Profile picture for Joseph Dlabola

Joseph Dlabola

Lender

Assistant Vice President (11 years experience)

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

Advice

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

Contributions are sorted newest to oldest.

Can I buy a new house

Answer

You would not be able to carry over the negative equity balance from the sale of your current home to a new mortgage.  The options would be to rent the current home and apply for financing on a new property.  Because of the negative equity you would not be able utilized any proposed rent to qualify for the new home which means you would have to qualify to carry both the mortgage on your current home and new home.  The only other option would be to sell and bring the difference in the agreed upon purchase price and current mortgage balance to the closing table.  Please feel free to contact me if you would like to discuss a pre-approval for a new purchase or have any questions in general.JD

  (1)
home insurance

Answer

Yes, there are many carriers that provide home insurance in your specific area for the coverage you are looking for.  I am located in Great Neck and do business in Manhasset frequently and have carriers that I recomment to my clients.  Feel free to reach out to me.JD

  (0)
we recently paid off several loans we had. How long does it take to show on our cc report

Answer

Hello-If you were to let the creditors report your updated balances to the bureaus naturally it would take anywhere between 30-60 days for the score and updated balances to reflect on your credit report.  If you were to work with a mortgage lender that has the ability to run a rapid rescore it would take 2-3 business days to be updated. In order to process the rescore an authorization would need to be signed and you would need to provide an updated account statement or transaction history reflecting the current account balance along with the account number and borrower's name. We do have the ability to run the rescore estimation and rapid rescore.JD 

  (0)
Mortgage with Collections on Credit Report

Answer

Hello-You can be pre-approved and close on a purchase mortgage with collections.  It depends on how long ago the collections were filed and the dollar amount of the balance.  Feel free to contact me to discuss further.JD

  (0)
Getting a mortgage for my mom

Answer

I did not state in any of my correspondence that title would be altered post closing of the transaction.  It is fact that there is a gret deal of portfolio product geared toward high net worth individuals that allows for this. The lender would never call the note on this client as they are aware of how title is being held prior to closing of the transaction.  Lastly, the home does not have to be free and clear nor be in the name of an LLC.

  (0)
Getting a mortgage for my mom

Answer

Incorrect; this technique is used frequently with high net worth individuals to limit liability.  The borrower on the mortgage  would be using his /her income and asset to qualify, which makes them a co-signor, signing the note. (not title)  The mother in this specific case would be the only one  in title.  Yes, in most cases this does not make sense because the borrower is responsible for the mortgage and is putting their personal guarantee without ownership but in some instances it does makes sense and can be done.

  (0)
Getting a mortgage for my mom

Answer

Yes, this is possible.  You can take out the financing in your name, be solely responsible for the mortgage and give ownership to your mother.  She would be the sole owner on title and you would be responsible for the mortgage. 

  (0)
True cost for an FHA sreamline

Answer

You can keep your mortgage balance exactly the same as your current principal balance by utilizing a lender credit to cover all costs involved in the transaction.  As long as the current rate that yields this credit provides enough benefit as per FHA guides you would be good to go.JD

  (0)