April 2014
Question: “I’ve heard that when you apply for a loan that your information is sold to banks so that they can solicit you to get a loan through them. Is that true?” Answer: Every time your credit report is run, the credit bureaus can sell the information to companies who purchase “trigger leads.” Companies who
- Published in Q&A - Home Financing Questions, Real Estate Resources
Can You Get a Loan Without Qualifying?
Wednesday, 26 March 2014
Question: “I got turned down for a mortgage, but I know I can afford a payment. Is there a way to get a loan without qualifying?” Answer: For better or worse, the crazy Wild West lending rules of 2005 are long gone. Back then, we joked that if you could fog a mirror, you could
- Published in Q&A - Home Financing Questions
Can the Bank Require Home Repairs?
Wednesday, 06 November 2013
“I’m buying a house with 20% down and my bank just said that there’s a cracked window and some electrical items that need to be fixed. Can they do that?” Answer: Remember the golden rule: “He who has the gold makes the rules.” So yes, the bank can require that. This is more common on
- Published in Q&A - Home Financing Questions
Refinance and Still Pay Off Your Loan
Wednesday, 09 October 2013
Question: “I’d like to refinance, but I’ve had my loan 18 years and have got myself in a position where I only have 12 years to pay it off. I don’t want to blow that and start over with a 30 year loan.” Answer: I hear this a lot! And with some math or going
- Published in FAQs, Q&A - Home Financing Questions
Can You Borrow Money for a Down Payment?
Wednesday, 17 July 2013
Question: “Is there any rule against borrowing money for a down payment?” Answer: Yes. In fact, I don’t know of any lenders that will make you a home loan if you borrow your down payment, unless you’re borrowing against your own 401K or real estate. As a side note, with certain restrictions, many loans allow
- Published in Q&A - Home Financing Questions
What’s a Loan “Approved with Conditions”?
Wednesday, 03 July 2013
Question: “Hi Gary. I’m selling my home and my agent told me that my buyer just got what she called ‘loan approved with conditions’. My agent said she doesn’t know exactly what that means and told me not to worry about it. What does that mean?” Answer: Yours is a simple question. And if your
- Published in Q&A - Home Financing Questions