Profile picture for Pierre Tawil

Pierre Tawil

Confirmed Lender

Mortgage Banker (25 years experience)

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

Advice

  • (7 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

Contributions are sorted newest to oldest.

What to do if my debt to income ratio is 48%

Answer

You can lower your debt ratio by doing the following:1. Pay off some debts.2. Buy down the rate so you can lower your monthly payment and in turn lower your debt ratio.3. Do a principal reduction by bringing in money to the closing table.  This will reduce your new loan amount, your monthly payment and in turn lower your debt ratio.4. Try going with a 5/1 ARM or a 7/1ARM (Adjustable Rate Mortgage).  These offer a lower initial rate for the first 5 to 7 years then turn adjustable there after.  This will work great if you are only planning to keep the mortgage for 5-7 years.Please note that a 48% debt ratio is high considering Fannie Mae/Freddie Mac guidelines and they would like to see you at 45% debt ratio these days.  FHA is less strict and I've seen loans with a 55% debt ratio approved all day long.If you need further help please look me up in Zillow.  I am a confirmed lender and I will gladly help.Good Luck.

  (0)
Need advice!!!

Response

Be careful of any real estate agent that encourages you to default or be late on your mortgage payment.  Try calling your mortgage lender and ask  if you qualify for a refinance under the relief program.  If you do not qualify then ask your lender to modify your loan.  Some banks or mortgage servicers will not report you late or in default if you modify your mortgage when you are current on your mortgage payment.  If you are not successful in modifying your mortgage then you can try the short sale.  Please note that you do not have to be late on your mortgage to qualify for a modification or a short sale. Wishing you the best of luck.

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Looking for someone to help us with refinancing our mortgage loan

Answer

Is the property with the 1st and 2nd your primary residence?  Are you showing sufficient income on your tax returns to qualify with both property payments?  It's great that Citi is willing to subordinate.  If you need help with this please do not hesitate to contact me.  I am a Zillow Market Place confirmed lender and I will gladly take the time to discuss this further.Respectfully yours,Pierre TawilFidelity BancorpCa DRE #: 01255210NMLS #: 291623

  (0)
What documents required for self employed?

Answer

Since you became self employed in 2010, your income as a wage earner for the prior years of 2009 and 2008 can not be used to qualify.  If the automated underwriting system only asks for one year of tax returns instead of two then you have to file your 2010 tax returns right away and apply for the loan.  An extension for 2010 is not going to work.  Providing a P&L and FS from a CPA is not going to work either. Please note that if your business is a corporation then the corporate tax returns are going to be asked for as well. 

  (0)
how do I find out value of my property

Response

There are many ways to find out the value of your home:1. Check out Zillow and get a Zestimate"approximate value" of your home. 2. Contact a local loan officer or real estate agent and ask them to do a comparables check.  A comparables check includes searching for similar properties to yours in your neighborhood that sold in the last six months and are within a one mile radius from your home.  The distance and time factors depend on your market area and it's not set in stone.3.  Have a licensed state appraiser inspect the property and provide you with an appraisal report.  This is the most expensive option but the most accurate. 

  (0)
Is there a way to calculate closing costs for a home I'm interested in buying?

Answer

Chris,If you already found the property and you are currently in escrow, have the loan officer verify 3rd. party fees with the Settlement Agent (Escrow Company), title company, appraisal, credit and recording fee then ask the loan officer to provide you with a Good Faith Estimate reflecting the loan charges and the 3rd party fees mentioned above.Doing it this way prevents any surprises at closing when you are signing your loan documents.  Please always remember that banks and lenders are required by law to provide you with a Good Faith Estimate and always shop for the best rate and best closing costs with a minimum of 3 to 4 lenders.We are here to help and there is no cost or obligation, should you have any further questions please do not hesitate to contact us.Sincerely,Pierre TawilFidelity BancorpCa DRE Lic#: 01255210NMLS#: 291623

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