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Raul Espinoza's Advice

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  • 20 Contributions
  • 1 Best Answers
  • 0 Helpful

Raul Espinoza wrote:

My middle score is a 670 does that mean I can not get PMI on a conventional loan?

Answer
PMI is tied to your LTV (loan to value). If you are purchasing and your down payment is less than 20% down or if you are refinancing and your equity is less than 20%, your are required to purchase PMI (private mortgage insurance). Where a fico score of 670 will affect you is in the cost of your monthly PMI coverage. You monthly PMI will be higher than someone with a fico score of 740 for example. And one final note, you can currently obtain a conventional loan with a fico score of as little as 660. Good luck!
May 11 2010
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False Lender Quotes!!! Yes False!!

Response
How can I report it to Zillow?
January 14 2009
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False Lender Quotes!!! Yes False!!

Response
Has anyone seen this mortgage widget?http://www.zillow.com/mortgage-rate-explorer/United-States_30-Yr-Fixed-Mortgage_High-Credit_High-Down_1Mo-Span/There is a company either at the top or close to it called Absolute Mortgage Company. The advertise their fees as $399 but once you click on the link you find this on their website:Total Absolute Mortgage Company Fees Only $399 (Plus Credit and Appraisal)It's right on their homepage. As far as I know that is against Zillow's code of conduct and terms of use since they do not disclose their appraisal and credit report fee up front. Does anyone know the process whereas I can bring this to Zillow's attention?
January 14 2009
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Is it worth it to use a Mortage Broker??What do they Charge??

Answer
I agree with Rob. Look for the best deal and go with it.
January 12 2009
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I have a seller that want to pay for my down payment. How can we get around this without any issues

Best Answer
You can do an FHA mortgage and do what is called a gift equity.
January 12 2009
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How do I give a review please help.

Answer
Most of the time you recieve a review request from an agent or lender.
January 12 2009
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Looking to buy a KB Home in Beaumont Ca any thing i should lookout for . 1st time buyer

Answer
You should definitely look at what phase the project is in and if other phases are going to continue to be built or liquidated. If you part of an early phase, you may be buying too high. KB is liquidating many projects and leaving their early buyers upside down on their purchases.
January 12 2009
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Can I find out what the last price a particular house was sold for?

Answer
Contact the customer service department of your local title company or ask your realtor. It's very easy to look up.
January 12 2009
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I have excellent credit, I`m up to date in my payments, no job, and can`t keep paying mortgage

Answer
Unfortunately, you need employment to qualify for a refinance. You can try and do a loan modification with your current lender but they require that you be employed as well. Your only option may be to sell your home.
January 12 2009
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Is it poosible to refinance if a mortage is higher than value of property

Answer
Most lenders now offer what's called a short refinance. You must negotiate with your current lender showing you have a hardship and trouble making payments on your current mortgage. If successful, your current lender will agree to recieve a short payoff on your mortgage (similar to a short sale). One you negotiate the short payoff, FHA offers a program to get you approved for a new loan. This can be done on your own. Be aware of companies trying to charge you for the negotiation of your short payoff. Good luck.
January 12 2009
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