Chad Melin's Discussions

Call your lender and ask for a rate reduction or a reduction in the principle balance. You may have to submit some data to show you are upside down in your home. There are currently real estate attorneys who can help you negotiate principle reductions for you.

Monday should be interest to see what happens with the latest news. The Fed will not let Fannie or Freddie fail. Rates will between 6.5% and 7.0% for a long time. Japan rises after U.S. bails out lendersFinancials higher on news that U.S. is coming to aid of mortgage lenders Fannie Mae, Freddie Mac. Shanghai up, Hong Kong down... Keep checking out www.marketwatch.com

It depends where your property is. Sales for homes $225,000 and under are currently having multiple offers on them. If rates stay below 7% for FHA loans the lower end market will clean out during the next year. This will allow sellers to move up. People who don't need to sell their homes need to just take them off the market. The Jumbo home market currently has a 2.5 to 3 year supply. Homes under $225k have about a 9 month supply.

Pay down the principle. Get your investment properties on 15 year notes if you can afford to. This way the tenant will be paying more towards principle. Get as much of the tenants money working for you. People who had interest only loans are not putting their tenants money to work. They are just hanging on and waiting for the market.

It depends on the sales price of the home. You should be able to get your total closing cost and prepaids down to 2% to 3%.

Get a good title company and lender to help you out with your marketing. Work with a lender who can get your clients qualified so you can work with qualified buyers.

If you are planning on staying in your home you will have no problems.  The only concern with not knowing the rates on your mortgages would be what is the rate on your second mortgage and is it adjustable with prime?  Prime rate will be going up.  You have two options:  Pay down your second mortgage as you can or refinance if you have the equity into a 30 year fixed loan with one fixed payment.  You need to look at what your long term goals are.  Let me know if you have any other questions.

Zillow should have some type of pricing engine.  We use NYLX for all our pricing.  This way people can't put in the Dream Mortgage program.   There is really no good way to get ride of people not reading the quotes.    Putting a box to check investment pricing would help.  Most people don't read the quote. 

Depending on the property taxes and the day of the month you close you should be able to get your closing cost around 2% of your loan amount.  I would take a look at how much taxes, daily interest and how many months of insurance is being collected at closing.  If you have 15 days of interest and 6 month of taxes and 6 or months of insurance the quote could be close.

Once we have the appraisal and prelim from the title company and the completed loan package we can have loan docs to title in 3 to 4 business days. We fax fund our loans. We can fund the loan in 5 days from the time we have a completed loan package. We do not broker our loans and fund in house. Give me a call or send an email if you have any questions.