Sell before purchasing a new property?

My family and I are renting in Naperville IL. We plan to buy a new home here but we’re not sure if we qualify. Our budget is for a 450k to 500k home and we can put down at least 10%. Credit scores fro...

Mortgage for College Tuition

I have lived in our home for the past 10 years and I’m seriously considering getting a mortgage to finance my son’s college education. Do I apply for a HELOC or cash out refinance?

Closing a loan for a new construction home

I just signed a contract to buy a new construction home in NJ. We are 6 to 8 weeks from closing so I asked my lender what rates are and what it would cost for a rate lock. He gave 2.625% on a 30 year fi...

Condo in escrow

I have an investment condo in escrow and I’m stuck at what to do next. The buyer applied for an FHA loan but didn’t qualify because of HOA not meeting FHA requirements based on reserve requirements ...

Newbie in REI

I am into real estate investing and I plan on a cash out refinance for a rental condo. I want to know if the condo association is not FHA certified? I am concerned that I may lose a good deal on a renta...

Need help with our situation

We have a home under my parents’ name as parties of the first part(Grantors) and my parents’ name plus my name as parties of the second part(Grantees). We got the first loan under my parents’ name...

We bought as joint tenants, in 2010 I signed a quit claim deed but he st...

Buying a house after changing careers

We live in Virginia and have been staying in our home for 3 years now. This is our first home and I recall that when we got the loan the lender was concerned with our income and job history. I recently ...

Do I need to pay PMI?

I can afford to put down 20% for a new studio apartment in our area. Am I required to pay for PMI in this case? I heard that you usually pay for PMI to protect the lender, is this true?

Should I get pre approval first?

My credit score is 591 and I plan to apply for an FHA loan soon. I have no late payments on my debts for the past 2 years with $7k savings that I plan to use on closing costs and other house expenses. I...

Loan approval without loan verification?

My wife and I are looking to refinance our home wherein we have built around 50% in equity. The problem is we are both self employed and we want to know if we can use the last 2 years of our income tax ...

Fixed vs ARMs

This is my first time buying a home and I want to know the qualifications for fixed rate mortgages versus ARMs. Are interest rates higher for FRMs? Is it true that more income is needed to qualify for t...

Buying a fixer upper

My wife and I have fallen in love with a property in a town we want and on a nice piece of land. It’s a fixer upper since it was owned by a woman who lived there for 10 years and wasn’t able to main...

Buying a home after a divorce

I have an eye for a lovely home worth $500k. I can afford a $350k down payment but I have no documents for a loan since I am currently unemployed. I have a 20 year track record of good income. I just go...

Sell or get a 2nd loan?

We currently own a home and are selling it to buy a new one in Missouri. It sits on a 40 acre lot with a pond with an asking price of $200k. Should we get a 2nd loan to buy a new property or wait for ou...