Peter Bright's Advice
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Peter Bright wrote:
How to Refi and avoid PMI or waste Appraisal fee if LTV bad?
Answer
We are local lender in Kennesaw Georgia. We have some comps. Please call or email us. You can refi if your have over 80% without paying MI. We have lender funded MI. With rates so low the lender funded MI will pay that MI so you don't have too! We do this type of loan all the time. You always will have some risk with the cost, but we can help because we understand your goals. Looks like you will be fine
should we obtain a property appraisal since our zestimate is so low and our asking price is higher?
Answer
If you send me your address or post it... I would be happy to send you some comps.
mortgage rate negotiation
Response
How long will you stay in your home? The lower rate will always win if you pay closing costs and stay in the home to cover the estimated payback period. A would lock now and close ASAP this market will not stay down like this for long. Rates come down like parachutes and go up like rockets!
So my FHA appraisal came in for my refinance. There is no way my house is worth what the FHA apprais
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Send me a copy. I will be happy to review it
What are your thoughts on an 80/15/5 scenario to avoid PMI?
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As you qualify for both houses and have equity in the current house.... Take out a second on the current house and use it to make a 20% down payment on the new house. Once to move and or rent the current house you may never be able to get to that equity again...until or unlessyou sell!
va loans?
Answer
CASH IS KING, but the mortgage debt can be a burden. If you can consider doing a 15 year loan see which way works better for you. A 15 year with 20% down payment would be great, but if you can qualify with 0 down do the 15 year and pay extra on the mortgage. If the 15 year payment is too strong of payment consider a 20 year. Buy now the prices are great!
Is there a slight possibilty of getting a home loan with a FICO score of 624
Answer
Great job to take charge of your credit situation. Try to work with a smaller lender/broker that work with you closely. It sounds like you want to move forward. Also go back to the collection account you just have PAID and insist they do not just mark it paid, which as crazy as this sounds may make your credit score do down, ASK them to REMOVE the record completely from your credit files. They have the power to do this! and can do it. I see it everyday. This will make your score go UP! BEG them ! If that does not work write them a letter.Also you can improve you score by adding a new piece or new credit (SMALL) like a secure VISA. Applied has a good record. http://www.appliedbank.com/ or Orchard bank card http://www.orchardbank.com/ . They are a hassle, but it improves your credit. Charge only 20.00 on the card and then pay it off on the first cycle. Then cut up the card and never use it again.Again please get a loan officer to help you! Hope to see you in that new home soon! There are some great deals out here.Hope this helps!
How do you determine if refinancing is a good plan on the 30 yr fixed FHA that is 5 years old?
Answer
Great question!Take a minute and answer these questions1. What is your loan amount and type, date closed, and current interest rate? 2. What is your credit score ?3. What is current value of home ? Zillowit3. Are you looking to shorten your term or lower your payment?4. Post this to Zillow and get your answer!
What is the best way to refinance an 80/20 loan into one loan with a low interest rate?
Answer