Why would anyone do a 15-year fixed mortgage?
There are several reasons why a 15 year fixed mortgage might be right for you. If you are within 15 years of retirement and you opted for a 15 year fixed loan your home would be paid off upon retirement and you wouldn't have that large expense to pay monthly on a fixed income. You would have more...

FHA question
I would stick to a standard FHA home loan instead of a 203k rehab loan. Not only will you get a better interest rate and lower monthly payment by doing so but you will not have all of the extra stress that comes with this type of transaction on your first home purchase.You might have to look a little bit longer...

This is what the mortgage lady told me... what do you all think?
I would steer clear of any ARM products right now since fixed mortgage rates are at or near their lowest levels ever. To answer your question "Is there anything that they can do to not allow me to refinance when the rate goes up?" The answer to this is yes, you could be prevented from...

Can I contact a bank before an REO goes on market?
Yes, you can contact them directly but remember that if you purchase the home before auction and the home doesn't sell at auction you will more than likely be able to buy that home for thousands of dollars less than the auction price. Every neighborhood and home is different though. I would...

Do any lenders count rental income in qualifying for a second loan?
You actually still can use your rental income to qualify for your other purchase. As an example, if your mortgage payment is $1000, you are able to utilize 75% of that payment or $750 to offset your debt to income ratio. You do want to make sure though that you have a valid rental agreement in place and that...

What documents are needed for Patriot Act compliance
You will want to make sure that you have a valid state id, drivers license or passport and update your drivers license and/or state id with your correct home address to comply for the bank.

How much home can I really afford?
If you currently do not own a home and you are looking to buy a home as your primary residence, the 2 best options would be to do an FHA purchase with 3.5% down or a conventional purchase loan with 20% down. Since you will be having 3 colllege students in the next 5+ years I would probably go the FHA route. The...

When government stop buying mortgages is when the rates go up. Is that true?
Yes, that is correct. The United States Government is the single largest purchaser of MBS's. (Mortgage Backed Securities) History has shown us that without the Fed's purchase of the MBS's, the 10 Year Treasury note yield has increased significantly. This is true right now. Mortgage...

Do I have any chance of getting FHA/HomePath or similar financing?
There is a really good chance that you can get approved for a home loan. The collection on your credit is almost 4 years old and since everything else is current, your chances are even greater. Feel free to give me a call for a phone appointment (Brian 602-688-1339) or you can log in to my website and submit a...

Is there really a government program to help with refinancing? I keep seeing banners on yahoo about that. if so, what is that program all about?
Yes, there is. The Freddie Mac Home Affordable Refinance Program is the best program that I've seen the government roll out so far to help ailing home owners refinance their mortgages into a new home loan at a lower mortgage interest rate. This program is available to individuals that own a single...

can you still get a va loan after you have declared bankruptcy!
Yes, but depending on what type of bankruptcy you have there is a different length of seasoning before you are able to get a home loan. You are able to get a VA loan 12 months from your discharge date on a Chapter 13 and 24 months from your discharge date for a Chapter 7. In the cases of short sales, deed in lieu...

i'm am looking to refinance with cash out & closing costs wrapped into the loan,also fannie mae home style renovation program
Charles & Kelly,Please call me at 602-688-1339 for your complimentary home loan consultation or double click on the link below to fill out a secure loan application on my website.http://www.bncnationalbank.com/scottsdale/besquivelWhat Makes BNC National Bank different from other...

Will I qualify for the FHA loans?
It is very possible. I have closed some loans recently with a very similar scenerio from the one that you explained above. We will just need to add in your mom's credit, income and debt including any mortgage(s) that she currently has with your same info. You will need to submit your info as the...

A pre-approval question regarding credit scores and income..
Hi Susan184,There are two ways that you could approach this. First, if you want to utilize the tax credit we would run your fiancee for approval as a single applicant first to see if she can qualify on her own as a first time home buyer. If that doesn't work then we would put you both on the loan...

I am 68 and need a reverse mortgage to save my home from foreclosure--don't want all equity..Aggie, 720-244-1163. Thank you.
Hi Agnes,There is a good chance that this could work for you depending on your current equity position in your home. Also, depending upon your current rate, you might be able to save some money by doing just a straight refinance at today's low rates. Please log on to my secure site and complete an...

Refinance after divorce
I can give you a complimentary mortgage analysis to decide if refinancing your second mortgage by itself is more beneficial or if combining the two loans into one at today's low rates is better. Please double click on the following link to submit a secure home loan application. http://www...

Do I have to be married to be on the same mortgage as my girlfriend? What happens if we break up?
Hi Ray, No, you don't have to be married to be on the same mortgage as your girlfriend. You can both be on the application and consequent home loan. However, if you break up someday, you are both personally liable for the loan that you took out and this could make things complicated if you both...

Questions about PMI and reserves
Hi Sam, regarding your PMI question, once you have 20% equity in your home through principle reduction and or value, you would no longer be required to pay PMI. If you were to actually order an appraisal and provided the appraisal to the bank that is servicing your loan and your loan to value is at 80% or...

Can I get a home loan with this circumstance?
Hello mlaster, I think that you have a good plan put together and I would love the opportunity to help get you into a home. Your credit score should increase after the auto and home loan are paid in full since these installment debts have not been late and they will have a zero balance. You will be able to put...

Obtaining A Mortgage after Chapter 7
Jacob, that is a good question that has came up a lot recently for me. Unfortunately, all banks will use the lowest mid score of the two borrowers as well as the credit profiles for each applicant so you will have to wait the 2 years from the discharge date of your chapter 7 before buying another home. If you...