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Buying or Selling a Home/home equity
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Question
This house that I talked about earlier, we want to do a home equity loan. Is it less expensive than a regular loan? We don't have any downpayment, but the house is not that expensive at all.($55k) and we want to offer $50k. Can you explain the pros and cons of home equity loans? P.S. We have a piece of land worth $30k and we would use this to pay it off if needed.
Hi again ESTHER--
Get in touch with your Buyer's Agent ASAP! Also, if you haven't already found a Loan Officer(LO) to handle your financing, do that ASAP too!
You need to discuss your "wants and needs", your "haves and have nots" regarding how you can best purchase that home the TRUE PROFESSIONALS are there to help you. Your dealing directly with the Listing Agent almost got you into trouble, don't keep tryimg to "go it alone!"
Yur Realtor and the LO will help you understand the process and the programs and assist you in taking the necessary steps towards homeownership. I'm not meaning to sound like a "Simon Cowles," but your two messages to me makes it obvious that you know little or nothing about Real Estate and/or Mortgage Financing,
GOOD LUCK
--JIM
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | You are absolutely right- I know nothing about real estate and mortgages. And the listing agent had even sent me to a mortgage company and supposedly to have me acquire buying power(That's what he called it.)Thank goodness I went on this website and got advice that was really needed. Thank you. | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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