| Subject | Date Asked |
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| Sub-prime loans | 10/5/2008 |
Q: Like everyone else, I've been reading about sub-prime mortgages, but there is one significant ...
A: it was permitted not a law. But this what happens when rules are laxed and government and banks knew ...
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| VA home loan | 9/18/2008 |
Q: My wife and I were prepared to start shopping for a home loan. We want to take advantage of my VA ...
A: first off what atate are you in? as far as realtors VA could take longer also they cant charge extra ...
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| 2nd mortgage on sisters house | 7/16/2008 |
Q: I need to lend my sister some money so she can afford to pay her monthly bills she already owes me ...
A: yes you can put a second mortgage check with a local title company to help you. but if she dosen't ...
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| Construction loan question | 4/25/2008 |
Q: I recently purchased vacant land with a construction loan to build a home. Because of the fact that ...
A: construction loans are based on you owning the land which you say you d. so #1 you own the land. ...
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| FHA Loan | 3/27/2008 |
Q: When you apply for an FHA Loan and preapproved for one amount why do and what cause that amount to ...
A: First off there no such thing as a loan pre approval.you can get a Loan commitment. Meaning your ...
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| reverse mortgages | 3/22/2008 |
Q: 000 and the house is about 35 years old. ANSWER: sorry I didn't read your answer thru. Yes you can ...
A: Don't be sure you will get more they generally go 60 to 65% of property depending on ablity to pay. ...
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| reverse mortgages | 3/22/2008 |
Q: My husband and I are going to begin divorce proceedings. We've been married nearly 33 years. I ...
A: no I assumed when you said qualify for SS I forgot today you have to wait till 65+10.it means is ...
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| reverse mortgages | 3/22/2008 |
Q: My husband and I are going to begin divorce proceedings. We've been married nearly 33 years. I ...
A: okay lets help you. I take it you will be 62 in May. One way is to do one that starts at 60, lower ...
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| Locking in a Rate | 1/25/2008 |
Q: Good day We are doing a FHA mortgage, and have been quoted a rate of 5.5. They want to know if we ...
A: i would lock in rate Friday's rate went up . could ask for a lock with a floatdown provison. also ...
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| Real Estate Market | 10/17/2007 |
Q: I am a student finishing up my appraisal course, I have a 500 word essay to complete. My question is ...
A: my guess to answer #1 is 2009 before we see any recovery. providing banks comein with money to bail ...
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| redatory lending and securitization of mortgages | 10/5/2007 |
Q: I'm a law student writing a paper on an issue of the predatory lending and the securitization of ...
A: I would write about fraud. how d banks and brokers not explaining clearly the terms of the ...
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| Reverse Mortgage | 8/13/2007 |
Q: My parents (mom has since passed away since March) took out a reverse mortgage on their condo in ...
A: when dad no longer lives in the home you will recieve a statment on how much is owed.it will show ...
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| FHA arms, special programs, broker responsibilites | 7/28/2007 |
Q: We are in the process of finding a mortgage and I have several interrelated burning question to ask. ...
A: depending on the index brokers in your state use which drievs commission. can make arms higher than ...
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| 80/20 loan | 4/30/2007 |
Q: My mortgage company is proposing a 80/20 loan with no money down...what can you tell me about this ...
A: what is the rates on the 80% and the 20%? and terms. any pre payment penalty. if home prices go down ...
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| 15 vs. 30 year mortgage question | 4/11/2007 |
Q: 2 questions please: We live in VA and started a 500K jumbo 30 year mtg. in 8/05 - at 5.875%. We ...
A: jumbo starts at 416,000. you do pay more intrest on a 15year up front. best is take a 30 and send ...
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| reverse mortgage origination fee | 3/27/2007 |
Q: Why are mortgage companies allowed to charge the 2% origination on the appraised value of a home ...
A: loan can actual be more than the value of home. most lenders on regular mortgages recive fees for ...
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| 5/1 arm | 3/20/2007 |
Q: Larry, Need some advice, first some background, i am in the the year of a 5/1 arm that i got @ 5.0% ...
A: I would add money to my principal you still have over a year to go next year rate and then it could ...
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| Basic questions | 1/18/2007 |
Q: We are looking to buy a house and have excellent credit and our debt is very small. We got ...
A: Va or fha would be with lowest down payment. I like the FHA arm if you figuring only 3 years. 80/20 ...
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| I have had a condo for two years what are my options? | 12/31/2006 |
Q: I beleieve that it is around 35,000 and the bigger loan is like $162,000. I am not completely sure ...
A: don't think it would pay to refinance your first loan.how much is the interest on the second loan?. ...
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| How much can I afford | 9/20/2006 |
Q: My husband and I are trying to purchase a 230K home. How much of an income should we have to buy ...
A: depends on your geo-graphic area. Limits of income work diffrent. Yes there is a salary cap for each ...
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| 2nd mortgage foreclosure | 8/9/2006 |
Q: My question concerns my 2nd mortgage company forecloser on my house. My 2nd mortgage company (HomeQ) ...
A: they can fore close but they will have to pay off the first mortgage first. You should talk to a ...
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| Extension of closing date | 8/8/2006 |
Q: We are under contract to buy a home. After making the offer and signing a contract, we discovered ...
A: depending on the reading of the contract you might not have to give an extention. what does it say ...
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| Mortgage rates | 7/20/2006 |
Q: I have met with a financial planner regarding a possible refi. to cash out for investment for ...
A: don'tknow if you got my messag. but 3 points plus the yield spread at 7.50 is very high. . you ...
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| Mortgage rates | 7/19/2006 |
Q: I have met with a financial planner regarding a possible refi. to cash out for investment for ...
A: why do you want to pay off a 6.25% mortgage . first off if he is a financial planner he should know ...
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| Interest-only mortgage with endowment | 6/21/2006 |
Q: I have some questions in my mind about interest-only mortgages. Why should a bank offer ...
A: they have the chance to get more money from you as rates usually are adjustable and example a 1.25% ...
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| debt to income | 6/16/2006 |
Q: I am trying to find out if a 401(k) loan is considered a long term debt in an FHA loan. I spoke ...
A: it would depend on your 401k. do you have to pay it back? you can take out money from your 401K to ...
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| Reverse Mortgages | 6/9/2006 |
Q: I am 63, I live with my mother who is 85. She owns the house we live in and it is free & clear. ...
A: you could quit claim on to property now and save any fees after. If your not on the deed or an owner ...
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| MTA Loan | 6/9/2006 |
Q: Coming from Houston and am in sticker "disbelief". I knew how much homes were selling for but it's ...
A: we expect in the short term leveling off of home prices. depending on price of home should see some ...
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| Want to buy my house | 6/3/2006 |
Q: ------------------------- Followup To Answer - would need to know your fio score. second is ...
A: you have enough credit. won't worry about other loan if you add in now could cost you points. you ...
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| Want to buy my house | 5/29/2006 |
Q: I live in ahouse that I am doing a lease purchase on. I enjoy doing this because we were able to ...
A: would need to know your fio score. second is down payment all from landlord?.would you know how much ...
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| Mortgage - GFE | 5/25/2006 |
Q: We have submitted an offer on a home that is already built and it was accepted. The asking price ...
A: you migh try fha for a loan. your wife doesn't need credit to use her income. commission can be ...
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| info on an mta loan | 5/3/2006 |
Q: iam buying house costing 200.000 they approved me for mta arm rate 2.3 margin 3.0. they say highest ...
A: they are quoting you a start rate of 2.3 with a 3% margin. the 3% which you add to the rate to day ...
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| 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: the heloc loan you are looking at is an intrest only loan. which means you are only paying the ...
|
| revamped short-sale quest. | 3/23/2006 |
Q: I'm in the Wash DC area. I'm getting into pre-foreclosures and I'm interested in expanding into ...
A: number one you need to know about short sales. beside mortgage might find more expenses. home can be ...
|
| home warranty | 3/20/2006 |
Q: I was informed by a Pulte community that a 10 year home warranty is required for FHA financing. They ...
A: a home warranty is the buliders responseablity to enable you to obtain an fha loan. not some thing ...
|
| Mortgage | 12/14/2005 |
Q: Larry, I live in Humble, TX. It is just 15 minutes northeast of Houston. Thank you, LandonI am ...
A: your better off with a fixed rate as the adjustables are keep increasing. many adjustable have low ...
|
| PMI Refund | 12/10/2005 |
Q: I bought my house about 3 years ago with the Ameridream (FHA) loan. In the past several months I ...
A: there is a formular for when you sell your home your entitled to a refund. There is no formular of 2 ...
|
| mta | 10/4/2005 |
Q: The home is a pre-construction home in Booksville(royal highlands). I will buy it, put 20k down (for ...
A: you could end up with a prepayement penalty and what if 11 months property is worth less even with ...
|
| mta | 9/26/2005 |
Q: I want to know the pros and cons of MTA loans. My home is worth about 290,000 and I owe 140,000 at ...
A: an mta iat 1.3% is only a start rate. you need to ask ask your lender what is the full mta rate is ...
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| 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: depends on the equity you have in your home. never heard about not being able to garnish on your ...
|
| points/rebates | 8/23/2005 |
Q: So, what do most borrowers usually pay? Is it 1% origination fee, 1% rebate point + fees ...
A: no pat answer to your question. Generly FHA there is a 1% orgination fee. many lenders do not charge ...
|
| how to eliminate "pmi" - mortgage insurance | 8/17/2005 |
Q: Larry, and thanks so much for your time. I've owned my mobile home on my own land for 5 years here ...
A: you might have to pay for an apprasail to see if value went up over 20% .but contact bank if you ...
|
| Refinance to interest only mortgage | 8/12/2005 |
Q: I am considering refinancing to an interest only mortgage. I currently have about 25-33% equity ...
A: why an intrest only Loan? paying intrest only does not build equity. Think about a credit card. ...
|
| Mortgage problems...!?? | 8/12/2005 |
Q: --Larry, since you were so prompt last time. I've been concerned that maybe you didn't get my ...
A: i sent you a reply she should look at a reverse mortgage. don't see how bankruptcy will help with ...
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| Construction Loans | 8/5/2005 |
Q: We are going to build a home and need to borrow $185,000 to finance the construction. We own the ...
A: would look for a constuction loan with a ablity to modify to a fixed loan at closing. might look to ...
|
| Quick Question | 8/2/2005 |
Q: We have applied for a refinance with what we now believe to be a shady company. "Direct Mortage" ...
A: what state do you live in? Do you have aright of recesion in your state? Have you spoken to the ...
|
| problem | 7/17/2005 |
Q: can you give me some clue and steps to start this problem? Joey decided to live on his own after he ...
A: need to know more info. taxes, home insurance, maintance cost if there is. Creidt score to see what ...
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| YSPs | 7/16/2005 |
Q: Ok, I'm still completely confused. Are you saying that no one charges a origination points up front ...
A: Yes what you say is true. And I am not saying that no one charges points. some bamks or mortgage ...
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| YSPs | 7/13/2005 |
Q: Can you explain YSPs to me? Should these only be charged in the case of a no point no closing cost ...
A: ysp Yield spread premium is how the moprtgage bankers pay the loan officers. The rate dictates how ...
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| Condo question | 7/13/2005 |
Q: i just bought a new condo and have to decide what to do with the old one, either rent or sell. ...
A: question total payments by you are 1718 you can earn -218 a month to maybe 278 a month. you put down ...
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| finance | 7/9/2005 |
Q: can you show me how to calculate the bimonthly payment and which interest rate should i use for the ...
A: when you know the payment devide by in half and pay every 2 weeks. this will give you 26 payments ...
|
| home | 6/25/2005 |
Q: think about buying land between S. Riverside county to N. San Diego county, and put manufactured ...
A: not realy any benifit for first tme buyer is because not many lenders like Manufactured homes. I ...
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| Mortgage Question | 6/13/2005 |
Q: Who provides the mortgage company with the money to pay the home builder for the house I want to ...
A: mortgage brokers will go to a lender who have what is called a credit line or whare house line.. ...
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| Can my Mtg. Co. bill me later for fees not collected at closing? | 6/7/2005 |
Q: I purchased a residential house in Colorado in Sept. 04. I obtained the house by assuming a VA ...
A: Generaly title company make you sign a statment if they make a mistake they can correct it. is this ...
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| Refinancing | 5/23/2005 |
Q: Is it more common or not that when you refinance, the new loan won't allow you to sell your home on ...
A: Depends on loan program. FHA laons are assumable some adjustable rate loans can be assumed. Need to ...
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| Seller Financing | 5/23/2005 |
Q: Batch... I am getting ready to sell my house and I am very interested in offering "seller ...
A: why do you want to do seller financing? are you prepared to take a risk. That you will get paid, ...
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| Mortgage / Refinancing | 5/18/2005 |
Q: I recently went back to a well-known mortgage/refinancing company ("the company") here in St. Louis, ...
A: this is a major problem many companies are gulity of this. Many states are trying to come up with ...
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| 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: Can effect credit depending on credit line. Generally no cost credit line requires a higher crdit ...
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| Refinance | 5/11/2005 |
Q: I currently have a mortgage on a condo in MA through Countrywide that I'm looking to refinance. ...
A: you might check with countrywide after you get a good faith estiamte and written explanation what ...
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| guidance help in NJ? | 4/24/2005 |
Q: Batch: I have a question I'm hoping you could help me with. My father is thinking about getting ...
A: suggest he contact Nation assocation of Mortgage brokers look on web for address. I don't know ...
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| Refinancing Mortgage | 4/2/2005 |
Q: Allstate Lending has approached me informing me of a lower monthly payment plan than the one I have. ...
A: what happens to your payments after 5 years? answere depends on terms of the mmortgage. Does the ...
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| Home Loan | 3/28/2005 |
Q: I know I have already asked you this question before, but my email account had blocked responses ...
A: First off rates are climming and if Greenspan keeps raisng rates we could see 8%. you should make ...
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| Home purchase | 3/27/2005 |
Q: My daughter graduated from college in Florida last May. She plans to go to graduate school in ...
A: you can have some problems. 2 college students paying rent !no gurantees they will stay, many get ...
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| reverse morgage | 3/22/2005 |
Q: Larry, thank you for taking my question. My father, 86 years old, is investigating a reverse ...
A: you came to the right place we are experts in Reverse mortgages here in florida.what county does he ...
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| commitment letter | 3/17/2005 |
Q: You asked if I was doing business with a mortgage broker. The answer is "yes". Usually I work with ...
A: sounded like it. a mortgage broker can not give a commitment unless he presented it to a bank. ...
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| Home loan | 3/11/2005 |
Q: I am looking to try for a home loan in the next year or so. The problem is my credit scores right ...
A: lenders actual only go back 3 years in some case 12 months. debt free dosen't help lender wants to ...
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| 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: yes she would have to show the deth certficate. is it willed this way about college getting the ...
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| reverse mortgage | 1/7/2005 |
Q: My zip code is 90065 and I was born on Sept. 22 1942Hi--I have a pretty good idea about how reverse ...
A: in answer to your questions . in your area you can at todays rates. a lump sum of 164,996 if you let ...
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| Mortgage Rates | 1/7/2005 |
Q: I am currently looking to purchase a home and frankly searching on the internet for the best ...
A: need some info from you first. what state are you in. what is your credit like. income, how much ...
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| First Time Home Buyer | 12/11/2004 |
Q: I had clearly mentioned that I have "heard" agents giving back a part of their commission. My ...
A: sorry if I came across angry. I apprecatite your charity work and my advise comes free. If I can ...
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| interest only loans | 8/31/2004 |
Q: I'm a first time home buyer in California. I wanted to try to get an interest only loan in order to ...
A: if you only pay the intrest and home do not appreciate you won't have any equity and principal could ...
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| Interest Only Loan with HELOC | 8/19/2004 |
Q: I have recently been approached to convert my conventional 20 year home mortgage into a Interest ...
A: yes it's a sucker loan. your not paying off any principal. there is no amortization. which means if ...
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| mortgage leads | 7/27/2004 |
Q: I have a question. If someone works at a mortgage company as a loan officer and already receives ...
A: what is wrong with the leads your company gives you? who pays for leads from the lead service your ...
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| Remortgage | 7/26/2004 |
Q: . I live in England and I have a question. I have a house worth 150-160K at the moment and I bought ...
A: What is your balance now? where is property located? foregin nationals usally can only get a loan ...
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| automated | 6/4/2004 |
Q: Is everything that a mortgage loan officer does pretty much automated, or does it depend on the ...
A: no not every thing is automated. Loan officers still need to imput information. wrong info can kill ...
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| Mortgage Question | 6/1/2004 |
Q: I am currently licensed in California and have been doing loans for 2 years. I would like ...
A: you have to become license in states that require license must do. You also need a net worth of ...
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| Loans | 5/21/2004 |
Q: Larry Batch- Hello,I live in Pa. I am currently trying to get the best mortgage product out there ...
A: why not find out first why your score is only 645. 2nd is the middle score from the three credit ...
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| 30 year rates | 5/19/2004 |
Q: I'm guessing we won't be seeing 30 year fixed rates as low as they were about 6 weeks ago. Would ...
A: how soon do you plan to move? also you might look at intrest only loans and make extra payments to ...
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| refinancing and rentals | 4/14/2004 |
Q: My husband and I are looking to buy a larger home. We want to rent out our current home but we need ...
A: no does not mean that. first off what kind of mortgage do you have now? Are you buying another ...
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| Interest only loans | 3/29/2004 |
Q: Are Interst only loans any help or good? I plan on living In my home maybe 3-5 years, can an ...
A: intrest only loans are for people who have trouble making payments. also good if you can invest your ...
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| Mortgage payments | 3/25/2004 |
Q: OK. Say you want to buy a home and can afford a $1000 a month, 15 year mortgage (if they have ...
A: you are right. as the extra payments go toward the back end. because your shorting the time by a 15 ...
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| Mortgage Financing | 3/23/2004 |
Q: I just purchased my first home, w/an ARM. The rate is currently 4.3%. They give me three options ...
A: Joe you have a great loan but it can be confusing. first off I would need to know your margin and ...
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| book on Reverse Mortgages | 3/11/2004 |
Q: I look forward to hearing from you once you've returned. Thanks, KimThanks so much for getting back ...
A: I tried calling you back left message but have not heard from you. I have read books on mortgages ...
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| Refinancing | 3/7/2004 |
Q: I am currently buying a home FHA at 7% interest. I am retired from a job and drawing a pension and ...
A: okay you can use your pension income and if not taxed. you can round up income between 115% to 125% ...
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| Refinancing | 3/7/2004 |
Q: I am currently buying a home FHA at 7% interest. I am retired from a job and drawing a pension and ...
A: I am confused! you say your buying a home. 7% is a high interest rate first off.when are you ...
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| Refinance non-owner | 2/10/2004 |
Q: ------------------------- Followup To I am putting down 20% and my credit is good. The property is ...
A: 7.38 adjustable is a high rate . I would first get a interest only loan on home your buying. second ...
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| paying interest early | 2/9/2004 |
Q: First let me say thank you for your time. OK, here's the deal. I'm a first time home(condo) buyer ...
A: by paying extra payments your paying off the princpal faster but it is only shortening the term if ...
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