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Lynda Mckenzie's Advice

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  • 204 Contributions
  • 1 Best Answers
  • 19 Helpful

Lynda Mckenzie wrote:

VA loan with a score under 620?

Answer
Here are a few suggestions to raise your credit scores. 1. Keep current balances to at least 50% or lower of the high credit limit.  For example, if your credit limit is $2,000, then keep the outstanding balance at $1,000 or lower.  2.  Get rid of the small charge balances on your cards. For example the $20 and $50 balances. 3.  Do not close out any accounts that you are not currently using.  The FICO score system takes into account the length of time you had the account and how you managed that debt.  4. Make sure you settle any judgements that appear on your credit report.  5.  Stay current on all debt.Hope these help.
January 18
(0)

Having Problem Refinancing

Answer
If you have enough equity in your home value you could possibly do a cash-out refinance to pay off the credit card debt.
January 18
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Best mortgage for a condo to avoid PMI

Answer
Not all lenders are equal.  Each has rates, fees and products that may differ from one lender to another.The APR is designed to help you shop for loans by making them more comparable. The APR is intended to give you more information about what you're really getting. By making fees charged by the lender part of the equation, you can better see the true cost of a loan and make a fair comparison.The APR, expressed as a percentage, reflects the effective cost of your loan on a yearly basis. It takes into account fees and costs such as interest, mortgage insurance, most closing costs, discount points and origination points.Condominium rates are slightly higher than single family homes but you should be able to find a lender, like Guaranteed Rate, that will allow you to put 5%-10% and not have any private mortgage insurance.  This can be accomplished by choosing a single premium option.  You can also choose to go with the piggy bank loan that Joe mentioned.If you like more details, please contact me through my profile.
January 06
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How to prove you pay your rent on time.

Answer
Depending upon the loan program, you may or may not be required to provide proof of rent.  If you are required, then you could produce the rent receipts from your landlord.  It may also be needed to show the cash being withdrawn from your account monthly through your bank statements.Good luck.
January 06
(0)

Where to go for mortgage

Answer
This is a common scenario.  I actually had the same situation close this month.  Any lender should be able to issue a pre-approval subject to the sale of your current home.  There will be a closing condition on your loan approval stating that the HUD settlement sheet from your current home will be needed prior to you closing on your new home.  Simply stated, this means that you close on your current home first. The attorney handling that closing provides the HUD settlement sheet to your new lender and then you close on your new house. Both closings can be done the same day.  Good luck with everything. 
December 31 2013
(0)

Massachusetts Investment Mortgage

Answer
I am licensed in MA if you want to contact me via my profile. I would be happy to review your profile and see what options are available to you.
December 31 2013
(0)

how much more money do I need to make

Answer
It would depend on how much you would like to borrow?
December 27 2013
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HUD 203b escrow help

Answer
Who told you that you would be getting the $2500 back after the repairs are done?  Typically no cash is allowed on a 203b loan.  Most sales are adjusted to reflect the condition of the home. Did the seller credit you back the $2500 at closing or possibly reduce it off the sales price?  You can check this out on your HUD settlement sheet you received at the closing.
December 27 2013
(0)

Pre-Approval Question Re: Mortgage Rates

Answer
Check with a Guaranteed Rate loan officer in your area.  We offer the ability to lock in your rate before purchasing a home.Happy house hunting.
December 27 2013
(0)

First time buyer, overwhelming.

Answer
You might want to consider MA housing instead. They also offer 100% financing options for qualifying candidates.If you would like more information, please feel free to contact me through my profile.
December 27 2013
(0)