This topic contains 3 replies, has 1 voice, and was last updated by Anonymous 7 years, 11 months ago.
- January 26, 2011 at 12:45 pm #409827
Priority is sell your house before anything else. Sales range from 3 months to 18 months. When you receive a deposit and signed contract then and only then start looking for a place to live.
To relieve you of stress take an apartment. Once the dust settles Now look for your condo, use the cash from the house sale as your down payment. Take a mortgage for the remainder, 15 years.
Draw from your 401k monthly to meet the mortgage payment. That way you do not get hit with a heavy tax burden by withdrawing a lump sum from the 401k. Bridge loans and Equity loans are to expensive and will hurt financially if you do not find a buyer for your house.
Most community colleges offer evening classes in this subject.
- January 26, 2011 at 1:45 pm #409828
Be careful here…the key here is to sell your home first before you commit to the condo. Bridge loans and HELOC’s are not an option, banks will not give them to you if they know you’re looking to sell your home. You can withdraw from your 401k but you will be paying income taxes on the withdrawals, so it’s costing 20%-30% more than the condo payment for that luxury. If you do mortgage the condo, there should be no prepayment fees on the mortgage(most lenders did away with that a while ago). Buy the condo but sell the house first…Trust me in this market that condo will still be there….Good Luck
- January 26, 2011 at 1:57 pm #409829
You should not look solely in the city of Madison. Most banks will lend in any state. Therefore, your best deal may be found a thousand miles away. As a consumer, you would not know where these deals are. Your best bet is to use a broker who has access to many banks around the country. The broker can see all of the loan programs and can help you choose the best one with the best rate…..regardless as to which bank it is from.
For more info, go to
- April 15, 2011 at 3:11 am #198535
I live in San Fransisco, CA. I have a friend told me that in order to get my license, all i have to do is to read the book called California Real Estate Principles. Once I’ve done reading the book, i can take the test and get my license. But does it takes like months or years to learn everything about real estate?
He makes minimum of 20k a month, is that really true? Can you really make that much or more? He works for a company not a bank that he does mortgage loans for seniors. Can i make that much money? Is that a really great career job? What’s the failure rate?
The reason why is because i don’t know if i want to do this or not? I want to make good money but i want to know what’s the pros and cons of being a mortgage loan officer? Is it worth it?
If i do a loan for someone that I’ll get 1 or 2% of that loan, is that true with any loans?
You must be logged in to reply to this topic.