Newbie with mortgage question - Posted by Chris

Posted by JohnP SFL on June 06, 2002 at 07:42:26:

We need to know a little bit more info? Are we talking about a comml/multi family or Single family residential? When was the appraisal done? Are you going to live in the property or will it be for investment purposes only? The best thing to do is to shop around for a mortgage and a mortgage broker. Tell them what you are looking for and see what programs they may have that will fit your situation. I do originate mortgages and I can tell you that the banks are in our office almost everyday showing us new programs.Make sure you deal with a company that has more than one or two banks. I hope this helps.


Newbie with mortgage question - Posted by Chris

Posted by Chris on June 05, 2002 at 21:21:54:

I have found some real estate that is appraised at 225K and I have offered 175K and gotten accepted. I was preapproved for a 90% mortgage, but I want to know how to get the down payment out of the bank appraisal. If I can get a 190K mortgage that will cover my down payment and closing costs. If someone could explain how this works it would be greatly appreciated.