Mitchell Feldman answered:
what hurts your score more an unemployment forbearance or doing a modification?
Dear Angela:
First off, you should speak to a mortgage banker or broker to get the specific answers to these questions based on your current credit situation and your personal qualif
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Anna Brocco answered:
Can I get a conventional loan with a credit score of 692, 639, and 648? I have the required 20% to pay down, I currently have a FHA loan
Visit with any licensed loan officer, after reviewing your overall financials, he/she can better explain all your options.
Alison Hillman answered:
Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?
You should really ask a local attorney/RE agent, but generally HOA and RE taxes are attached to the property. If the trustee sale is by the mortgage bank, then it is likely that at clos
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Michael Denniston answered:
What are the steps involved in the FHA loan process?
The simplified version of the process is as follows.
Get preapproved by a licensed mortgage professonal;
Retain real estate attorney and real estate agent;
Go into contract on the
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Mr_real_estate answered:
Can one still carry debt and qualify for an FHA loan?
The answer is Yes. FHA mortgages have a more strict process of enforcing debt to income ratio's. Your debt has what is referred to as "Front End" ratio and "Back End" ratio, which under
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Mr_real_estate answered:
Any there any costs/fees/whatever else associated with the loan origination process?
Hello Rhayward - Working in the real estate industry has exposed me to various finance options available to potential homeowners. One lender in particular charges no more than $1500 in
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Michael Denniston answered:
What types of closing costs are connected with FHA insured loans?
Rhayward, you can save 1000s on your closing cost under our exclusive Mortgage for Champions program, which waives all lender/bank fees. No points, application, underwriting or other ba
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Mr_real_estate answered:
How can I improve my credit score? I get that I need to improve it- but how do I do it?
Hello Amy - I do not believe a fast response from this site will not provide you with a long term effective plan to improve your credit. I am working with several clients who are 3 mon
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Mr_real_estate answered:
How do you get a "Deed-in-Lieu" of foreclosure?
Deed in Lieu is the process of turning over your house title to the bank. This is not always in the best interest of the owner long term. The bank has to agree not to come after you at
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Lowell Sterling answered:
I’ve heard about Fannie Mae programs. Will they really help me buy a house?
Yes most banker who has access to all the various programs can help you understand your options.
BUYING A HOME
Start the process right 1st by talking to a Licensed Mortgage Profes
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Anna Brocco answered:
What is a reverse mortgage, and can it ever be a good idea?
See link for helpful information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten
Leonard Murphy answered:
What is an 80/20 mortgage and is it a good idea?
Hi Rhayward. Actually 80/20 loans do not exist anymore. They use to be loans with 100% financing where you would get a first mortgage for 80 % and then get a second mortgage (home equit
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Javier Meneses answered:
What is the typical amount of time to conduct a refi, after one has agreed on terms with a mortgage broker? That seems long...
It all depends. Are you doing a CEMA (because you're in Brooklyn I hope you are)? CEMAs can take several additional weeks than a standard 3-4 week refinance. I've had refinanc
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Javier Meneses answered:
What are the risks of combining 2 standard mortgages into 1 Jumbo on my primary residence?
You want to make sure you're saving on a monthly basis and with the overall terms of the new loan. If you're currently in two mortgages, when you combine them, will you now pa
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Jacques Ambron, CRB CBR SFR answered:
How can one reduce the principal balance on their mortgage to avoid default?
If you are having problems making your mortgage payments, you may want to discuss a modification on you mortgage to reduce the rates/payments.
Mitchell Feldman answered:
What are the advantages of having a rate locked loan?
Dear Clairesmom,
If you lock in your rate, you do not have to worry about getting a different rate at the closing table other than that which you were quoted/locked in at. If you do
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Michael Denniston answered:
Are there downsides to a second mortgage beyond the higher interest rate?
There are pros and cons with every financial decision, and mortgage are no exception. The key is choosing the financing option that's best for your specific circumstances. There are low
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herold_gomes answered:
Can one qualify for FHA's HECM reverse mortgage?
In order to qualify for a reverse mortgage, all owners and co-owners of the home must be age 62 or older and at least one homeowner must reside in the home as their primary residence at
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Jacques Ambron, CRB CBR SFR answered:
How do you stop an eviction if you need help financially?
You can extend the time to eviction, but ultimately you need to pay or leave. Consider trying for section 8 assistance from the city.
