I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?
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If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?
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A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.
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I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $ 40,000 to $ 100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?
Take advantage of the many benefits of FHA refinancing your Florida home – from getting cash out, to lowering your monthly mortgage payment, to protecting your Florida home investment – our FHA mortgage refinancing programs give you financial breathing room up to 85% of your Florida home’s value. FHA refinancing offers financial freedom, a federally insured Florida home loan, and the low fixed rate you are looking for. If you already have an FHA loan, you may be eligible for a FHA streamline refinance that doesn’t require an FHA appraisal, credit check, income verification, or a face-to-face application. visit http://www.fhamortgagefhaloan.com/ for more information
Florida FHA Mortgage Refinance
Some advantages of using a FHA mortgage for your mortgage refinance your Florida home are as follows:
Cash-Out Refinance up to 95% for existing or new FHA mortgages.
Cash-Out up to 95% of your properties value. Consolidate first and second mortgages into single loan. Bill consolidation programs. Easier credit and income qualifications. FHA regulated closing costs.
Rate and Term Mortgage Refinancing up to 97% of your homes value.
Consolidate first and second mortgages into a single loan. No FICO score or credit score requirements Competitive rates for borrowers with a Bankruptcy older than two years. Competitive rates for borrowers with a Foreclosure older than three years. Easier credit and income qualifications. FHA regulated closing costs.
FHA Streamline Refinance for existing FHA loans only.
No Cost Interest Rate Reductions programs. No Income or Credit Qualifications. Zero cost refinance options available. Easily switch amortization for adjustable to fixed or vice versa. Easily shorten or lengthen term of your existing loan. Easier credit and income qualifications.
FHA Secure Refinance with current mortgage lates.
Refinance your mortgage at competitive rates even if you have a mortgage late on your credit that is directly due to adjusting mortgage. Qualify for refinance even if currently in foreclosure. Complete details of FHA Secure loan.
APPLY NOW AT http://www.fhamortgagefhaloan.com/
Our FHA Home Refinance Loan Benefits:
Cash Out Refinancing: Tap your Florida home’s equity with Cash Out refinancing up to 85% of your home’s value. Lower Rate Refinancing: Lower your monthly mortgage payment by reducing the interest rate on your current Florida home loan. Current Florida Home owners with current FHA loans in good standing may further qualify for an FHA streamline refinance. FHASecure is a refinancing option that gives Florida homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, you will not automatically be disqualified because you are delinquent on your Florida home loan, and you may be offered a second Florida mortgage to make up the difference between the value of your Florida home and what you owe.
FHA refinancing is only available to Florida homeowners who are currently using their Florida home as their principal Florida home. FHA mortgage refinancing is available for Florida homeowners of single-family, multi-family homes, with verifiable income and who are able to make their Florida mortgage payment. Cash out is not available under FHA Secure.
There are many good reasons to choose an FHA home loan over other home loan options, especially if one or more of the following apply to you:
If you’re a first-time homebuyer If you don’t have a lot of money to put down on a house If you want to keep your monthly payments as low as possible If you’re worried about your monthly payments going up If you’re worried about qualifying for a loan If you don’t have perfect credit If you’re worried about what will happen if you fall behind on your payments
If any of these things describe you, then an FHA loan may be right for you.
Other FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio’s than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
www.FHAmortgageFHALoan.com
FHA Home loans (Min 530 score)
12 month cancelled checks or Management VOR Must have 3 good recent tradelines Payment shock limited to 1.5 times 33/45 DTI max No late’s or collection in last 12 months NO late’s after BK
An FHA-insured loan offers many benefits and protections that you won’t find in other loans including:
FHA loans have Lower rates: An FHA home loan has competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.
FHA Mortgage loans are Easier to qualify: Because FHA mortgage insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
FHA loans If you have less than perfect credit: You don’t have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA loan than a conventional loan.
FHA mortgage have More protection to keep your home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure.
FHA does not give money to people for a home and it does not set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.
You may use an FHA-insured mortgage to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured or mobile home (provided it is on a permanent foundation).
What types of loans does FHA offer?
Fixed rate loans - Most FHA loans are fixed-rate mortgages (loans). In a fixed rate mortgage, your interest rate stays the same during the whole life of the loan, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
Adjustable rate loans – Most first-time homebuyers are a little stretched financially, so they want payments as low as possible at the beginning. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (1 Yr CMT the most widely used index, to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.
The maximum amount that the interest rate on your loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate, again depending upon the type of ARM you choose. The advantage of an ARM is that you may be able to afford more house; because your initial interest rate will be lower, as will your payment.
Purchase – Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get just one mortgage loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of this loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the home.
Indian Reservations and Other Restricted Lands - A family who purchases a home under this program can apply for financing through a FHA approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing. An eligible party can produce a gift for the down payment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value.
How does a FHA loan Compare to a Conventional Loan? – Conventional loans usually require a larger down payment. And, if you have less than perfect credit you may not qualify for many conventional loans and find yourself being offered loans with higher interest rates and/or fees than you expected. The best thing to do is compare the cost of the conventional loan to an FHA loan line-by-line. What are the fees on each? What is the interest rate? How much is the mortgage insurance on each? How much down payment is required? For some borrowers, a conventional loan may be less expensive. For many others, it will be more expensive than FHA.
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I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven’t been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?
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Since the Reverse Mortgage for seniors program is all the rage these days, let’s take a look at what is required to qualify for and to get a reverse mortgage. In the United States, a person must be at least 62 years of age and own their home to qualify for a reverse mortgage.
A reverse mortgage allows you to convert the equity in your home into a lump-sum payment, monthly income, or a line of credit. Why would you want to do that? Well, it can be a useful strategy in retirement, if you want some extra income. It’s called “reverse” because it reverses the direction of the payments: instead of building up equity in your house by putting the money in, you actually reduce equity in the house by taking money out.
Like most loans, you will pay an origination fee, appraisal fee, title fee, escrow fee, recording fee, and a monthly servicing fee. These fees can be included in your loan balance, if there is enough equity available. No payments are made on the loan until you no longer occupy the home as your primary residence. When you move or sell your home, the loan balance is due and payable. However, the loan balance is never allowed to exceed the value of your home.
There are things that do not affect eligibility for a reverse mortgage, like Income, Credit History, Discharged bankruptcy and health of the homeowners. You might be asking, How is my equity determined? The allowable equity is calculated based on three factors. First the youngest borrower’s age, Secondly the appraised value of your home and third the FHA maximum loan limit for your country.
To ensure that you enter into a reverse mortgage with your eyes fully open and to ensure that you are not taken advantage of or scammed, there is a Federal requirement that you must obtain financial counseling from a source that is approved by the Department of Housing and Urban Development (HUD). Do not discount this counseling. It is very valuable and can usually be obtained for free or at a very low cost. It is best that you get such counseling from an independent source.
Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650 and we’ll be more than happy to answer all your questions.
Tim Jacobs Golden Years Mortgage Solutions Your Money…When You Need It www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com
Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.
I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started.
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Do you think I could make money? I have 7 years sales experience. How much do loan officers make?
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We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
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