Will the rates come back down or is this it?
The Federal Reserve has yet to begin its continued purchase of $600 Billion worth of Fannie Mae bonds, known as Quantitative Easing. What does that mean for you? I am glad you asked. The Fed has installed this program to bring down market interest rates. Due to the fact that Fed Funds rates are close to zero...

refi
Your rates are good now but what happens in 5 years from now? Can you live with the rate if it goes up by 5%? Your first mortgage lifetime cap is 5% over the start rate, in this case 10.5%, ouch, furthermore, second mortgages, in your case a line of credit, has a maximum cap of 17.99%. Rate forecasts show that...

We have tried and tried to refinance but have a very high debt ratio---we have never missed a payment but NO one will help us--we have been turned down all the time----why won't anyone help us get a loan to refinance everything.....can you help???
You have a couple different options. The first option is to call the lender to ask if you qualify for the governments HAMP program. Go to www.makinghomeaffordable.gov. This will lower your rate with no regard to income. As long as you have been on time, and the home fits some loan to value requirements, it...

Trying to avoid bankruptcy----mortgage advice
A big question that I have is the mortgage behind on payments? If so, I believe your best option is to do a deed in lieu of foreclosure. This will get your name off of the property. I normally would recommend a short sale but in your situation you would need lots of cooperation from your ex to do this. A deed in...

What will it take to subordinate a second mortgage? Does it require a certain LTV?
You will need to contact your second mortgage lender. Typically, second mortgage lenders usually agree to subordinate since they are already in second position as long as your financial position (credit, income) has not changed drastically. The subordinating lender will need to see the approval...

I am looking to purchase a mobile home park for $350,000. The park sits on 12 acres of which 7 are developed with 20 units. I would like to put $50k down and borrow $300k. Can you help with that?
Email me to discuss. jimc@homemortgagelender.com

i am looking for all sorts of first time home buyer grants credits any thing thats out there
The U.S. Department of Housing and Urban Development provides urban areas with annual grants for the revitalization of communities and neighborhoods. Entitlement communities develop their own programs and funding priorities. However, priority is given to benefit low- and moderate-income...

Refi at 15 yr or stay at 30yr
My advise would be to not refinance. The reason is because you will not be benefiting from a lower rate and the closing costs will cost too much. A better option is to figure out what the 15 year payment would be and send that extra payment every month to your mortgage company. I would write a separate check...

What do I need to qualify for a VA Loan for a moblie home?
Most lenders require a 620 middle credit score, 2 years job history with no gaps in employment, no rent or mortgage lates in the past 12 months, will require collection accounts to be paid (with the exception of medical), a debt to income ratio less than 41% with possible exceptions for higher ratios...

Should I refinance my home?
The best option is to go for the 15 year mortgage at no closing costs and add an extra dollar amount per month to pay it off in 9 years. An amortization schedule can tell you how much that would be by plugging in the 9 year term, rate and loan amount, then subtract that payment by the 15 year payment to get the...

Can We Get A Loan?
You will need to wait 2 years before buying a home under your name. Your father can buy the home under his name only.

Is a mortgage on undeveloped land possible?
If the owner is willing to sell, many times they will know the difficulty in selling undeveloped land and would consider holding a note for the balance of the purchase price. If the seller only wants to sell it for double the value, then you should expect that he hold a note for the balance. A lender will...

Commercial Real Estate Investment/Refinance of office Question
Alex, I believe you answered your own question when you said you just want out. There is no sense in going through the cost and aggravation of refinancing if you are going to sell the property. Price that property to sell and sell fast! If you cannot get an offer that will pay off the loan, ask the lender to do...

Hi, I was offered a 4.75 fixed loan for $1270 a month and have to pay at closing $300. However, my other option is to get 5% and at closing get $900 back. I need to lock in the rate what do you recommend?
Go with the 4.75% rate and pay the $300. To figure out your savings and confirm my recommendation, subtract the difference in payments and divide it by $600 (cost of lower rate differential). This will give you the number of months you need to stay in the house to breakeven by going with the lower rate.

I have 650 credit score and do not work, my husband works and no credit score....can we get a loan for a home?
There are a lot of facts and myths floating around about mortgage programs these days. These misconceptions start from buyers seeing promises of no money down real estate advertising. Can someone buy a home with no money down in today's environment? The answer is yes and no.Many of the creative...

Can my father kick me out if I signed the mortgage?
Check the public records in your county to see if you are part owner to the property. This will clear up any discrepancies on ownership.

Is refinancing the right move for me?
That is a great option for you to save money and not have closing costs. I would not hesitate to do that. It sounds like he is shooting things straight.

Should I refinance into a 15 year or 30 year?
I would recommend refinancing into a 15 year loan. The savings per month will be significant and you are already used to paying a higher amount based on the fact that you have paid off 40% of the loan already. The rate for a 15 year would be in the low 3's. Grab that low rate!