Question by paul h: What is the best way to shop and compare for disability insurance? 30 year term life insurance?
We want to buy a house and since stated income loans are no longer available, cost shop a friend has offered to cosign for us to help us get the loan we need. We want to be sure that no accident will keep me from being able to pay the mortgage so that we all can sleep soundly. Thanks for any advice!
Best answer:
Answer by Insurance Pickle.com
An insurance broker can do all the shopping for you. The price is the same through the broker and they’ll know the nuances of each company to get you the right plan with the right company. They’re free, visit web so use them. As far as your plan of having a friend cosign a loan….not a fan of that decision, what is ed but why you want coverage really has nothing to do with your question anyway. Perhaps you’d simply like your spouse to continue to live there.
Finally….disability insurance companies don’t work on stated income either. You’ll need to pony up your tax returns, so if you write everything down to zero then you won’t qualify for disability. It’ll also affect how much life insurance you can get.
Not sure which piece of information someone is thumbs-down or if they’re just being an idiot. Regardless, you can buy a 40 year term Mr. Zargg. Perhaps answering questions in insurance isn’t your thing.
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Question by caliman316: what does investor restriction mean?
If you make your payments to BofA then your servicer is likely Bank of America, stuff if they aren’t servicing the loan then they definitely can tell you who is and it should be included on your statement. They are required by law to tell you this information, about it see the link below for more info:
http://www.hud.gov/offices/hsg/sfh/res/r…
Bank of America should be able to tell you who owns the loan as well the website for the program does state that only loans owned by Fannie Mae or Freddie Mac are eligible for home affordable refinancing, it does not sound like that’s the case here and its probably why you don’t qualify because you are looking to refinance and you aren’t passed due so you don’t qualify for the modification program which is a little more flexible. You can check to see if your loan is owned by Fannie or Feddie here:
http://www.makinghomeaffordable.gov/loan…
Thank you for your quick answers. I did check that my loan is through Fannie Mae. My other question is that since I am current on my payments but i feel that my mortgage balance is more than my home is worth, can i still try refinance without a loan modification? Isn’t the make home affordable program designed to reward responsible home borrowers? Rates are low and in these tough economic times, if you can save why not?
Best answer:
Answer by financegal27
It doesn’t matter what you think your house is worth its based entirely on the appraisal. The program you are referring to is not designed to reward responsible borrowers, it was designed to stem the rise in foreclosures and stabilize the housing market, that is its only purpose to help prevent future forecloses due to reseting interest rates and declining home values.
They spell it out for you right on the program website and the government program website. http://www.makinghomeaffordable.gov/about.html
http://www.financialstability.gov/roadtostability/homeowner.html
There is no reason why you can’t refinance your existing loan, you just can’t do it through this particular program. Call Bank of America and ask them if you can apply to refinance your current mortgage to lock in a lower rate.
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Question by R: Is it possible to get mortgage approval with recent late payments?
I want to try to refinance. There are two late pays for 60 days over the past 2 years.
Best answer:
Answer by mateomortgage.com
Some this may depend on your credit score, pill and if the late payment was in the past 12 months. There are some new programs becoming available through the government that may allow you to refinance still if your loan is owned by Fannie Mae, Freddie Mac, or FHA. I would contact your servicing lender and see what they can do. If you are in AZ or NM I can help
What do you think? Answer below!
The main criteria to determine your answer will be to see how the late payments have affected your credit score. If the late payments are the only derogatory items on your credit report and have haven’t brought your score down too low then it shouldn’t be a problem for you to refinance. A low credit score will affect your ability to qualify for a low interest rate, which may make a refinance unprofitable for you. A credit score below 500 will make it very difficult to qualify for a refinance. Check your credit score and see where you stand!
Late payments for mortgage then maybe.
Late payments for other bills then NO. Call your current mortgage company and ask about a no fee refi
put down 50% and no one will care
If the most recent is over 12 months old and/or you only have 1 30 day late in the last 12 months, then it’s possible. Contact http://wefixrates.com