About Bret Temple Expertise I can answer any question that pertains to Real Estate Finance, both in Residential and commercial Real Estate. This includes questions on Financing the purchase of a new home, refinance, debt consolidation, 100% Financing Loans, FHA, VA, and pers/Sters Loans as well just to name a few.
Experience I have over 10 Years in the Mortgage Lending Field, working as both a Banker, and now currently owning my own Mortgage Brokerage Firm. I specialize in working with Family Law Attorneys, Estate Attorneys, and First Time Home Buyers, although I don't limit myself, and welcome any kind of client in need of financing. Because I also Interned at Merrill Lynch, I have thorough knowledge of Financial Planning and utilize that knowledge when helping someone to find the proper loan to suit their needs. I am also qualified to assist clients in credit counseling, at no charge to them at all.
Organizations Southland Regional Association of Realtors
Education/Credentials Bachelor Degree in Business Administration (emphasis on Finance)
California State Real Estate License
Awards and Honors Highest Producing Agent 2004, 2005, 2006
First of all, I sincerely thank you for any help you can give.
We have a mortgage balance of $120,000 on our Westchester, NY condo with a
value of around $525,000.
We had a successful business that quickly became a financial drain as business
dried up. We had to close the business and go back to work for another
company, but not before our credit was hit hard (down to 500's) by the failed
business and severely escalating CC interest rates (23% on $40,000). :-(
Our household income is now a gross of $150,000/year and we are suffocating
under the high interest rates. We tried our Bank of America local branch for a
home equity loan about a year ago and were turned down. :-(
We would like to get a home equity loan of $80,000 to pay off the CC debt and
purchase a single car to replace our soon to end leased car. We used a broker to
get our original loan and wonder if it is normal to use a broker to find a fair
home equity loan. Can one even gat a home equity loan with a 500's credit
rating?
Thank you (painfully),
Marc
Answer Hi Marc,
First of all I'm sorry for all the financial difficulties you have been going through. Unfortunately even going through a broker won't help you with the low credit score. The one thing a broker has access to is "Hard Money Lenders" but they charge a fortune in fees and rates, and I'm sure that's not what your looking for. Today's lending market really has no sub prime market. You might however qualify for an FHA refinance loan. FHA is not a credit score driven loan. If you can qualify with proof of your income, you might be able to pull enough cash out to pay your debt off and have some extra for whatever you need. From what you wrote, you have a lot of equity. So use that to your advantage right now. FHA rates are still excellent. Good Luck, and let me know if you have anymore questions.
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
