Profile picture for Jason Anger

Jason Anger

Lender
Specialties:
Purchase Loan,
Refinancing,
Home Equity

Advice

  • (57 Contributions,
  • 1 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

Friends as Co borrowers?

Answer

I would stay AWAY from FHA loans though as that loan will be the most expensive loan you can do.  I go by FHA JAY and I am telling you NOT to go FHA!  LOL.  So trust me on this one.  FHA charges a 1.75% fee that is financable AND their monthly mortgage insurance is a complete RIP-OFF.  Only reason you would go FHA is because you can't get a conventional loan which you can do with as little as 3% down....which is cheaper than the 3.5% down FHA ask for.If you can squeeze 5% down that is a MUCH better loan going conventional than 3.5% down FHA.  ALSO, if the home is in a USDA approved area that is an anwesome loan too and blows FHA right out the water.  Granted.....I do not know your entire situation and there may be reasons why FHA is the best deal for you but generally FHA is a last resort loan now after they increased their mrtgage insurance a few months ago.....FHA priced themselves out of being a competitive loan.But if you BOTH plan to occupy the home.....no loan will care of your relationship.  I also agree with EVERYTHING everyone else said before me.  Most post have bad replies but this one is right on the $.  Good luck.     

  (0)
Does getting a gift for the downpayment from my parents impact my ability to get a mortgage?

Answer

The whole sending the $ in small chunks is the stupidest thing I ever heard (well not quite but it's up there).  If you are getting a gift.......just have them give you the full amount all at once and what JOHN said above regarding what documentation is needed is 100% accurate.As far as what loan you can get with gift funds?  Well all Government loan have no reall issues with any gift amount.....HOWEVER, with Fannie Mae and Freddie Mac loans the first 5% of down payment MUST come from you BEFORE gift funds can be used.....UNLESS the gift is 20% or greater.  So if Mom is gifting you 10% down it does you NO good unless you have the first 5% yourself.Also, if the money is in your account seasoned greater than 60 days you don't need to do anything.  But I had to chime in on the whole "put money in there little by little"......a mortgage guy would cringe at that!  Like John said.....it's a papertrail nightmare and there is no benifit to that at all.  Seriously.

  (0)
Direct lender vs Mortgage broker

Answer

Some selling parties require you get pre-qualified or pre-approved from a lending source they trust.  I am not a big fan of it however you have to play by the sellers rules if you want to tango with them.  Usually.....you will not be required to use that company but they still want you to get pre-qualified from them.  This is because many pre-qualifications are crap and the people then can't get a loan after they get their offer accepted.  As far as cost and rates it is not true that direct lenders are always cheaper with closing cost and interest rate.....in fact, as a Mortgage Broker, I will blow a Bank right out of the water in most cases.  I would not do what you agent say's and contact 3 places.....espacially if you already were pre-approved my a Mortgage professional.  BUT...if youi have to apply at X place to submit your offer then you hav eto do what you have to do.  Good luck.

  (0)
Direct lender vs Mortgage broker

Answer

Some selling parties require you get pre-qualified or pre-approved from a lending source they trust.  I am not a big fan of it however you have to play by the sellers rules if you want to tango with them.  Usually.....you will not be required to use that company but they still want you to get pre-qualified from them.  This is because many pre-qualifications are crap and the people then can't get a loan after they get their offer accepted.  As far as cost and rates it is not true that direct lenders are always cheaper with closing cost and interest rate.....in fact, as a Mortgage Broker, I will blow a Bank right out of the water in most cases.  I would not do what you agent say's and contact 3 places.....espacially if you already were pre-approved my a Mortgage professional.  BUT...if youi have to apply at X place to submit your offer then you hav eto do what you have to do.  Good luck.

  (0)
Brokers

Answer

When home values rise and you are financing something like that it is very easy to get a loan (or was).  Now that values are declining and have been.....you would be crazy to offer a high risk loan....but again when values rise......there is not as much risk.  So that's how people with no income and credit "used" to get a loan.

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Can I get cash out on refinance my current house to purchase a second house?

Answer

Fannie Mae requires 6 months seasoning on title to cash-out of a home.  Other lending types are 12 months.  If your home is listed for sale you can not cash out until you take it off the market and many lenders will not do it fresh off the MLS and ones that do will limit the amount you can cash-out.  On the new house that you say is worth 100K more is crap.  If it was worth 100K more it would sell for that (I say the appraisal is crap).  In mortgage land we have an old saying that what someone is willing to pay is what it's worth.  Whoever told you this information is an idiot.  PLUS....when you buy it for X....it becomes a new comp in the neighborhood and that sale will kill the value in that neigborhood.  Sorry to be so blunt but it is.....what it is. 

  (0)
Does your credit get dinged when you become an authorized user?

Answer

If he was added as an authorised user AFTER you applied for a loan then it MAY come out of the woodwork if the Lender you are using pulls a new credit report. With most loan the credit is good for 120 days and they do not pull a new one unless that one expired. As far as credit scores....yes, authorized user accounts do get scored however this is about to change when the new scoring system comes out which at that point it wouldn't help or hurt him.  New accounts can lower your scores but how much if any at all depends on your other credit too.   

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Can you recommend a mtg broker & atty in Sarasota for a buy owner realesate sale?

Answer

Rates are in the mid/high 4% range give or take loan size and other things on 30 year loans and low to mid 4% range on 15 year loans....of course these rates are without any points.  With points the rates would be a little lower.  I agree you DO NOT need an attorney but I highly reccoment you use either an Attorney OR a Title Company so everything is accurate and smooth.     

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Is the IRRRL (VA loan refinance program) really a good deal?

Answer

Ahhhh...the VAIRRRL (VA, Interest Rate Reduction Refinance Loan).  Love that loan and it is a GREAT program.  The longer you had your loan the MORE it hurts to refinance so only being in 1 year is good for you as re-amortizing won't kill you like someone that is refinancing a 5 or 8 year loan.  It also depends on HOW MUCH you are refinancing.  For example, a $390,000 loan would make saving easier compared to $100,000.  I know Clay said it makes no sense to refinance but unless he has more info then me I do not know how he can say that.  You do have an excellent rate BUT 4.3 is more excellent.  What about paying some points to get to 4% or 3.75%????  If you plan on staying in the home a long time then refinance to a lower rate and pay some points to boot......of course this is all dependent on your loan amount.  Clay is right if you only owe $80,000 or what not.  See a VAIRRRL can be done with no cost to the Veteran so if you can refinance without any cost (or a small amount) and refinance to a lower rate then I say what are you losing???  Don't worry about a refinance makeing SENSE.......as long as it makes CENTS.....that is all that matters.  Thank you for being a Veteran and I hope I answered your question.  Oh and PS.....PLEASE go back to the person who did your loan and get a quote from them (unless you hate them now) as the one's who are calling you and sending you crap in the mail are usually crappy.  There is a reason they are bombarding you after 12 months.....  

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