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

How to select a quote on Zillow Mortgage Marketplace

Tue, 22 May 2012 19:14:00 GMT

Check out this short video that explains how to select a quote on Zillow Mortgage Marketplace

22 replies

Zillow 's Underwater Mortgage Resource Center

Fri, 13 Jul 2012 19:07:00 GMT

Zillow has created an underwater homeowner resource center that outlines current refinancing options for underwater borrowers. In this resource center, we define what an underwater mortgage is, why refinancing is beneficial and most importantly we help you determine if you can qualify for refinancing. Depending on who backs your mortgage (Fannie Mae, Freddie Mac, FHA, VA, USDA, etc) we explain what current refinance options are available if your mortgage is underwater. The most common underwater refi programs are called HARP and FHA streamline. Additionally, we'd encourage underwater borrowers to shop for custom refinance mortgage quotes on Zillow Mortgage Marketplace. You are currently able to shop for FHA streamline and HARP refinance quotes on site. Just make sure that when you submit your loan request, that you complete the "Your Current Loan" section of the form so that you receive quotes for these special programs.

14 replies

Interest-Only and Deferred-Interest Loans

Fri, 12 Oct 2012 21:35:00 GMT

Interest-only and deferred-interest mortgages are gaining increasing popularity, as homeowners like the idea of having the freedom to decide how much to pay against their mortgage each month. Interest-only loans offer you the option to pay only the monthly interest, or you can pay the monthly interest and as much of the principal as you'd like. Deferred-interest mortgages give you even more choices. In addition to the payment options of an interest-only mortgage, a deferred-interest loan also allows you to pay just a portion of the interest payment each month (the unpaid interest would then be added to your principal loan balance).

By opting for an interest-only payment or a deferred-interest payment, your monthly mortgage payment is less -- often times, significantly less -- than it would be if you made a "conventional" interest plus principal payment. You gain the freedom to do with your available cash as you choose.

To help you decide how much home you can afford, it's smart to think in terms of an interest plus principal payment each month. If you can only afford the minimum payment on your mortgage, you may be overextending yourself. Having a choice to pay only the minimum is quite different than only being able to afford the minimum.

Is an interest-only or deferred-payment mortgage right for you? If any of the following situations apply to you, these loans may be just what you've been waiting for:

If you need cash flow and have a low interest rate, paying interest only is the same as borrowing money at a great rate.
If you're paid on commission or depend on tips, and your income fluctuates month-to-month, interest-only or deferred-interest payments are great. When commissions are down, make the minimum payment. When you have an excellent month, pay the full payment or more.
If you invest the money you don't put toward your mortgage in something with a higher rate of return. For example, if you pay 6.5 percent on your mortgage but find an opportunity to make an investment that returns 9 percent, you will make 2.5 percent on your money that you wouldn't make if you had paid your full principal plus interest.
You have higher interest debt to pay off. Again, if you have credit card debt at 15 percent, it makes dollars and sense to pay that before mortgage interest debt at 6.5 percent.
If you expect to be in your home for less than 10 years.
If you live in an area with appreciating home values. Regardless of what you've heard, most of the country is still appreciating in value. In those areas, even if you pay mostly just interest on your home, you're likely gaining equity in your home. In some cases, you can gain equity even with deferred-interest minimum payments.

Interest-only and deferred-interest loans can be great tools for money management. But, be careful not to stretch your budget too thin so that you have to rely on paying only the minimum payment each month. This can cause headaches down the road and isn't recommended. If you can afford the full payment but choose to have the payment flexibility that these types of loans offer, they just might be a fit for your financial goals.

As always, make sure your mortgage professional goes over all the numbers and fully explains the payment scenarios. Don't assume anything. Get real numbers and you'll make the best decision.

By Diane Tuman

1 reply

I am trying to buy a house even though I was forced to sale my home at a short sale due to a divorce

Sun, 05 May 2013 03:56:00 GMT

2 replies

West coast loan officers... what do you consider "after hours"?

Wed, 15 May 2013 17:32:00 GMT

I'm looking to see when Zillow's ZMM average quote rates start drifting from the actual market due to "no new rate sheets" since the market is "closed".

The quote volume seems to indicate that quoting on Zillow doesn't start dropping off until after 8 pm Pacific Time, but you would think that most markets are "closed" by that time? And it appears that many west coast lenders and loan officers regularly robo-quote well after 11:00 pm at night (Pacific Time).

So, what does "after hours" mean to you? Do you have official hours you are supposedly at the office, and numerous other hours that you are "still working"?

How much difference is there typically between your "after hours" quotes and your normal working hour quotes?

10 replies

How can I buy a new house before existing home is sold?

Wed, 22 May 2013 04:49:00 GMT

TWe have not put our current house on the market. Who would have thought that our first foray into home viewing would result in such a wonderful residence? We would not be able to list our house and sell it prior to making an offer or closing on the new property. Should we use our savings to pay off the mortgage on the first house and give a lower down payment on the second house? Or should we try to balance two mortgages for a time while trying to sell the first house? The seller has another house under contract in another state and is motivated.

2 replies

Rates on the move again!

Thu, 18 Aug 2011 15:34:00 GMT

The mortgage rate Gods are giving those fence sitters that missed last week another opportunity. I wonder if they will wait again.

Bring on Pasa and the charts.

1613 replies

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

Tue, 21 May 2013 22:14:00 GMT

My mortgage lender (Citi Bank) sent us forms to file for a refinance through the HARP program, but we did not qualify due to late payments. I am confused as to what is meant by the 'loan to value ratio'. I am not interested in receiving $100,000.00, which is the amount they said I asked for. What I am after is a lower interest rate which stands at 6.25%, and getting some cash out to make a few long over due improvements. Maybe you can direct me to some place that can better explain these terms and qualifications, so I can understand. Thank, Dee A West

1 reply

Anyone have experience or feedback on Quicken Loans Refi?

Fri, 13 Apr 2012 01:01:00 GMT

I have a mortgage sold t Seterus by Chase. Apparently Quicken has an agreement with Seterus that allows them to refinance mortgages they service (Seterus is only a servicer). So I contacted them today and it all sounded good - but something about the conversation seemed shady or smelled like a scam. I was asked to pay 300 of Good faith up front. The rates were good, and no appraisals were required. Everything is done online or thru the phone. IT was a gut feeling - too good to be true or something about rushing through it all. I did a google search and found alot of negative feedback and similar stories - it was enough to make me want to dig further and get more examples.

I found on Eopinions site alot of positive feedback - but it looked as if it was all fake feedback entered to boost overall star ratings (accounts were setup almost daily to submit a 5 star rating and user never posted again). So again, very suspicious.

I just want to gain more feedback on any type of deals with Quicken Loans from anyone - good or bad.

Anything is appreciated.

Thanks in advance.

22 replies

What is a formal loan approval for a mortgage?

Wed, 22 May 2013 01:36:00 GMT

My LO has stated that our home loan has been formally approved. What does this mean? We still have not talked to a processor but the underwriting has already happened.

3 replies

Escrowing with HARP

Sun, 12 May 2013 11:19:00 GMT

I put down 20% when I bought my home and, as a result, do not escrow. If I refinance under HARP with my current loan servicer, I have confirmed I am still not required to escrow. If I refinance under HARP with a different participating HARP program lender, am I required to escrow? Thank you, in advance.

4 replies

score under just 600 can i still get a loan

Thu, 16 May 2013 15:39:00 GMT

I just pulled my fico score from myfico.com, Equifax:595 and TU: 575, have stable annual gross income of $240,000 and monthly debt of 4000 (mostly student loans and rent) late paying student loans a couple of time due to traveling out of the country, other than that pay everything on time. I am now in the market for a $270,000 house to look to put down 5-10%, would i be able to get a mortgage with my score and income?

3 replies

Getting Conventional Financing on a Brickell Condo

Fri, 10 May 2013 02:50:00 GMT

Hello,
So, after saving for 25%, getting pre-approval on a loan, and then diligently finding the perfect condo, which happens to be a short sale...we hit a stumbling block...1. - we're a back-up offer. 2. in order to prepare our offer to be a competitive one, at least in the eyes of the bank, we had to get actual approval. Unfortunately, the condo - as many of the units in Brickell - do not have FHA, Fannie or Freddie Mac approval. Our mortgage lender could not say that we would be definitely approved without filling out the condo questionnaire. We're not in contract, and the association, does not care to care to fill it out - they firmly stated that the recent buyers have been cash buyers and that they do not have, nor are they considering trying to get approval for the above entities.

I just don't understand - it seems odd that they just want cash buyers, most of who are foreign investors who will just rent out the units. I guess it's all about the money, and if they can get away with that, then so be it.

If anyone has any advice on how to get financing, would love the help! We can put down 25%...but even that does not seem to be enough.

5 replies

How can you find out if a condo listed is FHA approved and qualifies for a FHA loan ?

Wed, 22 May 2013 02:13:00 GMT

4 replies

Can an e-mail response from a lender be a binding document?

Tue, 21 May 2013 22:33:00 GMT

I'm in the process of selecting which lender to chose from (2 lenders). Both lenders were able to lock in my rate at the same percentage with the same points. One lender has offered me lender credit. This offer was confirmed on phone and though email from the loan officer and regional manager. Could the emails be legally binding documents, because the lender credit does not appear on the Good Faith Estimate.
Thanks,
Bob

4 replies

Jumbo Loan with 10% down.

Tue, 25 Sep 2012 02:44:00 GMT

Does anyone in the mortgage business offer a jumbo loan between $500K and $550K with 10% down. This would be a client with excellent credit, good debt to income ratios, and cash for the down payment.

Thanks

Bob Fitzpatrick

8 replies

Jumbo Mortgage with 10% Down

Tue, 21 May 2013 23:37:00 GMT

I am looking for a jumbo product with 10% down that is not FHA. My credit score is 740+ and will have 3-6 months of reserves. Salary will not be an issue.

I live in SoCal and I'm looking in the $850k - $1m range.

Who can help?

4 replies

Should we go with 20% down conventional or a piggyback loan?

Tue, 21 May 2013 05:36:00 GMT

We are buying our first home that we want to live in for at least 10 years. It is a fixer that needs a lot of work, it is funky but livable. We are scraping together 20% using savings, 401K withdraw and a 401K loan. Our mortgage broker suggested a piggyback loan (80/10/10) as a better option. I know we'll need to borrow money to fix it up. I am not sure which makes better sense: put down our 20% and apply for a home equity loan soon afterwards. Or go with the piggyback loan that has a fixed portion (80%) at 4% and the 10% is adjustable starting at 5.25%. Either way, I feel we'll have to tap our 401K to come up with money for the house.

7 replies

does Zillow not have a 20yr. fixed loan for buying an house?

Tue, 21 May 2013 21:50:00 GMT

Lived in Bristol, VA 24202. with 21 more or less akers of land. My husband is now nnot able to take care of this little farm, therefore we want to sale and buy another house. As we both are in our young 50's I want to know if there is a 20 yr. mortage? We don't want our payments so high that we will used our credit cards as we have been as I want them all paid off before I settle on a house for us...

2 replies

How to remove the "Mortgage rate alert" emails set up before?

Tue, 21 May 2013 22:24:00 GMT

0 replies