Profile picture for James Peters

James Peters's Advice

Contributions are sorted newest to oldest.

  • 111 Contributions
  • 1 Best Answers
  • 3 Helpful

James Peters wrote:

Should I relock in my rate now, or wait until closing in 15 days?

Answer
If your appraisal is back and you know you can get the lower rate then go ahead and pay to relock it.
August 15 2011
(0)

Looking for Rate and Costs for a VA IRRRL in MO? (Fixed rate not the ARM)

Answer
Call me and I can help you out. Should be very simple loan.
August 15 2011
(0)

Refi quote

Answer
Based upon your question I would say it is difficult to get all your closing costs paid for with that rate, but very possible for less than 2k in costs. Some lenders say no costs on there part but still charge for all third party, such as processing, title, appraisal, credit report and things like that. 
August 15 2011
(0)

Refinance question - pre divorce...

Response
By not going into detail about your personal situation you are in no way committing mortgage fraud. Whose to say that your income situation would not change after you have refinanced any way. As long as your spouse is willing to sign a quit claim deed and remove themselves from the deed and you qualify based upon your own credit and income then you should be ok refinancing. 
August 15 2011
(0)

Should I refinance my FHA Loan?

Answer
With a score over 700 you could look at the option of lender paid pmi. It carries a little higher rate, but you can go up to 95% loan to value and will not have PMI. I would not look at an FHA loan if you have good credit unless a streamline was your only option. 
August 15 2011
(0)

Can any legi banker/lender give me quotes for my two single family houses in S.F. Bay Areas which ne

Answer
Please email me your contact information and I would be happy to help.
August 15 2011
(0)

Anyone done mortgage refi business with Arbor Mortgage in Grand Rapids MI?

Answer
Arbor Mortgage has been in business for a long time. I work for VanDyk Mortgage, but am very familiar with Arbor Mortgage.
August 15 2011
(0)

Rate lock period expired, having problem getting new lower rate

Answer
It sounds like you are getting some good advice. I am assuming the lock period was about to expire so your loan officer went ahead and extended the lock and if they did this for free then they bit the bullet and ate whatever it cost them to do so. Typically locks for 60 days are pretty expensive. At this point my advice would be not to start with another company please remember we work as commission only. If you decided to jump ship just simply let your bank know and move on with the next lender. Ask for rates and how quickly they can close because at this point after taking so long I am sure you are just ready to close and get it over with.
August 15 2011
(0)

Buying second home with first home currently rented - FHA loan

Response
But as long as you have decent credit a 680 or better you can do a conventional loan with 5% down. If you have a 700 or better you can do a 5% down conventional loan and not have PMI which would be way better for you in the long run.
August 12 2011
(0)

Buying second home with first home currently rented - FHA loan

Response
Unfortunately you can only have one FHA loan out at a time. FHA can only be used on Primary residences you were actually suppose to get out of the FHA loan on your investment once you moved, but since you did not and you still have an FHA loan you will not qualify for another one.
August 12 2011
(0)