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  • 33 Contributions
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FinancialResources wrote:

I need help refinancing in lyndhurst nj on a condo

Answer
Mortgage Banker in NJ can Pre-Approve your loan in less than an hour.
July 21 2009
(0)

How do Banks/Lenders look at credit scores for a couple?

Answer
Each spouse has 3  bureau scores. The middle score of the three is used as each borrowers score. The lower of the two applicants is the score that your loan will be graded on.If the higher credit borrower can qualify on their income alone, then the other spouse can be put on title, but not the loan.
July 21 2009
(0)

Worried about 2nd credit pull

Response
It's very common that the lender will pull credit again before closing. If a new collection shows up, it can squash your deal at the last minute, or force you to pay the collection prior to closing.if the collection is legitimate, you may wish to arbitrate a fair payoff, with an agreement in writing that the debt is fully satisfied. Remember that any collections after you own a home can become a lien on your home. It's best to resolve it now. If you don't feel that you owe it, best to seek legal advice to dismiss it.
July 21 2009
(0)

Purchasing a home - is it wise to use a mortage broker or online broker (whom appears to be cheaper)

Answer
Not every local broker or banker charges an Origination Fee of 1%. Is the 1% Origination fee buying you a lower interest rate? You will need to shop around for a good local broker or mortgage banker.Remember that during the loan process, you will be needing to talk to your broker almost everyday. Good communication will relieve tons of stress, and expedite your approval. I'd strongly suggest using a local broker or banker, and taking out the stress. Dealing with a local person who is aware of local conditions, appraisals, title issues, Certificates Of Occupancy etc. is invaluable. If this is a purchase, and not a refinance, avoid the headaches, and look for a local broker.
July 21 2009
(0)

If we paid an attourney to modify our loan and it was denied, should we get some money back from him

Answer
Most Good Mitigation Attorneys will Pre-Qualify you, before taking any money. The ones I work with guarantee a refund if you are not approved for a modification.
July 21 2009
(0)

Should I buy now? Or wait 6-9 months....

Response
You mentioned that you are paying below market rent. Have you been able to save that money vs. what a normal rental would have cost?Putting that savings towards a down payment will do two things. Reduce the mortgage payments on a new home, and also prove that you have the ability to make a larger payment when you actually have a mortgage.There are numerous advantages to owning your home, including building equity, security, tax incentives etc. Also, how long is your current lease. When do you think that the landlord will realize that you are well below market rent?
July 21 2009
(0)

Refi options with 1st and HELOC - looking for advice

Answer
You didn't mention the rate and terms of the HELOC. When does the draw period on the HELOC end, and when will you be forced to pay down the principle balance of the HELOC, and how long is the Amortization schedule. A total new loan of 307K can certainly be arranged if your homes current value is approximately 315K 320K or more.No reason you couldn't subordinate the existing second, as long as the situation of the first loan is improving your situation.We'd need more info on the HELOC, to see if it makes sense to roll everything in together in one loan.
July 21 2009
(0)

how are reversed mortgage loans calculated? Why wouldn't a home owner receive money after closing?

Answer
Most states have a recission period on refinances.
July 21 2009
(0)

Is it common practice to ask a broker to see the lenders rate sheet?

Answer
I've never shown a rate sheet to a borrower, and every lender will show on their rate sheet "Intended only for mortgage professionals." Imagine every time that you went to the mall, you asked to see a copy of their invoice for the product you are buying .....Borrowers gain trust, not by what the rate is, but how the Mortgage Agent is working to obtain the best loan for them, and structuring their application in a way that is organized, and ready to be processed quickly.
July 21 2009
(0)

can you count interest on investments for annual income for qualification

Answer
Based on the information that you provided, yes you should be able to get approved. I'd be glad to do a Pre-approval free of charge, and you'd know in minutes. Many retirees, use investments to fuel their retirement income. As long as the income is consistent you will be able to use this income.
July 21 2009
(0)