I have an ARM that keeps resetting
Hi Joseph. My name is Matthew Rundle with Westin Mortgage in Riverside, Ca. Joseph, I would highly recommend you speak to a realtor to look at your options. Being upside down per your comment, one of your options is to lookat a short sale. I have an excellent realtor contact in Indio that knows the...

California Jumbo Refinance
Great question. First off, it makes all the sense in the world to refinance from an interest only to a fully amortizing loan with rates as low as they are. What will need to be addressed is the fact that the maximum loan amount will be 80% of the appraised value. In fact, the appraisal is critical. We are based...

Underwater Refinance, Want Lower Rates and Payments
Absolutely. As noted below, you can have options for a refinance. First off, we need to determine who owns your loan. Does Fannie Mae own it? Does Freddie Mac own it? Is it an FHA loan? Is it a VA loan? Your scores are fine for a refinance and lowering your 7.50% rate will have a significant impact on your...

Home has lost value, can I get lower payments?
Hi Eric. Your two options are to call your lender and see if you can modify the loan or to call a realtor and look at the option of a short sale. I have a good referral source for a realtor in the Menlo Park area. Eric, I wish I had better news for you. Feel free to call me direct at (909) 630-2029 or e-mail me at matt...

Should I refinance or stick with current mortgage?
Si Sam. In lieu of your value going down, if you plan on staying in your house for the long term, I think investing back into your house the funds required to do a 20 year loan would be prudent. You are attacking your mortgage on two fronts. 1) You would be reducing your interest rate and, 2) You would be...

Reasonable Fee for Extending Rate Lock?
This is an excellent question. The first item to address is why is the lock expiring? Having a solid strategy when entering a transaction provides the foundation to avoiding having to extend a lock. All lenders have a cost to extend a lock and the amount you are being charged is appropriate for the...

What is an Acceptable Debt-to-Income Ratio?
The acceptable debt to income ratio varies for loan type. Conventional is typically 45% but can go up to 50%. FHA has ratios that are 47% of your house payment (Housing Ratio) versus your income and 57% of your total debt (Total Debt Ratio) while VA does not set a maximum ratio as the loan has to be approved...