All Forum Posts by: Lawrence Zhou

Hi AJ, Devin and Ko make excellent points.  I agree with Ko and Devin, once you make a selection, stop shopping around. Making a switch will be confusing to your transaction team (i.e., attorney, buyer agent, title, etc.) and may result in delaying the closing.

In addition to their responses, while you are performing due diligence, please do understand that the cheapest rate doesn't always equate to the best overall deal and/or best service.  For example, (1) are you being charged points for your quoted rate, (2) do you get a no-fee interest rate float down after locking, (3) does the lender offer a no bank fee refinance service in the future, etc. Service can be measured primarily in the lender's responsiveness (especially during the week leading up to the closing).  

Lastly, lending requirements vary from lender to lender.  (Yes - even for conforming products.)  Recently, I had a borrower (who worked for this large bank) receive extraordinary lending requirements resulting from the lender's appraisal report.  This large bank is obviously looking to reduce their risk and possibly the deal.  If this borrower went to almost any other lender, this bank's repair requirements would be a non-issue.

You can by reaching out to the listing agent.  That listing agent will likely ask for your permission to be a dual agent where they represent both the buyer and seller.

I agree with the other responses.  Having your buyer agent is a good move.  The buyer agent is there to protect your interests by running comps, negotiating with the seller's agent, and putting together a solid team of real estate professionals (i.e., attorney, lender, home inspector, homeowner insurance, title, etc.) to get your deal to the closing table.

If you're looking to interview a buyer agent (or two) in Jersey City, please feel free to DM me.  Happy to make some introductions for you.

You should househack with a FHA mortgage with 3.5% down. I had two clients buy multifamily properties in Waterbury, CT this year. You may want to check that area out too. If you want a realtor contact in that area, please DM me. Happy to help.

32K credit! Excellent work!

I think you should get a second opinion as to whether you can get pre-approved for this purchase. The rent from the second unit should be counted towards your DTI.

@Jack Goncalves Hi Jack, welcome! Please let me know if you have any mortgage related questions. I’m happy to help!

Which state?

You will not regret it!  Learn along the way and take action.  Please feel free to reach out if you have any questions.

@Kj Lee good morning! I’ll send you a PM

@J Benoit - I’m interested. Are you still doing section 8 in Birmingham? Did you ever expand into Mobile?