Question by Abigail: Should I refinance from an ARM if my rate will increase?
I currently have an ARM mortgage with a rate of 3.125%. I am considering refinancing to a 30 year fixed with a 3.875% rate. Is this a good idea?
The rep said the higher rate is due to the negative equity I have in my house. This would be using the HARP refinance program which is typically makes the rate .75% higher.
Best answer:
Answer by Beverly S
We are doing 3.375% 30 year fixed. Shop around a bit. I would go for a fixed but 3.875 is a bit high right now.
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Mortgage brokers pursue Chapter 11 as debts mount
A couple behind a once-prominent Maui mortgage brokerage is seeking Chapter 11 bankruptcy protection from debts that include unpaid mortgages and loans against more than two dozen properties in Hawaii and Idaho. Kathleen Patricia Morris and David …
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Canton Mortgage Broker Arrested for Alleged Drug Violations
Newman's occupation was given as Mortgage Broker at Newman Financial Group in Canton. Jose Marquez, treat 31, patient of North Hollywood, Calif., pled not guilty to possession of a class E substance, to wit Xanax. ADA Connolly requested $ 20,000 cash bail; $ 3,000 …
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Judge dismisses Chapter 11 filing for mortgage brokers
A U.S. bankruptcy judge Tuesday dismissed the Chapter 11 bankruptcy reorganization petition by a husband and wife team that may owe up to $ 10 million to creditors mainly through their one-time prominent Maui mortgage brokerage firm. Judge Robert J.
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HARP Program Continues to Reach Eligible Homeowners
The Home Affordable Refinance Program has no doubt been a success, information pills especially in the past year. First introduced in 2009, ed the HARP program has been tweaked and changed in order to continue to reach more eligible homeowners. According to CoreLogic …
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Question by Brien86: I helped someone refinance, remedy do I still qualify for a first time home loan?
I helped my parents refinance their home a few years ago, prostate and now I want to buy my own place. Will I still qualify for a first time home loan?
Best answer:
Answer by realestate_leader
I do notknow myself but if you call Aslam Ansari.He is the only person I use for mortgages.1 917 602-5942 tell him Tom gave you the number. He is very knowledgable .I hope it helps. Good luck
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Question by thebigB: Is an FHA loan for people that have already bought a house?
We are moving to Texas and noticed that our loan papers say this is for a FHA loan. This will be our third home we have bought. I thought FHA loans were for first time home buyers? are they not?
Best answer:
Answer by Tw00t
FHA loans are most commonly used by first time home buyers but can be open to others. The main requirments are
FHA Loan Qualifying Summary
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FHA loans are the easiest type of real estate mortgage loan to qualify for. This is from the FHA site
Basic FHA loan requirements.
Two Years of steady employment, order preferably with same employer.
Last two years Income should be the same or increasing.
Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.
Bankruptcy’s must be at least two years old, approved with perfect credit since discharge.
Foreclosure’s must be at least three years old, ask with perfect credit since.
Your new mortgage payment should be approximately 30% of your gross (before taxes) income.
These are some of the most basic of FHA loan requirements for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.
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