Profile picture for Patricia Ballowe

Patricia Ballowe

Purchase Loan,
Mortgage Planning


  • (5 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

What is an anti steering disclosure


An anti-steering disclosure is a required document that shows the other available rates and programs that were available to the borrower at the time of locking their rate.  It shows the costs of those rates and programs as they compare to the rate the borrower has locked.  It is designed to make sure the loan officer has not deliberately 'steered' the borrower toward a loan that is less advantageous to the borrower.  Remember those rates and programs may vary from the lowest rate with the most costs to a possible adjustable rate which may not be what the borrower wished to lock in to. They should never show a rate or program with negative amortization or balloon payments.

Alternative Mortgage after Bankrupcy


We usually tell folks to wait 2 years after BK discharge for an FHA loan and 4 years for conventional.  I've heard there are programs for people to do it sooner, but they're usually not very good terms.  Wouldn't hurt to talk to an area broker for advice.

Primary or Secondary Residence?


Most underwriters have told me, they go by tax returns.  If you file your taxes, and use a certain address as your primary when you file, and your other bills go there as well, then that is your primary residence.  If you are planning on using the Memphis home as your primary, than you will have to provide proof that you will be doing all your business from that address, taxes, etc. Just went through this with another couple in FL with a second home here in VA. 

how do i get appraisal


If you are looking for the value of your home for refinancing purposes, the appraisals are ordered through a third party system.  Once you apply for the loan, the appraisal is ordered and a time is scheduled with you to send an appraiser out.  This is supposed to deminish conflicts of interest for both the mortgagee and mortgager.  If you are looking for the value of your home for sale, I would start by contacting a local realtor and getting connected that way.  Find one with a good reputation and honest work ethic. They'll show you how to go about estimating the value of your home based on market trends in your area and comparable properties.