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wayne lancaster's Advice

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wayne lancaster wrote:

is it possible to add additional loan amount to an existing reverse mortgage without having to redo

Answer
Possibly.  Talk with lender servicing loan, and let them determine what options you have.
August 11
(0)

low income help?

Answer
Contact local and state Housing Offices to see if they have any grant funds that might be available.  Check a big box stores - Home Depot, Loews, etc and see about them financing roof they install. Local banks or credit unions can be explored.  Good luck.
August 11
(0)

I have a 2 percent interest only loan that will expire in 2016, should I refinance to a fix rate now

Answer
If you refinance to a fixed rate your payment would virtually triple. With a loan modification currently, can you afford/qualify for that amount?  If you are upside down the appraisal would likely be an issue. Do you plan on owing the property after 2016? If not or for only a year after that, your current status would be better option. In any event, it is now time for you to discuss your scenario with a local loan officer and determine if a refinance is even possible; and what terms would be available.
August 11
(0)

Looking at VA Loan but creidt score across the 3 reporters are very different.

Answer
Stephen,Zillow does not allow contact info on post, and yours will be removed as spam and a violation of their Good Neighbor Policy.
August 10
(0)

Can you shop for rates after getting a pre-approval fom one bank?

Answer
Getting a pre approval letter and then shopping for rate is backwards. Why would you waste the time of a loan officer that you don't plan on using? On better yet, why would a loan officer waste his or her time spending hours assisting you with a pre approval letter, when they are not going to do your loan? Every consumer has the right to shop as much and as hard as they would like prior to deciding to go forward with a pre approval/loan application. You can shop mortgage brokers, mortgage bankers, credit unions, local big and small banks, internet lenders, etc. When you find the one that you decide to go with based on rate, service, experience, ability to close loan on time, criteria for you specific loan parameters, or whatever you use for making decision, that is time to request a pre approval letter from that lender.It is common in the real estate industry for Realtors to give customer 3 (not sure how that became the magic # - kind of like the 8 yr mattress life span mattress industry came up with)lender/loan officer names but surely they don't think that all 3 loan officers are going to take the time to give out an approval letter. Yet they know they or buyer can't proceed with out one prior to submitting an offer.I am happy to assist a customer with a pre approval letter. If they are still shopping, I will give them a quote and if they decide on me, we will go forward with the pre approval process. Just so everyone is on the same page, a pre approval letter consist of getting verification of income (pay stubs and/or tax returns), assets (most recent bank/funds statement, pulling and evaluating credit. running automated underwriting for approval, and job history info from a Loan Application. Doing anything less is a disservice to buyer, agents, and seller.In your case advising the lender to put a hold on the process would be appropriate.
August 10
(0)

What steps do I take to ensure this is not fraud?

Answer
Delete the email.
August 05
(0)

Should we get pre approved for a joint mortgage, and how?

Answer
You are going in the right direction.  I would suggest you ask friends, co workers, relatives, etc for a referral to a loan officer they recommend. If that is not feasible you can go to Agents tab above and locate one in your area/state. Read Profiles and Reviews and make contact with several, and meet face to face if possible. Go over your finances with selected loan officer and get a pre approval letter. It appears you should be able to purchase in the price range you mention. Good luck.
August 05
(0)

Renting vs Buying

Answer
A home purchase should always be considered a "permanent home". Trying to sell in a year may mean Realtor fees may have to come out of your pocket. There may not even be a tax benefit for you to buy a home vs renting. Renting is best way to get to know an area, and give you time to learn where you want to live long term. If rent is cheap enough it may you a chance to save more for down payment, and make permanent home purchase even more "financial sense".
August 03
(2)

Need Advice on closing Home - Flower Mound TX

Answer
It is likely you did not evaluate the appraisal completely. Besides being 25-30 pages, page 3 has a complete matrix of subject property and 3 comps. There are at least 12-15 side by side items that are compared, and at the bottom the appraiser is required to do an adjustment of all of the features with plus and minuses.  It requires a very experienced person to analyze that data, and lenders Underwriter scrutinizes entire appraisal before approving. Flower Mound is one of the most stable and desirable areas in DFW and there should be suitable comps to verify value. You did an evaluation of sorts as you looked and compared features, size, location, price, etc each time you viewed a property. You chose to buy based on that comparison, and unless an appraisal rebuts that valuation your situation is typical.The bottom line is you can continue to fret, try to cancel the contract, and go thru the same process on each property you attempt to buy. You may however run into that rare case where appraisal comes in low, on a property you love, and you lose the property because a back up contract buyer is willing to buy without regard to the appraisal.
August 02
(0)

How common is it to list a home with a contingency that the seller finds suitable housing?

Answer
Do research in your area and determine how many homes are for sale that meet your criteria. If the inventory is ample get pre approved for new purchase, and consider listing your home with a closing date of on or before 60 days. If you feel uncomfortable with that timing, you could request an additional 30 day lease back verbiage in listing agreement.
August 02
(0)