Zillow Advice RSS: Question-Discussion-Guide,Mortgage Types,Seattle- WA http://www.zillow.com/advice/Seattle-WA/mortgage-mortgage-types/question-discussion-guide/mortgage/?s=0 Zillow Advice search results | Zillow Real Estate Young renter wants to purchase a cabin http://www.zillow.com/advice-thread/Young-renter-wants-to-purchase-a-cabin/500908/ Look for conventional loans with mortgage insurance options. In your situation mortgage insurance is a great option as it will allow you to purchase this property with less down than a conforming loan(20% down). Please contact me if you'd like further assistance navigating through this process!<br/><br/>Best,<br/>Michael<br \><br \>0 replies Wed, 31 Jul 2013 18:05:00 GMT http://www.zillow.com/advice-thread/Young-renter-wants-to-purchase-a-cabin/500908/ 2013-07-31T18:05:00Z I was wondering what lenders offer special mortgages specifically to doctors/dentists. http://www.zillow.com/advice-thread/I-was-wondering-what-lenders-offer-special-mortgages-specifically-to-doctors-dentists/525079/ I am gathering details to purchase a home. &nbsp;I am a dentist and have recently found out from colleagues that certain banks offer special mortgages to doctors and dentists who have graduated in the past seven years. &nbsp;Specifically I have found out that key bank and wells fargo offer mortgages with as little as 5% down and no PMI. &nbsp;Does anyone know of any other banks that offer anything similar?<br \><br \>17 replies Mon, 20 Jan 2014 04:09:00 GMT http://www.zillow.com/advice-thread/I-was-wondering-what-lenders-offer-special-mortgages-specifically-to-doctors-dentists/525079/ 2014-01-20T04:09:00Z Will this help close more high LTV Loans? http://www.zillow.com/advice-thread/Will-this-help-close-more-high-LTV-Loans/331206/ <p class="MsoNormal">I was on a conference call with a Mortgage Insurance Company today. They mentioned an new feature to their MI product which I assume is available to many Zillow MM Lenders. Hopefully this is help full to you and your clients.<br/><br/>This MI Company is now offering "Free After Five"<br/><br/>Meaning: if you don't miss a loan payment, your MI is dropped after 5 years. No appraisal, no underwriting, no reviews, it just goes bye bye.<br/><br/>How cools is that!<br/> Hopefully that is beneficial to some of you.<br/><br/>Q) Will this make any difference? will some borrowers be forced to reconsider MI?</p><br \><br \>5 replies Sat, 06 Mar 2010 00:51:00 GMT http://www.zillow.com/advice-thread/Will-this-help-close-more-high-LTV-Loans/331206/ 2010-03-06T00:51:00Z Is it possible to get a second lien on a condo? Even an 80-15-5? http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-second-lien-on-a-condo-Even-an-80-15-5/199133/ You want to obtain a second <a href="http://www.zillow.com/mortgage/">mortgage</a> on your own property or are you trying to record a lien against someone who owes you money?&nbsp; Perhaps you could clarify your goal a bit.<br \><br \>0 replies Sat, 14 Feb 2009 00:01:00 GMT http://www.zillow.com/advice-thread/Is-it-possible-to-get-a-second-lien-on-a-condo-Even-an-80-15-5/199133/ 2009-02-14T00:01:00Z Seattle - Low and No Doc Loans http://www.zillow.com/advice-thread/Seattle-Low-and-No-Doc-Loans/461699/ These types of loans are badly needed and what most people make the mistake of thinking and believing is that they were the source of the mortgage mess. That is not correct. The issue was and has always been the amount of skin in the game so to speak and responsible appraisals that take risk of an area into account..<br/><br/>Think of it this way, which loan is riskier, making a loan for 80% of a properties value to a borrower that has little assets otherwise but documents their income or making a loan of 50% of a homes value to a borrower with good credit but shows no income documentation?&nbsp;<br/><br/>Without question the riskier loan is always the higher percentage no matter if the income is documented or not. So there in reality there is a balance. 100% financing is always a mistake and is always riskier. FHA is now under water for the 1st time ever due to all the excessive FHA government lending since 2009. No Doc loans are stable if done well.<br \><br \>0 replies Tue, 27 Nov 2012 23:25:00 GMT http://www.zillow.com/advice-thread/Seattle-Low-and-No-Doc-Loans/461699/ 2012-11-27T23:25:00Z Paid $529k for condo; now worth $441k. Payments=$4k/month. Soon - worth nothing! But will still owe! http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ The Value of your home does not increase or decrease the amount of your payments?<br/>The amount the bank gave you to purchase your home and the <a href="http://www.zillow.com/Mortgage_Rates/">interest rate</a> agreed to are the only factors. &Acirc;&nbsp;If you signed up for an <a href="http://www.zillow.com/mortgage-glossary/Adjustable-Rate-Mortgage-%28ARM%29/">adjustable rate mortgage</a> that was the risk you took. &Acirc;&nbsp;A low rate for the introductory period in exchange for the risk of a higher rate down the road. &Acirc;&nbsp;If this was not disclosed to you and documented with a Truth in lending sign-off by you then you might have a case to argue for a <a href="http://www.zillow.com/loan-modification/">loan modification</a> for more economical terms with a new loan structure. &Acirc;&nbsp;<br/><br/>It is only unethical and unfair if the Bank did not disclose to you the facts and the risks. &Acirc;&nbsp;If they did and it is documented not alot you can do.<br/><br/>Just because the value went down does not change the fact that they gave you the money and they are entitled to be repaid. &Acirc;&nbsp;The amenities you added, was that work done with Borrowed money too? &Acirc;&nbsp;This would also cause the increased payments without creating equity for you. &Acirc;&nbsp;All this magnified by a down market.<br/><br/>Lots of folks in the same tough spot today. &Acirc;&nbsp;If you are too upsidedown and cannot afford to repay the debt only option may be to short sell if loan modification is not an option.<br/><br/><br \><br \>0 replies Fri, 30 Jan 2009 06:28:00 GMT http://www.zillow.com/advice-thread/Paid-529k-for-condo-now-worth-441k-Payments-4k-month-Soon-worth-nothing-But-will-still-owe/188961/ 2009-01-30T06:28:00Z Lenders using Zillow's Zestimates? http://www.zillow.com/advice-thread/Lenders-using-Zillow%27s-Zestimates/365932/ Yes, unless you are doing a loan program that does not require an appraisal, like FHA Streamline, VA IRRRL, DU refi Plus, Freddie open Access, or any other program not mentioned above. <br/><br/>However no-one uses a zestimate to base a mortgage approval.You may have heard them say they were using the zestimate to get an idea of Value. This is a common practice to make sure the individuals value is at least in the ball park of what you need to close their loan. <br/><br/>Unfortunately the consumer is usually not the best frame of reference either.<br/><br/>All of the loan programs mentioned above use either the value assigned at the time the loan was completed, or a value given to the property by either Fannie Mae, or Freddie Mac valuation systems. <br/><br/>Someone using Zillow should be looking at the comparable, and not just the zestimate before determining the likelihood of appraised value.<br \><br \>0 replies Fri, 14 Sep 2012 19:43:00 GMT http://www.zillow.com/advice-thread/Lenders-using-Zillow%27s-Zestimates/365932/ 2012-09-14T19:43:00Z Can anyone give me a lead on a mortage lender who would do a mortage on a round house? http://www.zillow.com/advice-thread/Can-anyone-give-me-a-lead-on-a-mortage-lender-who-would-do-a-mortage-on-a-round-house/525941/ &nbsp;Deltec Homes in North Carolina have plenty of financial options, have similar round green design. Similar prices too. The best lender I know is Movement Mortgage. Check Deltec out.<br \><br \>0 replies Mon, 27 Jan 2014 03:51:00 GMT http://www.zillow.com/advice-thread/Can-anyone-give-me-a-lead-on-a-mortage-lender-who-would-do-a-mortage-on-a-round-house/525941/ 2014-01-27T03:51:00Z Owner occupied vs. rental property http://www.zillow.com/advice-thread/Owner-occupied-vs-rental-property/502837/ If you get a mortgage for owner occupied property, the time frame until you must take residence will be clearly described.&nbsp;&nbsp; It may be 60 days or less.&nbsp;&nbsp; Therefore, be very very careful!<br/><br/><br \><br \>0 replies Sun, 21 Jul 2013 03:24:00 GMT http://www.zillow.com/advice-thread/Owner-occupied-vs-rental-property/502837/ 2013-07-21T03:24:00Z To refinance for lower monthly payment but home value is low and current mortgage balance is high? http://www.zillow.com/advice-thread/To-refinance-for-lower-monthly-payment-but-home-value-is-low-and-current-mortgage-balance-is-high/232659/ 4 replies Fri, 08 May 2009 03:10:00 GMT http://www.zillow.com/advice-thread/To-refinance-for-lower-monthly-payment-but-home-value-is-low-and-current-mortgage-balance-is-high/232659/ 2009-05-08T03:10:00Z Fastest way to get a Mortgage http://www.zillow.com/advice-thread/Fastest-way-to-get-a-Mortgage/376873/ so im 18 years old with no credit backround, after talking to my banks mortgage specialist he basically told me the fastess way to get a staderd 30 year fix loan is to build my credit up to 620, have a debt to income ration of 42% or less and have 3% down, he did tell me that he could get me a mortgage no matter what if i had 50% down but at my income (35K) that would take years for the mortgage i want (~300k), is there any faster way to get a loan for a house?<br \><br \>34 replies Sun, 05 Dec 2010 00:18:00 GMT http://www.zillow.com/advice-thread/Fastest-way-to-get-a-Mortgage/376873/ 2010-12-05T00:18:00Z