My 7-yr fixed resets next sept (2010), but should i refi now?
That is a complicated question. If you live in your home now and you plan to keep it for a long time, you should refinance now at the low rates while you can get owner occupied rates. If you know that you will leave within 12 months, you should not get owner occupied rates but it sound slike that is up in the air..... ...

Please help a first time home buyer!!
First of all, I see you are in Newport Beach and the loan limits for FHA and conventional loans in 2010 is $729,750 so you are safe there.Next, the taxes are currently $9,000/yr. and so it sounds like you are looking at a foreclosure or REO sale. The good news is that your taxes will likely go down to...

I keep being told that a HELOC is an excellent way to rebuild credit after a bankruptcty (due to divorce). But are there any lenders out there who do HELOCs after BK?
Any home loan is difficult to get soon after a bankruptcy and many banks will automatically decline you for a HELOC if you have had one in the past 7 years. A HELOC is just a 2nd mortgage and if you can get a HELOC then you can get a regular mortgage as well. Often times I give the advice to couples who are looking...

15-yr vs 30-yr
That is not an easy question and there will be a different answer for different people. The 15 year loan is a much more efficient loan and you end paying a lot less interest because it is so efficient but a lot of people can't affford the higher payments. The 30 year loan you described would have a pmt. of...

The matched lenders seem to only have been doing this since 2008 and am curious about their tested experience.
I am not sure I understand the question. I have almost 20 years experience in mortgage lending. All facets of mortgage lending. I am at www.AskTheLoanMan.com and (866) 385-1650

What exactly is the qualificatgion process for a reverse mortgage?
no qualifying at all. The mortgage is given to someone based on their equity and their age and that is all. Sometimes if a house has deferred maintenence, the house needs to have some work done in order for it to qualify. So, it is easier to get a reverse mortgage than a normal mortgage as long as you have...

Is there still such a thing as a mortgage broker? Why would I go with a broker insterad of going direct with a bank for example: Wells Fargo, B of A, etc...
Brokers are the best way to go in my opinion. I am a mortgage banker and a broker. Brokers always disclose every penny that they make and banks don't have to. Brokering a loan is a cheaper cost model than banking and so everyone wins: You have an independent person working for you to get you the best deal...

What is the correct process
I agree with the other two answers. One thing to keep in mind is that if you get completely off the title then the holder of your mortgage could call the note and force payment in full of that mortgage. You would not want to do that. In California you can add them to the title and there should not be a tax...

fha loan
The easy answer is no, it will not work. FHA specifically looks at the spouses debts and counts them against you. This does not happen on a conventional loan. For an FHA loan, you need to provide your spouses credit report and when we see the other FHA loan we would be done.

Why is financing a condo ding you rate?
The answer nobody wants to give is that there is a LLPA which is a Loan Level Price Adjustment on a conventional loan. If you are financing a condo with a less than 25% down, Fannie Mae charges 3/4 of a point. So you can avoid this fee by putting more money down or you can absorb it with a higher rate. It sounds...

Anyone lending to self cert 80% ltv?
There are not any stated income loans anymore but we can help self employed people by looking at two years of tax returns. You do not have to have a a salary, just a verifiable income.

Mortgage and VA Loan. VA Loan eligible not on current mortgage.
On a VA loan the underwriter will need to look at your wife's credit report and include her debts in your debt ratio so that will not work. If you have enough for a down payment you can look at a conventional loan but the underwriter may be concerned that you will buy the new house and bail on the one you...

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I help self wemplyed people all day long. I have been doing this for 20 years and I know how to read a tax return and I know how to add a little back to your schedule C. I am available in California at (866) 385-1650 or at www.AskTheLoanMan.com

can i refinance an owner occupied fourplex?
So you want to borrow $490,000 on a place that is worth $200,000? If that is the case then no way. If the numbers are reversed then you can almost do it. We could lend you $340,000 on an FHA loan if you live in the house and want cash out. We could lend only up to $300,000 on a conventional loan as a cash out loan on a 4...

Retiree looking for home loan
24 months is definitely the VA rule and many lenders have overlays that make you wait for 36 months. I can do this loan after 24 months for sure. The extenuating circumstances rule is hard to use and best suited for a medical emergency. I am at (866) 385-1650 or www.AskTheLoanMan.com and happy to help

Home equity loans for out of state properties
I do not lend in Michigan, only CA but I can tell you that a lot of local banks will just slap an equity line on a property after running an AVM (Automated Valuation Model) and so they will not know the condition of the property or even get an appraisal. I am at www.AsktheLoanMan.com

30% down on a home with bad credit, is this possible?
Ron has the exact answer. To further clarify, private money will most likely bet at 10% to 12% interest rate and 3-5 points as a cost. It is really expensive but if it gets you in the home then it may be the right choice for you. If we are truly at the bottom on values then it could be really good and if we are not at...

Whats a homepath loan?
Homepath is a very specific loan for a very specific home. It is only available on Fannie Mae foreclosures and they can be found at www.Homepath.com . It will aloow you to put just 3% down if you live in the home and only 15% down as an investment property. the homepath loan does not ever have mortgage insurance...

Middle FICO score of 702, wondering what rates I can refinance my home to
Rich Iachovetta has a good straight forward answer and I know him personally. You can search all over the internet and find somebody advertising lower rates and play that game but what you really want it to have someone on your side sheparding you through the process. Best answer, call Rich at (408)...

Can I get a home mortgage without proof of employment?
Bill Smalley has the best answer and I gave it a thumbs up. The two things I would add are that you want to try and stay in a similar line of work and if you earn bonus or commissions, it would be much like overtime, we may not be able to count it. The best thing possible is to get a salried position in the same line...