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Mortgage Broker

Discussion in 'BBS Hangout' started by MiddleMan, Feb 17, 2010.

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  1. MiddleMan

    MiddleMan Member

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    References or recommendations of a mortgage broker??
    With 5 years experience minimum, and a high percentage of previous satisfied borrowers. Thanks, looking to purchase a foreclosed home in North part of Harris county. Humble, Atascosita Spring, even Greenspoint.

    Look at this beauty, already under contract. For $64,000 :eek: built in 2005. Need to get on the ball for another gem to invest in.

    http://www.zillow.com/homedetails/822-Forest-Thicket-Ln-Houston-TX-77067/70312302_zpid/

    [​IMG]
     
    #1 MiddleMan, Feb 17, 2010
  2. SwoLy-D

    SwoLy-D Member

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    Weeds and all, huh? ;)

    Is it cool to post someone's "foreclosed" address on this here BBS, yo? :confused:

    Jus' sayin', is all...
     
    #2 SwoLy-D, Feb 17, 2010
  3. MiddleMan

    MiddleMan Member

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    Posted in Zillow, in which the public can view. Swoly-D you know this is a good deal.
     
    #3 MiddleMan, Feb 17, 2010
  4. rocketfan83

    rocketfan83 Member

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    Not bad at all. It appears to be in pretty good shape from the pic on har.. There are alot of foreclosures in that area email me if you want a list ;)
     
    #4 rocketfan83, Feb 17, 2010
  5. J-Mac

    J-Mac Member

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    Just bought it! Thanks for the heads up! :)
     
    #5 J-Mac, Feb 17, 2010
  6. BmwM3

    BmwM3 Member

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    Never trust the pics on har.
     
    #6 BmwM3, Feb 17, 2010
  7. MiddleMan

    MiddleMan Member

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    You sir, got a hell of a deal!!! ;) With $50,000 of potential equity.
     
    #7 MiddleMan, Feb 17, 2010
    Last edited: Feb 17, 2010
  8. The Captain

    The Captain Member

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    STAY AWAY from Chase. I used them and had to go up the ladder and keep yelling at supervisors to get anything done before my closing date. It's a common issue there. I'm happy with my terms, but getting it done was like trading TMac.
     
    #8 The Captain, Feb 17, 2010
  9. SwoLy-D

    SwoLy-D Member

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    I hate PONTENTIAL equity. :(

    But... seriously, man... the N key is so far away from the T and, in this case, only the second T requires an N before it... WHY, man?!?!!? WHyYYyyYyYy?!?!?!?! ;)
     
    #9 SwoLy-D, Feb 17, 2010
  10. MiddleMan

    MiddleMan Member

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    Ouch!! I have chase and drop off my pre approval form yesterday. That is why I'm looking for a good mortgage broker to get me the best deal and have a person to person conversation.
     
    #10 MiddleMan, Feb 17, 2010
  11. MiddleMan

    MiddleMan Member

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    Fixed!!
     
    #11 MiddleMan, Feb 17, 2010
  12. Rockets Red Glare

    Rockets Red Glare Member

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    It is not that easy right now to get investment loans for that small of an amount of money. Assuming you are putting down 25% you are looking for a loan of <$50K. You can find it but lots of banks don't mess with those in my experience. That house does look like it might make a nice rental, is this you first or are you going to try to resale it?
     
    #12 Rockets Red Glare, Feb 17, 2010
  13. MiddleMan

    MiddleMan Member

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    20% down to avoid PMI and finance the rest for 15 years. Would be my first home, planning as my primary residence for 3 years, then it would become a rental. Plan is to pay off the principle balance within 6 years or less. Avoiding any pre-payment penalty.
     
    #13 MiddleMan, Feb 17, 2010
  14. Rockets Red Glare

    Rockets Red Glare Member

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    Oh i got ya, I thought you were getting an investment property loan for it. I am sure you already know, that will get you ~$6,400 of the first time home buyer credit.

    Also pretty much none of the mortgages have prepayment penalties, but it is still a good question to ask. If you did not get a mortgage person send me an email through the board, my wife is a realtor and works with several pretty good ones and I can get you their contact information if you want.
     
    #14 Rockets Red Glare, Feb 17, 2010
  15. Yonkers

    Yonkers Member

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    Sent you an email.
     
    #15 Yonkers, Feb 17, 2010
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