How do lender get paid..how much?
Remember the 3 rules of buying real estate? Location, location, location. The mortgage industry has its own 3 rules - the customer pays, the customer pays, the customer pays. Period. You may pay through interest, points ("origination fees", "broker fees",...

I heard on radio that if I have 30 year fixed mortgage of 5% or more, I can save with 15 year fixed mortgage
Sofia, it's a stretch to say it's true. Even so, the analytics should not be based on the "lifetime of the loan". Why? Because 10 years from now the payments will be the same but the dollar will have inflated - kind of like buying gas today at 2001 prices. The better benchmarks are...

How can an appraisal hurt your options at refinancing?
(Hope this doesn't repeat what others tell you here - no time to read them.)Appraisal is ordered after purchase terms are agreed to, escrow is open, loan file is open, and transaction is well under way. It is after-the-fact when the appraisal surfaces. Do your homework in advance - know the market,...

Getting equity out of a house
You will fit into 3 categories:1. You qualify for a conventional loan. This will allow you to extract as much as 80% of the home's value if you live in it, 65% if you don't. Rates will be in the low 4% range on a 30 year fixed rate. The qualifying process is very specific and after a 5 minute phone...

My home was foreclosed last year and I now live in an apartment. I own a rental home with a high interest rate and would like to refinance it. Will I be able to do so or will the foreclosure prevent it? If so, how long must I wait before being able to refinance this home?
If your present loan to value is no more than 60% you will be able to get a private money loan now. If your current rate is double digit it could make sense. Otherwise, no. If you're debt over equity by more than 10% an the rent is not covering 100% of the costs, you may consider tossing the Lomita house...

Are there still brokers out there? My realtor is recommending a broker.
Remember the old adage: "Trust, then verify." If your real estate agent has worked with the mortgage broker regularly, follow his advice and engage the mortgage broker. Building a team in a real estate transaction is essential to getting through the process. Escrow officer, title...

Harp 2 - Is This Interest Rate too High?
The Rock - unless you can make a very large principal reduction in the loan balance Chase is your only resource.The Hard Spot - IF your loan-to-value was 80% or less and all credit and income were in line, you would get a 30 year loan for around 3.875%. Stay tuned here, what we are hearing about HARP 2.0 is...

LPMI
Yes. Your loan must have funded and been sold to FHLMC prior to June 1, 2009. There are so many submissions on the program now that the funding time is backing up. Currently, we are at 45 day turn around and worry about it getting worse. If you know you can do it and you want to do it I recommend you get started...

No closing cost 0 pt 0 fee loan
The payoff fees are your obligation. A quick editorial: "0 points, 0 fees" is rarely the best option. It is marketing cosmetics creating the imagery of "Free!" Not so - somebody has to pay the title company, escrow, county recorder, etc, etc, etc. If the lender (via a broker) is...

If I just refinanced and the loan has funded, but one of the conditions was verification of employe net 15 days after funding---
Is this question hypothetical or real? If it is real, you're going to see some real scrambling from the company that funded the loan. If they funded the loan themselves it was probably using money from a "warehouse line of credit". If the loan becomes un-sellable in the brief time...

who can offer the best free loan Zero out of pocket. on a 30 yr fix
Roger, there's an old saying in the mortgage business, "The later in the day, the lower the rate". Meaning: As you call around trying to beat the previous quote you will keep getting lower and lower rates that are more and more undeliverable. In the same vein, you can look at an auto...

refinance primary home to pay off rental property
There are a number of moving parts to your situation: What are the current rates paid on both properties; for how long do you plan to hold each property (even "don't know" has its own strategy); loan-to-value is important because rental refinance rates are very good when the equity...

FHA approval, but for a $1M home
I'll be odd-man-out: You shouldn't buy a $1,000,000 house. It isn't because of your BK or your credit score - it's because you only have $60,000 to put down and you do not have adequate cash reserves to consider this a safe move." Even if you stay within the FHA limits, you...

If you dont like an existing appraisal, can you ask for another?
You don't like the appraisal because... the appraiser's valuation made your transaction more expensive or altogether impossible? Or... because the data is incorrect, does not apply to your property, or the conclusion is inconsistent with the data? If you don't have a hard-fact-based argument, save...

WF 203(k) loan 6/2013, uninhabitable due to contractor negligence WF paid him anyway.
Please, let me be first to say it: You are the victim of a crime. It is the duty of Wells Fargo to maintain rigid compliance with the laws and regulations of FHA, Treasury, and so many more. The employee IS Wells Fargo when he is serving you. The bank is responsible for his actions. You win.Don't get stung twice -...

Where can I get a home equity line of credit?
If you are borrowing to build a California Pool you can get a 15 year, fixed rate, 5.35% / APR 5.71%, no points, no prepayment penalty, $525 total closing costs that are added to the balance. If you want an actual line of credit, that is available also. Only for a pool built by California Pools. If that comes...

Want to pay all debts with a home equity loan we own our home with no mortgage but have bad credit report
Wayne,"Bad credit" needs definition to answer your question. For the moment, assuming the worst possible credit report, you could get the following loan for up to 60% - possibly 65% - of the value of your home.Fixed rate. 20 year term, for 10 years the minimum payment is interest only but you can make...

What would it cost me to lock for 60 days
I am going to reword your question: How much more than the normal 30 day lock would it cost me to lock for 60 days?For a 30 year, fixed rate, conforming loan: This can be as low as 1/4% more but to be cautious allow 3/8%.Bruce ConnCalifornia Equity & Loan800-696-0696