Zillow Advice RSS: Question-Discussion-Guide,All Real Estate Advice Topics,MA http://www.zillow.com/advice/MA/all/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Can an owner sell during the condominium conversion process? http://www.zillow.com/advice-thread/Can-an-owner-sell-during-the-condominium-conversion-process/496847/ One other issue to keep in mind is financing.<br/><br/>Depending on how many units will be part of the new condo association, the seller may have to line up buyers and all may need to close on the same day so the mortgages can be sold as warrantable condos.<br \><br \>0 replies Thu, 13 Jun 2013 18:56:00 GMT http://www.zillow.com/advice-thread/Can-an-owner-sell-during-the-condominium-conversion-process/496847/ 2013-06-13T18:56:00Z Is it ok to take out a mortgage to buy my son a gift? http://www.zillow.com/advice-thread/Is-it-ok-to-take-out-a-mortgage-to-buy-my-son-a-gift/191333/ <img imageid="X1-IAwyir3idyiutt_f3lyo" uploadtype="new" imagetype="8" src="http://images1.zillow.com/is/image/i0/i0/i6369/ISwyir3idx4aeb.jpg?op_sharpen=1&amp;qlt=90&amp;size=250,300"/>Recently my son wrote this story to his teacher, and being a good mom I would like to make it a reality for him.&nbsp; Is it possible to qualify for a <a href="http://www.zillow.com/mortgage/">mortgage</a> to make this purchase?<br/><br \><br \>43 replies Thu, 22 Jan 2009 20:14:00 GMT http://www.zillow.com/advice-thread/Is-it-ok-to-take-out-a-mortgage-to-buy-my-son-a-gift/191333/ 2009-01-22T20:14:00Z Transfer of loan and or deed after REFI http://www.zillow.com/advice-thread/Transfer-of-loan-and-or-deed-after-REFI/501480/ Nothing unusual. Reporting the documents associated with a payoff (release) and a new mortgage can take more than just a few weeks. Check your county website, there is probably something stating that there is a delay in posting the information online.<br \><br \>0 replies Fri, 12 Jul 2013 22:41:00 GMT http://www.zillow.com/advice-thread/Transfer-of-loan-and-or-deed-after-REFI/501480/ 2013-07-12T22:41:00Z What income is counted towards a mortgage application? http://www.zillow.com/advice-thread/What-income-is-counted-towards-a-mortgage-application/598693/ <p>Hi,</p><p>My wife and I make a lot of money that our mortgage lender claims cannot be applied towards a home loan.&nbsp; How does a lender decide which income applies towards loan approval?&nbsp; Is there any way to make income count towards a loan application?</p><br \><br \>2 replies Tue, 04 Aug 2015 19:58:00 GMT http://www.zillow.com/advice-thread/What-income-is-counted-towards-a-mortgage-application/598693/ 2015-08-04T19:58:00Z Can I get out of FHA insurance by refinancing to another type of loan? http://www.zillow.com/advice-thread/Can-I-get-out-of-FHA-insurance-by-refinancing-to-another-type-of-loan/524633/ Depending on when you got your current loan and your current credit scores, refinancing into a conventional loan with mortgage insurance might be a good option for you. &nbsp;I would do a search for "Find A Pro" above and reach out to a well - reviewed local lender to run the numbers for you. I'm happy to provide you a referral also if you want to contact me through my profile.<br \><br \>0 replies Wed, 15 Jan 2014 22:21:00 GMT http://www.zillow.com/advice-thread/Can-I-get-out-of-FHA-insurance-by-refinancing-to-another-type-of-loan/524633/ 2014-01-15T22:21:00Z We have an acepted offer for a house and after a month with the bank they say my DTI is too high http://www.zillow.com/advice-thread/We-have-an-acepted-offer-for-a-house-and-after-a-month-with-the-bank-they-say-my-DTI-is-too-high/598700/ Maybe they changed your income somehow? Not including some, reducing some? that can affect your DTI as well. &nbsp;Check your credit report and be sure there are no duplicates as well. &nbsp;Look at your homeowners insurance, maybe you can raise your deductible, and lower the premium, which would lower your monthly escrow, lowering your monthly mortgage payment. &nbsp;this could help lower your DTI as well.<br \><br \>0 replies Tue, 04 Aug 2015 21:03:00 GMT http://www.zillow.com/advice-thread/We-have-an-acepted-offer-for-a-house-and-after-a-month-with-the-bank-they-say-my-DTI-is-too-high/598700/ 2015-08-04T21:03:00Z harp second mortgage after chapter 7 http://www.zillow.com/advice-thread/harp-second-mortgage-after-chapter-7/572475/ <div>I filed chapter 7 &nbsp;discharged January 2014. I did not reaffirm either mortgage. I am currently doing a harp on my first and just received a commitment letter. My Balance is &nbsp;$75,000.00. My payments are current.<div>I have a Heloc 2nd $98,000.00 It just went to Princ &amp; Interest for 5 years<div>Applied for a modification to extend it for 10 years and still waiting for an answer, they keep saying it is in workout. It had been since 12/29/14. My payment with &nbsp;is $1900.00 a month and I am 2 months behind.<div>I want to know if there is a harp available for the second mortgage?<div>What else can I do to keep my home.<div>The value on Zillow is $208,000.00 I am in &nbsp; Ma and home values are very low here.</div></div></div></div></div></div><br \><br \>1 reply Sat, 17 Jan 2015 02:48:00 GMT http://www.zillow.com/advice-thread/harp-second-mortgage-after-chapter-7/572475/ 2015-01-17T02:48:00Z What if my husband does not want to sell and I do because of divorce? Mortage in both are names. http://www.zillow.com/advice-thread/What-if-my-husband-does-not-want-to-sell-and-I-do-because-of-divorce-Mortage-in-both-are-names/478352/ The mortgage is meaningless. Who's names are on the deed? The deed is the document that shows who owns the property, not the mortgage. All names on the deed must sign, if your name is the only one on the deed then you can sell it. If both are then it takes both signatures to sell. If his is the only one on the deed he is in charge. If it was me, and I was on the mortgage, I would want to be on the deed too. Being on the mortgage and not the deed is the worse case to be in.<br/><br/>tim<br \><br \>0 replies Tue, 12 Feb 2013 20:22:00 GMT http://www.zillow.com/advice-thread/What-if-my-husband-does-not-want-to-sell-and-I-do-because-of-divorce-Mortage-in-both-are-names/478352/ 2013-02-12T20:22:00Z I did not get any quotes on my loan request (ZR-JFZNSHZ). Can someone help me figure out why? http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-JFZNSHZ-Can-someone-help-me-figure-out-why/320968/ The first thing to do is to meet with a <a href="http://www.zillow.com/mortgage/">mortgage</a> banker to be pre-qualified.&nbsp; They will evaluate your income, monthly debt etc&nbsp; to determine your maximum <a href="http://www.zillow.com/mortgage/">loan</a> amount and to let you know what the approximate payment will be.<br/>Then you can look for a property.&nbsp; Once you find a property and make an offer the loan officer can produce a pre-approval tailored to that proeprty so that your offer amount and the approval amount match (no need for the <a href="http://www.zillow.com/directory/real-estate-agents/">real estate agent</a> or the seller to know how high you qualify).<br/>[content removed by moderator]<br/>Elyssa Neumann<br/>Eastern Bank [content removed by moderator]<br \><br \>0 replies Tue, 02 Feb 2010 20:58:00 GMT http://www.zillow.com/advice-thread/I-did-not-get-any-quotes-on-my-loan-request-ZR-JFZNSHZ-Can-someone-help-me-figure-out-why/320968/ 2010-02-02T20:58:00Z how soon can I buy a house after foreclosure ? http://www.zillow.com/advice-thread/how-soon-can-I-buy-a-house-after-foreclosure/569401/ <p>You might qualify for a mortgage 3 years after a foreclosure for FHA loans.&nbsp; You need to wait 7 years before you&nbsp;can get a conventional Fannie Mae loan.</p><p>Private financing has no restrictions.</p><p>Best of luck</p><p>Eric</p><br \><br \>0 replies Fri, 12 Dec 2014 13:20:00 GMT http://www.zillow.com/advice-thread/how-soon-can-I-buy-a-house-after-foreclosure/569401/ 2014-12-12T13:20:00Z Recently divorced and house was sold. Would I be considered a 1st time buyer? http://www.zillow.com/advice-thread/Recently-divorced-and-house-was-sold-Would-I-be-considered-a-1st-time-buyer/199081/ I thought that I had read recently on the Zillow lending board that a first time buyer was anyone who did not currently own a home and had not owned one in the past three years. If you don't get a lender reply here, you might try the mortgage board&nbsp;<a rel="nofollow" href="http://www.zillow.com/advice/US/mortgage/question-discussion-guide/">here</a>. The lenders there are friendly up to date and will be able to tell you exactly what the requirements are.<br \><br \>0 replies Fri, 13 Feb 2009 21:10:00 GMT http://www.zillow.com/advice-thread/Recently-divorced-and-house-was-sold-Would-I-be-considered-a-1st-time-buyer/199081/ 2009-02-13T21:10:00Z Portfolio lenders? http://www.zillow.com/advice-thread/Portfolio-lenders/365726/ Does anybody know of any portfolio lenders active in lending in Massachusetts? I am looking for a lender for a residential mortgage for a primary residence. Thank you, Jeremy<br \><br \>12 replies Fri, 10 Sep 2010 11:59:00 GMT http://www.zillow.com/advice-thread/Portfolio-lenders/365726/ 2010-09-10T11:59:00Z Getting jumbo loan with 10% down payment ? http://www.zillow.com/advice-thread/Getting-jumbo-loan-with-10-down-payment/509227/ One option is to get Mortgage Insurance. The other option which is considered better is to get a 1st loan for 80% and a 2nd loan for 10% of the price.&nbsp; The 1st can be any type of loan, fixed or hybrid-ARM.&nbsp; The 2nd can be an interest only HELOC type, and you should be able to get a rate in the high 4s.&nbsp; Or, a fixed rate with a term of 10 or 15 years with rates in the high 5s.&nbsp; There should be no cost or fee on the second and the bank will take one application for both loans at&nbsp;the same time.<br \><br \>0 replies Tue, 08 Oct 2013 22:18:00 GMT http://www.zillow.com/advice-thread/Getting-jumbo-loan-with-10-down-payment/509227/ 2013-10-08T22:18:00Z home buying http://www.zillow.com/advice-thread/home-buying/370360/ Applying for a mortgage with the same lender makes sense only if they offer competitive mortgage rates and closing costs.&nbsp; You should always check the rates and closing costs when you apply for your mortgage.&nbsp; It allows you to compare the different products offered by various lenders.&nbsp; Make sure your lender knows if is a short sale since they often take longer to close.&nbsp;<br \><br \>0 replies Mon, 11 Oct 2010 14:01:00 GMT http://www.zillow.com/advice-thread/home-buying/370360/ 2010-10-11T14:01:00Z How can I look at my loan archive? http://www.zillow.com/advice-thread/How-can-I-look-at-my-loan-archive/327156/ not sure what you mean by that. You can go to masslandrecords.com and see all your <a href="http://www.zillow.com/mortgage/">mortgages</a>. Hope that helps<br \><br \>0 replies Mon, 22 Feb 2010 18:02:00 GMT http://www.zillow.com/advice-thread/How-can-I-look-at-my-loan-archive/327156/ 2010-02-22T18:02:00Z Do you have to wait two years to buy a home after bankruptcy http://www.zillow.com/advice-thread/Do-you-have-to-wait-two-years-to-buy-a-home-after-bankruptcy/476828/ Depending on when the type of bankruptcy, it is two years from the date it was discharged for FHA mortgage and 3 years for a loan for Fannie Mae or Freddie Mac. There are also credit score requirements that need to be met. Consult with a mortgage professional to review your situation. <br/>Chris<br \><br \>0 replies Fri, 01 Feb 2013 00:00:00 GMT http://www.zillow.com/advice-thread/Do-you-have-to-wait-two-years-to-buy-a-home-after-bankruptcy/476828/ 2013-02-01T00:00:00Z Is there a lender who needs business? http://www.zillow.com/advice-thread/Is-there-a-lender-who-needs-business/387338/ Christine there are lots of great lenders out there. I would interview some local Mortgage agents from your area.<br \><br \>0 replies Thu, 24 Feb 2011 01:14:00 GMT http://www.zillow.com/advice-thread/Is-there-a-lender-who-needs-business/387338/ 2011-02-24T01:14:00Z I have 20 years fixed @6.375%.What rate is it is good for me to refinance. My mortage is 240000. http://www.zillow.com/advice-thread/I-have-20-years-fixed-6-375-What-rate-is-it-is-good-for-me-to-refinance-My-mortage-is-240000/186749/ I don't know how many years left on your mortgage.<br/>Assume Your new <a href="http://www.zillow.com/mortgage/">mortgage</a> is $240,000, 20 years fix, 6.375%<br/>Actually monthly payment is $1771.76<br/>If you <a href="http://www.zillow.com/refinance/">refinancing</a> at 20 years fix, 5% rate, 0% buy down point, $2500 fee ( escrow, title, etc... )<br/>New monthly payment is $1600.39 ( mortgage $240,000+ $2500 = $242,500 )<br/>Break even at 28th month. ( recoup )<br/>If you keep pay at $1771.76, Your mortgage's life is 203 months, ( Balance $241.54 )<br \><br \>0 replies Fri, 09 Jan 2009 21:05:00 GMT http://www.zillow.com/advice-thread/I-have-20-years-fixed-6-375-What-rate-is-it-is-good-for-me-to-refinance-My-mortage-is-240000/186749/ 2009-01-09T21:05:00Z what if we are not able to get loan according to price? http://www.zillow.com/advice-thread/what-if-we-are-not-able-to-get-loan-according-to-price/371914/ <p>Two options:&nbsp; Seller reduce to appraisal amount, seller can pay for a second appraisal, or terminate.<br/><br/>Would not buy something that does not cleary appraise for your purchase price, unless you are buying it to combine with adjacent property.&nbsp;<br/><br/>If you co-sign, your son better be responsible, bc it will affect your credit if he is late on a payment.&nbsp; Ask your Lender when the soonest that you could sign the Security Deed over to your son to remove your name from the mortgage.&nbsp; Lastly, speak with your CPA about the tax implications of co-signing.&nbsp; Best Regards.</p><br \><br \>0 replies Wed, 20 Oct 2010 14:41:00 GMT http://www.zillow.com/advice-thread/what-if-we-are-not-able-to-get-loan-according-to-price/371914/ 2010-10-20T14:41:00Z Is it possible to get a loan on a property that needs major rehab if doing the work yourself? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-on-a-property-that-needs-major-rehab-if-doing-the-work-yourself/304022/ <div style="text-align: left;">It's possible, but you must be a properly licensed contractor and have experience in the type of work you're going to do.<br/><br/>Generally, however, <a href="http://www.zillow.com/mortgage/">mortgage</a> underwriters frown on it from the standpoint of "when are you going to find the time to do the work if you're gainfully employed?"<br/><br/>And, if you have time to do your rehab work, "when are you going to make money and how much are you going to make so you can pay your mortgage and other bills and obligations while devoting time to rehabbing the house?"<br/><br/>If you are not properly licensed, don't have the experience and expertise to do quality craftsman work, and either don't have time to work while doing the repairs or don't have time to do the repairs when you should be working and earning an income, then expect your application to be declined.<br/></div><br \><br \>0 replies Sat, 05 Dec 2009 16:31:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-loan-on-a-property-that-needs-major-rehab-if-doing-the-work-yourself/304022/ 2009-12-05T16:31:00Z