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Timothy Sutherland's Advice

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  • 577 Contributions
  • 6 Best Answers
  • 75 Helpful

Timothy Sutherland wrote:

My Full GFE and Closing Costs

Response
the adjusted origination charges are about $3,362 too high for that rate; or that rate is about 1/4 too high for those adjusted origination charges. either way.You've almost put down 40%; put down 40% and it can get even cheaper.
February 15 2010
(0)

Best refinancing rates?

Response
since we don't know where you are; we'll have to approach it this way. For no closing costs you want a rate that will pay your closing costs.For a $254,000 loan; 4.99% would pay about $1,300 towards your closing costs; 5.125% would pay around $2,300 towards your closing costs and 5.25% would pay about $5,100 towards your closing costs.5.5% would pay about $8,000 towards your closing costs.These amounts will vary by lender; but I hope you can see how it works. 
February 15 2010
(0)

I'M SELF EMPLOYED, SO COULD I QUALIFY FOR A LOAN?

Answer
I'll just add to Mr Benham's post. If you're a W2 employee, but write off lots of non-reimbursed business expenses (or even write off reimbursed ones; yes I've seen people do that) then those will reduce your qualifying ability.
February 14 2010
(0)

PRE APPROVED FOR 5/1 FHA LOAN

Answer
I back Bob on this one. The 3.75% he used to answer your questions is more in line with the current FHA 5/1 rates; Conventional on your score is actually around 3.5%. No matter which your payment could be about $150 month less.He's right that you may want to rethink buying so much on your income; but if you must I'd suggest getting with a lender that has rates more in line with the current market.
February 14 2010
(1)

I did not get any quotes on my loan request (ZR-FDPNSSC). Can someone help me figure out why?

Answer
there are very few lenders going below a 620 score these days.
February 14 2010
(0)

Am I eligable for FHA loan

Answer
rates can be locked in when there is a property to lock in into. If you had a contract today then yes, you could get 4.75% at 0 points. Other than with lenders that tier price and the remote possibility your score falls into the next score bucket, there'd be no adverse effect in your credit being pulled a few times. do you make $100k each or is that total for the both of you?
February 13 2010
(0)

buying a second house in the florida keys will the 2nd home mortgage have a higher rate

Answer
vacation/2nd home rates are the same as rates for primary homes.
February 11 2010
(0)

why does our mortgage lender say to wait on locking in our 5.25 rate until 10 days before closing

Answer
I'd give the benefit of the doubt that maybe he's waiting on rates to be lower. That's a bit of a gamble though; right now 0  points on your scenario is running about 4.99%; I'd suggest getting locked in; general thought is rates will be rising shortly.
February 03 2010
(0)

How can I shop around for a mortgage when every lender won't process without ordering an appraisal?

Answer
by law they have to give you a GFE before collecting any funds from you (other than for a credit report)
February 03 2010
(2)

FHA Mortgage quote/ 30yr purchase at 4.75% with 3 points. Credit score 695. Are the points high?

Answer
you can get that for 1/2 a point or less right now.
February 03 2010
(0)
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