Mortgage Guide

yanni raz asked:


Investors and Homeowners had a tough year. It started with the Real Estate market crash and it ended, so far, with thousands and thousands of foreclosures.

In the past year 267 banks have closed their doors and more banks are on the verge of ending their business. Let’s face it; the world is in serious trouble. How did we let the great economy we had collapse like this?

At this point it’s useless to pin point people looking who to blame. What we have to do is ask for help. Believe it or not, this help can come from homeowners and investors.

Let’s talk one on one. Homeowner: you have plenty of options to save your home and to get a good mortgage loan.

1. FHA Loans

2. Conventional loans with low loan to value

3. Hard money loans, also know as private money

mortgage loans.

Most homeowners don’t know how to save their homes. Many have lost their homes already not knowing they could possibly save it only if they had the knowledge and the tools to do it. No one is perfect and I’m not expecting you to go to school to study what to do with your home while you’re trying to save it, but you can hire a professional to help you.

I’m a mortgage broker from Los Angeles California. I specialize in helping people save their homes.

Lets help each other bring this great world back to what it was three years ago!

Know your options and hire a professional Mortgage or Real Estate broker to help you. Brokers are more knowledgeable than agents and brokers do work for you.

Why not to go to the bank next door? Banks are narrow-minded and they don’t know how to be creative. They go by the book. You want someone that gets things done, whether it is through conventional lending (banks), FHA mortgages (government loans) and the private money lending (private investors acting like a bank).

So many people don’t even know that private money lending or hard money loans are an option, therefore homeowners loose their homes with lots of equity in them.

I strongly believe that private money lending is the next thing for investors and homeowners. Qualifying borrowers has been an almost impossible challenge for banks.

The most important thing to remember here is that you do have options, make use of them and don’t join the scary list of homeowners who are losing their home to the foreclosure crisis.



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Artist at Heart asked:


We have been pre-approved by a mortgage company. The mortgage company has recommended a real estate agent. I am a little leary of going with this real estate agent, however, because, being a first time home buyer, I need a lot of guidance. I am afraid that, being tied to the mortgage broker, the real estate agent might not fight to get us the best mortgage deal (if it happens to be with a company other than the original mortgage broker’s).

How do you go about getting a good mortgage deal?

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Loan Modification Help Center asked:


As loan modifications have become more popular, it’s more important than ever to properly inform the public as to what the various elements surrounding loan modifications.

Q: Is a loan modification right for me?

A: A loan modification can be right for any homeowner who has a steady source of income and who is facing a serious financial challenge.

Q: Do I qualify for a loan modification?

A: Obviously it depends upon your situation.  If you contact a California loan modification attorney today, you could get more information to help you make an informed decision about your financial future.

Q: Do I need to be in default or late on my mortgage loan to get a loan modification?

A: No, loan modification standards have changed of late, and loan modifications can be negotiated for properties in default as well as current on their payments.

Q: What is forbearance?

A: Forbearance is a voluntary postponement of the foreclosure process by a lender.  A lender will refrain from foreclosure if some sort of negotiation can satisfy any overdue payments.  In most instances, unless a loan modification attorney is brought in, there is no change to the mortgage.  Forbearance is not the same as a mortgage loan modification.

Q: How are loan modifications negotiated?

A: Successful loan modifications are negotiated usually by qualified attorneys assisted by experts in various fields and other facilitators.  In this situation, a loan modification attorney will represent a homeowner in negotiating with the lender.  The loan modification attorney will attempt to convince the lender or bank that if the loan is modified the homeowner will be able to make payments and stay in the home.  Sometimes expert witnesses are used to make the case.

Q: Can I negotiate my own loan modification if I am a homeowner?

A: Yes you can.  However, without the knowledge of the industry, the law and how banks operate, you would be at a serious disadvantage.  A loan modification attorney with a qualified, experienced background understands the terminology, the history and how banks negotiate.  While you may never have negotiated a loan modification before, an experienced loan modification attorney may have negotiated hundreds, if not thousands of loan modifications successfully.

Q: What are the advantages of using a loan modification attorney?

A: There are actually quite a few benefits.  They usually get a quicker, positive response from lenders as they have the law on their side.  They also have experience dealing with the mountains of paperwork, the complex process and lenders who will do their best to negotiate a deal that benefits them and not you.

Q: What makes a loan modification acceptable to lenders?

A: In the end, your lender wants to make sure they are getting their money.  For a loan modification to be acceptable, the property owner needs to show two main facts: an obvious hardship and inability to keep making mortgage payments at the current rate; and the ability to continue paying the mortgage if payments are reduced.



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wrackingmybrain asked:


I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?

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Florida Mortgage asked:


FHA Streamline Refinance Florida

Revised FHA Streamline Refinance Transactions

This Mortgagee Letter provides (1) revised procedures; and (2) reaffirms existing procedures regarding Streamline Refinance transactions.  This Mortgagee Letter is effective for new case numbers assigned on or after 60 days from the date of this letter.

Key Revisions:

Seasoning Payment history Net tangible benefit for the borrower Maximum Combined Loan-to-Value New Maximum Mortgage Amount for Streamline Refinances WITHOUT an Appraisal Discounts Points no longer included in Existing Debt for Streamline Refinances WITH an Appraisal Verification of any assets needed to close Certification that borrower is employed and has income Elimination of abbreviated Uniform Residential Loan Application (URLA)

Florida home buyers should know the many advantages of the FHA streamline mortgage refinance. FHA steamline refinance loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as: 

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

Apply for an FHA streamline REFINANCE at:

http://www.fhamortgagefhaloan.com/

       I.             Revisions for ALL Streamline Refinance Transactions

A.    Seasoning

At the time of loan application, the borrower must have made at least 6 payments on the FHA-insured mortgage being refinanced.

B.     Payment History

At the time of loan application, the borrower must exhibit an acceptable payment history as described below.

1)      For mortgages with less than a 12 months payment history, the borrower must have made all mortgage payments within the month due.

2)      For mortgages with a 12 months payment history or greater, the borrower must have:

a)      Experienced no more than one 30 day late payment in the preceding 12 months,  

AND

b)      Made all mortgage payments within the month due for the three months prior to the date of loan application.

C.    Net Tangible Benefit 

The lender must determine that there is a net tangible benefit as a result of the streamline refinance transaction, with or without an appraisal.  Net tangible benefit is defined as:

reduction in the total mortgage payment (principal, interest, taxes and insurances, homeowners’ association fees, ground rents, special assessments and all subordinate liens),   refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage,

OR

reducing the term of the mortgage.

Reduction in Total Mortgage Payment:  The new total mortgage payment is 5 percent lower than the total mortgage payment for the mortgage being refinanced.  Example:  Total mortgage payment on the existing FHA-insured mortgage is $895; the total mortgage payment for the new FHA-insured mortgage must be $850 or less. 

 This requirement is applicable when refinancing from a Fixed Rate to Fixed Rate, from an ARM to ARM, from a Graduated Payment Mortgage (GPM) to Fixed Rate, from GPM to ARM, from a 203(k) to 203(b) and from a 235 to 203(b).

 Fixed Rate to ARM:  Fixed rate mortgages may be refinanced to a one-year ARM provided that the interest rate on the new mortgage is at least 2 percentage points below the interest rate of the current mortgage   

ARM to Fixed Rate:  The interest rate on the new fixed rate mortgage will be no greater than 2 percentage points above the current rate of the one-year ARM.  For hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may not increase by more than 20 percent .  Example:  total mortgage payment on the hybrid ARM is $895; the total mortgage payment for the new fixed rate mortgage must be $1,074 or less.

 Reduction in Term:   For transactions that include a reduction in the mortgage term, that loan must be underwritten and closed as a rate and term (no cash-out) refinance transaction.

Investment Properties/Secondary Residences:  In addition to meeting the requirement for a reduction in the total mortgage payment, investment properties or secondary residences are not eligible for streamline refinancing to ARMs.

D.    Certifications and Verifications

When submitting the loan for insurance endorsement, the lender must include a signed and dated cover letter on their letterhead certifying[1] that the borrower is employed and has income at the time of loan application.

If assets are needed to close, the lender must verify and document those assets.

The lenders must also include the pay-off statement in the case binder.

E.    Credit  Score

If a credit score is available, the lender must enter the credit score into FHA Connection.  If more than one credit score is available, lenders must enter all available credit scores 

F.     Maximum Combined Loan to Value

If subordinate financing is remaining in place, the maximum combined loan-to-value ratio is 125 percent.

 

For streamline refinance transactions WITHOUT an appraisal, the CLTV is based on the original appraised value of the property.

 

For streamline refinance transactions WITH an appraisal, the CLTV is based on the new appraised value.

G.    TOTAL Scorecard



Lenders should not use TOTAL on streamline refinance transactions.  If a lender uses TOTAL, that loan must be underwritten and closed as a rate and term (no cash-out) refinance transaction.

H.    Uniform Residential Loan Application (URLA)

 

 



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dflog asked:


I have two homes with one mortgage on each (same lender). One home is now in negative equity and has a high interest rate on the mortgage. Even though the bank refinanced the home only two years ago as an 80/20 loan, they will not allow me to refinance now. I thought about renting until the market get’s better but I can not cover all of the costs.

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Robert Hyder asked:


Because the current economic climate is in such disarray, and because the nest eggs that many retirees have saved their entire lives to earn have virtually disappeared, reverse mortgages are becoming increasingly popular. In fact, reverse mortgages may be the only fiscal solution for America’s senior citizens that rely on a fixed income.

Even during this downward economic spiral, a reverse mortgage will allow aging homeowners to enjoy the lifestyle they envisioned for their retirement years that was quickly disappearing. Instead of making a monthly mortgage payment each month to a bank, a reverse mortgage works in “reverse” by paying the homeowner each month, based on the equity in the home.

Even though the economy continues to decline, reverse mortgages are on the incline. Many experts believe that because the economy continues to decline, reverse mortgages are on the incline. Financial experts also warn about taking out a reverse mortgage for the wrong reasons. Enjoying short-term pleasures can create long-term headaches.

By protecting investments without making extensive sacrifices, a reverse mortgage may just be the answer. However, if a homeowner takes out a reverse mortgage to embark on a few lavish vacations, it may be a potentially expensive venture that may be too costly and too risky.

Why Total Mortgage?

Total Mortgage is an industry leading mortgage broker and lender, having funded over $4 billion in mortgage loans since 1997. The mortgage professionals at Total Mortgage have become trusted financial partners with thousands of homeowners across the country. From our enthusiastic and knowledgeable staff of licensed loan officers to our proficient and dedicated closing department, and everything in between, Total Mortgage has the tools to get the job done right. Our advanced processing technology allows us to handle each individual file with tremendous attention, while our in-house underwriting offers the speed and flexibility that is not typical of the mortgage industry today. Whether you’re a first-time homebuyer or simply looking to refinance, Total Mortgage offers a variety of products and programs to suit your needs, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo mortgages, reverse mortgages, FHA loans and more. Visit TotalMortgage.com for today’s current mortgage rates.



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hi1358496543213215 asked:


What is the best company for mortgage leads? I need mortgage leads.

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morple16 asked:


I am applying for a mortgage and pay my rent on the 7th each month. I am not charged a late fee by complex. I have read that mortgage companies only consider rent late if it is more than 30 days. Is that true?

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Loan Modification Help Center asked:


Statistics show that divorce happens more often due to financial troubles than anything else.  Sexual challenges, family issues, health issues and other areas are all less important to a healthy marriage than solid financial footing.

One of the biggest areas of stress for any couple is buying a home and keeping it.  There are four major life decisions:  choosing a spouse; buying a home; picking a career; and having kids.  Buying a home involves incredible amounts of money, complete sacrifice on the parts of both spouses, a long term dedication and more.  The process of buying a home can be traumatic, because people are taking so many factors into consideration – schools, work, neighbors, etc.  After investing so much time and effort into choosing a home and putting up the money to buy it, it can be completely heartbreaking to see that home go into foreclosure.  Many marriages have ended because of the strain that foreclosure has brought on the people involved.  Spouses begin to question themselves and each other, all the time wondering why they find themselves in the midst of foreclosure proceedings.

Loan modifications are a way to avoid foreclosure, and a California  loan modification attorney can help you stay in your home for a very long time.  A loan modification is a renegotiation of your home mortgage loan where you and the lender agree to new terms.  A loan modification can occur in a number of ways:  your interest rate can be lowered; your adjustable interest rate can become a set interest rate at a much lower rate; you can get a principal reduction; you can have all of the late fees waived; you can have the length of your loan changed, say from a 30 year mortgage to a 40 year mortgage; and much more.

A loan modification attorney can sit down with you and discuss your options, as well as how the process works.  This will afford you the chance to learn about the process, learn more about your particular situation and give you some perspective as to your situation.  California loan modification attorneys work with people from all walks of life who are facing foreclosure and difficult financial situations.  You may be surprised to learn that you are not alone in your struggles or in your hardships.  These days, even corporate executives are declaring bankruptcy, and professional athletes are losing their homes.

With a loan modification, you can have the peace of mind that so many people are struggling to get these days.  The stock market is like a roller coaster and the real estate market is in freefall.  With a loan modification attorney working with you to get a California loan modification, you can get free from foreclosure and stay in your home.  While California loan modification attorneys are not counselors or psychologists, they can help your marriage a great deal by giving you the tools and the power to become free from the hardships you are currently in.  Your future could be much brighter with the help of a California loan modification attorney.



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