My ARM is resetting in Sept 2010. I am at 5.25% now. Should I let it become variable at that time or should I refinance now?
I would suggest you take a very strong look into refinancing if you plan to stay in your home more than 2 years. Though current indexes are very low and thus your rate may not adjust upward (and could actually go down) if you allow your ARM to go into its adjustable period you will be subject to changes from...

I received an inheretance of 60,000. What would happen if I use it to pay down my mortgage/
some lenders will allow a one time principal reduction and then modify the loan note to adjust the payments downward. This will depend on your loan servicers policies. You should contact your lender and see if they are able to do that or not. If not you would need to do a full refinance. With rates being as low...

What is the best type of short term loan. 3/1, 5/1 or 7/1? is there a sweet spot? for example 5/1 i hear is the most common and hence "best value" comapred to other 2. is that correct?
I have found the pricing on a 5/1 ARM is the same or better than the 3/1 ARM so if your time horizon for a new loan is within a 5 year timeline I would recommend going with a 5/1 ARM. If you can get two extra years with little to no added cost in rate or fees why not. If you look at my rates you will see the rates are...

Can I refinance my home if it is owner financed
If I understand your question correct the answer is yes...most likely. If you purchaed the house and the seller acted as the bank you would be able to treat a new loan with a 'real' bank as a refinance. If the refinance were to be done within the first year most lenders will use the lower of the sale...

What gives? Where and what should we be looking for?
I dont see many USDA loans in Seattle, but you should be able to do an FHA 203k "Streamline" loan. The 203k Streamline allows up to 25k for minor repairs..nothing structural...which should work for what you need. Sorry you are getting mixed mesages. Hopefully you will find a good broker in your area.

We currently have a balloon mortgage on a Chicago investment property, and this mortgage is up on 3/18/10. I'm searching for the lowest commercial mortgage rate. We were going to sell this property within the last year, but due to property values have decided to hold onto it for a little while. Any advice?
If this is a residential investment property you wouldnt need to get a commercial loan. I dont do commercial loans so I wouldnt have an answer for you on that type of property. Some Balloon products have an automatic roll over if you havent paid it off in before the balloon date. You should read your note to...

WHat are the advantages of going with a broker? Would it not be cheaper if I go directly with a bank?
Brokers do offer (on average) faster turn times and lower rates/fees than you will find working directly with a bank. Though we do work as a 'middle man' as mentioned in Jeffrey's response we are able to shop a variety of banks for the best rate and program for each client. Many banks have...

WILL I BE ABLE TO GET MORTGAGE WITH A 400 CREDIT SCORE
Neil. Paul is correct. You will need to work on getting your credit cleaned up and have a score over 580 to qualify for an FHA loan. The days of anyone gets a loan are over. The sooner you work on repairing your credit and establishing a better payment history the sooner you can get that loan you are looking for. ...

Upside Down!
Yikes. I know you must be concerned about your situation, but the only real option you have is to work with your current lender on a loan modification. There are a lot of folks out there willing to take you money and offer to help with a loan modification, but you can complete the paperwork yourself and your...

Washington Mortgage Law?
Tom. We live in a community property state...not a common law state. A lender will allow you to qualify for a loan in just your name, your credit, and your income. Of course you would need to qualify for all your debt and any joint debt that is on your credit report, but otherwise you could get the better rates...

Rate with %40 down
Tough one. There are some portfolio lenders out there doing 'stated' income loans still, but not many. Lenders currently use tax returns to determine income for self employment income and unearned income (dividends/interest) which means you wont have much to work from based on your...

LLC Partner
Typically no. The owners of the LLC would have to be co-buyers with you and vesting would be in their personal names. You could quit claim to the LLC after closing, but I dont know what advantage that would offer.

ARM or another 30 year?
Marty. Rates on the 5 year ARM are super low right now. I would say go with the ARM if you are the type of person that sticks with their plan, but I agree with the other answer...you may want to go with a 7/1 ARM to allow a little extra time in case the market is slower to recover than you anticipate. The 10/1 ARM isnt...

First time home buyer with several questions in Seattle WA
Happy new year...and congratulations on your decision to buy a house while rates are low and prices are affordable. I will do my best to address your questions. 1. Since your wife has been in school the past few years the gap of employment wouldnt necessarily be an isse, but she would need to be working in the...

Cash out on two properties in Spokane
Enter your answer heremost lenders will not cross collateralize a their loan (loan on multiple properties) so you will likely need to take out two separate loans if you need more money than one will provide. If you are occupying one of the homes it woudl be best to use it first as the rate for an owner...

Freddie "open access"
Mike. I do, but the Freddie Mac program is a bit more limited on what I can do than Fannie Mae. Who is your current servicer and what are the terms...loan amount, rate, and value?

can a semi-recent divorce count against you in loan qualification?
no. A divorce itself isn't considered in underwriting unless there is child support or spousal support that is required and then it would count toward your debt to income ratio.

What is my best option?
given your scenarios the first option would have some sort of either borrower paid or lender paid mortgage insurance...it would be ideal to put at least 20% down if you are in a situation where you could possibly put down as much as 50%. There is no real advantage to put more than 20% down unless you go all the...