Zillow Advice RSS: Question-Discussion-Guide,Mortgage,RI

What do you think about this quote?

Fri, 02 Jan 2009 00:44:00 GMT

I just went back to that quote. How can someone have a monthly mortgage payment of $7,500 on a loan that is that small, paying 7.250 on a 10 year note? Are taxes that high in Rhode Island? :-)
Obviously, the lender didn't look at the detail Borrower makes 10k per month and debts are not that high. So, his DTI is way lower than what was inputted. He or she should get a rate of around 5.00 with no points.
Must be a stellar API quoter. The flaws of that system . . .

0 replies

Is there a way for me to modify my current mortgage?

Sat, 10 Jul 2010 13:56:00 GMT

I am currently upside down on my current mortgage (much like everyone else). I owe roughly $185k and the home's value is $155k (and declining daily it seems). I have been looking to sell and move into a larger home for the last 1.5 years, but cannot afford to pay the $30k to get out of the loan + realtor fees, + down payment on a new home + closing costs, etc. I have excellent credit, little to no debt (other than my home), and have no issues paying/affording my mortgage. My current loan is not owned by Freddie Mac or Fannie Mae. Is there any way that I can modify my mortgage to reduce what I owe down to current market value?

4 replies

I want to consolidate all my debt. The quotes are only for the mortgage. How do I get the amount I

Mon, 16 Nov 2009 20:24:00 GMT

I really need to refinance for?

3 replies

What can I do to get more (or better) quotes for my loan request ZR-HZYNVZP

Thu, 08 Nov 2012 22:37:00 GMT

we have tools and coaching to help you boost your scores to be eligible. Otherwise you can look into using a private mortgage lender and pay a higher rate then refinance once you have improved your scores.
[content removed by Zillow moderator because of self promotion. Please refer to our Good Neighbor Policy for more details.]

0 replies

Do u have to own your land first?

Tue, 26 Oct 2010 14:16:00 GMT

In the state of Rhode Island do you have to own your land ourtight before you can build on it or can you roll the remaining balance of the land into a new mortgage once your home is built? I would like any information/websites (laws, rules, zoning, etc) for building a home in Rhode Island.

3 replies

REFINANCE QUESTION

Tue, 08 Sep 2009 02:11:00 GMT

I was told by my mortgage broker that if the comps are foreclosures I may not "have" to use them. Not sure if this is true or correct. The only reasoning I can think of is that it is not a true reflection of the actual cost or actual appraisal because they may have been purchased well under appraised value. Obviously I am trying to get a higher appraisal so that I can refinance at a much lower right. I will be contacting a professional appraiser tomorrow.

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i am underwater in my mortgage and not backed by fannie mae or freddie mac. what could i do?

Wed, 22 Jul 2009 15:54:00 GMT

my mortgage is fixed @ 11.39%. mortgage company will not originate any new loans. could apply for hardship but that would only defer loan for 6 months and then would have to reapply for hardship. am current on loan. no default. would i possibly qualify for 125% refinance in october? would loan modification help or would it just defer payment for 5 yrs and then return me to my 11.39% loan?

1 reply

I am thinking of refinance with my same mortgage co. will i have to pay all closing as with new loan

Sat, 17 Jan 2009 16:23:00 GMT

4 replies

Ask our community for mortgage advice

Thu, 03 Feb 2011 19:13:00 GMT

I am trying to buy my familys home but I have a fair credit score. What can I do to improve my credit score quickly. I have two loans that I pay on a monthly basis. Should I try and pay these off or is it better for me to keep paying on them monthly? One loan is $5000 and my car loan is $10000. These are my only wto debts and I do not own a credit card at the present time. Can anyone help me?

4 replies

What can I do to get more (or better) quotes for my loan request ZR-MYBJPBG

Thu, 22 Jul 2010 22:52:00 GMT

I would call a few local mortgage brokers that may be able to best answer if there is a program available to meet your needs. I would be more than happy to refer a few great people I have worked with in the past! Good luck!

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Will a previous gap in employment hurt our mortgage qualification?

Sun, 12 Aug 2012 23:47:00 GMT

With 3 kids, my husband and I have outgrown our tiny home and would like to purchase a larger home in a nicer area/school district. Our current home is underwater, so we would like to rent it out until we can at least break even on its sale. We talked to a reputable lender, who said that we'd likely qualify for a second mortgage given our income level and high credit scores (over 800). However, after 10 steady years of work, my husband was unemployed for half of 2010 due to the recession (he's a union electrician). Now he's back to work and worked all of 2011, and has worked all of this year. Will his gap in unemployment hurt our chances of getting a mortgage?

4 replies

National Mortgage Settlement

Wed, 08 Aug 2012 20:32:00 GMT

Hi Does anyone know does my mortgage need to be serviced by one of the banks in the settlement for me to qualify for the government plan? My mortgage is through a credit union and i'm underwater etc..

Ken

1 reply

I did not get any quotes on my loan request (ZR-VJGJMQQ). Can someone help me figure out why?

Tue, 26 Jan 2010 22:36:00 GMT

Jason,

Typically two years after a bankruptcy has been discharged you can quailfy for a new loan. Allied Mortgage is great they have alot of loan programs call Kim Dolan 401-490-7132.

Good Luck
Melissa

0 replies

can you please tell me is home equity loan interest calculated the same way as a standard mrotgage

Sun, 31 May 2009 19:41:00 GMT

I have a much larger equity loan on my investment property than the mortgage
205000 equity and 60000 original mortgage ... Wondering if I should just refinance property probably worth 600 ish the dilema is the small mortgage is at 4.75 fixed
the home equity variable is at about the same rate right now but to roll it to a fixed home equity loan it turns into over 7% 790 credit Lauren

2 replies

can i be qualifying for a mortgage if i have two good jobs even though my credit is not that great?

Mon, 25 Apr 2011 18:50:00 GMT

3 replies

Who can i call to refinance. I owe 280,000 on my 3 family. It might only appraise for 165,00. Thanks

Sat, 30 May 2009 04:00:00 GMT

Call the company who owns the loan. For instance if your loan is with Countrywide/Bank of America you would call Bank of America and give them your loan number. They can look it up to see if you are elgible for the obama stimulas loan. If your note is owned by Fannie or freddy mac you may be eligible to refinance without mortgage insurance. It is worth trying. If you are not eligible then you are in loan modification land.

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Mother wants to sell me her house via gift of equity. She lives in Rhode Island.

Sat, 08 Sep 2012 17:53:00 GMT

My mother lives in Providence and wants to move near me. She wants me to buy the house from her because she is willing to sell it to me at price that would make it worth my effort.

I really have to interest in ever living in the house, and I would need to rent the house. Finding tenants is not a problem, the problem is that if I do this, I need it to be painless and do not plan on putting a dime into the whole process. I have family who live in the area and they are committed to keeping tabs and dealing with any repairs in my absence.

I have owned investment property in the past, but have since sold them.

Are there any mortgage programs that would allow me to purchase the house from her? It's been appraised at 150k a little over a year ago, Zillow says 115k, but my mom would be willing to do a gift of equity all the way down to what she owes on her house which is in the neighborhood of 40k, but she would prefer 70k so give her downpayment money on new space near me. My credit score is in the in mid 650's, due to recent loans that I have acquired(I wasn't expecting this to come-up), and with no lates/issues for the last 4 years. ( I did do a deed-in-lieu back in 2008 but have since purchased another house). Is this a viable option for me?

At most, I can likely contribute close to 5k to the transaction, but I rather not put anything down.

3 replies

Option to refinance an FHA loan issued with a non resident co borrower

Wed, 10 Apr 2013 03:24:00 GMT

FHA allows you to make the majority of the income as a non occupying coborrwer but Fannie Mae does not. She will have to qualify on her own. Freddi Mac usually has the same guidelines. You can be on the loan as a non occupying borrower but your income wont be considered for qualifying. Only as a compensating factor. I would talk to a mortgage broker and see if he can find you an investor in RI to do the loan.

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What can I do to get more (or better) quotes for my loan request ZR-MXZDZRT

Tue, 19 Jun 2012 22:05:00 GMT

Perhaps contacting one of the mortgage professional directly here on Zillow can get you the answer to that question. I cannot answer it, but I am sure they can help you! Best of luck to you!

Erin Diaz, Broker - Owner
Beaches & Backroads Realty

0 replies

What should I do?

Thu, 06 Oct 2011 17:14:00 GMT

Here is the mortgage lookup site for Fannie Mae. Here is the mortgage lookup site for Freddie Mac.

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