Profile picture for Carl Henker

Carl Henker

Agent

Closing Manager (21 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Consulting

Advice

  • (785 Contributions,
  • 22 Best Answers,
  • 83 Helpful)

Contributions are sorted newest to oldest.

Refinance after 9 months

Answer

Is it worth it to spend $3500 to save $1000 I don't see a benefit. Keep your escorw and your rate. Why the regrett of an escow account?

  (0)
Do "no out of pocket costs" mortgages really exist ?

Response

No out of pocket cost may also result in a higher loan balance using loan proceeds to pay for the cost of refinancing, without bringing cash to the closing. Remember larger lender credits equal higher rate's as stated SoCal.

  (0)
Loan Conversion to Rental Property

Answer

The short answer is no the rate and or csot may not be changed on the loan as long as you keep the loan.  If you refinance after making the property a rental you would pay higher cost and maybe rate based on an investment property.

  (0)
list of items seller can pay in 203b loan

Answer

The seller credit can cover all closing cost associated with the purchase up to a total amount of 6% of the sales price. It can not cover any part of the your 3.5% down payment.  The list of what can be covered would be a long one.

  (0)
I am looking for portfolio lender in CA. Where can I find them?

Answer

I am surprised you haven't had lots of people raise their hands.  The first question is why do you think you need a portfolio lender?  Many small local banks and credit unions have a portfolio product but offer them for specific situations, property issues, self employed borrowers etc.  I have access to several portfolio lending products.  If would share your situation some suggestions could be offered.

  (0)
gfe doesn't reflect no cost loan

Answer

There is no such thing as a no cost loan, there will always be cost.  The difference may be in who pays the cost. The lender may pay the cost on your behalf with rebates from the loan using a higher interest rate.  The cost will be shown on the GFE and you should see a credit that offsets the cost. Sounds like you need to have a further discussion with your lending officer for clarification on how the cost are being paid.  Any lender providing a loan must make a profit and pay for the process some how.  Good Luck

  (0)
how do I find a low interest rate for established rental property currently not mortgaged

Answer

Make an appointment with a local loan officer and discuss what is available.  Interest rates remain at historic lows for both owner occupied and investment properties.  Remember that rates can vary with a borrowers credit score, property type, cash out, loan to value etc. The lowest rate does not always equal the best service and or experienced loan officer.  Shop local and support your community.

  (0)
will quitclaiming affect refi with same mortgage co.

Answer

Yes it will effect the process as you don't own the property anymore. The bank is making the offer on the assumption you are still the owner. You may want to consult an attorney if you transferred title without the banks consent as you may have violated the terms of your mortgage.

  (0)