Profile picture for Cali Mortgage

Cali Mortgage

Confirmed Lender

Senior Loan Officer (12 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (40 Contributions,
  • 1 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

What are the requirements for a VA loan?

Best Answer

For a VA pre-appoval letter for home financing you will need the following:1) 30 days pay-stubs2) two months bank statement3) ID/DL4) Proof of VA Eligibility 5) two year W2s & tax returnsMore to follow once you have an offer accepted. 

  (0)
Refinance or not to Refinance?

Answer

It really depends on the loan amounts of both 1st and 2nd mortgage in comparison to the value of your home.  If both loans add up to less than 417K and you are at 60% loan to value than refinancing may be a great idea so that you can consolidate the loan into one at a much lower interest rate.  It's worth speaking to a mortgage consultant in your area so he can help you make the right choice.

  (0)
closing friday no idea how much closing costs are

Answer

Have your loan officer explain on the HUD what are the actual costs of the loan VS. pre-paid items such as mortgage interest, property taxes, hazard insurance, etc...these items aren't considered closing costs but do add up especially when you factor in the actual fees.Ask for an estimated settlement statement and Good Faith Estimate.  Then have him/her walk you through each document.

  (0)
Can rapid rescoring help in my situation?

Response

Each credit reporting agency has there own set of tools.  I use Informative Research for running credit.  If I run into a client that has a low middle FICO score then I purchase "Order Essentials".  This report tells me how many points I can raise a FICO score with each bureau and the cost to do so, but only if it is possible.  If it is possible to get the FICO score needed to accomplish one's goal then I have my client follow the requirements pointed out on the Order Essentials and send me proof that all requirements are made.  I then send the proof to Informative Research along with the Rapid Rescore request and from that point their turn-time is 72 hours hence the name "Rapid Rescore".  Once I know the Rapid Rescore is finished I can pull credit again and obtain the new score.  I have completed this with success more times than not and I have completed a rapid rescore probably 20 to 30 times, maybe more.As for your student loans...the only way a Rapid Rescore would work is if you paid down the balances and gave your lender proof so that he can order the Rapid Rescore through his credit reporting agency.Normally, the only way to have a successful Rapid Rescore is by paying credit cards and other debts down so that the limit to balance ratios are lowered.I have been able to get disputes removed too but that's probably for another thread...I hope this helps.

  (0)
Buying short sale property: In 2nd position but we really want 1st position...

We just put an offer on a short sale and the sellers chose another offer.  I just got notice that our offer is in 2nd position.  The listing agent just took what offer she felt was best with out counter offering any of the offers at all.  I understand she has this right but it is almost as if the offer she took was set up like she new the buyers or the buyer's agent.  In any case I feel like she should have counter offered so that we can have a chance to beat out any other offers.  Supposedly, the sellers already signed the other offer and the full package is being sent to the short sale lender.  My question is what can I or my agent do now to get in first position?  Write an addendum with higher offer?  Sit and wait and hope it falls out?  I understand this is the nature of the game but the offer being submitted is still under market value and the listing agent didn't counter offer at all so I am just wondering what my options are.  As you can tell my wife and I really, really want this place and feel helpless.  We would offer well over the accepted offer if we had the chance.  NOTE:  We wanted to offer more in the first place but our agent talked us out of it telling us to wait until we are counter offered.

  (0)