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| Subject | Date Asked |
| buying a home at public auction | 7/10/2011 |
| Q: I own my home and it's currently worth between $185-190,000 and I live in Virginia. I'm looking at a ... A: I haven't had much dealings with auctions however I would suggest that you take out a home equity ... | |
| debt to income ratio | 5/6/2011 |
| Q: My husband and I have owned our home for 12 years and will be selling it soon. We want to buy a ... A: You will still need to calculate the monthly taxes and insurance into your monthly Debt to Income ... | |
| FHA question | 3/30/2011 |
| Q: We currently have a FHA mortgage on this home and once we sell this home will need to apply for a ... A: As long as you can document the gap in employment you should be ok considering you have a 20 year ... | |
| Refinance Options | 3/2/2011 |
| Q: I went to a new home insurance co and they cancelled me after 3 months because I need a new roof. I ... A: As long as you qualify for the program and can provide proof of insurance (even though it is ... | |
| Refi | 2/23/2011 |
| Q: I currently have a first and second mortgage (done as a piggyback) in 05 to purchase my current ... A: You should have time an appraisal only takes a week at the most. Have you gone onto Zillow.com to ... | |
| Refi | 2/23/2011 |
| Q: I currently have a first and second mortgage (done as a piggyback) in 05 to purchase my current ... A: That is a great deal however if you have the 350.00 to spare I would get an appraisal and see if you ... | |
| Purchasing a home from a parent | 2/15/2011 |
| Q: My mother's will identifies me as the recipient of her vacation cottage. Her cottage is in need of ... A: The 6 month waiting period is for any type of financing; such as taking cash out to remodel or ... | |
| Purchasing a home from a parent | 2/14/2011 |
| Q: My mother's will identifies me as the recipient of her vacation cottage. Her cottage is in need of ... A: You can do a $1.00 deed transfer and the only thing you will need to pay for is the recording of the ... | |
| refi | 2/3/2011 |
| Q: i live in ma and have owned a condo for 4 1/2 years. my current interest rate is 6.375. i tried to ... A: It is always a good time to refinance if it is going to save you money. The way to figure it out is ... | |
| Refinancing | 1/28/2011 |
| Q: I have checked with my present mortage company. I am comparing rates for refinancing. I looked up ... A: Now is a great time to refinance and checking with your current bank/mortgage company is a great ... | |
| mortgage, no credit, large down | 10/24/2010 |
| Q: I am trying to help out my friend, who has gone through a brutal divorce, which left him broke and ... A: I'm sorry to hear of your friends situation however it is very difficult with people to get a ... | |
| Refinancing | 10/23/2010 |
| Q: I am separated from my husband who has bought his own home and per our agreement I am keeping the ... A: It sounds like you are going FHA and you do need 3 credit references however you can use non ... | |
| Refinance | 10/7/2010 |
| Q: I am trying to figure out if refinancing is worth it for me. I often have read that if you plan to ... A: If you are thinking of refinancing with little equity, FHA streamline is the way to go. Especially ... | |
| Finance | 9/28/2010 |
| Q: I have a lender issue. I have tried to obtain a USDA loan. I signed a contract on 7/16/2010. After ... A: The USDA is address specific, there may be a home on the street that is eligible for USDA financing ... | |
| Finance | 9/26/2010 |
| Q: I have a lender issue. I have tried to obtain a USDA loan. I signed a contract on 7/16/2010. After ... A: I'm sorry for your current situation. The first thing the loan officer should have done was go to ... | |
| Refi to lower rate or make more payments | 8/30/2010 |
| Q: I have a 11 years left on a 15 yr mortgage. I can refi to a 10 yr at 3.75 LOWER rate than what I ... A: You will still pay the higher amount towards the interest at the beginning of the loan. If you only ... | |
| Refinancing | 8/27/2010 |
| Q: we'd like to refinance the mortgage we have left on our house from 6.25%/15 years to 3.75%/10 years. ... A: That sounds about right, does this include escrows or not? They do roll the costs into the mortgage ... | |
| LPMI | 8/2/2010 |
| Q: My first loan 30yr. fixed rate of 6.75 was through Bank of America. I did the "no fees plus ... A: Not sure when you received your loan but for a while lenders were doing the LPMI loans and that ... | |
| re-financing with unfinished addition | 7/19/2010 |
| Q: Currently, we have primary mortgage ($290K) and home equity ($69K, with $0 balance) with the same ... A: The regulations vary by lender; typically most lenders will not allow you to go to settlement until ... | |
| Upside down with 1st and 2 nd Mortgage | 7/3/2010 |
| Q: My home value is around $175,000 and between the two mortgages I owe $187,400, (first mortgage - ... A: My suggestion would have been to apply for a modification. There is a FNMA program for your ... | |
| mortgage or home equity | 6/7/2010 |
| Q: We live in New York and own our home - worth approximately $160,000. We would like to borrow ... A: You would need to pay standard closing costs and any mortgage tax necessary however you can roll the ... | |
| Mortgage / Equity Line Refinance | 5/25/2010 |
| Q: I took out an equity line on my house in 2006 to buy another property - bare land with the intention ... A: Feel free to contact your bank. Even if you are upside down in your mortgage there isn't anything ... | |
| irrevocable trust loan on home | 5/17/2010 |
| Q: as the grantor i put my home in an irrevocable trust can i take a loan on it? if the answer is no, ... A: This is more of a question for an attorney but I believe you can take a loan out on the property if ... | |
| LOAN WITH 2 BUYERS | 4/21/2010 |
| Q: My father is putting down 20% as a cash buyer on a property I am buying. He will not live with us ... A: Not really, the best thing would be to have your father "gift" it to you for the mortgage purpose. ... | |
| Down Payment Assistance Programs | 4/20/2010 |
| Q: I know someone who is in the process of buying a home. They are getting a FHA loan. They need down ... A: There used to be many but none that I know of right now. The Boy Scouts Association used to do it ... | |
| Streamline Refinancing/Second home | 4/13/2010 |
| Q: My husband and I immigrated to the USA, Cincinnati, OH 5 years ago.We established our credit and ... A: That's a decent rate for a streamline so if that's what you want it's a good deal. If you are ... | |
| Mortgage Closing Costs | 4/8/2010 |
| Q: What are the requirements for mortgage closing costs as it pertains to the source of funds in PA? I ... A: Gift funds must come from a family member and must be tracked. You will need a gift letter, copy of ... | |
| rates | 4/1/2010 |
| Q: What do you think rates are going to do? If they go up how much? Also, is it good to lock in a ... A: If I knew the answer to that question I would be on a beach somewhere.......They most likely will go ... | |
| Buying a home from Siblings | 3/31/2010 |
| Q: I filed Bankruptcy in 2004. There was a home involved. I did not reaffirm it in the Bankruptcy. That ... A: I'm sorry to hear about your mom Jeff. You would have to apply for a mortgage and buy your siblings ... | |
| Mortgage | 3/18/2010 |
| Q: I have a mortgage on a house I bought in 2007. After some time passed,another bank I'm not fond of ... A: I've heard that so many times that people are unhappy with the servicer of their mortgage and don't ... | |
| home equity line of credit | 3/17/2010 |
| Q: I just got back from one of our local banks, where i moved my money from a big bank. I also have my ... A: I do believe it would be a good move for you. It's not a volatile adjustable rate and with the way ... | |
| Am I legally/morally responsible to pay this old appraisal fee? | 3/8/2010 |
| Q: In August we contracted with a production builder to have a home built with specific upgrades ... A: It really depends on the paperwork that was signed. Most likely there was an application fee of ... | |
| 2nd mortgage | 2/17/2010 |
| Q: Just divorced and ex wife kept the house. We are both on the mortgage. Trying to decide if I ... A: Sorry to hear about your situation. My suggestion is that since she is retaining the home she needs ... | |
| buying a house | 1/23/2010 |
| Q: My father passed away almost 2 years ago. My sister is administrator of his estate. I want to buy ... A: I'm not a hundred percent sure if she can settle the estate. From my experience she can and the ... | |
| refinance: yes or no? | 1/22/2010 |
| Q: We are trying to decide if we should refinance our current home mortgage. It is currently a 30-year ... A: It is worth it to refinance, especially with your LOC. If you can lock in the interest rate at ... | |
| Purchasing a home from my parents | 1/14/2010 |
| Q: I am considering purchasing a home from my parents. I have been living in the home for the past 5 ... A: You can do a refinance, you would need your parents to put you on their deed along with them and you ... | |
| Self Employed Home Loan | 1/5/2010 |
| Q: My wife is self employed and we would like to try to get a home loan. I understand that mortgage ... A: You still have to claim your business deductions and lenders do look at the adjusted gross income. ... | |
| First Home Buyer | 12/21/2009 |
| Q: I am planning to buy a house in the next 6 months to a year. I am going to apply for a VA loan as I ... A: You should have no problem if you can get your credit score a little higher and if you are planing ... | |
| Co-signing versus Lending | 11/23/2009 |
| Q: Denise - my daughter will be graduating from college in May with a 4 year degree in nursing, and ... A: Congratulations on your daughter graduating in May, what a great career. I would absolutely have ... | |
| Broker negligence? | 11/17/2009 |
| Q: My partner and I were pre-approved for a loan for a condo (credit scores both ca. 780, 10% down, ... A: I'm sorry to hear that, if you were not approved for a loan you will not be held responsible for the ... | |
| Mortgage | 11/11/2009 |
| Q: We sold a rental house to a friend and hold the note. We need to get cash from the house for current ... A: Typically the owner can refinance after 6 months however at that time it would go off of the price ... | |
| PMI Question | 10/29/2009 |
| Q: It is my understanding that PMI is supposed to be automatically cancelled when you LTV reaches 78%. ... A: They are supposed to cancel the PMI automatically when it reaches 78% however with the industry the ... | |
| Refinance question | 10/14/2009 |
| Q: I currently owe $448,000 on my first 30-yr mortgage at 5.875% fixed rate, which I plan to refinance ... A: Most realtors will provide the CMA for free, you can tell them you are thinking of selling and just ... | |
| Refinance question | 10/13/2009 |
| Q: I currently owe $448,000 on my first 30-yr mortgage at 5.875% fixed rate, which I plan to refinance ... A: The current situation of our economy is making the guidelines so hard for people to refinance. All ... | |
| Refinance Loan | 9/3/2009 |
| Q: I was still carrying my ex husband name at the time I purchased my home so that is the name that the ... A: The deed can have different names than the loan, the deed is who has interest in the property the ... | |
| Realaestate purchase from family | 8/31/2009 |
| Q: you provided the folowing (copy below)answer to this previous question , however is there not a ... A: You can do a deed transfer from family for the $1.00, however when you go and get a loan the rate is ... | |
| LPMI | 8/28/2009 |
| Q: Can a lender add Lender Paid Mortgage Insurance to a loan after it is closed? I refinanced a loan ... A: No not the homeowner's protection act, there were form at closing that protect the lender in the ... | |
| refinancing and deed to property | 8/27/2009 |
| Q: My husband and I were refinancing our home and he had me quit claim the home because my credit was ... A: I don't believe it was necessary to take your name off of the deed. I've done loans for only one ... | |
| buying a home | 8/9/2009 |
| Q: Im not sure if you will be able to answer this for me but if you would try id appreciate it! Me and ... A: You will not get the tax credit because his mom is buying the house. What you can do is apply for ... | |
| second mortage, home equity line of credit, 203k | 8/3/2009 |
| Q: Mrs. Monaco, My question has to to with the best options for paying for repairs to a home that ... A: Depending on the condition of the property, if it is livable you can make settlement and the work ... | |
| second mortage, home equity line of credit, 203k | 8/2/2009 |
| Q: Mrs. Monaco, My question has to to with the best options for paying for repairs to a home that ... A: The 203k loan would be your best option. What happens is you need to get a contractor to put in ... | |
| back and front loading a loan?? | 7/28/2009 |
| Q: Well this is my first time using this site and it looks pretty cool! I haven't been able to find ... A: I'm glad that you like the website and I hope I can answer your questions to your satisfaction. A ... | |
| closing fees | 7/23/2009 |
| Q: I'm looking to refinance my mortgage with my current mortgage holder to a lower rate and shorter ... A: The title insurance needs to be re-ordered as there could be a new lien on the property or possibly ... | |
| Buying a home from a family member | 7/18/2009 |
| Q: Looking into buying a home from a family member that is the executive of the estate that the home ... A: If you want to buy a home from a family member all you really need to do is a deed transfer. From ... | |
| 1st and only loan is a home equity loan | 7/8/2009 |
| Q: How can my whole mortgage be a home equity loan? ANSWER: Hi Felicia It depends on the type of loan ... A: I will have to look into that for you, I don't see why you can't unless there is a pre-payment ... | |
| Insurance claim/repairs | 7/8/2009 |
| Q: We recently suffered water damage to our hardwood from a severe storm. The damage is minimal, yet ... A: I'm sorry about your water damage. I've never had a problem with a check being endorsed. I would ... | |
| Down Payment | 7/4/2009 |
| Q: My husband and I are newly weds who paid for our wedding ourselves. All of the money we've been ... A: The only other thing I can think of would be to see if your property is located in a RURAL area. If ... | |
| current job length | 6/30/2009 |
| Q: My husband recently graduated from Oxford University as an Aerospace engineer, we have taken a well ... A: You can purchase your first home as soon as you find one. You will need his college transcripts, ... | |
| refinance | 6/26/2009 |
| Q: Does refinance go through exact same same procedure as the initial one, such as job verification, ... A: The process is the same and you do not have to go through your initial mortgage company. The only ... | |
| Home Mortgage | 6/17/2009 |
| Q: Is it a problem to add escrow payments to an existing mortgage? A: It shouldn't be a problem, just call you lender and let them know you would like to pay your taxes ... | |
| refinance question | 6/12/2009 |
| Q: I have a first mortgage with 5.7% and a second mortgage with 8.8%. I would like to get my monthly ... A: You would need to give me a few more details such as the value of your home, the current balance of ... | |
| Referred Mortgage Loan | 6/10/2009 |
| Q: Currently live in North Carolina. Interested in purchasing a residence in South Carolina and ... A: There are different levels of mortgage approvals. Approve/Eligible, Approved/Refer, you would need ... | |
| Adding name to title | 6/9/2009 |
| Q: my girlfriend bought a home that I lived in, starting in 1993. In 1994 she said she needed funds ... A: It is very east to add your name to the house by just adding you to the deed which would put your ... | |
| 2nd Mortgage Trustee Sale | 6/8/2009 |
| Q: If I have received a Trustee Sale notice for my 2nd mortgage and that lender is different than the ... A: I don't have much experience in Trustee Sales, but from what I understand it believe it just means ... | |
| selling fha loan home early... | 6/6/2009 |
| Q: i JUST bought my first home this month, have not even made one payment yet! going through a ... A: I'm sorry to hear about your situation. You can put your home on the market, the lender for the new ... | |
| Equity | 6/4/2009 |
| Q: We bought a home from a man. He told us that the equity would transfer over to us. I wanna know can ... A: When you purchase a home the difference between the sale price and the loan amount is the equity. ... | |
| sale of home | 6/2/2009 |
| Q: What does "gift of equity" mean in simple terms. Our sales contract says that the purchase price of ... A: Typically a gift of equity is given to a family member purchasing your home and you sell it below ... | |
| buying an investment home | 5/21/2009 |
| Q: my husband and I would like to buy a second home in N. Calif. for our son to live in while he ... A: That is an excellent decision to purchase a 2nd home and allow your son to use as housing while in ... | |
| Transfer Mortgage/Deed | 5/18/2009 |
| Q: I currently own a house with my cousin. Both of our names are on the mortgage. Now I am getting ... A: Mike Your cousin can assume the payments however in order to take your name off of the mortgage ... | |
| Refinance or No? | 5/4/2009 |
| Q: We currently have a conventional mortgage through my credit union (then got sold to Central ... A: I'm not sure what bank will let you finance with credit scores under 620. I deal with Bank of ... | |
| PMI Insurance | 4/26/2009 |
| Q: If I have PMI Insurance on my home loan and in the event of my death does the loan get paid off? My ... A: No, PMI doesn't pay the loan off in the event of death. PMI Insurance protects the lender not you. ... | |
| Monthly payments | 4/23/2009 |
| Q: I will soon be in the market to buy. I see all these adds for "own this home for as low as ... A: Your best option is an FHA loan, where you need 3.5% down and you can get a 6% selle assist (the ... | |
| credit scores | 4/17/2009 |
| Q: When lenders look at all 3 credit scores, do they add them up and divide by 3? Or, do they just use ... A: Lenders will pull your credit report from three credit bureaus and they will use the middle score. ... | |
| Escrow | 4/15/2009 |
| Q: I did my refinancing around end of March and have received the escrow back from my old mortgage ... A: Lenders used to credit the escrow balance to the payoff amount however I have been told that they ... | |
| 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: Getting a gift to purchase a home is common practice. The "Gift" has to come from a blood relative ... | |
| How much should we get from the refinance? | 3/12/2009 |
| Q: I am currently trying to refinance my house. My brother lives with me and he is getting married so ... A: Basically what you do is you take the equity from the house once the first and second mortgage is ... | |
| Variable Mortgage Rates | 2/3/2009 |
| Q: I have a variable interest rate on my house. It is a 1 year arm and can change every year, but not ... A: Well, here is the deal, if you are saving $50 per month and you figure over thirty years you will be ... | |
| second home | 2/2/2009 |
| Q: We have our first home paid off and would like to purchase a second home. It is a historical home ... A: You can buy a "second home" as long as it is at least 50 miles from your primary home. If it is ... | |
| Refinancing | 1/12/2009 |
| Q: Refinancing when slightly under water. My home now has a mortgage of $318,000 with a second ... A: I wouldn't go off of Zillow estimates, they have been known to be off big time. I have on closing ... | |
| taking someone off the deed to my house | 1/7/2009 |
| Q: If Im The Co-Buyer What Can I Do To Take The Person That Is The Buyer Off My Deed And Into My Name A: If the person who is on the deed is also on the mortgage you would need to refinance to get them off ... | |
| Declared Income Refinance | 1/3/2009 |
| Q: I've been self-employed for 20 years and have been getting social security for 1 1/2 years. Social ... A: If you do not state that you are receiving social security income you should be ok, the only way ... | |
| Difference between agent and broker | 12/17/2008 |
| Q: I am looking for information about the differences between real estate agents and brokers. I ... A: The difference is the education and the number of transactions. You need so many transactions ... | |
| re-fi / quit claim | 12/11/2008 |
| Q: Denise, How are most people dealing with the harsh reality of the forclosure market? A friend of ... A: Doing a "deed in lieu of foreclosure" does not do well for your credit rating. What you can do is ... | |
| Title tranfer | 12/8/2008 |
| Q: My wife's sister co-signed to help buy my wife a house when we split up (not divorced) and we got ... A: Sorry to hear about your wife. Depeding on how you took title to the house if your wife passed away ... | |
| good faith | 12/4/2008 |
| Q: I received good faith estimate last week which had closing costs at just under $3600 for a $85000 ... A: The closing cost estimate is just that an estimate until your rate is locked in and all the figures ... | |
| Financing | 12/3/2008 |
| Q: I have recently purchased a duplex for 23,000 in antigo, wi. I had my grandma co-sign because I am ... A: There is a program that the government has it is the USDA Rural Home Loan program and they offer ... | |
| Mortgage escrow | 11/15/2008 |
| Q: Countrywide just bumped up my mortgage payments by 10 percent so it could add the escrow's already ... A: Good Morning Did your taxes or insurance increase? That is the only reason to raise your mortgage ... | |
| adding person tomortgage | 11/9/2008 |
| Q: How does a person make sure that their personal residence gets left to their partner when that ... A: Having it in your will should be sufficient, however you do not need to refinance to add your ... | |
| PMI | 10/15/2008 |
| Q: Denise, I really need to drop my PMI. Citimortgage is not too eager to do so. Here are the facts. ... A: The only option that you may have is to refinance. The state of Florida is mostly in a declining ... | |
| Foreclosures | 10/8/2008 |
| Q: We own 5 investment properties in Soutwest Florida with another couple. Basically our names are on ... A: I'm sorry to hear about your situation but it is happening all over the place. To answer your ... | |
| mortgage | 9/22/2008 |
| Q: With all the mess on Wall Street I am wondering about my own home mortgage. I have a great 4.875 ... A: I know, the economy is quite a mess right now. The documents that you signed guarantee your rate ... | |
| Closing Day | 9/17/2008 |
| Q: I will be scheduling a closing date on my refinance with my chosen lender via a Paramount Lending ... A: Congratulations on such a smooth transaction. The only things that I would recommend looking at ... | |
| Buying a second property | 8/20/2008 |
| Q: I currently live in a townhouse. I want to buy my mother's house as an investment-- to renovate and ... A: We are not currently in a "flipping" market and lenders can see and need proof of value increases ... | |
| Refi or home equity | 8/13/2008 |
| Q: We have a house that had some water damage to it. We went ahead and began the steps to fix the ... A: Depending on where you are in the home improvements you should be able to refinance. There is a ... | |
| competing lenders | 8/5/2008 |
| Q: I've applied for re-financing from one bank that I'm associated with, and naturally, word got ... A: It is such an unstable market with products taking away every day. What you need to do is research ... | |
| line of credit | 7/19/2008 |
| Q: my home is worth 170,000 and i owe 97,000 and currently have a line of credit from etrade for ... A: Depending on where you live you should have no problem getting that by consolidiating your first & ... | |
| Selling a detached garage. | 7/11/2008 |
| Q: My neighbor wants to buy our detached garage. What responsibilities do we have to our mortgage ... A: I do not believe you can sell the garage for several reasons. When the house was appraised the ... | |
| refinance questions | 7/10/2008 |
| Q: I bought my first house in Portland Oregon in August 2007 - almost one year ago. I was one of the ... A: I have a few questions first, do you know if the property value has changed in your area? How much ... | |
| Second Home | 6/6/2008 |
| Q: I currently own a home that has been on the market for almost one year. It was my first home, but ... A: That is a very risky situation to be in especially in this market. You need to make sure the renter ... | |
| foreclouser | 5/28/2008 |
| Q: im renting a house in bakersfield ca, that is going into foreclouser. the owners havent recived a ... A: Sorry to hear about your situation however if I were in your position I would start to look for a ... | |
| title search and policy | 5/5/2008 |
| Q: if I am refinancing with the same company that currently holds the mortgage. why is it necessary to ... A: The title policy is to search for liens and judgements on the property. If you took out a 2nd loan ... | |
| 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: If you have the deed on the land you own the land even though you are making interest only payments ... | |
| No down payment | 4/21/2008 |
| Q: I recently recieved the closing papers for a local residence and they would like either 4,200 down ... A: If you purchase a home as a primary residence the rate is lower, if you are purchasing as an ... | |
| paying off my mortgage | 4/11/2008 |
| Q: i have mixed emotions on a decision that i need to make... i bought my first house when i was 22.. ... A: If I were in your situation I would take the equity out of your current home and purchase the ... | |
| Lender will forclose on my home | 4/9/2008 |
| Q: I am a single mother of three and I am trying desperately to keep my home. I appreciate any advice ... A: The only suggestion is to call the lender and see if they will do a modification of your loan. Many ... | |
| A complex financing issue, unique situation / self employed for now | 4/2/2008 |
| Q: Am selling a house now that will NET us between $137,000 worst case to $155,000 after the deal. Once ... A: I can only answer for my company and I just had someone that I qualified with the same type of ... | |
| Financing | 4/1/2008 |
| Q: I'm considering purchasing a $100,000.00 home, have an excellent credit rating (mid-range ... A: The only programs are interes only loans however they are about the same as a fixed rate loan at ... | |
| upside down on investment properties | 4/1/2008 |
| Q: ..I need some real help fast. Here is my situation. I own two investment properties both in great ... A: I'm really sorry to hear about your situation. I think that if you can do a lease purchase that is ... | |
| Grant Deed then Refinance | 3/26/2008 |
| Q: I was wondering if my mother could Grant Deed her property over to me (has solid amount of equity), ... A: Your mother can transfer the deed to you as well as still keep her name on the deed or just transfer ... | |
| selling home to tenant | 3/23/2008 |
| Q: I am trying to sell a home that I rent out. The tenant wishes to purchase the property, makes great ... A: There are so many questions that I want to ask.....Can you hold the mortgage? Do you want help to ... | |
| escrow reserve requirement | 3/22/2008 |
| Q: My lender indicates that there is going to be an escrow shortage. I understand increasing the ... A: It is usually a two month cushion that is used so I guess that is correct. Did they send you an ... | |
| escrow reserve requirement | 3/22/2008 |
| Q: My lender indicates that there is going to be an escrow shortage. I understand increasing the ... A: By law they are allowed to "cushion" the escrow account, unfortunately arguing will not help the ... | |
| PMI | 3/19/2008 |
| Q: I am purchasing a property appraised at $600K for $525K. I'm financing 90% of purchase price or ... A: The new loan limits are in place now and it depends on where you live as to what the loan amounts ... | |
| PMI | 3/18/2008 |
| Q: I am purchasing a property appraised at $600K for $525K. I'm financing 90% of purchase price or ... A: Unfortunately the lender does not look at the value when purchasing the home only the purchase price ... | |
| Confused with Home Equity and Credit Card | 2/21/2008 |
| Q: I have a Home Equity Loan of $34,500 at 7.5% for 20 yrs. I am sure of paying off this loan in the ... A: The offer of 3.99 is great however it is a teaser rate and not the life of the loan. If it is for ... | |
| Refinancing an undervalued property | 2/21/2008 |
| Q: I co-owned a property in San Marcos, CA with my aunt. We're trying to work out a settlement where ... A: The property values are going down especially in California so you are not the minority but the ... | |
| foreclosure | 2/17/2008 |
| Q: my daughter is facing a foreclosure on the house she has in MI, she has already bought one in TN ... A: I've never heard of someone able to purchase another home if they do not have the capability to pay ... | |
| home ownership | 2/15/2008 |
| Q: can my mother put my 2 sisters and my name on the house deed? The house is payed for,if so, how ... A: Yes, your mother can put put you and your sisters on the deed, all you need to do is go to an ... | |
| subprime lending | 2/8/2008 |
| Q: what do you think is the best plan action to take to provide the most advantages and get us out of ... A: The reason I believe that we are in the mess is the creative financing programs that were offered to ... | |
| Untraditional Mortgage | 2/6/2008 |
| Q: I own a condo, paying about 5.7% on it. It has been about 3 years since I purchased it, so I am ... A: To answer your questions, I have been in the business for a long time and I cannot see how that is ... | |
| loan officer fee | 2/1/2008 |
| Q: I have a few questions about the commission that is paid to loan officers. Are they paid a ... A: It depends, brokers are paid by selling a higher rate with a YSP (yield spread premium) and if ... | |
| Coverting from variable to fixed rate ELOC | 1/31/2008 |
| Q: I have an ELOC that was taken out when we bought our condo in 4/2005 - we used $32,000 out of ... A: The reason that they said you would have to increase the amount is because some banks have to have a ... | |
| Charged off Equity | 1/30/2008 |
| Q: I am so confused. Unknown to us until recently, our equity mortgage was CHARGED OFF. What does that ... A: Is this equity loan on your current home and if it is how was it that you were not notified of the ... | |
| 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: You sound like the ideal candidate to refinance. The rates came down yesterday and may come down ... | |
| 2 Mortgages | 1/14/2008 |
| Q: Recently I got a great job but was commuting 130 miles a day. I decided to buy a home near my place ... A: I'm not familar with the laws of Iowa however it is never good to not make mortgage payments and it ... | |
| 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: The reason that your payoff is more than your principal balance is because when you request a payoff ... | |
| Refinance chp. 13 | 11/30/2007 |
| Q: We need to refinance our house and we currently have an 80/20 loan. We live in CA. Our problem, like ... A: I'm sorry to take so long in answering your question, I never received the e-mail letting me know it ... | |
| Credit & Qualification | 11/24/2007 |
| Q: Denise: My wife and I are going to be applying for a home loan in the next few months. We have ... A: Good Morning Chris You should be in fine shape. If I were your loan officer and you told me what ... | |
| Refinancing | 11/7/2007 |
| Q: We recently refinanced our home to fix it up. After we signed all the paperwork and we found out ... A: When you signed the papers did they tell you that you had a pre-payment penalty and they were not ... | |
| help please | 11/1/2007 |
| Q: Fl for 285,000. The market here has completely destroyed our homes value. When we bought we chose a ... A: I'm so sorry for not replying promptly, I never received the email. If I were you I would contact ... | |
| Reverse Mortgage Question | 10/17/2007 |
| Q: Monaco, After 40 years of marriage, my mother and father are getting a divorce. My dad wants to ... A: I'm sorry to hear of your parents situation after 40 years. The option of a reverse mortgage is a ... | |
| new home mortgage | 10/16/2007 |
| Q: Do you have any clue/idea where mortgage rates are headed over the next 6 months (that may not be a ... A: I don't have a crystal ball however I believe they will remain stable moving up and down between 1/8 ... | |
| lending money for house down payment | 10/1/2007 |
| Q: My daughter wants to purchase a house. My spouse and I want to lend her $25,000. What is the tax ... A: If you want to "loan" your daughter money for a home purchase that is between the two of you and ... | |
| mortgage | 9/28/2007 |
| Q: If someone has a credit score of 660 and has a very poor debt/income ratio and refinances his ... A: For a 30 year fixed stated income loan that is an excellent rate. I would suggest that you lock it ... | |
| Home equity, consolidate credit cards, FICO | 9/24/2007 |
| Q: It's hard to be brief but I'll try. Current FICO only 700 at Equifax, probably because I use 7-10 ... A: Let me start by saying that your credit score is very good. One of the best benefits of owning a ... | |
| adding spouse to mortgage | 9/18/2007 |
| Q: what will happen if i add my spouse and he want divorce several years later and i have been buying ... A: Good Morning Charity If you ad your spouse to you deed he will have ownership in the property. You ... | |
| Lawyers | 9/10/2007 |
| Q: since you did such a great job with my first mortgage question, (how does my mortgage broker get ... A: I'm glad that I helped. The lawyer that is researching the title to the property I assume is the one ... | |
| MORTGAGE | 9/10/2007 |
| Q: Will the banks give a mortgage to someone if they have a very bad debt/income ration but good credit ... A: Good Morning Al, What is your meaning of "a very bad" debt/income ratio? There are loans available ... | |
| Comittment Letter | 9/6/2007 |
| Q: If I have a committment letter, the seller has begun processing for the closing and suddenly the ... A: If your agreement of sale was contingent upon receiving a mortgage as listed you should be able to ... | |
| Comittment Letter | 9/5/2007 |
| Q: If I have a committment letter, the seller has begun processing for the closing and suddenly the ... A: I have several questions first, 1. is your agreement to purchase the house contingent upon a ... | |
| New purchase with existing 1st & 2nd mort. | 8/24/2007 |
| Q: We have a 1st and 2nd mortgage on our home. We are interested in purchasing a new home. How do we ... A: Have you had a realtor tell you what you can list your house for and do you have any other money to ... | |
Answers by Expert:
Top Expert on this page
I can answer questions about home mortgage financing, the difference between a mortgage banker and a mortgage broker, fees involved in purchasing a home and refinancing a home or obtaining a home equity loan and the difference between a 1st & 2nd mortgage and the option to have PMI (Private Mortgage Insurance) Jumbo loans, conforming and non-conforming loans.
I have been a closer, processor and operations manager and currently a account executive for a national mortgage banking company. I have been in the field for 25 years.
Education/Credentials
Real Estate License & 25 years field experience with many national mortgage banking companies.
Awards and Honors
Top sales person, employee of the month, highest sales award
Past/Present Clients
personal home buyers

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