Profile picture for Raul Espinoza

Raul Espinoza

Lender

Senior Loan Officer (16 years experience)

Specialties:
Buyer's Agent,
Short-Sale,
Purchase Loan,
Refinancing

Advice

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

Contributions are sorted newest to oldest.

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!

  (0)
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?

  (0)
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.

  (0)