Profile picture for James Bailey

James Bailey

Lender

Mortgage Loan Consultant (9 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (7 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

Is t better to get a home equity loan to purchase a house or get a mortgage?

Answer

Josh Blair is correct. Depending on your situation and what the funds are going to be used for and your short/long term goals are, a Home Equity line May or May not be a good fit for you. Here are a few things to keep in mind:Home Equity Line: Revolving line, 15yr maximum repayment terms, scored differently on your credit than a mortgage, can borrow multiple time against the line; Variable interest rates that low; Low setup cost/maintenance feesMortgage: Installment Loan. 40yr maximum repayment terms, scored differently on your credit than a Home Equity Loan, can only borrow the initial amount you apply for, fixed rates that are higher than current variable rates; higher setup cost/fees to process this transaction.****This is where you need to think about how long you intend to use the money? The amount of money you are borrowing? What your plans are for the home? How long you are going to live in it? etc... There are many factors that need to be decided.

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I make about $25,000 a yr and my credit score is 740. Is it possible to get a loan for a $118k home?

Answer

The best way to know if you qualify for a home or not is to get pre approved through your lender. Once they have a complete application, a lender can determine very easily if you will qualify or not because they will look at your entire financial profile. Also, based on your income, you may qualify for state/local programs that help 1st time homebuyers out with down payment assistance, closing cost assistance, and or monthly payment assistance. Your local lender should be aware of these programs and should steer you in the right direction.Good Luck and feel free to contact me if you need any additional information.

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Credit Checks and their impact when shopping for a mortgage?

Answer

One thing that I have learned about credit is that when you have excellent credit, the "negative" items such a credit check have less of an effect on your score as compared to when you have bad credit where anything "negative," such as a credit score is going to have a much greater impact. For example, if you have a score of 750 and get a credit check, it may affect it 3-5 points, where as you have a 650 credit score each pull may affect your score 8-12 points per pull. Hopefully this concept is helpful to you during your mortgage search!Good Luck

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Would I qualify for a loan of $50,000.00 for repairs?

Answer

You may consider getting a home equity line of credit instead of a first mortgage. The setup fees are typically much lower. The funding time is usually alot faster than a 1st mortgage. The rates are adjustable, but are at all time lows! I have funded lots of "repair or rehab loans," with the use of a home equity loan. Also, another great feature is that you don't have to use the full 50k all at once. As a contractor completes his work, you can then advance money from the equity line. Also, the line will remain open and once you have paid it down, you can use it again for further repairs or remodels! Let me know if you have any questions regarding Home Equity Lines of Credit!Happy Funding

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Need portfolio loan to refi private 9% loan for $150K on a $265K house; short sales in credit report

Answer

Private Money Lenders will lend more based on the asset itself rather than your credit score, income or any other factor. 60% is definitely a good estimate for acceptable Loan to Value Ratio's. However, keep in mind that private money investors are only going to help you in order to make a profit for themselves. The fees on a loan like this could be quite expensive. If you end up using private money lenders, make sure you check out a few of them because they are all setup differently and the fees and rates can vary quite drastically! Good Luck with your Refinance!

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how do I get the value of my home ?

Answer

There are many ways to look up your Home's Value. If you are just wanting this knowledge for personal use, you can use the "Homes" tab on the www.zillow.com website and type in your address. If you are looking to obtain a home value for a specific purpose such as selling your home, having your taxes re assessed, or for equity sharing purposes, you should seek out a local real estate appraiser and have an appraisal done on your home!Hope this helps!

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Do I need title insurance?

Answer

An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, as the policyholder, the best possible chance for avoiding title claim and loss.Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all "material objections" to the title. Frequently, documents that don't clearly transfer title are found in the "chain," or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:Deeds, wills and trusts that contain improper wording or incorrect names;Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes;Easements that allow construction of a road or utility line;Pending legal action against the property that could affect a purchaser; orIncorrect notary acknowledgements.Through the search and the examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.

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