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lkool

Advice

  • (13 Contributions,
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Zillow Email and website inconsistent

I recieve a number of zillow emails each day,  today a number of 'weekend' shopper emails.  but the listings in the email message said these houses were for sale, but the zillow website says that they are not.  One example ishttp://www.zillow.com/homedetails/14950-Yancy-St-NE-Ham-Lake-MN-55304/1521433_zpid/?utm_source=email&utm_medium=email&utm_campaign=emo-weekendshopper-address

  (0)
Getting out of mortgage insurance

My understanding is to eliminate mortgage insurance one of the following must occur:Conventional: 1. Pay down 20% of the mortgage and 2 yearsOr2. 2 years and have 20% equity in the home (reappraisal)FHA:22% of the sale price and 5 years

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How does a ob change effect mortgage?

I was at my previous job for about 5 years,  and made a change to my current company in june.  I am not really happy with the new position and have an opportunity to go back to my old company without losing any income.   Would two job changes in less than a year hurt my credit / mortgage approval?

  (0)
how to shop for mortgage lenders

Answer

I am really looking to make sure I get the lowest monthly payment possible.  Not sure how much a lender can help with that,  other than with the interest rate.

  (0)
Will it hurt my credit to submit multiple pre-qualification applications

We are shopping for a 30 year FHA mortgage.  We need to be pre-qualified.  All the lenders we talk to want to run our credit.  If I allows 3-4 potential creditors to run my credit,  will this hurt my score?  The applications would be completed over the course of a 1-2.5 week period.

  (0)
how to shop for mortgage lenders

We are looking for a 30 year FHA loan.  Are there simple questions I can ask a lender to determine who to go with?  Should I run pre-qualification applications with multiple lenders to compare?

  (0)
Down payment requirements for second home

we are underwater on our current home.  We would like to purchase a new home and keep the old home for rental,  we know we can't use the rental income to help qualify for the new purchase.  Keeping the old home and adding the new mortgage payment our Debt to income will be between 25 - 30%.  Credit is somewhere between 685-715.  I have been told that I would need at least 20% down for the new house.  Is this accurate?  Without equity in the old house,  that is a difficult number to attain.

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