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elias leisring's Advice

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  • 14 Contributions
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elias leisring wrote:

Are mortgage rates ever going to be back down at 4.5% or are we on the way up for a while

Answer
Thats a billion dollar question. There is no answer to that question, only speculation. I would say no. Money shouldn't be that cheap right? Everyone needs it and no one has it?
June 05 2009
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does anyone who quotes on this site work with Rural Homes Loans?

Answer
Good luck.....banks are biased toward rural loans as I am sure you are finding out. The property type, and acreage are important in that question as well.
June 05 2009
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Any risks to an impound account with GMAC? They want to collect 6 months of property taxes up front

Answer
If you signed yesterday removing the escrows will be an issue without resigning a bunch of crap. The risk of the loan changes slightly but your settlement statement and cash back to you will change, its only a paper work shuffle but it wouldnt be more than a little hassle. Also, if you owe only 70% on your house you probably wont be charged the up front fee of .25% to waive escrows. It varies lender to lender. If you have the financial discipline to save and prepare for your yearly tax cost it is always better to hold your own money in your own accounts and give it to the tax guy when its time. Why would you want some company to hang on to 16k of your money for your? However, if you will spend it, (like I would) then it might be best to stick with escrows. As far as Gmac going insolvent and robbing your escrow account....I would say that is a very narrow chance. Not impossible though, it has happened with smaller companies before. ESCROW ACCOUNT=GENERAL FUND......this is highly illegal though. Good luck
June 05 2009
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Do they still have no doc loans for mortgages when you put 30%+ down?

Answer
You can always borrow money somewhere somehow, at some rate and terms. If you are asking if the traditional no doc loan is available through normal channels the answer is no. 
June 05 2009
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can 2nd mortgage be modified as well as 1st? Do together or separate?

Answer
The answer to your question is not as simple as the below comments. There are several factors that must be considered. Are they with the same lender? If so the chances of them modifying both is better than if the 2 mortgages are 2 seperate lenders. Banks want to modify the least amount of debt as possible. They rarely modify seconds, because usually if a person has a second they also dont have any equity. If that is the case modifying the second is like beating a dead horse. Banks would rather hope to get the real payment on the note. If your first mortgage is held by Fannie Mae or Freddie Mac the Affordability and Stability plan will not do anything to help the second as far as modification. If you have more questions let me know.
June 05 2009
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where can i get a fast closing? Suntrust declined my loan 1 day before closing.

Answer
I don't know about the "fast place to close" but I can tell you that whomever told you at Suntrust that you were being declined for a self employed income loss in 07 is pulling your chain. If you are a W2 employee and no longer show the business in 08 the loss from 07 should make no difference. In fact you should not even need to supply tax returns if you are a W2'd employee. If you are both W2'd and have a self employed business in the same year the lender may deduct your loss from your total gross income. But only if you are still showing activity from that business. i suspect that there is more to the story.
June 04 2009
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looking for 300K stated income loan on 600K down

Answer
U.S. Bank has a loan program that uses bank statements to verify income if you are self employed. They average 12 months deposits and give you 75% of that number as income. The banks statements must be in your name only and personal. Also, you can not have more the 2-3 NSF's on the account in the last 12 months.
June 04 2009
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My client just informed me that he gave money to the lender

Answer
bad business. Someone needs to stay on top of that lender, or the borrowers 750 will fade into the distance.
June 04 2009
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Can I pay all fees in full & up front so the APR and interest rate are the same?

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Yes you can. Not sure why the other answers had to be so convaluted
June 04 2009
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