I would have to encourage you to disclose everything that has your name on it. Provide a detailed explanation about the ownership, and any pertaining paper trail that will paint the picture correctly for them. It's better to have it all out in the open than to look like you're hiding something. If they ask to review your taxes, then it would be apparent there, so disclosure is the best policy.As for the ESPP, I would say it would depend from one bank to another about it counting as an asset. And you never know it may not be an obstacle at all. Again, just be upfront with everything, you'll save lots of headaches in the end.
The county should definitely have the information you need. The question is, has there been any updates to the sq footage since you bought your home, and/or did they record the correct sq ft information originally. Two other ideas...try to get in touch with your lender or loan officer who helped you with your original transaction, they might have record of it. Or finally, call your local Title company, and see if they'd be kind enough to look it up for you.
To be honest, I don't see an option at this point. But hang in there, you never know what new program will come out to help in many situations much like your own. Keep your eyes open, talk to brokers and lenders, and keep making those payments. I have heard that there are programs in the works, just don't know the details.
I love the screen name "Padrino De Oregon"...Hablas Espanol? There are a number of directions that you can try to go with, and I'm not sure how far you've looked. If there's a way to get the 1st interest only loan refinanced, and the 2nd subordinated, it would be to your best interest. Do you know if the 1st and 2nd are with the same lender? Sometimes that could be more helpful having both of them at one place. Chances are if you wait too long, the program out there to help you refinance, may be gone. If you have enough equity to get into an FHA loan, then you could combine the 1st and 2nd mortgage into one, to get a fixed payment. But your debt-to-income ratios would have to be in line. There's more information that's needed to answer correctly, but don't give up, you never know what's out there, or yet to come!
I would say without knowing upfront what the pay-off is, then using the rule of thumb of adding one monthly payment to the current balance should be sufficient for the padding. This allows the lender to start with a number, a loan amount, to correctly figure out the Good Faith Estimate for you. Once the lender receives the correct pay-off you can either have the lender update the loan amount, or at the end of the transaction, pay the difference, or add any cash-out received to put towards reducing the principal balance at closing. I'm sure the lender wouldn't put anymore than needed, especially if they're making sure you don't want to come in with funds to close.
Another great angle to look into would be financing options. If you're doing this on your own, or using a Real Estate Broker, then get a lender involved to help to help market this idea. I would ask you what type of "Financial Strategy" do you have wrapped around your property? There are a few things you can do in addition to staging your home, and sounds like you've done a great job already with the upkeep. Look into offering the buyer's incentives towards their closing costs, or even better, look at using the seller funds to help towards the buyer permanently buying down their rate. Doing this allows them to purchase more home, or allows them to take advantage of a lower house payment. There are programs to use to fiddle around with these numbers. Hope the information helps.Cesar
Great question...you have to look out for your best interest here. That being said, if you can save money by lowering the overall rate and reducing the term, then it's worth making the switch. Your loan may be sold to other investors once the loan closes compared to the one you originally started with...but remember, your new note can never change, even if it changes investors. By lowering your rate and your payment, you could opt to put the additional savings back into your mortgage to reduce the principal balance, thus you lower the time to pay off the loan even sooner. There are different tools out there to use to help you with those calculations. Good luck!
I would have to agree with Mike. It will all depend on the type of loan you currently have. There are some lenders who allow a streamline refinance for those borrowers who have PMI, but more information would be needed to assess the situation. The HARP loan is destined to expire June of 2011, so after that not sure what other options may be in store. It would be tremendously helpful to get a few more details regarding your home and the loan to be more helpful.
Kudos to you both for being able to maintain such a great overall score, not to mention debt-free! Rates can fluctuate between one lender to another. Over the past few trading days the market took a bit of a dive, and rates changed today, a few times for the worse. I would suggest picking a lender (sooner than later), lock and move forward...my opinion is to take advantage of the low rates and not to gamble over the lowest possible rate. By the time you finally decide, those rates could be gone. If you like your loan officer and the rate is competitive, then go for it. Best of luck!