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Stephen McWilliam's Answers


i have a mortgage and HELOC with the same CU. is it possible to refinance just the mortgage
It will depend on the value of the property and the mortgage amounts. If there is sufficient equity and the CU is willing to cooperate in subordinating their HELOC to a new first mortgage you shouldn't have an issue. However, absent the equity and/or the CU's cooperation you will be required...
Mortgage Debt Relief
The available equity in your home will enter into this equation. Also, what your current interest is compared to what you will obtain and your credit score will also play a major factor. If your concerns center around credit card debt consolidation you would most likely be best to work with a legitimate...
debt relief
The available equity in your home will enter into this equation. Also, what your current interest is compared to what you will obtain and your credit score will also play a major factor. If your concerns center around credit card debt consolidation you would most likely be best to work with a legitimate...
I wanted to fix my debt through refinancing my mortgage what do you think
The available equity in your home will enter into this equation. Also, what your current interest is compared to what you will obtain and your credit score will also play a major factor. If your concerns center around credit card debt consolidation you would most likely be best to work with a legitimate...
Refinance a rehab house for cash out
An appraisal will be required and maximum allowable loan value will be based off of that valuation. Your current credit, income and debt service will then determine what the actual allowable loan limit.
Buy cash then cash-out refinance, IRS requires within 90 Days, Banks insist on six months?
Even though you own the property the transaction should still be considered a purchase, not a cash out. Your funds for the purchase will need to be sourced. Also, i would presume from your post that this will be owner occupied. Investment properties can be refinanced at anytime and the associated...
Can I get a HELOC with only 40% equity in my home?
Sound very possible. I would recommend Brightstar Credit Union which you can locate on the web. They currently have the best HELOC I have noticed in the market. Alternatively, you can probably do a cash out refinance. If that's of interst please conact me directly at 954-449-1767or...
How much does a co-signer affect my mortgage?
The lowest middle credit score of all the borrowers will be utilized for pricing and underwriting. Additionally, the combined income and assets will be the basis for determining the debt to income ratios. Please feel free to contact me directly at 954-449-1767 or...
Best way to repair credit for mortgage
This will depend on why your score is only 564. I would suspect charge offs, collection items are presently effecting your score. You should work with a qualified credit repair company. Should the scores be impacted because of high utilization you would be best to pay your balances down which should...
Does Harp 2 have a special application to fill out?
Freddie Mac HARP2 has been released and it excludes those that received a modification. Fannie Mae's program is scheduled to be released shortly but will most likely have a similar exclusion. Depending on your specific situation you should check with your current mortgage Servicer in order to...
Interest rate based on LTV rate with new Harp 2 program
It depends on who the investor is, Fannie or Freddie. Please call me in Fort Lauderdale because we can provide you with the without appraisal charges if a Fannie or Freddie product. Steve McWilliam 954-449-1767.
Are there any lenders participating in HARP 2.0 in Florida area?
Under HARP2 the LTV will matter to the point you're attempting to change servicers. In that case you're currently limited to 125% max LTV and it must be a Freddie Mac product. Progam guidelines for Fannie Mae and revised Freddie Mac are expected as early as next week. If you need more specifics...
Can't find a lender to refinance with harp 2.
If it's Fannie Mae we can do 150% LTV. We are located in Fort Lauderdale. Call me at 954-449-1767 to discuss further. Stephen McWilliam.
Are banks offering conforming loans at 90% LTV?
Yes, we actually can do up to 95% LTV conventional. Please call me directly at 954-449-1767.
Can i get 100% financing for a home mortgage
Only VA and USDA loans will do 100% financing provided it is your primary residence.
Looking into a Harp loan in Florida. Origination fee seems high.
We are located in Fort Lauderdale. Please send me the proposed GFE and/or worksheet and I can provide you with more specific information. On the surface it appears high but we would need additional facts. Fax 954-449-0283. Steve McWilliam, PH: 954-449-1767 SMcWilliam@FloridaStateMortgageGroup...
Am I being scammed?
That's a common scam. Tell them to send you $7605; $8000 net $395. You then owe them $8000. It won't happen but they will know you're onto their scam.
Fannie Mae Harp 2.0 Refinance in Florida
It may not be LPMI but rather SFMI (single financed MI). In either case you need to contact Triad to obtain a list of lenders with whom they're working with on HARP 2.0 refinances.
I had a home built almost 7 years ago. I got married almost 6 years ago.
For what purpose are you trying to add him? Are you attempting to refinance? If so, we would need to know the current mortgage balance and terms.
Is it true that I cannot obtain a loan for a home that the seller has owned for less than 90 days?
Not true, there isn't any such law. There may be a lender specific requirement but there isn't any such law. Valuation may become an issue if the Seller is attempting to sell at a substantial profit. Please contact me directly to discuss your options Steve McWilliam 954-449-1767...

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