Monthly Payment
Current rates today have improved this week. Assuming you are putting 15% down, the mortgage amount would be 195,500, at a current rate of 4.875%, your payment is $1034.60. Add $56 per month for Mortgage Insurance. Your principal and interest and Mortgage insurance payment is $1,091.48. Add the taxes and...

Co-Signer Passed Away
As long as you are making the payments, the lender will not care that the co-signor has passed away. A few question for you in order to best help you. You say you are not secure enough, was the co-signor helping pay the mortgage. Also, the insurance didnt cover the co-signor, what does that mean? Typically,...

How do I refinance
Give me a call, my name is Matt Baker. My business model is a flat fee. So I am always honest and upfront and can analyze your mortgage options, to see if there is any benefit. Rates are low, so depending on your needs we migth be able to save you money. The big question I always answer and not many loan officers do...

Want to stop renting
Michelle, I am a local AZ licensed loan originator. I do something different that you probably will find refreashing. I offer a flat fee loan. You are getting one loan and I offer one lender fee. There is no B.S. or confusion added. I offer upfront advice on what is best for you. I would be happy to discuss and give...

For how long will a foreclosure affect my credit?
You credit will start to rebound after about two years. If you are up to date on all other bills and have a good pay history your credit could make it back above 620 in order to buy a house. Usually for FHA you can buy a house after 3 or 4 years depending on the circumstances. If it has been 6 years, then that opens...

I want to refinance
I wish people would check there facts before replying on this system. It is true... You can't do a streamline refi w/o Appraisal and reduce the term to a 15 year. You can't do a regular refi becuase your property is under water. So the only option is to Rate and Term refi the property and do a No...

So whats my next step? how do I get started?
You need to speak to a mortgage professional in your area and start the qualification process. You want someone who will spend the time with you to analyze your debts per month along with you current income. You meet FHA guides in regards to credit score, so you want to go to someone familiar with FHA...

Is this a good deal? can anyone out there do better?
What state are you in? I only charge a flat lender fee and offer the lowest wholesale rates available. You can find a better deal.

Taxes?
Nope, you are good.

Can someone predict how long the rates will remain this low? My property value is still not where I can get a refi, but how long will this good thin
It is impossible to predict how long rates will remain low. But any positive outlook in the econoomy will push rates higher, that is certain. When that comes is another story. Check with your local mortgage professional, you might qualify for some of the programs out there for people with little, or No or...

Hello, we are currently looking to by a home. The home needs some updates but, we are being told that the lender (s) no longer allow for repair credits by the seller at closing? This is something new. How do you get new carpet or replace out dated forms after closing?
If title dispurses the funds directly for the repairs. That can be done. You are no longer allowed to get a credit back at closing for the repairs and do it yourself. That would be considered a sales concession, and lender will take that amount off the sales price. Although it can be more cubersome, but if you...

Do you offer 20 year mortgages?
Most lenders offer the 20 year loan. However currently the way the yield curve is the rates on a 20 year closely mirror a 30 year. There is not much difference or benefit. It is almost better to get a 30 year loan and make 20 year payments. That way if some months, i.e. holidays you dont want to make the payment on a...

mortgage after bankruptcy and foreclosure
The minimum waiting period is 24 months. Fha allows for that with a good letter of explanation. there are some hard money (private money) lender, that will lend on the property more than your credit. But rates on those aren't great. They can offen be above 10%. IF you did that most lenders have at least a...

Foreign Income.......Can I qualify ( good credit)
The short answer is YES. However it is predicated upon whether you file US income taxes. If you file your income with the IRS, as you should since you are a US Citizen than Yes. i am acutally working on a similar loan for a client. I am licensed in CA and would be happy to help you. Thanks

FICO 650....Can I get A Loan
I am in AZ, but FHA which is the government program that allows a 3.5% down payment with a credit score 620 or higher typically. So you are fine with the credit score. Of course they are gong to want to review the credit to make there are no issues, if there are you will need to address them upfront once your...

We did not want to end up with a super jumbo loan which would come out to $800,000. We have been making accelerated payments on the first and when we took out the second we had planned to have it paid off within two years. Unfortunately, the job we had earmarked for the second delayed and postponed the project.
I am not entirely sure the question. Are you looking to restructure your loan down away from the Super Jumbo loan amount?

i HAVE ABOUT 85% EQUITY IS REFI POSSIBLE?
Yes you can but mortgage insurnace will be required an any loans over 80%. Rates have drastically improved so there is still a possibility that their is a benefit.

Home Equity Loan Same As Cash?
You can use a Home Equity loan for anything. It is your equity and therefore your money. One caution, is a lot of bank are starting to freeze unused portions of equity lines, as values diminish. Make sure you check with the Home Equity lender to insure your funds are good and no plans to reduce the line. As for...

Should I refinance?
You need to definetly check values Also, what county/state are you in? Some states limit coforming loans to 417k. Today is the day to look at refinancing, even if you decide not to, now is the time to explore options and make sure you are maximizing your current financial situation. A 15 minute phone call...

Do I qualify for fha?
I can definetly help guide you on the right path. Email: matt@approvemefha.com. There are a few questions that need to be answered and then we can guide you to a new home purchase.