If I roll up my closing costs in the loan, will I end up paying interest on those fees?
You certainly do. Financing your closing cost by rolling them into the new loan amount may not be the cheapest option, but it allows you to keep from depleting any savings or emergency fund you have worked hard to accumulate. In most cases, consult your lender and loan terms, you can pay down on your loans...
harp investment
Not widely known, but yes an investment prop is eligible under HARP, provided it meets the cutoff date. Don't wait, do it now. Might even want to consider a lower term with the record low rates available.Happy Refi,~ Jerry P.
Does the Harp Loan requier income verification
Yes, you will be asked to provide income information to show you qualify. Employment verification will also be requested. Feel free to contact me for specific loan guidelines. I am licensed and reside in WA.JP253.797.4194
On average, what percentage of a loan do closing costs make up?
That is a bit difficult to answer not knowing the loan amount. Some lenders charge an origination fee of 1% plus additional admin fees. You'll also have roughly $900 in title/escrow on a refinance or between $1500-$2000 on a purchase. For specifice costs feel free to call.-Jerry 253.631.2212
have house, paid for, need money to build on, equity loan?
Equity loans are great for instant cash when you need it. You can access the money as you build an only have to pay on the amount you have outstanding. Most equity loans are a revolving line of credit attached to you house for collateral. They will have an adjustable interest rate after the initial fixed...
How do I find a mortgage refinance without closing cost fees?
There will be closing cost on any refinance you do. You can get around having to pay out of pocket for those closing cost, including an appraisal. It is all how the loan is structured. Feel free to email me or call to discuss. I'm licensed in Oregon.
Is a cash out refinance better than a 203k loan for small renovations?
A cash-out loan would be best, provided you can obtain the amount you need to do the work your wanting. The 203k has many more layers, paperwork and can be a timely process. However, it does allow to finance the cash needed to do the work into the new loan based upon the property value of the future completed...
How to choose between VA, FHA and Conventional mortgage?
If thinking of putting off purchasing a home right now because you'd like to save for a down payment to go conventional, I would opt for utilizing your VA benefits and go zero down. If you qualify for VA my man...you earned it! And, especially if this is your first usage of your VA mortgage benefit, your...
Is now a good time to get an ARM 5/1 loan? I plan to sell my home within 5-10 years.
If you looking at Jumbo rates then you might be inclined to do an ARM. However, I would refrain from the shorter fixed period ARM loans. Another option to explore is buying down the interest rate on a fixed rate term. Fixed rates are at historic lows. Don't let them get away!
Is there a loan product that I can get to refinance my second mortgage?
You would much better served if you can roll your second mortgage into your first, value permitting. Depending on whether the second mortgage was used to purchase the home or actual cash in hand will depend on how the new loan would be structured. Factor in any mortgage insurance if financing above 80%. ...