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Matthew Short's Advice

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  • 13 Contributions
  • 0 Best Answers
  • 0 Helpful

Matthew Short wrote:

When can you "lock-in" an interest rate?

Answer
If the max rate lock is capped at 60 days, lock after you go under contract and submit your income/asset information to the bank.  You have a small window to close and 60 days goes fast.  Don't lock to early and face rate lock extension fees.  Hope that helps!!!
July 01 2013
(0)

Fairfield County, Connecticut and limits on Jumbo Conforming loan

Answer
This is a lender guideline across the board.   You will incur a higher rate because the loan amount is over 417,000.   Please contact me if you have any additional questions.  Thanks
November 16 2012
(0)

Does any one know a lender who will make an 80% loan for a 2nd home purchase price of $620K?

Answer
Most Fannie Mae lenders will allow you to go 80% on a second home assuming credit and debt ratio meet guidelines.
February 15 2011
(0)

can we be approved for conventional refinancing after 24 months discharged from chap 13?

Response
You are eligable for conventional financing if your Chapter 13 BK has been discharged a min of 2 years.
February 15 2011
(0)

Shoulw we refiance our 1st and 2nd mortgage?

Answer
If you can lower the rate and shorten the mortgage term you will be in good shape.   It's important to compare the closing costs to the amount saved over the mortgage term.
February 15 2011
(0)

What can I do to get more (or better) quotes for my loan request ZR-XZTQYJG

Answer
It's best to get (3) good faith estimates from competing lenders and compare rate and fees.  Generally you get a pretty good idea who to go with once you speak broker or lender.
February 15 2011
(0)

When can you "lock-in" an interest rate?

Answer
You can lock in the interest rate anytime after you are preapproved.  Generally you want to wait until you are under contract to lock your rate.  I do not believe the rate should be higher because it is a flipped house assuming you are speaking of an owner occupied single family residence. Hope that helps. Thanks - Matt
January 22 2011
(0)

Are the quotes considered pre-approval or pre-qualified and what is the difference?

Answer
A quote is simply an estimate of figures.  You would need to complete a loan application and have your credit pulled before you can be preapprovedThanks - Matt
January 22 2011
(0)

Is it possible to get a home loan after being discharged from a chapter 7 bankruptcy for 1 year?

Answer
FHA requires a Chapter 7 Bankruptcy be discharged 2 years.Conventional requires a Chapter 7 BK to be discharged 4 years.Hope that helps.Matt
January 22 2011
(0)

What can I do to get more (or better) quotes for my loan request ZR-RBQHPKC

Answer
Hello,Hope your doing well.  What is your middle credit score?Thanks - Matt
January 22 2011
(0)
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