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wayne lancaster's Advice

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wayne lancaster wrote:

HOA liability insurance required for single family refinance?

Response
Sounds like the property must be in a PUD - Planned Unit Development- and HOA dues include exterior coverage on dwellings for replacement that is part of a Master Ins. policy. This would typically include other structures too  i.e clubhouse, pool, common areas, etc.If that is not the case then a typical HOA would not have a Master Policy nor would it be required.
July 17 2010
(0)

Should I refinance again and go from a 30-year fixed to a 15-year fixed?

Answer
If you can afford the extra $260 per month payment it might make more sense to just pay an extra amount each month. Going to a 15 yr. loan and raising your payment that much could be a burden in the future if your income/circumstances change. With that said, if you know you will in the property for at least 7-8 yrs.+, will not rent out the property in the future (cash flow with a 15 yr. loan will be a deterrent), and have virtually no chance of job loss or lowered income, only then would it be a good option.
July 15 2010
(0)

I am legally separated. Why does my husband have to sign for a refinance of my mortgage?

Answer
Different states have different laws..... in Texas the husband would be required to sign the Deed of Trust (not the Deed of Trust Note) if you purchase a home while still legally married. Would not be on the loan application or title though if new purchase. Washington laws would address this, and your atty. that drew up the separation agreement should be able to answer your questions.
July 15 2010
(0)

Is there anyone that can help?

Answer
This is not what you want to hear but it is a wake up call...... based on the financial info you provided using $110K income, you have less than $600 left monthly to pay utilities, gasoline, auto ins., groceries, and the biggie  Miscellaneous....which means every month you are likely to experience negative cash flow. Which is why you are in need....instead of looking for a bail out I would strongly urge you to do your own bail out. Sell the house, sell the car, reduce the credit card debt in half, and lease a home for the next two years min. at $1,500 or less monthly. Put aside the remaining equity for a down payment, and continue to accelerate payments on credit cards. Your life may experience some discomfort but that is minor compared to waiting and not having any options but facing foreclosure. You have a lot of equity in the property so don't put it at risk. As previously mentioned, you are fortunate to control your own destiny.  Many families have similiar circumstance but have no viable options......don't join them.
July 15 2010
(2)

Is there an FHA streamline refinance out there for me?

Answer
Talk to Wells about netting out/transfering your escrow acct. if they do the refinance. They will typically do that on a Wells -Wells refinance but not with an outside lender even if Wells is their investor. Compare rate they give you and decide if it is worthwhile, particularly if you are not able to front the new escrow acct.  Waiting until Dec./Jan. for escrow requirement to be 2 months vs 12 could be costly if rates are higher....
July 14 2010
(0)

Where can i find no-doc loans?

Answer
David,You obviously have a niche product. I guess the old "if it sounds to good to be true...." comes to mind. Are you actually closing the no doc/stated income loans without huge "gotcha's" or are these "walk on water "applicants?  Are appraisal requirements extremely tight? Might send you some business if I felt comfortable with the process........
July 14 2010
(0)

What % down do I need to put on a loan in order to not have to pay PMI?

Answer
On an FHA 15 yr. loan there is no Mortgage Ins. Premium if you put down 10% or more.  There is still a 2.25% Upfront Mortgage Ins. fee which adds $25 approx. to your monthly payment, which is less than half of conventional PMI premium. You also get an assumable loan (with qualifying) which in the future when you sell might be worth a premium if rates are higher than 4%!
July 14 2010
(1)

Is there an FHA streamline refinance out there for me?

Answer
Clay is correct that at 4.25% on an FHA 5/1 ARM the closing cost could be covered with in a few hundred dollars. Your current escrow balance will be returned directly by your current lender a few weeks after closing, so if you could arrange funds to put up the new escrow acct. that money (with in $500 or so) could be paid back soon after closing with the returned escrow money.  By going from 5.875% to 4.25% for the next 5 yrs. would definitely be worth re-financing.  The beauty of the FHA ARM is if you are there an extra year the max. increase is 5.25%......let me know if I can assist you.
July 13 2010
(0)

which is best loan to get VA or FHA

Answer
If you are an eligible Veteran and available funds for down payment are limited, VA loans allow 100% finanicng and seller can pay all of your closing cost. Unless you put down 20% or more and go conventional, a VA loan is likely to be your best option. If you have used your VA previously, the funding fee gets expensive and a conventional loan should be compared if you can put down 10% or more.
July 11 2010
(0)

My current home is up-side down,can I purchase another in a different state due to a job advancement

Answer
If you can lease the current home and qualify to purchase another home, that could resolve the up-side down issue. Otherwise, you would not be able to walk away or do a short sale, and be able to buy another house for 3-4 yrs.
July 10 2010
(0)