Zillow Advice RSS: Question-Discussion-Guide,Mortgage,MA http://www.zillow.com/advice/MA/mortgage/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Can lender increase Single Premium PMI on GFE? http://www.zillow.com/advice-thread/Can-lender-increase-Single-Premium-PMI-on-GFE/522151/ <p>Single Premium Mortgage Insurance falls into box 3 or 'services that we select' box on a GFE, which is subject to a 10% max tolerance (can't change more than 10% at closing)&nbsp;unless there is a valid change of circumstance and it is redisclosed within 3 business days of the changed circumstance.&nbsp; This is regardless of how far into the loan process you are, or whether you have a final approval.&nbsp; Once the initial GFE has been issued for the loan, this rule applies.&nbsp;<br/><br/>The big question, as Hamp mentioned is, what do you want them to do?&nbsp; If it comes to a point where the loan is non-profitable, they can just refuse to close it.&nbsp;<br/><br/>Figure out what you want, ask them if they will do it.&nbsp; Figure out if you have any other options before you call, as an example, is your rate locked?&nbsp; What rate could you lock today with a competitor?&nbsp;</p><br \><br \>0 replies Fri, 20 Dec 2013 22:29:00 GMT http://www.zillow.com/advice-thread/Can-lender-increase-Single-Premium-PMI-on-GFE/522151/ 2013-12-20T22:29:00Z We are looking to refinance but our home equity loan brings us over the jumbo limit. http://www.zillow.com/advice-thread/We-are-looking-to-refinance-but-our-home-equity-loan-brings-us-over-the-jumbo-limit/184561/ Can we take a small <a href="http://www.zillow.com/mortgage/">mortgage</a> on our second property and then <a href="http://www.zillow.com/refinance/">refinance</a> the primary property?&nbsp;Are second <a href="http://www.zillow.com/mortgage/">mortgages</a> on primary properties still easily available in todays market?&nbsp; Other ideas?&nbsp;&nbsp;<br \><br \>3 replies Sun, 04 Jan 2009 13:44:00 GMT http://www.zillow.com/advice-thread/We-are-looking-to-refinance-but-our-home-equity-loan-brings-us-over-the-jumbo-limit/184561/ 2009-01-04T13:44:00Z Where can I get a Mortgage in Massachusetts with a 660 credit score? http://www.zillow.com/advice-thread/Where-can-I-get-a-Mortgage-in-Massachusetts-with-a-660-credit-score/479860/ My actual middle fico score is 660. I have 6 old charge offs from 2008, and a couple of outstanding balances that I have no problem paying (at closing). I am interested in maybe using any masshousing programs. Is 660 a lock for some type of mortgage? I see people saying 620 is the minimum for some things. I talked to one lender who doesn't even want to pre-approve me with a 660.<br \><br \>5 replies Sat, 23 Feb 2013 04:48:00 GMT http://www.zillow.com/advice-thread/Where-can-I-get-a-Mortgage-in-Massachusetts-with-a-660-credit-score/479860/ 2013-02-23T04:48:00Z I am a 64 year old female, currently separated with the divorce coming to fruition in March of 2015. http://www.zillow.com/advice-thread/I-am-a-64-year-old-female-currently-separated-with-the-divorce-coming-to-fruition-in-March-of-2015/555225/ The answer with what you provided is... we need more information...&nbsp; It sounds&nbsp;from what you provided that there could be some red flags for concern.&nbsp; Generally a divorce must be finalized prior to the home loan closing.&nbsp; Though you could be located in a state that allows it with certain documentation from the courts.&nbsp; (Ex. a legal separation agreement could be able to trump the date of the divorce depending upon the state you are purchasing in and the details of the separation agreement.)&nbsp; <br/><br/>My advice would be to locate a mortgage planner in your area that you can meet in person to review the situation and form a plan and timeline for you.&nbsp; <br/><br/>Good Luck!<br \><br \>0 replies Mon, 18 Aug 2014 13:41:00 GMT http://www.zillow.com/advice-thread/I-am-a-64-year-old-female-currently-separated-with-the-divorce-coming-to-fruition-in-March-of-2015/555225/ 2014-08-18T13:41:00Z Mortgage with 660 score http://www.zillow.com/advice-thread/Mortgage-with-660-score/479867/ My actual middle fico score is 660. I have 6 old charge offs from 2008, and a couple of outstanding balances that I have no problem paying (at closing). I am interested in maybe using any masshousing programs. Is 660 a lock for some type of mortgage? I see people saying 620 is the minimum for some things. I talked to one lender who doesn't even want to pre-approve me with a 660. This is in Massachusetts<br \><br \>1 reply Sat, 23 Feb 2013 05:21:00 GMT http://www.zillow.com/advice-thread/Mortgage-with-660-score/479867/ 2013-02-23T05:21:00Z Refinance two mortgages on rental property http://www.zillow.com/advice-thread/Refinance-two-mortgages-on-rental-property/529854/ We want to refinance our mortgages but we are not sure since is rental property. We bought as primary residence and after 10 years we moved and rented the property. We would like to refinance to lower our monthly payment and rates but we have a second mortgage as well. Our first loan we owne $188k (18 years left on mortgage) and the 2nd we own $47k with about 25 years to pay off. We want to refinance both loans to get a better rate. The first was taken at 5.2% and the second 6.89%. The house market value is only $241k. Is it possible to refinance to 30 year without needing to pay the 2nd loan off?<br \><br \>4 replies Tue, 25 Feb 2014 02:08:00 GMT http://www.zillow.com/advice-thread/Refinance-two-mortgages-on-rental-property/529854/ 2014-02-25T02:08:00Z 10% Jumbo Construction Mortgages Available? http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ Most likely no.&nbsp;<br/><br/>It is possible to purchase an existing home (with a jumbo range mortgage)&nbsp;with an 80/10/10 mortgage.<br \><br \>0 replies Sun, 09 Mar 2014 14:56:00 GMT http://www.zillow.com/advice-thread/10-Jumbo-Construction-Mortgages-Available/531394/ 2014-03-09T14:56:00Z HELOC needed, exceeding the 43% limit on debt to income ratio http://www.zillow.com/advice-thread/HELOC-needed-exceeding-the-43-limit-on-debt-to-income-ratio/545237/ If your dealing with a Bank vs. a mortgage broker, you might be stuck with their limited selection of loan products with very restrictive guidelines.. brokers have access to numerous lenders, all offering a variety of lending programs...&nbsp; and the broker is experienced in seeking out the best loan terms for your exact scenario.&nbsp;&nbsp; There are options to help.. 45% to 47% LTV, ARM rates, Asset Depletion added as income, cash out first mortgage, etc, etc, etc.. get with a mortgage pro, not a bank teller, and you should find a way to make it happen. &nbsp; <!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument></xml><![endif]--> <p class="MsoNormal">Feel free to reach out to me via my profile if you have any additional questions or concerns.&nbsp;<strong><em>William J. Acres, Arizona's Mortgage Expert.</em></strong></p><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]><style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-fareast-font-family:"Times New Roman";}</style><![endif]--><br \><br \>0 replies Thu, 12 Jun 2014 22:11:00 GMT http://www.zillow.com/advice-thread/HELOC-needed-exceeding-the-43-limit-on-debt-to-income-ratio/545237/ 2014-06-12T22:11:00Z Recoup remodel costs through mortgage? http://www.zillow.com/advice-thread/Recoup-remodel-costs-through-mortgage/419123/ My husband I just finished paying off a major remodel on our house which we bought 2 years ago.&nbsp;We put 20% down and had/have excellent credit scores.&nbsp;Not wanting to take out more loans, we spent a good deal of our savings on the remodel.&nbsp;Three months ago, I was laid off unexpectedly, and yesterday, my husband learned that his position will lose funding in December. With the current job market, it's hard to be optimistic. How can our lender help us be sure we are able to pay our mortgage going forward? Will refinancing help? The appraisal should go up significantly... should we take out a home equity loan? Thanks.&nbsp;<br \><br \>2 replies Thu, 13 Oct 2011 14:53:00 GMT http://www.zillow.com/advice-thread/Recoup-remodel-costs-through-mortgage/419123/ 2011-10-13T14:53:00Z Why doesnt my lender lock me in? http://www.zillow.com/advice-thread/Why-doesnt-my-lender-lock-me-in/297621/ Have you gotten full approval from the bank accepting the short sale? &nbsp;That is, the bank holding the current <a href="http://www.zillow.com/mortgage/">mortgage</a> on the property?<br \><br \>0 replies Fri, 13 Nov 2009 18:16:00 GMT http://www.zillow.com/advice-thread/Why-doesnt-my-lender-lock-me-in/297621/ 2009-11-13T18:16:00Z Need lender to work with a HARP refinance. Wells Fargo loan with LPMI. Need someone with exp w/prog http://www.zillow.com/advice-thread/Need-lender-to-work-with-a-HARP-refinance-Wells-Fargo-loan-with-LPMI-Need-someone-with-exp-w-prog/246099/ I can answer this question as I have been focusing on helping people with this particular program. I actually just funded a HARP <a href="http://www.zillow.com/mortgage/">loan</a> two days ago with Wells Fargo.<br/><br/>The Freddie Mac Relief - Same Servicer program that has been going for a little while now does not allow <a href="http://www.zillow.com/mortgage/">loans</a> that currently have <a href="http://www.zillow.com/mortgage/help/Private-Mortgage-Insurance.htm">mortgage insurance</a> (be it lender or borrower paid). The new Freddie Mac Relief - Open Access program was officially open to funding as of today. According to Freddie Mac's guidelines this not only allows different servicers and loans up to 125% LTV but also the refinance of loans that currently have mortgage insurance.<br/><br/>My rep at Wells Fargo has informed me that they will NOT be participating in the Open Access program but I have heard from another source that they are offering it on the retail side (which would help you).<br/>I have another lender that is participating in the Open Access program but they will only refi loans with MI if they are currently the servicer.<br/><br/>So even though Freddie will buy these loans, the lenders are skeptical to offer them to the public and are tweaking the guidelines to make it a little more comfortable for them.<br/><br/>Try Wells again since Open Access was only initiated today (10/01/09) and if they can't help you, feel free to email me and we will stay in close contact until I find you a solution. I have two other clients in the same boat and am determined to find a lender that will perform.<br/><br/>Hope I was able to help you.<br/><br/>Dave Townsend ? Sr. Loan Consultant<br/>Newport Capital Group<br/>[self-promotional post, removed by moderator]<br/><br \><br \>0 replies Fri, 02 Oct 2009 07:34:00 GMT http://www.zillow.com/advice-thread/Need-lender-to-work-with-a-HARP-refinance-Wells-Fargo-loan-with-LPMI-Need-someone-with-exp-w-prog/246099/ 2009-10-02T07:34:00Z What is the limit before a mortgage becomes a jumbo loan. http://www.zillow.com/advice-thread/What-is-the-limit-before-a-mortgage-becomes-a-jumbo-loan/500641/ 3 replies Sun, 07 Jul 2013 01:43:00 GMT http://www.zillow.com/advice-thread/What-is-the-limit-before-a-mortgage-becomes-a-jumbo-loan/500641/ 2013-07-07T01:43:00Z how does zillow calculate monthly payments? http://www.zillow.com/advice-thread/how-does-zillow-calculate-monthly-payments/362990/ Are you referring to a loan quote you received on <a href="http://www.zillow.com/mortgage">Zillow Mortgage Marketplace</a>?<br/><br/>Or are you referring to the monthly payment seen on a home details page(Zestimate page)?<br/><br/>-Geoff-<br \><br \>0 replies Fri, 20 Aug 2010 18:20:00 GMT http://www.zillow.com/advice-thread/how-does-zillow-calculate-monthly-payments/362990/ 2010-08-20T18:20:00Z Kevin Schmidt of Home Savings of America,Is this legitimate, not getting answers.? http://www.zillow.com/advice-thread/Kevin-Schmidt-of-Home-Savings-of-America-Is-this-legitimate-not-getting-answers/283018/ I sent an inquiry through Zillo and he responded, have done the paperwork, now getting nervous that this may not be a legitmate <a href="http://www.zillow.com/mortgage/">mortgage</a> lender?? Any feedback woudl be appreciated.<br \><br \>3 replies Mon, 28 Sep 2009 13:52:00 GMT http://www.zillow.com/advice-thread/Kevin-Schmidt-of-Home-Savings-of-America-Is-this-legitimate-not-getting-answers/283018/ 2009-09-28T13:52:00Z Are there points charged on all FHA loans? http://www.zillow.com/advice-thread/Are-there-points-charged-on-all-FHA-loans/392217/ You may be referring to mortgage insurance rather than points and yes there is MI on all FHA loans regardless on LTV. Points are only paid to get a lower rate and are only usually paid when there is a hefty seller concession.<br \><br \>0 replies Fri, 25 Mar 2011 14:29:00 GMT http://www.zillow.com/advice-thread/Are-there-points-charged-on-all-FHA-loans/392217/ 2011-03-25T14:29:00Z How much down payment is needed for a 203k loan? http://www.zillow.com/advice-thread/How-much-down-payment-is-needed-for-a-203k-loan/464504/ I suggest that you contact at least two mortgage brokers and discuss your lending needs.<br \><br \>0 replies Wed, 17 Oct 2012 22:22:00 GMT http://www.zillow.com/advice-thread/How-much-down-payment-is-needed-for-a-203k-loan/464504/ 2012-10-17T22:22:00Z I keep getting rejected for mortgage refinancing of my primary residence. http://www.zillow.com/advice-thread/I-keep-getting-rejected-for-mortgage-refinancing-of-my-primary-residence/421440/ I own a condo in a three unit building where the other two units are owned by one person who is using them as rental property. The reason for my property <a href="http://www.zillow.com/refinance/">refinancing</a> rejection is always based on the fact that more than 50% of the units are owned by one person. Is there any way around this? I would greatly appreciate a piece of advice.&nbsp;<br \><br \>9 replies Wed, 02 Nov 2011 03:09:00 GMT http://www.zillow.com/advice-thread/I-keep-getting-rejected-for-mortgage-refinancing-of-my-primary-residence/421440/ 2011-11-02T03:09:00Z Mortgage using LLC and Duns number: http://www.zillow.com/advice-thread/Mortgage-using-LLC-and-Duns-number/323011/ We recently obtained credit using our LLC and Duns number instead of SSN and eliminating a hard credit inquiry, and being attached personally. Is it possible to purchase an investment property and obtain a <a href="http://www.zillow.com/mortgage/">mortgage</a> in the same fashion?<br \><br \>4 replies Tue, 09 Feb 2010 17:11:00 GMT http://www.zillow.com/advice-thread/Mortgage-using-LLC-and-Duns-number/323011/ 2010-02-09T17:11:00Z what is mortgage insurance? Does anyone who puts down less than 20% have to pay the premium? http://www.zillow.com/advice-thread/what-is-mortgage-insurance-Does-anyone-who-puts-down-less-than-20-have-to-pay-the-premium/379150/ 7 replies Fri, 31 Dec 2010 20:58:00 GMT http://www.zillow.com/advice-thread/what-is-mortgage-insurance-Does-anyone-who-puts-down-less-than-20-have-to-pay-the-premium/379150/ 2010-12-31T20:58:00Z Can I realistically obtain a mortgage? http://www.zillow.com/advice-thread/Can-I-realistically-obtain-a-mortgage/493732/ I've had a house in the past, sold it, divorced, lost my job, went back to school, and am now working again. My credit took a hit in the process. My fiance just lost her job and is collecting now. Currently we collectively gross about $5100/month.<br \><br \>9 replies Fri, 24 May 2013 15:15:00 GMT http://www.zillow.com/advice-thread/Can-I-realistically-obtain-a-mortgage/493732/ 2013-05-24T15:15:00Z