Am I right in assuming that the recent rate hike has come to an end.
Hi Peter, I'm not sure it's ever safe to assume anything when it comes to interest rates. There are so many factors that go into rate movement, it's not possible to forecast where they are headed even if it's your full time job, much like stocks (though stockbrokers try). The advice I always give my...

Is ENG Lending a broker that charges commission on their financial products?
I am not familiar with ENG Lending, but any lender or broker you work with will earn money by providing you with financing. You can typically lower your upfront costs by choosing a higher rate, but this has obvious trade-offs as you will have a higher payment and pay more interest over time. A...

One item on my credit score, what can I do to get qualified for my VA loan?
Hi Dondon,I'm sorry to hear about your circumstances. Unfortunately, you probably won't like my answer. When you cosign for a loan, you are taking as much responsibility for that loan as the other person is and in the case of a derogatory item, just as much blame. I don't know of any lenders right now who...

What are my low down payment options?
FHA purchase loans are for residential properties up to four units and you would need to occupy one of the units as your primary residence. Dane County's limits are 1 unit: $293,7502 unit: $376,0503 unit: $454,5504 unit: $564,900The info is found here on HUD's website: https://entp.hud...

Deduct Mortgage Interest on Second Home for Federal Tax Return?
Hi April, thanks for posting your question here at Lender411. Unfortunately, this appears to be a question for a tax professional, not a mortgage professional. Without giving any legal or tax advice, my initial reaction was that you would not be able to deduct mortgage interest on a home in your...

Loan Assumption vs Refinance?
Thanks for stopping by Lender411. Whether or not your parents can add you to their loan depends on the loan program they are currently in and whether you will reside in the property or you will be a non-occupying co-borrower. Most of the comments you have seen are correct. Find a trusted Loan Officer...

will PMI ever be reduced?
Hi Erik, as mentioned by the other posters, conventional loans also offer plenty of options with less than 20% down. PMI actually refers to private mortgage insurance, which is on a conventional loan. MIP is the term for monthly FHA mortgage insurance premium. As far as your original question goes, I...

What is amortization?
Amortization means paying off over time (it comes from an old word amortisen - "to kill"). It just means that your principal balance, or the amount you owe, slowly decreases over time until it is gone. An amortization schedule shows you how much of each payment goes to principal each month and how much of...

why cant i get a home equity loan on my home that's now for sale?
You may be able to, but most lenders won't offer loans on homes that are currently listed to for sale. Second mortgage lenders typically make money on the interest paid each month with a loan, not on upfront costs. If you are not planning on being in the home very long, if at all, the lender will outlay time...

can a widow qualify for a VA loan
Absolutely. The VA's policy: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the VA home loan benefit.In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless...

Mortgages for US citizen expats?
The answer is a qualified yes. You will likely need to have US credit, which sounds like it isn't an issue. You would also need to file US tax returns and have the assets required in a US bank or document a very specific paper trail from a foreign bank to a US bank.

I am a young adult trying to save for my first home. How much money do I need to save?
The minimum down payments for home ownership depend on the program you choose and/or qualify for. 3.5% is the lowest down payment for non-veterans and people who aren't in a rural area. Beyond the down payment, you want to think about things like closing costs (which you may be able to get help with from...

my credit score is 712 and I own my home and cars however I have 70k in cc debt and would like a loan against the house to pay them off. I am on social security.
Oscar, I'd be happy to discuss your options. Please call me at 480-300-4520.

We own our home out right but need a loan to pay a bill, we also have bad credit, is this possible?
Bad credit makes a new home loan pretty difficult. Most lenders won't work with someone who's credit is below 620. Some hard money lenders may work with borrowers at that level, but at a steep price.

What happens if I discharge my 2nd loan in bankrupcy and continue to pay the primary?
This is probably a better question for a bankruptcy expert. From my understanding, the second mortgage would still be a lien on the property, so you would still have to deal with it at some point if you wanted to remain in the home long term, even if you didn't reaffirm during the bankruptcy process. From a...

can i transfer a personal loan to another person
If the loan is assumable and the lender approves it, yes. This is very rare these days.

Can I get a low rate with a credit score of 560?
Hi stinkbug, Unfortunately, many lenders will require a credit score of at least 620. You may be able to find a lender willing to work with you at 560, but it won't likely be at the lowest rates available because the risk is a little higher for that lender.

can i refinance my house if i didn't sign a reaffirmation agreement?
Helen, as William mentioned, this is a difficult situation. I have "heard of" people who offer this option, but have never personally met a lender or borrower who has successfully closed a transaction like this. Be prepared to hear a lot of nos and also be wary of anyone who says yes a little too easily. ...

how can i determine if my mortgage was bought for less than face value?
Hi William, If the mortgage on your home was sold (which most are), it was not likely sold for less than face value. Loans sold for less than face value are usually private investor or seller financed loans. Most loans by major lenders are sold at least once in the secondary market and would include Fannie...

What is the minimum wait time after short sale 2013?
You may get some varying answers here, but with us it would be 4 years for Conventional loans, 3 years for FHA loans, 3 years for and 2 years for VA loans.