203K loan rates/points for a 500K loan with a 760 credit score? ballpark numbers please. thanks.
Rates/points are going to be very similar between lenders. However, be aware that only about 5% of lenders do the 203K and about 5% of them do them well. I specialize in the product and would be happy to send you any specifics you may want to know about the loan or our process. My company originates, funds and...

Is it worth it to refinance in my situation?
Emily, My honest opinion on refinacing is that I do not know if it is a good idea or not for you, or anyone, until the numbers are calculated and your goals are discussed. A great rate with high costs CAN be a good idea if the borrower is staying in the home forever and has a low fixed income. Conversely, a...

Can I really get pre-approved for a loan?
Your question clearly indicates some confusion in the mortgage process. I am a HUD certified First Time Home Buying Consultant and believe in educating consumers so they are empowered to make correct decision in the mortgage financing process. Getting a preapproval is fairly simply...finding...

How low is too low for a loan approvable credit score?
How low is low? Accurate responses, for the most part. What is missing, however, is that lenders who are doing the very low scores are also charging several points for the priviledge. Consider low credit scores the new "subprime" loan market. You really need to do think it over whether paying...

Does it cost to take equity out of my home?
You have several options available to you: Cash out loan, equity line or FHA 203K renovation loan. Rates are so low I do not think you would go wrong with choosing any of them; however, it would be frivilous of me to recommend one over the other without knowing the specifics of your situation: Credit...

146 Canon
Jill, Unlike a mortgage, you qualify for any lease purchase a seller is willing to enter into with you. There are no rules governing a lease purchase. I can tell you, however, that very few lease purchases ever come together for the buyer...usually the seller ends up with the earnest money, the extra rent...

Does a second mortgage affect my abilty to refinance?
Because of the reduced value of your home you do not have enough equity to refinance both loans. You could try to do a subordination of the second (leaving it in place) to a new loan. Check with a local lender...subordinations can be a little tricky (both lenders have to agree to the process). I think you may be...

Can I sell my house to my wife for $1 and refinance?
The lender is going to be concerned about the seasoning of the title work. If your wife is (and has been) on the title report you will not have any issues. If, however, you intend to "sell" it now and quit claim the deed to her; there would likely be an issue. I could run your scenario past my...

Should I Pay Points?
In the basic view the longer you are planning to be in the home, the more paying points may make sense. However, the short and long term tax advantages or disadvantages may make one approach better than another. I would recommend you work with a mortgage professional who has the wherewithall to provide...

Using my title as collateral for new loan
You could also do a cash out loan and help your parents by being a non-occupying co-borrower on an FHA loan. 3.5% down payment and they can buy any FHA approved condo...much larger selection that the Fannie Mae HomePath loan. BYW, parents can buy the HomePath as owner occupied with 3% down payment (10% is for...

Should I do a cash-out refinance for home improvement?
Maybe, maybe not. Maybe a 203K renovation loan would be a better option. Meet with a local mortgage professional who specializes in renovation loans to discuss your options. Here's the reason why: Very few lenders/mortgage consultants are proficient with FHA 203K loans. And, if they are not, the...

Can I get a mortgage if I am a Pre-Diem Nurse? I have been Pre-Diem for 18 years since I got laid off. I use to be full time then there was a lay off I got hit so went out on Pre-Diem and found that I could make it making my own hours and have done so for the past 18 years. Does that hurt me in the mortgage field and will I pay a higher mortgage rate? Thank you Angela
Angela, It should not impact your qualification negatively as long as your credit scores are good and your are not writing off a lot of income on your tax returns. Set up a meeting with a local mortgage professional to discuss your options. Do make sure they understand the basic concept of your...

What is Lender Credit? How does it help? What are disadvantages?
A Lender Credit is derived from raising the interest rate from "par" pricing (zero point) to include "rebate pricing" in order to assist with the closing costs or prepaids on a loan. For instance, if a 100K loan had a "par" price at 4.25% and the client did not have...

Property Price 570000, Loan Amount 541500. At 5 % Downpayment FHA based, 30 year fixed at 4.25 APR, our lender is willing to offer us lender credit of 8000 towards the closing costs. The closing costs are approx. 18000. How does this deal sound? Any thoughts, suggestions?
On the surface, everything looks pretty much in line...except the closing costs. Have you seen a Master Settlement Sheet from your Escrow company? Most closing costs on a purchase seriously come from others than your lender, but I am not sure these number add up correctly. Is the 8K coming off the 18K? If...

Is the PMI, MIP and funding fee always included in the loan amount?
No, if you have an exceptionally generous seller and they contribute the maximum of seller contributions, there may be the opportunity to use those credits for covering all or some of the the PMI, MIP or funding fee. It would, however, not make much sense for a consumer to pay these fees out of pocket...the...

I'm self-employed, can I get a mortgage?
Seasoning of self employment is only a small portion of the analysis of whether or not you will qualify for mortgage financing. Income (net, not gross) is usually the biggest stumbling block Most self employed people tend to write off every possible tax deduction open to them. This is a great idea;...

Home Purchase/Upgrade Question
There are several options open to you; however, none of them will be simple. It may take some time and considerable documentation on both your part and your chosen mortgage professional. Certainly, you do not want to start looking for a new property until your current situaion is resolved.First, let me...

Can someone explain discount Points?
Points: 1% percent of the loan amount (can be either discount or origination)Fees: Closing costs associated with your lone (title, attorney, appraisal, etc).Origination: Payment to the Mortgage Professional AND lender assisting with yoru financing (your mortgage consultant gets only a...

Stick with my current lender, or go with a new one?
That totally depends on who your current lender is. Big bank? I would say there is no benefit to staying with a big bank. Staying with a mortgage consultant who has worked with you and knows you and your goals...now that makes sense. You are going to need to completely re-qualify for a new mortgage anyway. Go for...

Who are the major players that are giving reverse mortgages in Salt Lake City, Ut.
A reverse mortgage may well be the best option for your parents. I do not loan in NV; however, have an excellent referral for you. Karen Rayfield used to be a Director of Reverse Mortgages at my company...and she did the national training when I joined the company. In my 25 years in business I have never met...