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Yvette Jenkins's Answers


Ch13 Dismissal, Refinance Possibilities
If your appraisal does come in at $150,000 your maximum loan amount will be $120,000. (80% of your loan amount) You will not be able to borrow above this 80% because your credit score is too low for Private Mortgage Insurance Underwriting Guidelines. This means it is likely that you will have to cover...
What factors should I consider when comparing mortgage lenders?
When shopping for a loan you need to compare the rate and the amount of closing costs you will pay. Some lender's win you with a low rate but maybe charging you extra closing costs to get you that rate. Paying points up front is not always a bad thing, but the lender should be able to ell you a time frame of...
Can I get a residential mortgage rate on commercial property used only for primary residence?
Mixed use properties must be located in a residential neighborhood, be primarily residential in nature, and must be typical for the properties in the market; represent a legal, permissible use of the property under the local zoning requirements; 1 unit Primary Residence; if used commercially,...
do lenders ever issue pre-qualifications without an official credit check?
Unfortuneately a pre-qualification or pre-approval is only as good as the loan officer you are working with. Typically a pre-qualification is just a starting point. Basically you tell the lender this is your income, assets, and credit score and the lender can give you an idea if you would qualify for a...
Mortgage on a rental property
Sometimes lender have a minimum loan amount or they will charge an additional fee for smaller loan amounts. I work for Johnson Bank, www.johnsonbankmortgage.com/yjenkins, and we will allow you to do any loan size without charge additional closing costs. The good news is that you have owned the...
will PMI differ depending on the lender?
They are many factors that determine the cost of private mortgage insurance. You should select a lender that will take the time to compare many programs types including some programs without PMI and help YOU make the decision of which program is best for you.Yvette JenkinsJohnson BankNMLS...
I currently have a credit score of 747 and my interest rate is still higher than the local average. Why?
Hi Derek,There are many things that can determine your final credit score on a new mortgage loan. How much down payment you will have, are you buying a condo, are your doing cash out, and are you buying a 2 unit or an investment property? All of these things MAY increase the closing costs a lender has to...
could i get construction financing with 95% LTV anywhere?
I can do a construction loan with only 5% down payment (95% LTV) We have an excellent construction loan programs at Johnson Bank. Our construction loans are also convertible to fixed rate financing. Just one closing and more importantly just one set of closing costs. Please contact me for more...
Can lenders give rate quotes and then increase even though nothing has changed?
There are a lot of variables to this question. First it would depend if you locked in your rate with the lender. If you did you should have a rate lock commitment in writing. As long as you lock within the rate lock period written on your rate lock commitment your rate should not change without some change of...
switched jobs - going to matter for loan?
You should not have to wait to apply for a mortgage. It would be different if you were going from a non commissioned position to a commissioned position, but since we can document your base income now you should be fine as long as you are not in a probationary period. Yvette Jenkins: NMLS ID 455918...
Buying condo versus single family
A condominium may be slightly more expensive depending on your down payment. If you have less than 25% down payment you will either pay higher closing costs or a slightly higher rate than the single family home. The condo association will also need its own approval. The lender will be looking to see if all...
My house will be paid off this October 2014 would like to get a equity loan to do repairs to my home how can I go about this??
You would want to consider how much you plan to borrow. You can either do a cash out mortgage loan or a consumer line of credit or a consumer mortgage equity loan. The rates are usually lower on a mortgage loan, but you will pay a lot higher amount in closing costs. On a consumer loan the rate might be slightly...
having 690/700 credit make a big difference?
WHEDA is a conventional option that you may also qualify for. No additional closing fees or rate increase on a WHEDA loan with a credit score above 660. There would be no difference in the cost of Private Mortgage Insurance either between those two scores. Yvette JenkinsNMLS ID 455918Johnson...
Does fannie mae have a cashout refi loan program
You may have a few options for the cash out that you are looking for. You will want to look at refinancing your current loan and taking cash out against just taking out a home equity loan. Your final decision should be based off of the current rate you are paying on your existing mortgage and the closing cost...
Can we get cash out of our home even though underwater? :(
You most likely would not be able to cash out money on your home if you do not have any equity in the home. I would suggest visiting a local housing counseling agency for help. Here are a few: Neighborworks of Greenbay 920-448-3075, Catholic Charities Diocese of Green Bay, 920-272-8234, CCCS of...
As a first-time homebuyer, how do I make the loan process less confusing?
As a first time home buyer I suggest you sit down with a loan officer that gives you all the time you need to understand the mortgage loan process. My office is down town Appleton and we can sit down together and go over all the first time home buyer programs and compare them against each other and regular...
Can i get another mortgage to buy a income property?
Most places require a 20% down payment for investment property, but pricing improves quite a bit with a 25% down payment. Yvette Jenkins, Johnson Bank, NMLS ID455918, 920-225-5534.
looking for Wisconsin first time home buyer programs ?
Make sure you find a lender that will compare first time home buyer programs (WHEDA is an excellent program) with other programs too. Just because your are a first time home buyer doesn't mean a first time home buyer program will be your best loan option. It all depends on your down payment, credit score,...
Banks don't offer "pre-approval" anymore? Only "pre-qualification"? Why is this?
We will do a pre-approval at Johnson Bank. You can apply at johnsonbankmortgage.com/yjenkins.NMLS ID 455918Yvette Jenkins920-225-5534
Single parent in need of assistance with a down payment. Would like to talk to someone to see what programs are out there
There is grant money called Down Payment Plus. They will give you $6,000 for down payment that will be fully forgiven after 5 years. You would still need to qualify for the mortgage as well, but there are many low down payment loan options in which the $6,000 would easily cover. To receive the grant you do...

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