All Forum Posts by: Abner Sanchez

So right now I am a bit in a predicament because I don't know whether to choose a mortgage lender or a bank for a home loan. The reason why I'm leaning towards going with Chase bank for a home loan is because they allow for me to put 15% down instead of the opposed 20% for a conventional loan and the house I'm under contract with qualifies for a $5000 grant as a first time home buyer (meaning that Chase Bank will cover $5000 of all fees) Which is a HUGE BONUS. I did the Math and I end up saving over $9,000 as opposed to going with the mortgage company. Now the mortgage company isn't as flexible and does not allow me to put down 15% because I was told that it would NOT work. And I know what you're thinking "why don't you just do FHA" while that is 100% true I cannot because it just Simply wouldn't work for this house. I ran the number for the house I'm under contract with and they are great. Overall great property. So Chase Bank sent me a Pre-Approval and these are the terms and I want to get your thoughts.

Mortgage Type: Conventional 30 year Fixed

Interest Rate: 6.625%

Points: 1.033%

Apr: 7.077%

15% Down

$5,000 in credit towards Total Fees

** REASON WHY I WANT TO PUT LESS DOWN IS TO HAVE MORE CASH RESERVES IN CASE ANYTHING GOES WRONG**

 Sounds good man, Thanks Mike!

Understood just wanted to see if I and not getting a really High APR. Quick question to you, because it is fixed does that mean when I want to refinance does the rate stay or can it change when you refinance?? Thanks and God bless!

So right now I am a bit in a predicament because I don't know whether to choose a mortgage lender or a bank for a home loan. The reason why I'm leaning towards going with Chase bank for a home loan is because they allow for me to put 15% down instead of the opposed 20% for a conventional loan and the house I'm under contract with qualifies for a $5000 grant as a first time home buyer (meaning that Chase Bank will cover $5000 of all fees) Which is a HUGE BONUS. I did the Math and I end up saving over $9,000 as opposed to going with the mortgage company. Now the mortgage company isn't as flexible and does not allow me to put down 15% because I was told that it would NOT work. And I know what you're thinking "why don't you just do FHA" while that is 100% true I cannot because it just Simply wouldn't work for this house. I ran the number for the house I'm under contract with and they are great. Overall great property. So Chase Bank sent me a Pre-Approval and these are the terms and I want to get your thoughts.

Mortgage Type: Conventional 30 year Fixed

Interest Rate: 6.625%

Points: 1.033%

Apr: 7.077%

15% Down

$5,000 in credit towards Total Fees

** REASON WHY I WANT TO PUT LESS DOWN IS TO HAVE MORE CASH RESERVES IN CASE ANYTHING GOES WRONG**

So right now I am a bit in a predicament because I don't know whether to choose a mortgage lender or a bank for a home loan. The reason why I'm leaning towards going with Chase bank for a home loan is because they allow for me to put 15% down instead of the opposed 20% for a conventional loan and the house I'm under contract with qualifies for a $5000 grant as a first time home buyer (meaning that Chase Bank will cover $5000 of all fees) Which is a HUGE BONUS. I did the Math and I end up saving over $9,000 as opposed to going with the mortgage company. Now the mortgage company isn't as flexible and does not allow me to put down 15% because I was told that it would NOT work. And I know what you're thinking "why don't you just do FHA" while that is 100% true I cannot because it just Simply wouldn't work for this house. I ran the number for the house I'm under contract with and they are great. Overall great property. So Chase Bank sent me a Pre-Approval and these are the terms and I want to get your thoughts.

Mortgage Type: Conventional 30 year Fixed

Interest Rate: 6.625%

Points: 1.033%

Apr: 7.077%

15% Down

$5,000 in credit towards Total Fees

** REASON WHY I WANT TO PUT LESS DOWN IS TO HAVE MORE CASH RESERVES IN CASE ANYTHING GOES WRONG**

So have $30,000 in cash reserves but I do not want to use it all on a down payment for of a house (via Conventional Financing/ 20%). Now I know what you're thinking "just do the FHA route" well that is 100% true I cannot because I can only get qualified for a $50,000 loan and in my area where I live I would be living in a very bad area(basically the ghetto). And so because I am putting 3.5% down that will not give me enough buying power to live in a good area, now opposed to me doing conventional and providing that 20% or around $25,000, I can live in a MUCH Nicer area. BUT the thing is this period, I have been absolutely killing it in the markets day trading I have started with $2300 and I have managed to turn it into $30,000 And I feel like I can double that $30,000 especially this year with the way the markets are and I do not want to use that $30,000 as my down payment. My question to you would (be as an absolute beginner into real estate) do you recommend that I get a loan from the bank as a down payment or use some form of down payment assistance to cover 100% or some of the down payment. I just feel like I don't want to use all my cash for the down payment because then I won't have anything left to trade and I have been absolutely crushing it. And with that I look for your help.

And No I cannot get a cosigner because both my parents are not legal citizens and I'm the only child, I have no one to be my cosigner.

So have $30,000 in cash reserves but I do not want to use it all on a down payment for of a house (via Conventional Financing/ 20%). Now I know what you're thinking "just do the FHA route" well that is 100% true I cannot because I can only get qualified for a $50,000 loan and in my area where I live I would be living in a very bad area(basically the ghetto). And so because I am putting 3.5% down that will not give me enough buying power to live in a good area, now opposed to me doing conventional and providing that 20% or around $25,000, I can live in a MUCH Nicer area. BUT the thing is this period, I have been absolutely killing it in the markets day trading I have started with $2300 and I have managed to turn it into $30,000 And I feel like I can double that $30,000 especially this year with the way the markets are and I do not want to use that $30,000 as my down payment. My question to you would (be as an absolute beginner into real estate) do you recommend that I get a loan from the bank as a down payment or use some form of down payment assistance to cover 100% or some of the down payment. I just feel like I don't want to use all my cash for the down payment because then I won't have anything left to trade and I have been absolutely crushing it. And with that I look for your help.

And No I cannot get a cosigner because both my parents are not legal citizens and I'm the only child, I have no one to be my cosigner.

There is a foreclosed property that is bank owned that is being listed for auction and it is on this website called Hubzu. I wanted to know if Hubzu is a legit website or if even one of you guys have used it in the past and what your experience was like using Hubzu. Thanks.

 Thanks. Love your YT videos btw hahaha.

Hi Mrs. Minocchi, I'm looking for a purchase price of $60k Via a FHA loan on a multi-family property.