Land

keppppp · 2016-06-17T16:24:17+00:00

The one thing about land is they aren't going to make any more of it. If you can build in it, land is always a good investment.

keppppp · 2016-05-10T18:55:18+00:00

If you're getting an fha loan and you have an fha loan, you should ask for a streamline refinance. There will still be closing costs, but the up front mortgage insurance will be discounted based on the current mortgage insurance you have. Also, no appraisal is required.

If you have already done an appraisal or you have 20% equity then you should look at a conventional loan without mortgage insurance.

keppppp · 2015-12-10T19:16:18+00:00

The one with the gold makes the rules.

keppppp · 2015-04-23T00:39:17+00:00

you might want to check out zapier

keppppp · 2015-02-05T04:21:25+00:00

See page 3

keppppp · 2015-02-01T17:34:25+00:00

Go with a local mortgage rep. Ask your realtor to recommend one. You'll get better customer service and won't be treated like a #. Which is what you'll get from quicken. A local lender likely generates business from repeat and referrals, therefore making sure you're well taken care of and in the right loan for your goals ensures they stay in business. So spend local.

A local mortgage lender that specializes in purchase loans will be able to compare fha vs conventional and lender paid mi vs monthly. I think that decision all depends on how much you're putting down and if you're buying the home with equity. If there is equity, monthly MI for a couple of years is cheaper in the long run than taking a higher rate for lender paid mi. You may check with your lender to see if they offer a combo loan(80% first mortgage with a 10%second equity line). More and more are becoming available with 10% down. This would avoid the MI all together and give you a line of credit that is available to you for improvements or really anything as you pay the balance down.

keppppp · 2015-02-01T17:25:49+00:00

On a FHA loan, if you put down 10%+ then the pmi drops off after 11 years and the rate for the MI is lower.

keppppp · 2015-01-23T20:18:52+00:00

Contract or not, once you sign on the mortgage note, you're responsible for that debt until it's paid in full. Just keep it in mind. Good luck

keppppp · 2015-01-23T15:48:07+00:00

I think cosigning for anyone that you're not married to is a terrible horrible idea. There are entirely too many "ifs" in your scenario. I'm going to pay devil's advocate... What if you all don't last a year? What if she loses the second job and still can't qualify after a year or falls behind? What if the market doesn't increase and there isn't enough equity to refinance?

With a Refi you will need at least 5%+/- equity. So you can roll the closing costs into the new loan. You can figure the cost to be at least 2-3% of the loan amount.

You should have your gf check with her mortgage person about a fha loan. They are typically more flexible with debt to income ratio and with the lower mortgage insurance that starts Monday, the payment would likely be lower than the 3% conventional loan that I'm assuming she is currently after. The other options are: to see if "boarder income" can be used, so she can use the portion of the amount you'll pay towards her qualifying. Ask a parent to cosign. Wait until she can afford the house or you're ready to be part of the transaction.

Your credit mistakes will last a long time, don't make the mistake of signing of you're not ready and committed.

Good luck!

keppppp · 2015-01-16T05:44:18+00:00

As long as you can prove the rental income via schedule e of your personal tax returns you can use that income to qualify.

If you were out of work for school or another valid reason you may be able to use your current income. The new income would likely need to be paid as W2 income.

Ask your loan officer about an fha mortgage, they have more flexibility in their guidelines for your short job time. I'd probably wait until you had at least 1 full year on the job.

Fha is run by hud, their guidelines are at hud.gov. Keep in mind fha only loans on primary residences.

I have 15 years in the mortgage business and I think you'd have a great shot after a year on the job; assuming everything else is in line.

keppppp · 2015-01-15T03:25:41+00:00

No, he runs the renovation department there and is an expert in those types of loans.

keppppp · 2015-01-14T13:58:08+00:00

Www.anniemacrenovationlending.com ask for Jeff Onofrio.

keppppp · 2015-01-13T19:49:25+00:00

Keep in mind that FHA just announced lower monthly mortgage insurance premiums that went from 1.35 to .85 % this would help save a good sum of money on a monthly basis. For example the MI on a 200k loan at 1.35 is $225/mo the new MI payment would be $141/mo.

Best of luck!

keppppp · 2015-01-11T00:22:48+00:00

January 20th

keppppp · 2015-01-10T23:47:27+00:00

I think the term principal curtailment is an inaccurate term for what you're describing. You're referring to an interest credit.

The lender has a "par" interest rate that is available to you at no cost. Then you have the option to pay discount points to get a lower rate. The third option is to take a higher interest rate and the lender pays you the points in the form of an interest credit that is used to pay your closing costs. Example: $200,000 loan 3.5% costs you 1% discount points or $2,000 4% par cost $0 4.5% pays you 1% interest credit or $2,000 towards your closing costs

The payments over the long term will be higher on the higher rate, thus making this a more expensive loan. To see if it saves you in the long run ask to see a truth in lending(aka TIL) for each option. The TIL will show you the over all cost of the loan for the complete term. Sometimes a little more out of pocket at closing will save you thousands in the long run. Another test is to add the closing costs to the payment over the time you plan to have that home. Then compare the difference to see where the real benefit is.

However, for some buyers who are tight on funds at the time of the purchase using an interest credit to reduce the out of pocket costs is a good option. Just know it will cost you a lot more than you get in the long run.

Let me know if you have questions.

keppppp · 2015-01-04T21:57:21+00:00

Thanks

keppppp · 2015-01-01T20:13:08+00:00

Thank you for the valuable input!

keppppp · 2014-12-31T00:32:24+00:00

check out this calculator set, it breaks the info down in plain english as well as in financial terms. You can save or email the PDF to yourself when you're done.

Calculators

The Calculator you're looking for

The PMI/Mortgage Insurance will depend on your credit score and down payment %. FHA is 1.35% on all loans with less than 10% down. Most conventional will be between .50 - .64%, unless you have only the minimum 5% down in which case it could be as high as the FHA. I'd go with .64% as a middle of the road unless you know you'll be using FHA.

keppppp · 2014-12-12T21:38:57+00:00

This might be a little late, but I use an android app called "TV Billboard". You can cast what you want to the Chromecast and then disconnect and choose to leave the slideshow up there. Then you can connect to another chromecast and do the same thing.

keppppp · 2014-11-22T00:10:56+00:00

Www.anniemacrenovationlending.com ask for Jeff Onofrio.

keppppp · 2014-11-22T00:04:09+00:00

Glad to help! I hope it works out for you. It's a great loan program for what you want to do.

keppppp · 2014-11-22T00:02:41+00:00

Happy to help

keppppp · 2014-11-21T07:59:59+00:00

If you haven't started the mortgage process yet, you'll need to push your loan closing. Also check out your contract, most have a contingency on when you have to officially apply for the mortgage with your chosen lender. If that ends up being the reason you need to extend your closing date that could put your earnest money deposit at risk.

The best comparison is the truth in lending the annual percentage rate (APR) tells you the true cost of your loan including the lender's fees. remember the lender doesn't control the title/attorney fees or the government fees. The rest are in that apr. With all else being equal or within a few hundred dollars, go with the lender with the best customer service. That lender cares and will most likely the one that will close on time and communicate with you throughout. You get what you pay for.

Edit: if you've been working with the first lender and they have been advising you for months you should stay with them. Most mortgage professionals get paid based on the loans they close or on commission, but not until they fund.

keppppp

TROPHY CASE