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Geoff Boyd's Advice

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  • 45 Contributions
  • 2 Best Answers
  • 11 Helpful

Geoff Boyd wrote:

15y vs 20y vs 30 yr Mortgage Terms

Best Answer
Many lenders don't offer a 20 year product. Also, in terms of rates, there isn't a noticeable difference between the 30 year and the 20 year.  Most consumers are so rate focused, that they forget about the importance of term.  I personally like the 20 year fixed product.  It is a nice compromise between the low payment of the 30 year and the term reduction of a 15 year.
August 31 2010
(1)

Can I get a loan for more then the house, to fix it up? ZR-SNGVNNC

Answer
You may want to look at a 203K or the 203K Streamline.  If the work is only cosmetic, the streamline may work best.  With both of these products, your loan is based on the appraised value, not sale price. I hope that helps.
August 30 2010
(0)

What's the difference between a mortgage banker and a mortgage broker? Are there drawbacks to banker

Answer
The big difference in today's market?  It's that the large banks are very quietly attempting to squeeze most brokers out of the business.  A quote form a banker may have some advantages, but it really will come down to service levels.  many banks are taking 60 days to close a transaction, but many brokers are not much better.  If this is for a purchase, make sure that the lender can meet your close date on time.  otherwise this could cost you.  If this is for a refinance, confirm all of the time frames involved in completing the transaction.  You don't want to lose a rate lock because it takes them too long to close the transaction for you.  Good luck !
August 20 2010
(1)

I have a 92K mortgage at 6.2% and 82K HELOC. Does it make sense to refinance now and combine loans?

Answer
If you can, do it.  Most HELOCs have interest only payments, so keep that in mind.  In many cases, the I/O portion of the HELOC gives people an unrealistic view of the savings to be had with a reifnance.  HELOCs are financial "time bombs" in many cases.  At some point interest rates are going to begin to climb and the payments associated with them will spike.  This is going to cause a lot of people, a lot of financial pain.  So, short story, pay it off now, with a good first mortgage...if at all possible.  We also have some good tools to run some figures on our site:[link removed by moderator] Good luck!  Geoff
August 12 2010
(0)

i have a va investment home that i want to do a streamline va on-who does these?

Answer
Bill38506,Good question!  The VA IRRL program will work fine for what you are looking to do, without any pricing "hits".  You should be able to get pretty good terms on a refinance right now.  If you have any questions go to our VA mortgage site: Lots of Q&A for VA loans Geoff 
August 11 2010
(0)

Can illegal aliens obtain mortgages?

Answer
A permanent res alien is what people often refer to as someone with a "green card".  A perm res alien is here legally and has the right to purchase a home and take a mortgage.  We have lots of resident aliens in the US.  Some are permanent resident aliens and some are non-permanent resident aliens.  We also have a lot of people that are here on a visa that have the right to purchase a home or take a mortgage.  Those visas come in many forms and can have a variety of restrictions regarding work, etc.
August 10 2010
(0)

Can illegal aliens obtain mortgages?

Answer
Not anymore.  It wasn't legal before, but many lenders "worked around" the Hawk Alerts and other triggers that would have prevented someone in the US illigally from obtaining a mortgage.  I wouldn't be surprised to see that it still happens, but not at the same level. 
August 10 2010
(0)

Avoiding LLPA?

Response
If you can get a VA, FHA or USDA loan, you might be better off.  If you dont qualify for any of those programs or dont want to use them, you will probably have a hard time avoiding the LLPA.
August 09 2010
(0)

Is anyone familiar with Prime Lending, A PlainsCapital Company's purchase plus loan?

Answer
Well said Wayne!  I am a little biased (I work for Prime) but it is a great product.  If you need a referral to someone in your area, just let me know.  Best of luck!  Geoff
August 09 2010
(0)

my condo is currently at 6.6% on 188k (but I am paying interest only for one more year should I refi

Answer
In my opinion, yes...........if you plan on staying in the property.  If you plan to sell in the next year or two, then I wouldn't make any changes.  If you plan on keeping the home, then refinance it ,and start paying some principal.  Just be aware that your payment may increase a bit, but that will be more than offset by the amount of principal that you will be paying.  I hope this is helpful. [link removed by moderator]
August 06 2010
(1)