Q&A: FHA mortgage, gift letter and paying the gift back?
Question by ohio_state98: Where can I find out current home mortgage rates for my area? Does anyone know where I can find out the current mortgage rate averages for my geographic area? I’m looking at possibly refinancing and want to know if it would be worthwhile. Also, advice stomach can I expect any costs when trying to refinance? Best answer: Answer by orlandomortgagebrokerAll over ONLINE. The only problem is, medical that you don’t get that rate until you lock it, or you have a honest mortgage broker on your side, which might be willing to lose on the Yield Spread if he doesn’t lock it, if rates happen to go up, from the day you were quoted on Good faith Estimate. The minute you’re quoted a rate you like to proceed with, instruct lender or broker to lock, and provide form that states the fact and that their committed to lend at that rate. When lenders “lock”, they commit to lend at a specified interest rate and points, provided the loan is closed within a specified “lock period”. (Points are an upfront charge expressed as a percent of the loan amount). For example, a lender agrees to lock a 30-year fixed-rate mortgage of $ 200,000 at 7.5% and 1 point for 30 days. A lock is contingent on the borrower meeting the lender’s underwriting requirements for the loan. The need for locking arises out of two special features of the home loan market: volatility and process delays. Volatility means that rates and points are reset each day, and sometimes within the day. Process delays refer to the lag between the time when the terms of the loan are negotiated, and the time when the loan is closed and funds disbursed. If prices are stable, locking isn’t needed even if there are process delays. If there are no process delays, locking isn’t needed even if prices are volatile. It is the combination of volatility and process delays that creates the need for locking. For example, Smith is shopping for a loan on June 5 for a house purchase scheduled to close July 15. Smith is comfortable with the rates and points quoted on June 5, but a rate increase of 1/2% within the following 40 days could make the house unaffordable, and Smith doesn’t want to take that risk. Smith wants a lock, and lenders competing for Smith’s loan will offer it. If locks were equally binding on lender and borrower, locks would not cost the borrower anything. While lenders would lose when interest rates rose during the lock period, they would profit when interest rates fell. Over a large number of customers they would break even. In reality, however, borrowers are not as committed as lenders. The number of deals that don’t close, known as “fallout”, increases during periods of falling rates, when borrowers find they can do better by starting the process anew with another lender. Fallout declines during periods of rising rates. This means that locking imposes a cost on lenders, which they in turn pass on to borrowers. The cost is included in the points quoted to borrowers, which are higher for longer lock periods. The lender who quoted 7.5% and 1 point for a 30-day lock, for example, might charge 1.125-1.25 points for a 60-day lock. Years ago, lenders controlled lock costs by requiring borrowers to pay a commitment fee in cash. The fee was returned to them at closing but forfeited if they walked from the deal. But today, commitment fees have mostly died out. Borrowers don’t like them, and lenders and mortgage brokers...
Read MoreQ&A: Can I take an equity cash back refinance loan or home equity loan, lease it, then buy new?
Question by KEVIN Z: How do I build a successful career as a good mortgage loan officer in a down housing market? I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance. Best answer: Answer by DionannanBad timing. As I understand the housing market is down and still falling. Keep working at it and continue studying. The market will rise – When ………….. Watch the experts. Add your own answer in the comments! Some cool condominium images: Neon Lighted Condominium At Kota Kinabalu, viagra buy Malaysia Image by thienzieyung I was very surprised when I initial spotted this the night ahead of – Alam Damai Condominium lighted up with new neon lights at the top. For every single block, online there are four main sources of neon lights placed facing each other on the "L" shaped ‘pillar’ at the top rated. These lights modify colour repeatedly, but largely stays purple. It can adjust from orange and even to green. These lights are most likely only noticeable from places south of the condominium. That is, locations such as Luyang, Lido, Karamunsing. Areas such as Likas and Menggatal may not be capable to see it. The condominium genuinely kicks ass at night as these are possibly the first buildings to have such night lighting in Sabah. The windows are nevertheless dark the blocks are nonetheless unoccupied as of now. Photo taken at the shops along Kolam Road. Much more great houses click here… by eyewashdesign: A. Golden Question by Anna H: How can a student with several loans get approved for a home loan? I am currently a student with several student loans out in my name. I have a good credit score but am only able to work part time due to school. I make enough money to cover monthly rent with my boyfriend. We want to get into a house but I fear my loans and low income will make it difficult if not impossible for us. Best answer: Answer by JudyPlease follow 2 things: 1. Try your best to put 20% so you don’t pay that nasty PMI. It is not tax deductible, viagra 60mg and does not apply towards interest or principal. Like throwing away thousands a year. 2. Don’t let the banks bully you into any mortgage that has the words “variable or indexed” interest rates. Stick to 15 or 30 year fixed. / Know better? Leave your own answer in the comments! Mortgage Rates: Low Mortgage Rates On Hold As December FOMC Begins While lender overlays and restrictions can make it difficult for some borrowers to obtain a HARP 2.0 loan, pilule there is an easier way to find HARP lenders who will assist and work with borrowers. For this purpose, cheapest the online form is available for … For … More informaiton please visit here… IndyMac Back in the News; First Time Homebuyer Comments; Ocwen's… Starting December 10th, the FHA will accept manual delivery of credit scores and will be adding a field to the Connection Insurance Application in order to differentiate between Credit-Qualifying and Non-Credit Qualifying Streamline refinances. The … More informaiton please visit here… Mortgage Rates : FHA, VA, Conforming Rates Ease Lower Monday he Fannie Mae (FNMA) 3.0% coupon closed +3/32 to 105.05. Fannie Mae bonds are tied to conforming mortgage rates and conforming loan...
Read MoreWhen can I expect to hear back from Wells Fargo on FHA mortgage pre-approval?
to Freddie LTV-entry requirements for programs to adapt refinance Freddie Mac plans to borrowers with loan-to-value ratio below the 80% mark for the same admission requirements for the state-sponsored relief refinance mortgage refinance company and Home Affordable Program. The change also applies to harp 2 … If you would like more informaiton please visit here … a refinanced three Made By HARP One was refinanced by three Fannie Mae and Freddie Mac made through the Home Affordable Refinancing Program (HARP) during the first half of this year, abortion this according to new data from the Federal Housing Finance Agency (FHFA). This is the … If you would like more informaiton please visit here … Question by wildcard042004: When can I expect to hear back from Wells Fargo on FHA mortgage pre-approval? Oct. 25 I contacted Wells Fargo to apply for FHA mortgage. I filled out app, prostate and consented to credit check. A few days later he called me and said that he put it in the computer system and it came back with “accept risk” so then he had me send in pay stubs, w2’s, copy of license, and landlord info. On Nov. 1st, he emailed a letter asking for a couple letters of explanation, along with a bunch of forms that I had to sign and return (forms had info on amount of loan, etc). In the letter he said that the file had to go up for exception review and be submitted for review that week or else be canceled. I returned and signed everything as asked right away. I emailed him to make sure he had everything and it was all submitted and he just sent back a message that said “already sent in for approval” I have not heard back from him since then. It has been almost 2 weeks. Can anybody explain this process? What stage am I in and how long could it possibly take? Best answer: Answer by AlexI spoke with a loan officer two weeks ago and they told me that the entire process can take up to 2 months. Ever since the housing market crashed the banks or required to be far more extensive with backgrounds checks and making sure that everything about your income is legit. It’s annoying, but a good thing. What do you think? Answer...
Read MoreHome market being held back by wary first-timers
by The Library of Congress AP photo A residence with a sale pending sign in Palo Alto, link information pills Calif. The number of Americans who signed contracts to get homes jumped in October to the highest level in a year. Mortgage News Much more informaiton please check out...
Read MoreU.S. credit raters set back on First Amendment: judge
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