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Ceceri

Lender

Business Development Manager (20 years experience)

Specialties:
Short-Sale,
Consulting,
Legal,
Title

Advice

  • (12 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Making Home Affordable Refinance program??

Response

This program is Voluntary and at this point, there really isn't any benefit for Lenders to really get heavily involved in this program.  Also, realize that when your loan is modified and if they take some principal off the table, that this principal will be waiting to be paid off down the road.  There is no such thing as a free lunch....  Good luck.

  (0)
FHA loan denied!

Response

Please excuse me as I improperly put personal information in the replies.  I can't edit the post nor delete it, so I wanted to apologize for that error.

  (0)
Can I lock a rate and what is the longest time i can be locked into a rate?

Answer

The longer the rate lock, the worse the pricing.  You need to work with a professional or professionals who are aware of the market and things that can create a change for both the better and/or worse.  Working with a reputable Real Estate Professional is a good thing and you should expect nothing less than a Top Mortgage Professional who actually understands the mortgage market and particularly how a Purchase Loan works.  There are many mortgage loan officers that only do refinances so a purchase loan may be something outside of their expertise.  You have time on your side if you are not in a rush, but do be aware that in time, home prices will rebound and rates are sure to rise.  Feel free to ask questions and expect answers in a timely fashion.  If you are not getting the service you'd expect, run...don't walk and find someone else to work with.Good Luck. [content removed by moderator for being self-promotional]

  (0)
FHA loan denied!

Response

Can you provide more details on property location, purchase price, etc.  There are certain exceptions that are allowed from one lender to another and from one program type to another.  Don't close the door on this just yet.  [content removed by moderator for being self promotional]

  (0)
Submitted a loan application through a Lender, does that prohibit me from still shopping around?

Answer

Work with a professional who can actually explain things to you on a level that you can relate to and understand.  It is amazing that in most cases after applying for a loan, a Good Faith Estimate is not provided to you in the required time frame (3 business days).  Moreover, you should really get a GFE once your application has been submitted and an Automated Approval is generated which only takes a few minutes.  The GFE is an Estimate of Costs and Fees that are associated with a Loan and is not a Guarantee that these fees will stay the same.  As noted in a previous reply, rates do change daily and without having a rate lock in hand, you are subject to obtaining a market rate once you choose a company to work with.  If you ask questions, take note of the answers you receive.  You can weed out all the Non Professionals who make up answers versus the Real Professionals who actually know what they are speaking about.  Best of luck.  [content removed by moderator for being self-promotional]

  (0)
Who is right and who is wrong? Or maybe just which answer is best?

Response

The pricing for a 203K depends on a few things that include the following: Credit Score, State where Property is Located, and Size of Loan.  Each Lender may have their own adjustments and pricing, so it may be that one lender is much higher than the next as you have already seen.  I would tend to say that between 5.25% and 5.50% is a safe range.  If you provide more details, a more accurate Rate assessment could be given.  Best of Luck.[content removed by moderator for being self promotional]

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