| Subject | Date Asked |
|
| home buying. | 9/20/2009 |
Q: is it possible to find a first time home buyer loan for more than the purchase amount? I.E. to pay ...
A: No. Your mortgage loan is based on the lower of either the sales price or appraised value. Adding ...
|
| mortgage. | 7/27/2009 |
Q: My fiancee's parents decided they do not want their home anymore. They owe (rounded up) 70,000 on ...
A: If you are "purchasing" the home, you cannot get cash back. If you are on title and refinancing to ...
|
| Financing for Home in Midst of Remodeling | 7/26/2009 |
Q: We are first-time homebuyers considering buying a foreclosed house that is in the middle of being ...
A: Garrett, I recommend you discuss this with your Realtor and local loan officer for specifics. I ...
|
| Escrow on Home Mortgage. | 7/25/2009 |
Q: Can a mortgage company set up an escrow account without your permission? Or is this something that ...
A: Sandy, It depends upon the loan program. VA & FHA loans require an escrow account be set up with the ...
|
| mortgage for ssi recipients | 7/6/2009 |
Q: Me and my mother rented a home that turned out to be heading for forclosure. the lady renting is ...
A: Chris, 1) Contact a mortgage loan officer to find out available grants - every state and select ...
|
| short sale | 6/8/2009 |
Q: We are attempting to purchase a home that was sold to a liaison on short sale by the lender. Our ...
A: Charlene, This is not everyone's rules: 1) Your lender has it's own rules on "flipping" properties, ...
|
| Buying a Condo in Hawaii | 6/5/2009 |
Q: Aloha Brian, My husband and I are interested in buy a condo in Molokai HI. The problem with the ...
A: Chevy, Condotel is a condominium unit that has a rental office that allows units in the building to ...
|
| want to get rid of PMI | 5/25/2009 |
Q: My wife and I have a ranch home that she bought in 2003 and borrowed 93,000. The home sale price was ...
A: Joe. The easiest way to get an answer to your question is to call the customer service phone number ...
|
| mortgages & ex-wife | 5/18/2009 |
Q: my ex-wife and i recently divorced and she stayed with the house. Is there still a chance i can ...
A: Julian, The only way to get your name removed is if your ex-wife refinances the mortgage in her name ...
|
| loan | 4/30/2009 |
Q: I want to purchase a vacant lot near my home. What type of loan would I apply for?
A: Cindy, The type of loan you are requesting is a "lot" loan. Normally, this type of mortgage ...
|
| Is it possible to refinance an investment property in this market? | 4/22/2009 |
Q: My husband and I bought a house intending to rent it for a few years and then tear it down and build ...
A: Margaret, I recommend talking directly to Citibank to see if they have any options available to you. ...
|
| gifting money | 3/18/2009 |
Q: My sister asked if I could borrow money on her behalf for a down payment for a home purchase. Her ...
A: April, The down payment can be a gift from a family member - you will need to provide a bank ...
|
| primary residence | 1/18/2009 |
Q: I am a former resident of California, and am currently a legal resident of Texas. I am in Texas 5 ...
A: Doug, No, an underwriter will not accept your Colorado residence as your primary residence. All ...
|
| Qualifying for mortgages | 11/18/2008 |
Q: 1. I'll be 63 when I seek a mortgage soon. Will lenders lend to me for 30 years or will I be ...
A: Yes, a married man can secure a mortgage in his name only. However, there are state laws and ...
|
| Can a non-citizen obtain a mortgage in the US? | 8/23/2008 |
Q: I have a friend who is a resident of Sweden. He wants to purchase a propert on the NC coast for ...
A: Bonnie, The type of financing that you friend needs is a "Foreign National" loan. Unfortunately, due ...
|
| Transfer of mortgage | 8/5/2008 |
Q: Yes I have a questions in regards to Quit Clam Deed and transfer from individual to individual with ...
A: Mek, No, it's not possible to transfer a mortgage like you can transfer title thru a quit claim ...
|
| down payment | 5/29/2008 |
Q: i have a mortgage commitment with 5% down, but now the bank wants me to put down 10 right before ...
A: Yes, the bank can do that since the PMI is with a third party vendor. Recently, the PMI companies ...
|
| MORTAGAGE | 5/3/2008 |
Q: I bought a raised ranch in CT one year ago for $265,000 @ a fixed 6.25 rate. I need to relocate due ...
A: Erik, No, you cannot add any amount owed from one mortgage to another mortgage, as a mortgage is ...
|
| Cancelation charges for Home Loan | 1/29/2008 |
Q: I'm not sure if the question has been asked but since I couldn't find the answer anywhere I would ...
A: Norman, I have never heard of such a thing. It could be different in California, but I have never ...
|
| Cancelation charges for Home Loan | 1/29/2008 |
Q: I'm not sure if the question has been asked but since I couldn't find the answer anywhere I would ...
A: Norman, To my knowledge, NO, a lender cannot charge a cancellation fee ~ only charges for ...
|
| Refi Dilemma | 1/23/2008 |
Q: My wife and I are 6 years into a 30 year, 7.375% fixed mortgage with a $197K balance and a home ...
A: Kevin, It may not be as fast going thru Countrywide as it is your current mortgage company, ...
|
| Refi Dilemma | 1/23/2008 |
Q: My wife and I are 6 years into a 30 year, 7.375% fixed mortgage with a $197K balance and a home ...
A: Kevin, Since you received the offer from Countrywide, I will "assume" you make your current mortgage ...
|
| getting mortgage on ssd | 1/21/2008 |
Q: I'm currently collecting social security disability and also have va comp as my only income.is it ...
A: Jeffrey, As long as social security and/or your physican will provide evidence that your social ...
|
| why is principal balance increasing with refinance? | 1/13/2008 |
Q: I have a mortgage of 150,000. Over the past year, I've paid about 2,000 towards the principal, so I ...
A: Kate, When you took out your original loan for $150,000.00, your 1st payment was not due until the ...
|
| FHA loan and Co-borrower | 11/26/2007 |
Q: My boyfriend is interested in purchasing a home in Hills, Iowa for 150,000. It is well below it's ...
A: Liz, Yes, you can get a loan if you don't make enough a month and have a cosigner. The lower credit ...
|
| Mortgage insurance | 11/11/2007 |
Q: What exactly does MI protect? If I have a loan with MI does it protect me if I cannot make a ...
A: Roger, It has no real effect on you ~ it only is a protection for the mortgage company servicing ...
|
| Wanting to sell with two mortgages | 10/18/2007 |
Q: I currently have two mortgages; first $94,000 owed, second, 32,000. The value of my home is ...
A: Heidi, Yes, you are not allowed to sell your house without both mortgage loans being paid in full, ...
|
| Prepayment Penalty Clause | 10/12/2007 |
Q: Brian, Bill here. I am having a MAJOR prepayment penalty dispute, and need a sanity check. Asking ...
A: Bill, Based on the information you provided to me, you have a 3-year prepayment penalty. If you ...
|
| 2nd Mortgage | 9/4/2007 |
Q: I am actually the 2nd mortgage holder on the property that I sold about a year ago. The buyer could ...
A: Will, Yes, I would recommend you get an attorney who specializes in real estate law. 1) Do you know ...
|
| I want to buy a house but I am getting in banckrupt | 6/22/2007 |
Q: I am forced to file chapter 13. My wife not. I am the only source of income in the family (about a ...
A: Hector, Your wife could, most likely, qualify for a No-Doc loan without you. There are loan ...
|
| mortgage loan | 4/19/2007 |
Q: My fiancee's parents are co-signing our mortgage by using their mortgage free home as collateral. ...
A: When your fiancee's parents sell their home in 10-years, any mortgage secured by that collateral ...
|
| HELOC | 3/27/2007 |
Q: Brian I have been quoted a HELOC with a interest lock of 6.75 for three years then goes to prime ...
A: Jerry, I agree ~ that sounds to me to be a GREAT DEAL!! I would recommend checking the total lender ...
|
| mortgage prepaying | 2/27/2007 |
Q: My question is about prepaying mortgages, but not comparing with alternative investing. Let’s take ...
A: Alex, Yes, if you started prepaying on the 13th month, your 14th and subsequent monthly interests ...
|
| loans to buy land and build | 11/19/2006 |
Q: I was told that a person is unable to get a loan to build a house unless they own the land they will ...
A: Michelle, Yes, a person can get a loan to buy the land as well as building the house. I recommend ...
|
| Refi | 11/10/2006 |
Q: Brian, I refi'd to an 12 month MTA-ARM approx 12 months ago. It was designed to give me some ...
A: Harrison, That is a GREAT offer. Those are very low rates on Jumbo loans. Usually, when you get an ...
|
| mortgage prepayments | 10/23/2006 |
Q: I have a 145k mortgage @5.25% that started in sept.2003. I have the opportunity to prepay about $45k ...
A: DW, The faster you paydown the principal balance, the faster you'll payoff your mortgage, as ...
|
| home financing | 8/28/2006 |
Q: I really do appreciate your quick response. As a followup I would like to say that my dad owns his ...
A: Mitchell: Does the value of your Dad's current home exceed the purchase price of the home he is ...
|
| Escrow of Taxes | 8/15/2006 |
Q: Two followups based on your response...Does the amount of required reserve vary between lenders and ...
A: Mike, You are very welcome! RE: Required reserves: Typically, if owner occupied or second home ...
|
| Mortgage | 8/9/2006 |
Q: My wife was recently laid off and I have not been able to find employment. We have decided to move ...
A: Christopher, I feel the problem is due to purchasing a manufactured home on 5 acres of land. To my ...
|
| 2nd Mortgage foreclosure | 8/9/2006 |
Q: My question concerns my 2nd mortgage company forecloser on my house. My 2nd mortgage company (HomeQ) ...
A: Lisa, Yes, a 2nd mortgage can actually take your house. When you closed on the 2nd mortgage loan, ...
|
| Refinancing & adding person to deed | 8/5/2006 |
Q: Good afternoon, Brian! What's the best approach to go about getting extra cash by refinancing or ...
A: In my opinion, you would be foolish to payoff a 5.90% fixed rate 1st mortgage loan. If you can ...
|
| Perfect credit mortgages | 7/10/2006 |
Q: Where can I find information on mortgages limited to those with excellent credit? My fico score ...
A: Pete, There is no such thing as information on mortgages limited to those with excellent credit. ...
|
| re:co-ownership of property | 7/9/2006 |
Q: 07/09/06 No one has been able to help me, I hope you can. In may of 2000, a boyfriend and I ...
A: Susan, You have two options: 1) If you and your ex-boyfriend are on speaking terms, you can prepare ...
|
| loan recission | 7/7/2006 |
Q: Today is the 2nd day of our loan recission and we have until midnight on Monday. I don't remember ...
A: Din Cuaresma, If there is nothing in writing, you will not be reliable for any fees that you have ...
|
| Refinance 1& 2nd | 6/30/2006 |
Q: Can you refinance a 2nd(line of credit with checks) or should i combine the 1st and 2nd. The ...
A: Becky, There is not enough information here for me to answer your question. You have excellent ...
|
| Interest only loan | 6/29/2006 |
Q: I was wondering what you think about interest only mortgages. I hadn't really considered one until I ...
A: Rachel. Every individuals situation is different, so it is hard to give an answer to this question. ...
|
| Mortgage strategy | 6/29/2006 |
Q: I recently received an offer from my lender to make bimonthly mortgage payments. But i think ...
A: Wayne. In the "fine print" you'll see that there is typically a 1 time start up fee AND a fee every ...
|
| Disbursement of funds | 6/29/2006 |
Q: We are trying to close a refinance loan with a cash out and wondered how long after the 3 day ...
A: Robbin, Once the new deed of trust has been recorded, the funds should be available for ...
|
| Bridge loan | 6/23/2006 |
Q: We are getting a bridge loan on our house to put down on another house. The lender said we would get ...
A: What happens is exactly what the lender has already told you; they are able to lend UP TO 90% of the ...
|
| Name on house | 6/23/2006 |
Q: How can I not appear on the loan, but still be on the house?
A: Keona, AFTER the deed of trust has been recorded with whoever's name is on the new loan, you can ...
|
| mortgages | 6/20/2006 |
Q: What does a 2/6 arm libor mean on a mortgage loan?
A: 2/6 arm libor. This means: "2" the interest rate that you lock-in with your lender is locked or ...
|
| refi or not? | 6/15/2006 |
Q: Here is my situation: I purchased a house 12 months ago. My 1st of 116,000 is a LIBOR with a 2 ...
A: Duane, I agree with you. The mortgage business has slowed a lot this year. It sounds to me like the ...
|
| first time home buyer | 6/14/2006 |
Q: .. me and my husband would like to buy a house before our apartment contract will be done in july ...
A: Ihet, Yes, I would recommend you buy a house. It seems like you have everything going for you. I ...
|
| 401K deposit | 6/13/2006 |
Q: Clarity was not the issue, nor was I "confused"; my disappointment lies in the fact that you cut and ...
A: Randy, Since the IRS regulations are not something that an "opinion" is stated about, but is factual ...
|
| 401K deposit | 6/13/2006 |
Q: I understand that we can withdraw an amount from our 401K to be used as a down payment on our new ...
A: I guess my response wasn't clear to you, since you filled out the rating survey and only gave me an ...
|
| Gift of equity as down payment | 6/8/2006 |
Q: My husband and I are planning to purchase my in-law's house. They would like to help us by giving a ...
A: Natalie, This would depend upon what type of loan program you are applying for. I recommend you sit ...
|
| home mortgage loan | 5/31/2006 |
Q: is there a limit in the number of co-signer in a home mortgage loan? if so, how many? and does it ...
A: RENE REY, is there a limit in the number of co-signer in a home mortgage loan? NO And does it ...
|
| quit claim deed | 5/12/2006 |
Q: Me and my wife are getting a divorce. I am giving her the house. If I sign over my rights to the ...
A: Mark Heinzman, The quit claim deed will only release you from legal "ownership" of the property. A ...
|
| Names on Mortgage | 5/10/2006 |
Q: My husband's ex-wife's name is on the mortgage of our home which is a double-wide (no land incl) ...
A: Angie, One way for sure to get her off name off of the mortgage is for your husband to refinance the ...
|
| Buying a home | 5/2/2006 |
Q: I am interested in buying a home but they are currently in bankruptcy, can I still purchase the ...
A: Cyd, Yes, there are loans available to purchase homes while still in bankruptcy; however, you have ...
|
| elocs | 4/16/2006 |
Q: We recently purchased a house with (80-15-5)% loan finance. The cost of the house is $315000, 1] ...
A: Jodi, When you closed on your home purchase, you should have received a copy of the "NOTE" or loan ...
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| how much will it cost me to back off from the house buying? | 3/27/2006 |
Q: I have a very imp. question.We liked a house last month and paid $15000($1000 +14000) downpayment to ...
A: Pam, Without reading the purchase agreement/contract that you signed, I cannot answer your question. ...
|
| Being ripped off! | 2/28/2006 |
Q: I just bought a condo for 100k in an excellent location in St Petersburg, Florida and im closing ...
A: Todd, Based on the information you've provided, you have gotten a GREAT loan. The fees seem very ...
|
| option arm | 1/18/2006 |
Q: CAN YOU GIVE ME A BASIC DEFINITION FOR AN OPTION ARM/ PICK A PAYMENT? THANK YOU
A: Yes. Every month you will have four options on your monthly mortgage statement for the payment you ...
|
| Paying monthly mortgage premium | 11/10/2005 |
Q: I am a little confused. If your mortage payment is due on the 1st every month and you pay it 2 weeks ...
A: Sallie, There is not a benefit to you for paying your mortgage payment early. However, if you make ...
|
| 15 year mortgage refinancing | 10/26/2005 |
Q: Brian, I took out a 30 year mortgage back in 1994 at 6.5%. I was wondering if there were any ...
A: Mark, You have 19 years remaining on your mortgage loan. If you refinance to a 15 year loan, you are ...
|
| Income for mortgage application | 10/25/2005 |
Q: When completing a mortgage application it always asks for the gross yearly income. I am currently ...
A: Michael, Your qualification will be based on your current financial situation. It is not ...
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| financing real estate | 10/5/2005 |
Q: Is it possible to structure financing deals so that a n investor can buy property without having to ...
A: Tim, I have been origination mortgage loans since 1986. I have never heard of any type of financing ...
|
| 0% down mortgages | 10/5/2005 |
Q: I am a student at Northwestern University. I am doing a project related to home financing. I know ...
A: Raj. Yes, zero down mortgages have become very popular. There are no specific "restrictions" on who ...
|
| How will a judgement affect getting a mortgage? | 9/26/2005 |
Q: I owe the state of NJ back taxes due to a period in which I was unemployed. Two years ago, I ...
A: Ian, I do not know the state of New Jersey real estate laws, so I would recommend you contact a real ...
|
| Getting pre-approved for a mortgage loan | 9/23/2005 |
Q: I live in Indiana.I am on Social Security disability.I only receive $850.00 monthly.This is my only ...
A: Jack, No, this is NOT true! Some of your friends giving you advice are giving you bad or uneducated ...
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| mortgage | 9/22/2005 |
Q: My wife and I are retired for some years and I am thinking of a way to sell our house and hold a ...
A: Peter Annesi, I recommend you speak to a real estate attorney regarding this, as well as to an ...
|
| Refi/Interest Only | 9/14/2005 |
Q: Brian, My question is regarding a refi from a fixed 30yr to an interest only. Long story short the ...
A: Harrison, I would run from this offer. $18,000 in closing costs on a loan amount of $583,000 is ...
|
| loan | 9/3/2005 |
Q: I just bought a house and in the itemized sheet it shows principle + interest, plus taxes, plus ...
A: Al, Hazard insurance is the insurance that covers the house in case of fire or other damages (see ...
|
| Young Professional - First Time Buyer | 8/24/2005 |
Q: Brian, I am 28 years old and about 6 years into my IT Career. I have a degree in ...
A: Steve, Your finance guy has the right idea; however, I would recommned a 10/1 interest-only loan. ...
|
| eliminating pmi-mortgage insurance | 8/17/2005 |
Q: I've owned my mobile home on my own land for 5 years here in SW Fla where the market is going thru ...
A: Mary. To start the process to get rid of the "PMI" you will need to call the customer service dept. ...
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| Refinancing | 8/16/2005 |
Q: I've been talking to a wholesale mortgage broker about refinancing our house. He is able to get us ...
A: Eric, Based on the information that you have provided, if you save $200.00 per month and it is ...
|
| Bad Real estate investments | 8/14/2005 |
Q: I have two investment properties that both have a 1st and 2nd mortgages. I live in a different ...
A: Ed, You are correct, you need help so you can figure out what to do! Borrowering 100% or more than ...
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| Mortgage payment. | 8/11/2005 |
Q: I have a 75 year old friend whose son was paying her monthly mortgage payments. He is now ...
A: Sandra, I would recommend your friend talk to a local mortgage company that can provide information ...
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| first time home buyers | 8/8/2005 |
Q: I have a few questions actually... First, maybe some background may help. My boyfriend and I are ...
A: Jen. I would work towards a down payment of 20%. An 80% loan-to-value loan is the easiest way to ...
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| home equity lines of credit | 7/4/2005 |
Q: I am wondering if it is better to apply for a home equity line of credit through my mortgage company ...
A: Doreen, I would recommend using Chase Manhattan Mortgage. Usually, the holder of your 1st mortgage ...
|
| refinancing | 6/30/2005 |
Q: 75 as of today it is 5.53. Will it be worth it to refinance my home for that small difference? ...
A: Glen. It is definitely NOT worth refinancing for that small of an interest rate difference; the fees ...
|
| home loan approval | 6/30/2005 |
Q: I have an odd situation. For the past four years I have been living in an apartment. I have had a ...
A: Woody, There are so many different type of mortgage loans. Some loans do require verification of ...
|
| Disability payments | 6/19/2005 |
Q: One last question I promise, and I think you can see it coming. Can you please briefly explain what ...
A: Jeff. The No-Doc loan program does not ask for any income, employment nor asset verification. You ...
|
| Disability payments | 6/17/2005 |
Q: I'm currently totally disabled and collecting disability payments. I'm in the middle of buying a ...
A: Jeff, A regular house loan (mortgage) is sold to either fannie mae or freddie mac and all mortgage ...
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| Disability payments | 6/16/2005 |
Q: I'm currently totally disabled and collecting disability payments. I'm in the middle of buying a ...
A: Jeff, Disability is the most difficult source of income to use when qualifying to buy a home. IF you ...
|
| ReMax Vs. Villani Real estate | 5/25/2005 |
Q: I am first-time buyer planning on moving from an apartment to a condo. I do not exaggerate when I ...
A: Augusto, I recommend you meet with both lenders. Start with the seller's lender first and find out ...
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| Refinancing | 5/24/2005 |
Q: Is it customary when refinancing to pay the balance of your property tax and house insurance as part ...
A: Sallie, regarding homeowners insurance: The impound account will pay the homeowners insurance ...
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| Refinancing | 5/24/2005 |
Q: Is it customary when refinancing to pay the balance of your property tax and house insurance as part ...
A: Sallie, when you are refinancing, yes, the new mortgage loan will collect the balance due for ...
|
| Home Equity Line of Credit | 5/17/2005 |
Q: I am writing for some advice on a home equity line of credit. I am in the process of applying for a ...
A: Kevin, I would agree with your thinking. I think you're doing the smartest thing by getting the loan ...
|
| Home Loan or Rent to Own | 5/5/2005 |
Q: I am getting ready to move out of my parent's house, in with my fiance. I have one year left to ...
A: Leigh, Yes, you most likely would qualify to purchase ahome IF you have a down payment of 5% of the ...
|
| Loan Consolidation | 4/27/2005 |
Q: Brian, I'm going to be in the market for a new home soon. I live in CA, have good credit, a VA loan ...
A: Emilio, Unfortunately, no, there is no way to consolidate any type of debt into a mortgage loan. A ...
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| Loan discount points | 4/26/2005 |
Q: In a loan process (Good faith Estimate -RESPA) how could you descibe this term: Loan discount ...
A: Good morning, Mernet Jean. The good faith estimate is going to provide you with the "estimated" ...
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| Buying a Home | 4/17/2005 |
Q: I would really appreciate the assistance since we know absolutely no one in Tucson. Thanks a lot ...
A: Pat, Please provide me with either your e-mail address or telephone number and I will have Jon get ...
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| Buying a Home | 4/17/2005 |
Q: Brian, My wife and I are relocating to Tucson Arizona. I am entering a doctoral program there. ...
A: Pat, Yes, you may have difficulty getting a "good" loan. If you could qualify to buy a home in ...
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| Mortgage payment increase | 4/5/2005 |
Q: Brian, First of all, thanks for taking the time out to read this email. I used to be an expert on ...
A: Brian, I hit the wrong circle the first time, so it responded that I couldn't help you out. I went ...
|
| Mortgage payment increase | 4/5/2005 |
Q: Brian, First of all, thanks for taking the time out to read this email. I used to be an expert on ...
A: Brian, What has happened to you is very common. The escrow payment is your homeowners insurance and ...
|
| commitment letter | 3/16/2005 |
Q: Brian I am buying a condo this summer and just received my commitment letter from the mortgage ...
A: Jeanne, A committment letter is not a legal document, so white out can be used. It may not be the ...
|
| Borrowing more than I need | 3/2/2005 |
Q: I am putting an addition on my home. The balance on my current mortgage is about $120K; as per our ...
A: Mike, You are 100% correct! Keep the $240,000 loan as-is and make a payment with the excess money ...
|
| Private Mortgage Insurance | 3/2/2005 |
Q: I have a FHA fixed rate loan (5.5%). We refinanced to this rate about 2 years ago. We never did put ...
A: BJ, IF YOU HAVE AN FHA LOAN, THE PART OF YOUR MONTHLY MORTGAGE PAYMENT THAT YOU ARE LOOKING TO ...
|
| Butingselling house | 2/17/2005 |
Q: Hahn, I own a house now and would like to sell it and buy another house in an area where prices are ...
A: David, I recommend you contact a Realtor to help you out with this. This is not a mortgage loan ...
|
| Mortgage | 2/14/2005 |
Q: Brian, My wife and I are considering renting our house and buying a new one. Are there ...
A: Jason, When buying the new home, the lender will use 75% of the proposed monthly rent to offset the ...
|
| reverse mortgage | 1/25/2005 |
Q: My grandmother is 84 & resides in Ohio. Someone has told her that she could benefit from a reverse ...
A: TIM, THE BANK THAT PROVIDES THE REVERSE MORTGAGE WOULD HAVE OWNERSHIP ON THE PROPERTY UPON THE DEATH ...
|
| HELOC | 12/1/2004 |
Q: I've recently bought house with 100% financing (5/1 ARM -80%, HELOC - 20%). The interest rate I was ...
A: Pavel, Yes, a HELOC can be refinanced with a new HELOC paying off the balance owed on another HELOC. ...
|
| prepayment penlty | 11/23/2004 |
Q: What does this mean?— — If within 2 TWO years from the date of execution of the Security Instrument ...
A: Marilyn, This means the mortgage loan has a two year prepayment penalty. If you pay more than 20% of ...
|
| Mortgage payoff | 11/14/2004 |
Q: Brian, I currently rent out two houses. I have a mortgage on one and the other is paid for. It is ...
A: Michael, I would recommend not paying off the mortgage loan if you are able to itemize your income ...
|
| Mortgages | 11/1/2004 |
Q: I live in NC and need help finding answers to a very complex situation. I am trying to secure a ...
A: Kristina, I do not know the state of North Carolina laws. However, if NC is a community property ...
|
| closings | 9/29/2004 |
Q: Are mortgage loan officers required to attend mortgage closings? I've heard that some do and some ...
A: Danielle, No, loan officers are not required to attend closings. Yes, some loan officers do attend ...
|
| Time of House Closing | 9/24/2004 |
Q: If I have a choice of closing on a house at the end of a month or the beginning of a month, which ...
A: Marvin, If you close on the last day of the month, you will pay only 1 day of interest and you're ...
|
| Bridge Loan Repayment | 8/28/2004 |
Q: Brian, I obtained a bridge loan on my previous home in order to make the downpayment on my new home ...
A: Ray, I would recommend one of the three options: 1) Contact the bank/mortgage company that holds ...
|
| Equity for down | 8/18/2004 |
Q: I own a house (7 years left to finish paying the mortgage) and it has build some equity. I'd like to ...
A: RICHARD, YES, IT MAY MAKE SENSE TO BORROWER THE EQUITY IN YOUR CURRENT HOUSE FOR THE DOWN PAYMENT ON ...
|
| Mortgage refinance | 8/18/2004 |
Q: I've owned numerous houses and have always utilized a fixed rate mortgage. I'm refinancing and the ...
A: Scott, I would recommend you receive in writing all terms for this mortgage before you make any type ...
|
| Condo Financing | 8/2/2004 |
Q: I am a full time college student with a minimal income part time job (primarily for pocket money, ...
A: JM, Yes,you can purchase a condo on an FHA loan with your parents as your cosigners - this is ...
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| 2nd mortgage or home equity | 7/24/2004 |
Q: What is the difference between a second mortgage and a home equity loan?
A: Joseph, There is no difference. Any loan secured against a residential property and there is a 1st ...
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| proposal | 7/1/2004 |
Q: I am interested in purchasing investment property, and am trying to get info on what a "Proposal for ...
A: MICHAEL WOLFGANG, RE: PROPOSAL FOR FINANCE ANOTHER NAME FOR THIS IS A GOOD FAITH ESTIMATE WHEN ...
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| Property ownership rules | 6/26/2004 |
Q: My son and his fiance are purchasing a Condo. The Citibank loan officer indicated that two people, ...
A: Berny, Depending upon the amount of down payment you are putting down on the condo purchase will ...
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| Interest only loans | 3/29/2004 |
Q: Are interest only loans ok or a rip-off honestly? I plan on living In my home for about 3-5 years , ...
A: JEFF, INTEREST ONLY LOANS HAVE ITS BENEFITS AND NEGATIVES. IN MY OPINION, THE BENEFITS ARE: 1) ...
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| Mortgage v. Equity Loan | 3/26/2004 |
Q: We are planning to buy a condominium as a second home and/or a home for our daughter. The cost will ...
A: John, My answer is passing the buck.... I recommend you discuss this scenario with your CPA or ...
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| Tax lien | 3/21/2004 |
Q: I am writing you to ask a question regarding an IRS tax lien. I currently have a tax lien for an ...
A: Bill, to the best of my knowledge, the tax lien will be required to be paid-in-full prior to ...
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| loan type | 2/29/2004 |
Q: I own my home, valued at approx $275,000. I am interested in buying a parcel of vacant property for ...
A: Brad, Vacant land loans are not available on 15 year fixed rate option. Usually, when buying vacant ...
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| Thank you.
So if I were... | 2/17/2004 |
Q: So if I were to do an interest-only loan for a short period (I'm assuming that's 3 to 5 years), when ...
A: Ken, When you refinance, the value at the time of your refinance (the current property value) will ...
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| "Interest-Only" Loans | 2/16/2004 |
Q: I'm considering buying a house and I've heard about the benefits such as the interest you pay on ...
A: Ken, Yes, an "interest-only" loan is a legitimate loan. The advantage is it allows someone to buy a ...
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