Profile picture for James Peters

James Peters

Lender

Loan Originator (10 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

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

Contributions are sorted newest to oldest.

REFI options any suggestions

Answer

It sounds like it is probably not in your best interest to refinance. It depends if your main goal is to save money monthly or lower your term.The monthly mortgage insurance is just going to eat up the savings.

  (0)
owner will pay closeing cost and down payment

Answer

Is the owner a relative or family friend? You may be able to do a gift of equity from the seller to help with the down payment. Closing costs can also be paid by the seller. If you are looking for help please contact me on my profile page I can be of assistance.

  (0)
Owner occ. cash out, refi, Loan is $, LTV =%. is there mortgage ins. ?

Answer

I honestly cannot believe some of the responses on here. If you are doing a 30 year FHA loan or any type of FHA product no matter what your ltv is there is always mortgage insurance on all FHA products. On 15 year terms the monthly MI is a lot cheaper though. If you have decent credit and maybe some assets you might want to look at a conventional product with a little higher rate and no mortgage insurance at all. On a 400k loan we are talking an extra 367 dollars. If I can be of assistance please contact me.Thanks

  (0)
Self-employed since July 2010

Answer

Here is the deal if you can file your 2011 taxes soon and made a decent amount of money in 2010 even though you were only self employed for 6 months you should be OK. Contact me if I can help.

  (0)
can I afford a townhouse with monthly income of $1,300?

Answer

If you can get a town home in San Diego for 60k or less there is a great chance I can get this done for you. Contact me by clicking on my profile it appears your monthly mortgage payment will not be able to go over 350-400 dollars a month which will be difficult.

  (0)
Origination fe

Answer

I don't understand why no one is being honest if you have been in the business for over a year you know why. There are two ways lenders can charge customers one have them pay it upfront two put it in the rate so you the customer does not have to pay for it. MOST lenders do it by allowing the bank to pay for it and putting it in the rate this lender does not do it that way they force you to pay for it, but they should be offering a substantially lower rate. What you have to ask yourself is, is the amount of money I am saving by getting the lower rate worth paying 3650 dollars more? Feel free to contact me by clicking on my profile and giving me a chance to show you what I can do.

  (0)
Looking for an EXPERT in the Mortgage field

Answer

Two things first it sounds like you would not want to do an FHA streamline on your current home because a 30 year FHA mortgage has mortgage insurance monthly. If you can do a conventional loan and leave that second alone that is the way to go right now conventional loans are at high 3's low 4's when it comes to rates. If you flip this loan to a conventional then doing an FHA loan on your purchase would be possible but you might look at a conventional loan as well if you have good credit. With your income of 225k unless you got a boat load of other debt it should be no problem having two homes for you. Third thing selling home and moving on at a loss is up to you, but you should weigh pro's and cons. If you can get a renter in there and have them pay your mortgage payments every year they are in there you are clearing at least 10k or more and each year that number rises, but if you don't wan the hassle of renters try to sell. I would be happy to help feel free to call me.

  (0)