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Brett Pehrson's Answers


Are there any mortgage programs for the disabled
If you haven't already, you may also want to check into community development block grants. Most cities/communities have grant programs available for things like first time homebuyer down payments, etc.; or, they can direct you to organizations that might have a grant/assistance program...
Can I refinance a home equity loan?
In case you didn't already hear, yes you should at least investigate. If you consider consolidating it with your first mortgage and you have a higher Loan to Value, you may want to look into FHA loans, if you qualify; this may allow you to refinance the first without the "cash out"...
If my parents co-sign on my mortgage, would they be able to deduct mortgage interest on their taxes next year?
Stephanie, I'm both a mortgage professional and a tax preparer. George below was pretty accurate with his answer of "it depends." The first factor here is whether or not your parents qualify to itemize their deductions; but, the 1098 form will be issued in your name as the primary...
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Is this loan an FHA loan? If so, it has a qualifying assumption feature. That would allow you to take over the loan she has in place, but it wouldn't lower your rate; you would have to wait until you were more seasoned on title to refinance. It also may be possible to add you as a borrower if your Mother in...
Do I need to have my father sign a quit claim deed?
Finding a good estate planning attorney is the first thing you should do. I'm sure a lot has to do with how things are handled in his estate; does he have a Will prepared? I'm not sure how things are handled in Georgia, but where I am we prefer to use a Warranty Deed in lieu of the Quit Claim. ...
I need a quick loan
It sounds like a HELOC is going to be your least expensive and most flexible option. You'll probably find your local credit union has some of the best terms on these; a local mortgage broker could probably find you the highest Loan-to-Value, though, depending on your definition of "small...
How does a refinance work?
No matter what kind of refinance you do, there are costs involved for completing that. You can either choose to pay for those out of pocket, add them to your loan balance if you have enough equity, or take a no closing cost loan. If you pay out of pocket or roll them into your loan, you need to be able to justify...
How can I determine the value of my home without an appraisal?
A Comparative Market Analysis from a local realtor is your best option to determine value without an appraisal; depending on your purpose for wanting to know, this may not be suitable, though. Mortgage professionals can't determine value for you; they can only obtain or provide you with any...
Can I pay off a mortgage with a Home Equity Line of Credit in order to remove the lien on the propert?
The real question is what are you trying to accomplish by doing that? Is your rate on the HELOC much better than the rate on your mortgage? Will that help your financial plan? HELOC's are variable rate loans typically based on the Prime Rate; even though that rate is low now, it will start...
Refinance to pay off debt?
Some people believe that converting unsecured credit card debt to secured debt is a bad idea; most people who believe that way typically do so because of legal reasons. You might want to consult an estate planning or real estate attorney to find out what those reasons might be.My personal opinion,...
Does a student loan count against me when looking for a mortgage?
It depends on the type of loan you are getting and whether or not the student loan is deferred. If the loan is not in deferrment, then it will be factored into your debts in all cases. If you can document it is deferred for a minimum of 12 months, and you are getting an FHA loan, then it does not count against...
My mortgage when I die
Jennifer, you've already heard that the mortgage won't transfer over in your will, but your property rights can. I've seen a couple cases where this has happened, though. In one circumstance, the heir was able to assume the mortgage that was in place already by working it out with the...
Is It Possible To Negotiate?
Mark, if you "like to haggle," I can promise you won't find a GOOD loan officer who is going to have your best interests in mind, especially as a first time homebuyer; the loan officers who like to haggle with you will usually "win." As a first time home buyer, you should be...
Can I Obtain a lower rate without changing the years left on the mortgage/
James, you'll probably only find 10 and 15 year mortgages available to you; I've never seen anyone carry a 12 year mortgage. What you should be asking is how much time can I cut off my mortgage without being uncomfortable. If the 10 year option won't work, take a 15 year mortgage and ask...
looking to buy a home.....but confused on several issues
Those are very good questions, Patrice. First, let me point out that if you have a sizeable down payment and good credit, FHA may not make as much sense for you as a conventional loan might; look at a couple scenarios. Don't hide the fact that you intend to rent out some rooms, and, as long as you intend...
Fico 720...20% down....Who has the best rate?
I don't do loans in Texas, so I'm just giving you two pieces of advice instead of convincing you to work with me. One, with 20% down and a 720 credit score, you should do a conventional loan to avoid the mortgage insurance; only consider the FHA loan if you are putting less down (probably no more...
can i deduct the fees for a loan modification
This is a question best answered by your tax advisor/tax preparer. I am also a tax preparer, though, so I'll give you my general understanding of the rules you're curious about. First, the information you are looking for can be found in IRS Publications 936 and 530. Since you did a loan...
Is this the lowest rates will go this year?
Technical signals suggest that in the near term, yes, they probably aren't getting much, if any, better; longer term, though, nobody can really answer that question, as you've already heard. Frankly, I believe everybody is surprised they are this low and have been for this long. The best...
What is involved with a streamline refinance?
Streamline refinancing is something that has more of what we call "lender overlays" than any other program I can think of right now. What is typically required, though, is a minimum 640 credit score, with emphasis obviously being on your last 12 month's mortgage rating. Income and...
Did I get a good loan for my situation?
I'm not familiar with all the intricacies of getting a loan in New York, so take my feedback with a grain of salt; and, property type might also be a factor here...is this a condo or a co-op, perhaps? The biggest factor that needs to be weighed in is what were the rates like on the day you "locked...

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