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anonymous_in Texas
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0.10 Dollars($)
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Post subject: Texas law |
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How fast can a loan be approved and go to closing in the state of Texas?
Must the seller provide a copy of CC&R's to buyer (to review) before closing and be included the loan paper at closing? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi anonymous_in Texas,
It may take around 45-60 days after applying for mortgage to go to closing. However, it may even vary. As far as I know, yes, the seller, should offer a copy of CC&R's to buyer to review before closing.
_________________
Procrastination is the enemy of your financial success |
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marla
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0.10 Dollars($)
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Post subject: buying a house as investment or vacation |
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| In your opinion owning a primary residence in Illinois -would it be wiser to buy a second home in Florida as investment property or a vacation home or second home? I was told that an investment property offers tax write offs but it also kicks the points up where a vacation home would not. What do you suggest? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi marla,
As far as I know if you use your vacation home for personal purposes for a specific number of days as your income, IRS will consider this as your residence. On the other hand, if you rent it all through the year the IRS will consider it as your investment property or rental property. If it is used as your residence, you can deduct your mortgage interest from your taxes. This will not be possible if the home is not used as your residence and is considered as your investment property or rental property. The interest rates on mortgages against investment properties are also higher than that against properties used for personal purposes. |
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Worried
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0.10 Dollars($)
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Post subject: Mortgage |
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| My wife and I were in contract to buy a condo. It was a new construction that was not complete. Standards were changed by the banks by the time it was ready. Therefore we were not approved for the loan. The builder is saying because there was no contigent on getting the loan, we should then buy the condo in cash and they will not release our deposit. What can we do in this situation if we did not even have the cash to pay in full? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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go get a lawyer, quickly. why there would have been no contingency clause in your purchase contract is beyond me, and you need legal assistance to rectify this situation. if you have the cash with which to purchase the property, well hallelujah, but if you don't, then you're in a jam and it needs to get straightened out quickly.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Snappy
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0.10 Dollars($)
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Post subject: Rate Lock expired |
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I signed a rate lock agreement on 5/31. But they did not take the money out of my account. And notified me on 7/20 that it was not taken out. The Rate lock expires on 7/27. What are my rights? Am I bound by this agreement. He said I did not have to pay it. I will not be able to close until August 12. Now they are saying that 4.62 which I locked in at is the lowest I can go.... but if it goes up . I will be charged that. Is the fair. Or is my rate lock invalid. At this point the interest rate has gone down to 4.5.
I want to pay the rate lock fee and get the now lower rate. |
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Janice Dailey
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Post subject: modify my exsiting loan |
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| I had a person whom was living with me and who is also on the loan walk away july 2011 and hasnt paid anything.mortgage asked for a quit claim deed from him i got that now they say i need a excise affidati and then have it filed.will they be able to work with me then and lower my mortgage payment in half.if not what can i do.this is the roof over my son and my head and i have no money saved to go anywhere.I have been trying to work with them since July 2011.This is really weighing heavy on me.Please help in anyway you can.Thanks |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Janice,
It will depend upon the lender whether or not they will ready to work with you so that you will be able to lower your mortgage payments. You should contact a real estate attorney and he will let you know more about the affidavit. You should negotiate with the lender for a loan modification and this will help you in getting better rates to pay off the loan.
Thanks |
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jimgilared
Joined: 01 Dec 2011
Posts: 3
1.41 Dollars($)
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Post subject: |
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Some mistake of home buying are:
1. Not make proper document
2. Not choose proper location
3. Not consult with trusted agent
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Farm Shed |
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