Mortgage Appraisal Courses
How can I get a temporary loan for house of similar price to the condo I own?
I own a condo and have a 30-year mortgage which is about 25% paid off; It is my primary residence.
I have found homes within $10,000 of the appraisal value of my condo I like and have well over $20,000 in savings.
—————–
So, in theory, if I managed to sell my condo and get a deal on one of those houses I could use the proceeds from the sale to pay for the new home in cash.
————————-
However, of course, the chance of that happening is VERY unlikely and I would likely have to move into an apartment temporarily and/or take out a second mortgage temporarily (OUCH!)
Is there any smarter way to get some sort of backup money or allowance handy while I switch between the two properties?
All loans are temporary, you’re 30 year loan is a long temporary loan.
What you’re looking for is a “bridge” loan. It’s a loan to get you over the bridge. You’ll pay higher points and interest. I’ve never seen one that was worth it. Just get a regular mortgage with out a prepayment penalty and pay off your current owner occupied when you sell it.
Just make sure you can afford both payments.
Real Estate Appraisal (5 of 6) Quicken Loans TV, Outside and Appraisal Comparables
NMLS-approved SAFE Act Mortgage Continuing Education Course Released by the Association of Mortgage Educators
New course helps mortgage professionals fulfill the mortgage legislation component of their NMLS-mandated continuing education requirements online.
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Courses. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Courses
Refinancing a loan – questions and pros/cons?
I have a mortgage rate of 7.1%, I have started the process of re-financing and have been offered a 5.6% loan. It will cost me 2,500 in closing fees, but save me 100/month on the remaining 29 years of my loan so well worth it. I assume this is typical so my first question of course is to make sure this is a good deal. My second is I will need to get a re-appraisal of my house. I’ve done a ton of upgrades to my house, tiling a shower and remodeling the whole bathroom, new heating and cooling system, new appliances, new sewer service line (which of course can’t be seen). I’ve been told if I get re-appraised I risk higher insurance premiums and higher property tax. Is this true? If it is is it worth it? Maybe the economy lowers my house value as it is and should I really even worry about all this?
When we refinanced our old house, it appraised for 2.5 times our original purchase price (a fixer-upper we had fixed up) and yes, we had to have a new appraisal, but no it did not raise our property taxes. If your insurance coverage is insufficient to cover full replacement of the house now that you have made all your improvements you may want to increase your coverage which would raise your premiums, but it would be worth it.
The closing costs you’ve been offered sound reasonable to me. Your break even point on closing costs will be 25 months, so if you are going to be in your house longer than that then it is worth it. 5.6% may not be the lowest rate available, but much depends on your financial situation so be sure to shop around to make sure you are getting the best deal.