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Chip Streater's Advice

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  • 568 Contributions
  • 6 Best Answers
  • 125 Helpful

Chip Streater wrote:

Looking for lender servicing NC with LPMI products

Answer
You need to look at all available options to avoid mortgage insurance. These options include:1. A combination 80/10/10 structure.2. Single premium buyout.3. Lender paid mortgage insurance.4. Split premium option.In other words, someone who is well versed in mortgage insurance products and can provide a lay out all avoidance options for you to compare.Best Wishes!
June 25 2013
(0)

What can I do to get more (or better) quotes for my loan request ZR-LYZGCNH?

Answer
is your property located in Kentucky for Charlotte North Carolina.
February 21 2013
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Why we love Fort Mill, SC

Response
We are blessed to live in such a great area.
February 07 2013
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My husband and I own a home in Philadelphia, PA. We have relocated to Concord, NC.

Answer
Welcome to North Carolina. Your scenario is not possible until your husband has two credit scores greater than 620.Please consider local options of.working with a mortgage professional that specializes in credit issues. This will get you into a new home faster than most anything else. 
February 05 2013
(0)

refinancing

Answer
Adina-  That was a great deal. Rates have increased since your post. Hopefully you have locked in and your future mortgage is being processed.
February 05 2013
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North Myrtle Beach SC WATER FRONT CONDO HOW DO I REFINANCE IT?

Answer
 Assuming you owe 110% + more than the condo is worth....The current Fannie Mae guidelines I see allow for your refinance. The Freddie Mac guidelines currently don't.  Hopefully you are with Fannie Mae or someone else in the zillow community can point you in the right direction for Freddie Mac. Keep in mind that you still have to meet credit and income requirements.
February 05 2013
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Getting approved for a home and having bad credit?

Answer
- If you have any collections or recent late pays(last 12 mos.) your goal should be two scores greater than 640.-More than likely your husband needs to complete one or more of the following generic actions to gain a 620 or greater credit score.1. Open a new secured credit card and maintain a $10 balance2. Pay down a credit card to a specified percentage.3. Bring a current late payment up to date.4. Pay and delete a collection.5. More options may exist. Specialized professional mortgage guidance, your patience(30-45 days) and a positive attitude will take you where you want to be.Best Wishes!
February 05 2013
(0)

15 vs 30

Answer
Fixed mortgage terms in 5 year increments from 10 through 30 should be made available for your review.  Pay attention to the amortization tables between the different terms and your choice should become clear.At the end of the day it's really about your 5-10 year goals.Best Wishes!
February 05 2013
(0)

Jumbo Loan in Charlotte , NC

Answer
Based off the current information provided as little as 10% down will be available if you have two credit scores greater than 740. The traditional 15 & 30 year fix along with 1,3,5,7 & 10 year adjustable rates are options for your consideration.The best decision will be made from comparing loan costs, interest rates, program features and amortization schedules in conjunction with your short, mid & long term goals. A good loan officer will provide this information in a consumer friendly format and advise you based off of the previous mentioned factors.Best Wishes!
January 31 2013
(0)

Can I get a loan without paying off a 6 year old collection and a 6 yr old chargeoff/repo?

Answer
Yes you can qualify without paying the collection. We closed a borrower 3 months ago that had $16k in open collections. Change programs or change lenders. Maybe both....
November 09 2012
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