Sean Ogilvie's Discussions

Good point. I see many requests out there who have received no quotes. This may be due to an error that the borrower made when entering his or her information, such as someone indicating their monthly income accidentally as their annual income. Huge difference in DTI there and these people may not have noticed the error and will most likely not be quoted at all. 

Hello, I have question regarding the "Quotes Submitted" page.  It seems that the quotes will be labeled one of three different ways: active, summary viewed and details viewed.  I am assuming that active means that the email to the borrower has not yet been opened?  What is the difference between viewing the details versus a summary?  And lastly are there any other types of notification from zillow regarding the borrower quoted.  Such as "borrower has viewed your Zillow profile."  Thank you, and great site by the way.

I concur, that is good advice from Justin, a Home Equity Line of Credit from a local bank or credit union may be your best option.  Although the interest rate on HELOC's are variable, the rates are very low right now.  You may even be able to get a HELOAN which is a fixed rate home equity loan.  Good Luck!

Read your "Note" carefully as it contains all the vitals on your loan such as the Interest Rate, Term, Payment etc.   If you are concerned about fees, you can always get a second opinion, usually for free in the form of a Good Faith Estimate from another lender for your comparison.  Best of luck to you!

Yes, you will need her signature on an Inter Spousal Transfer Deed and it will need to be notarized.  Now... whether or not she can find a Notary overseas is another question.... good luck.

Jeff is correct, when you rent it out full time... that's an investment property whether or not it's your only property which you own. 

oldskool, there is one more way: have the guy living there refinance the loan in their name only.  This might have been the plan 6 months ago....  Although, it does not sound likely in this scenario that if the guy isn't paying the payment as he "promised" that he must have no desire to own the home and logonpc get's screwed and has to eat the foreclosure and most certainly the bad credit will follow for years to come. 

Roberto,You mean I have to proof read my posts now? ;)  I guess I should have clarified that even if the guy (living in the house rent/mtg free) refinanced that lates would stay on logonpc's credit regardless.  But at least it would put the mortgage out of his name before more damage to his credit is done...  Roberto is right in saying what's done is done as far as the bad credit goes.Sell the house if you can, or kick that guy out and start making the payments yourself.  Live in it or find some renters whose checks don't bounce.  It's your credit thats getting trashed because of this guy. 

Depends mostly on how long you intend to own the home.By not paying points, you typically pay a higher interest rate, so you would be paying more to interest each month, not more to principal.If you intend to own it for a long period of time, pay the point get the lower interest rate.If you intend to sell or refinance (if you could) in the next few years, take the slightly higher rate and keep your closing costs down. Ask your lender to do the math and find your break even time frame for recouping the point you would pay to make this picture clear.

With an automated approval some lenders will go above a DTI of 50%.  Best of luck to you.