Profile picture for Patrick Ignacio, MA

Patrick Ignacio, MA

Lender

Sr Relationship Officer / Mortgage (17 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (323 Contributions,
  • 6 Best Answers,
  • 29 Helpful)

Contributions are sorted newest to oldest.

Conv refi of inherited property. Will probabed with husband as executer of estate

Answer

legal ownership will not take place until the county officially changes ownershp into your names.  although the lender has the death certificate and will, the lender keeps this information for authorized access only to the loan.  check with a real estate attorney to help you convey the title correctly into your names.  the other disadvantage is that all payments being made do not reflect on your credit reports.  until you formally refinance and obtain a loan under your names, you receive no credit benefits and history of payments.  you should also check with your tax advisor as the complications of claiming the property until the official change takes place. 

  (0)
Taking Over a Mortgage Loan from Relatives

Answer

You should first check with the existing lender if the loan is "assumable".  most loans today do not allow this type of take over and will most likely require you to refinance the house to formally put your name on the loan.  during the refinance, you can complete a grant deed to update and change names on title.by having your name on the loan, you must be able to qualify under all requirements today for the new mortgage.  the other concern is property conveying the title into your name without increasing property taxes.  you must check with your title company and take the appropriate steps to seamlessly take over the loan and property.

  (0)
first mortgage

Response

you maybe eligible for various debt reflief programs.  Homes Affordable Modification Programs are available through your existing lender.Homes Affordable Refinance Programs are available today.  post a ZillowMortgageMarketplace request for quotes and see what you get back.

  (0)
I have a 80/20 conventional loan

Answer

combining both loans, unfortunately no due to the balance being beyond the current value.next option available is a FHA refinance which allows up to 97.75% of your home value to be financed.  you will have to pay down the balance and closing costs to make this option work.

  (0)
homeequity loan rates

Answer

Hello,If you are looking for home equity options, feel free to visit our website at www.usecu.org.we are a not-for-profit full service financial instutition.  all home equity programs are available for owner occupied homes only.  please give me a call or email if you would like to discuss further.

  (0)
My appraisal came in 27K less than what is noted on Zillow, any advise on how to challenge it?

Answer

Keep in mind, zillow uses a multitude of resources and based on zillow's databases, certain areas will see +/- 10% in values.  The appraised value by a licensed, seasoned and trained appraiser, is the most accurate method.  Best way to challenge the appraisal, is gathering data and facts of why you believe the value should be higher:  1) additional comparables/sales in the area, 2) accurate measurements and property characteristics could make a difference, 3) and improvements that could upgrade the overall condition of the property.... are a few items to focus on.

  (0)
Refinance when property value is less than balance on mortgage...

Answer

Whether it is a lender or broker, we are all still subject to an independant appraisal.  The actual appraised value will give us the final answer if we can refinance.  If you have an existing Fannie Mae or Freddie Mac loan, we can offer up to 105% of the property value to refinance.  The FHA programs are not designed to allow this type of financing.  Your best options are the Homes Affordable Refinance Program OR an internal modification with your existing lender.  Put in a request through Zillow Mortgage Marketplace to get local quotes.

  (0)
HARP Loan

Answer

Most, if not all, HARP programs are set at 15 and 30 year terms.  You can always request a customized extra payment plan to determine how much more extra every month you must pay to payoff and close in 18 years.There are no prepayment penalties or early termination fees which allow you to pay additional principal and cut down the length as much as you want.

  (0)
Can you have two FHA loans in your name at one time?

Answer

Yes i agree with James.  Within your purchase contract, if you have already passed deadlines and cleared loan contingencies to buy, you have released your deposit and do not have the right to it.However, your lender can be held liable for the loss due to incompetence and lack of communication.  They should have told you from day 1 that your multiple FHA loans may cause denial of the loan.  

  (0)
I am self-employed and want to know how to verify my current year's income?

Answer

Depending on how you file your income.  2 year averages are taken based on AGI on schedule C's plus depreciation and depletion (if any).  If you are incorporated or partner to a business, the same average applies with the Net income plus K1's and w2s.  Call your local lender who can help you calculate and walk you through this analysis.

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