Cash Out Refi Question..
Most of the time, it comes down to cost, total payments, and interest accumulation. Generally it is much more cost effective to redo first mortgages than obtain a second. Second generally have a rate from 8%-15%, and many lenders dont originate seconds anymore. If you were to blend a 1st and 2nd mortgage...

If I found an error in my credit score and the bank admitted it was their fault and that they will report to the credit bearu how soon will it impact my score?
It really depends on a few factors. When your bank will actually report to the credit bureaus, keep in mind there are three bureaus. Lenders use the middle score, or the numbered score that is not the lower, or the higher of the three. Then it depends on the credit bureau on how long they take to make...

loosing home
if you have enough equity in your home, which most do not, you could find a private lender to help you refinance to save the property. They only lend on the property, they dont look at credit/income ect...

I want to change mortgage companies..Please help..
Alfred, What are the reasons you dont qualify for a refinance? If you cannot refinance your property period, you will not be able to transfer your mortgage. Unless you get really lucky and your loan gets sold to another investor/servicing company. If you would like more information, please contact me...

Stock markets going down helps mortgage rates right?
There are so many variables to the market and housing rates. Rates were driven down, to help the cost of credit become more affordable and to get more money exhanging hands in the sluggish economy. Rates are still at almost historical lows. Although with the Tsunami and crisis in Japan, more money will...

Help with Refinancing
To answer your question regarding no fees, he is saying that you will not be paying out of pocket or incurr cost through financing. Generally every lender/broker will get a lender credit for the business sent to the funding lender. Your agent will then use that credit to pay for closing costs, such as...

We are about to refinance when we discovered a credit mistake by our credit card company impact our credit negatively.
If you are looking to lock in your interest rate while still low for the week, you might want to expedite the process. You mortgage broker can do a rapid rescore, which costs a few hundred bucks. Generally the company will eat the cost to obtain your business. Other option is to wait for your credit card...

6 Questions I have about refinancing...
Question 1: if your agent is telling you closing costs are about 7k, that is to include all your closing costs, interest, pre-paid items, title, escrow, lender fees, origination, ect. If he is saying you will get a discount by showing your previous title, appraisal ect, I dont see how that lowers your...

We are 67 years old and could not afford for our mortgage to increase. Please help
Can you currently afford your payments as they are now? Are they set to adjust, or your payments will increase? If a lender qualifies you on an ARM, then you qualify for a 30 year fixed. They will steer you into what makes them most money, which the Fed Gov. is trying to stop lenders from steering. The measure...

What is a USDA loan and are there any special requirements for it or can any one qualify?
USDA loans are for rural property loans. Set up for farmers and agriculture, they also offer individuals loans to purchase a property set in a USDA zone. There are specific requirements to obtain USDA loans. Please refer to the government portal below. http://eligibility.sc.egov.usda...

Help..Can we cancelled the escrow and started another loan application through another agent for 7/1.
Keep in mind that ARM mortgages make up most of the defaults that have occurred since 2007. Saving a few bucks is not worth the uncertainty. Unless you PLAN on selling your home in 5-7 years, then an ARM makes sense. Rates are too good to fiddle with anything other than fixed.

How is DTI calculated? What is a good DTI? DO student loans count against DTI?
Hello Joel, Student loans dont count againts your DTI if they are deferred while you are schooling. DTI is calculated by taking your mortgage principal payment, interest payment, taxes, insurance, any mortgage insurance and or HOA dues. and adding in all of your other debt payment, car loans, credit...

What is a good average down payment there days? for the best rate possible?
It also has to depend on the type of financing you are looking for. For example, if you go with FHA financing, you only need 3.5% down. Rates for 30 yr FHA are still in the 4's. You would also have to pay mortgage insurance on this type of loan. Or you can go Conventional financing, and put 10% down, and the...

How long is it taking these days for a refi to complete if credit is good? Is 1 month reasonable to expect or is it usually more?
It depends on several things: Which lender you choose to do business with and the property, and the motivation of the borrower. If you use a big bank, chase, wells, bofa, you are looking at a 60 day turn time. If you use a smaller direct lender, you are looking at a 2 week turn time. I stated that it also depends...

First time home buyer first steps?
Hello, sounds like you are well on your way to the american dream. Keep your patters the same, dont rack up any more credit, try to reduce all your expenses that would show on your credit report. All those bills count against your income to qualify. Being 6 months out, you should start consulting a RE Agent...

Should I refinance to a 7/1 ARM if I pay approx 40% over the payment every month?
This is a great question and one that deserves to be asked by anyone thinking of ARM's. If you are planning to retire, or live in the house for the rest of your life, an ARM is not a good choice. If you are planning on selling your house in a few years, then its a possibility. If you save yourself 200 a month...

Ex-Spouse Demanding a Refi After 5 Years on Underwater Property
Robert, I understand and feel for your situation. There is nothing you can do if your home is underwater, you cant refi, you stated your lender wont work with you on assumption, and it seems there is no way out. You cant assume the loan, because you are on the note already. Do you know what type of loan you...

Better debt/investment solutions?
Investing your money is quite complicated. Generally nothing can outpace mortagage appreciation and equity. This is why serious investors, use real estate. Given you put 10k in a rental unit, withing time, the property would be paid off from someone else making the payments, and your initial 10k...

Is it possible to get a home loan without W-2 and tax return?
Are you a citizen or have green card? If you are working then you might have a shot if you put enough down. You can also do a hard money loan, which these lenders only care about how much money you put down. Usually you have to put 35-40% down for hard money. And if you do work and recieve income, you can do a no doc...

I have a credit score of 530, bankruptcy chapter 13 discharged in 07. I found a home with 20 percent equity already in it, can I get a loan?
Hello, Have you had a chance to re-establish your credit? Do you have any open tradelines? If you do, how many and do you have any lates on any bills in last 12 months? What was the reason for the BK? Is the seller willing to carryback the remaining 20% equity? Can you prove your income?