Martin Wareing's Q&A

2 things to remember:1) If the loan was origiatned by a Broker, the HUD-1 would reflect the pricing from the wholesaler on the HUD-1.2) If you were my client, I would have nto problems showing you the rate sheet and allow you to select any rate on the sheet.  However, my compensation would already have been disclosed and agreed upon.  Remember, if you see 1 CONV ratesheet, you have kinda seem them all given minor/minor/minor pricing differentials.  We and they do all drink from teh same feeder streams...3) If the loan is originated by the Lender that actually FUNDS the loan, there is not a wholesale sheet and you will never know the "proce" o f your labor, but at the end of the day, a borrower is looking and needs the best value (service, expertise, guidance, product and rate).  If that was what every borrower demanaded in the past, we would have 1/5th of the problems.  Many borrowers demanded to be mislead with the hopes of getting the best deal ever and terms that simply could not be true over the long haul.Find a good LO.  Interview him/her.  Trust him/her or fire them and find one you want to employ because that is what you are really doing, so why employ a thief, punk or idion.  Good luck to you and all needing mortgage help.  In Florida, we are required to disclose/redisclose the lock (wholesale ratesheet) terms as part of the Godo Faith. 

Jambaa,Lenders will update everything as late as the second you are sitting at the closing table.  You could be an embarrassed homeless person in today's market.  Be very careful.  Signe for the BMW lease and the Flat Screen on the way home from your funded closing.  What you do after the ink dries is "your business", but until the funds clear from the lender.. be careful.  Patience is a virtue.  Good luck to you.

My guess (I do not originate FHA LOANS) is no. It is no with FNMA and FHLMC, but FHA is a US govt loan and a person who owes the IRS (US GOVT) wants the GOVT to guarantee their home loan although they did not pay the GOVT the income taxes owed.  Makes very little sense to me, but I'm sure a rescue 911er may show up to come up with a plan.  Good luck to you.

Christian.1) Your lender is an idiot... There are no mortgage loans granted to unemployed.  I would suggest trying the manager and owner or whatever, but I am not rooting against you here at all, but let's take a step back and realize how this collapsed.....  You were told (again.. by your idiot LO at IDIOT Mortgage) that you could/shoudl apply for a loan without means of repaying it (no job)  (unemployment benefits are not considered income by any lender.  That is not a loan scenario but more like a grant.  Anyway, make noise to get your money back and shout out about how dumb, misleading, crooked, etc they are until you are satisifeid.  Send your story and backup info to your local investigative TV station.  They might really like it and that will get action.  You got ripped for your app fee.  We would have come to a crawl at the word construction and stopped dead at unemployment. You would not even see a credit report pulled by me.  I am sorry to hear that this still goes on and I wish you well.  Go get 'em.

Are you bigger than your LO?  Pay the boy a visit...  What is the monetry damage of these newfound friends... Is your lender a person or an inanimate internet shop????

CancellationUnder HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time theloan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.Automatic TerminationUnder HPA, mortgage lenders or servicers must automatically cancel PMI coverage on most loans, once you pay down your mortgage to 78 percent of the value if you are current on your loan. If the loan is delinquent on the date of automatic termination, the lender must terminate the coverage as soon thereafter as the loan becomes current. Lenders must terminate the coverage within 30 days of cancellation or the automatic termination date, and are not permitted to require PMI premiums after this date. Any unearned premiums must be returned to you within 45 days of the cancellation or termination date.For high risk loans, mortgage lenders or servicers are required to automatically cancel PMI coverage once the mortgage is paid down to 77 percent of the original value of the property, provided you are current on your loan.Final TerminationUnder HPA, if PMI has not been canceled or otherwise terminated, coverage must be removed when the loan reaches the midpoint of the amortization period. On a 30-year loan with 360 monthly payments, for example, the chronological midpoint would occur after 180 payments. This provision also requires that the borrower must be current on the payments required by the terms of the mortgage. Final termination must occur within 30 days of this date.

bf,Get a rate quote from your bank, any and all Lenders to compete:1) On the same day with same rate (compare costs (line 800 items))2) On the same day with same points (compare teh rate)Make sure you trim out as many confusing variables as you can.  Your statements did not mention points or fees either.  The good news:  Your bank is not robbing you.. The bad news:  They are quarantined from all other lenders and their margins and simply usually have 1 VA source and they are "told" what to mark it up.  Private origination firms can make up their own margins higher or lower ( you are the judge).  Finally, find a VA LO in your state that offeres free solid advice on these help threads and call him/her.  They will help and are straight shooters.  Good luck.

Brokers do not bring up credit scores, but good luck to you in your efforts.  I am sure there will be some "volunteer" swooping in to raise your scores.  Be very careful of what you wish for......

Under HPA, you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time theloan was obtained, whichever is less. You also need a good payment history, meaning that you have not been 30 days late with your mortgage payment within a year of your request, or 60 days late within two years. Your lender may require evidence that the value of the property has not declined below its original value and that the property does not have a second mortgage, such as a home equity loan.Be very careful of the HELOC and/or delcining value issue.  The main block for most Americans,  the HELOC that the borrower was unaware of that might be an issue down the line.  Good luck to you.

best advise ( you will see 25 in 5 minutes)... Complete a mortgage request quote form on ZILL... Sit back and POOF... rates.  Good luck, but you will not get that info on this board specifically. Those that try will get chastised.  This is a "No Pandering Zone"  :)