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You need to read what he said, he was bidding on a B of A REO and they require their own pre-approval to go along with the offer . He didn"t say he didn"t have any pre-approval. We do the same thing at my bank on our REO"s unless the investor is not us and they explicitly state they don"t want...

What part of the country are you looking in right now? Inventory is very low right now and we"re seeing multiple offers on a lot of properties. Case-Shiller index showed a price increase on average across the nation in May and I"ll bet June shows an increase as well. I have about 25...

Realtors always get paid from the proceeds of the sale. Some will use those contracts just to make sure you don"t waste their time by going around looking at a bunch of houses and then switching Realtors. Like Cad said I"ve never seen it be enforced and in CA it"s almost never used in the first...

It"s actually better low balling on an REO as there is no "owner" involved that gets all emotional about how their property is clearly superior to all the other ones in the neighborhood. Just keep in mind that the listing agent has no say in accepting your offer, they deal with an asset...

You got 5k from whom? The insurance company? The only reason you would mail an insurance check to the mortgage company is that they are named as the loss payee on your insurance so they need to endorse the check.

Unless you are getting a Jumbo loan every loan is sold to either Fannie Mae, Freddie Mac, or FHA/VA. Back at the height of the market (2004-2007) we were selling the loans to foreign national banks but they got so burned they haven"t come back into the market. Most large lenders retain the...

Debt to income ratios don"t affect interest rates, at least not for Fannie/Freddie/FHA. On Jumbo they do but I"m assuming most people here are buying their first home and aren"t using Jumbo financing for it. Interest rates are solely affected by credit score/ltv/property usage and property...

1. Unless the property you are buying is already setup as a 2 to 4 unit then you can"t use rental income on your primary to qualify as then it"s not your primary but an investment. 2. If you can qualify for both loans then you"ll get the same interest rate on both unless you need a "Jumbo"...

Actually Aladain you"re an idiot for telling your friend to pay the PMI separately. PMI is only tax deductable in certain cases. Rolling the PMI into the interest rate is called LPMI or TAMI in which to the borrower the MI payments show up as pure interest and therefore always tax deductable. If...