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Real Estate Home Mortgages/Questions Answered by Expert Denise Monaco
| 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 ... | |
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Real Estate Home Mortgages
Answers by Expert:
Denise Monaco
Top Expert on this page
Expertise
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.
Experience
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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