Profile picture for James Peters

James Peters

Lender

Loan Originator (10 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (134 Contributions,
  • 1 Best Answers,
  • 4 Helpful)

Contributions are sorted newest to oldest.

Interest rate has dropped and Lock rate has expired

Answer

We are missing a few key pieces of information. What type of loan is this? No you are not bound to the lender. No the rate lock expires upon expiration. Most lenders will do an extension however so they do not lose your lock. Go back to your originator and see why he will not get you a better deal. If you are doing an FHA loan or a VA loan your appraisal will transfer so you can do a loan with someone else. If not if you are willing to do another appraisal you can get the better deal with someone else you probably have all your paperwork gathered by now that would get you clear to close. I am surprised you are not closed yet after 4 weeks.

  (0)
cash-out load out

Answer

If you need assistance contact me through my profile.

  (0)
First time home buyer here, looking into a brand new home... HELP!

Answer

It depends on what type of loan you are looking for and how soon you want to get into the house. It seems as if you know what house you want to buy. As Mike stated there is a lot of information you are missing. First step though would be to get pre-qualified for a loan through a mortgage lender and hope you are qualified for up to the 390k you are looking for. I have been in the mortgage business for 10 years. If you need help or advice on how to proceed you can contact me through my profile. 

  (0)
On the Market 50 Days and ~70 Showings, 5 Second Showings without an Offer!

Answer

If you are not comfortable with your realtor now the odds of you being comfortable anytime soon are probably slim. 70 showings and no offer is not good. Even if your home is priced too high why did you not get even a low ball offer? If you need my help let me know. There are some good agents out there that can sell your home quickly especially in this market. Your home should sell fast in the Carmel area. Be reasonable in the listing price and it will sell quick.

  (0)
FHA Co-borrower requirements?

Answer

If your fiance qualifies income wise himself you can be the co-borrower and don't have to provide income at all. If your income is needed to qualify for the home you want to purchase you can refer to Brian's comment he was spot on. Some lenders only need 30 days income as long as you are full time. 2 year work history will have to be provided though.

  (0)