I have 3 properties in ct that i am in the process of puting them up for sal enext week, a condo i own (no mortgage), my condo that i owe 65k but its worth 110k,and a 3 family i owe 120k but worth about 225k. I would like to buy a home in florida in the amount of 350k(i already found a home) i was wondering if they have like 40 years mortgages available down there. I am putting 20% down and more as soon asi sell my other properties. I dont have a signed contract but where can i ge thelp finding out my options ,,if i have any. I love this house. Ihope we can get it but i know i need to sell all these other things in CT before I do so. I wont move to florida till next year.
2006-06-19 06:46:12 · 9 answers · asked by Yenny V 2 in Business & Finance ➔ Renting & Real Estate
You need to contact a mortgage consultant who is able to do business in FL. They will be able to perform a basic interview to verify and analyze your situation, and make recommendations on what programs would be best for you.
2006-06-19 06:55:23 · answer #1 · answered by ReggieWjr1 4 · 1⤊ 0⤋
best advice i can give you is to use an actual bank to borrow the money.(i.e. National City, Wells Fargo or CountryWide (not a bank but a relatively decent lender). Most mortgage broker's are fee-based and make their profit by either selling you a higher rate and getting a commission from the mortgage company that you are getting a loan through (this is called yield spread), or by charging you points(either origination or discount) which is a fee that the broker normally splits with his brokerage to receive his or her commission. I would advise staying away from 40 year mortgages. usually an interest only 30 year fixed loan carries a lower payment that a 40 year loan. Also, It is not wise to refinance a house you currently own free and clear to increase your down payment for the new home. This is a very dishonest tactic many lenders use to turn one loan into two. let me know if you have any other questions.
best regards
2006-06-19 17:04:45 · answer #2 · answered by DrGonzo44 2 · 0⤊ 0⤋
If I was your mortgage professional, I would recommend that you refinance all your investment properties to pull equity prior to you listing them with a Realtor. Once you have listed the property on the MLS, it will be difficult to refinance them if for some reason you need to pull cash out while your property is on the MLS. With out knowing the value of your condo that you own free and clear, you should be able to pull about 100K - 150K in equity. Having cash liquidity is better for you since the cost of the relocation is questionable. Even if you obtain a relocation package from an employer, there are always costs that you will be exposed to. I would still recommend this even though you have 20% to place down on the new property in FL. It's been my experience to have cash not equity is always better for the consumer. Not sure why you would want a 40yr mortgage, but getting information is not that difficult to get. I could recommend a lender down in FL, but I do not know where you are looking to move to. Hope this helps, contact me directly if you have any questions.
2006-06-19 08:28:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call a Licensed Mortgage Consultant in the state of Florida. Call Eric at Ohio Lending Solutions, he is Licensed in multiple states, including Florida.
toll-free 1-877-205-2747
2006-06-19 07:00:42 · answer #4 · answered by eric k 3 · 0⤊ 0⤋
It depends what part of Tampa (and what part of Orlando you are leaving from for that matter) I-4 W could be anywhere from 1-2 hours. Nice place to visit? It depends what you want to do there's Ybor City (old Cuban Cigar town-mini Bourbon Street) and the Aquarium is okay I guess. If you want the beaches you'll have to go to St Pete or Clearwater, which is a bit farther (about 30 mins) than Tampa.
2016-05-20 02:34:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Hi, I am a mortgage broker in FL and would be happy to assist you with mortgage needs. I work with over 100 lenders and specialize in providing excellent customer service and quick turnaround. please contact me if you are interested in looking at your situation Jcorreahq@yahoo.com
keep in mind that I will consult with you at no charge to you and will answer any questions thta you may have. please feel free to contact me at anytime. Joseph~
2006-06-19 15:45:01 · answer #6 · answered by jcorreahq 2 · 0⤊ 0⤋
I can do your Florida mortgage. www.mortgagesbyjesse.com Go to apply now and I will call you.
2006-06-19 06:54:48 · answer #7 · answered by unclejesse1 3 · 0⤊ 0⤋
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2006-06-19 09:24:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I know how to make your dream come true. Contact me and it will be all in one phone call.
2006-06-19 07:06:08 · answer #9 · answered by alpha & omega 6 · 0⤊ 0⤋