Seller May Cancel Sale Due to FHA Mortgage Requirement
Q: Can a seller cancel our purchase agreement? Our lender just informed us that FHA will not let us close on a house that closed escrow less than 90 days ago. That’s when our seller bought the home. We...
View ArticleRefinancing To A Negatively Amortizing Loan
Q: I have been frantically searching for help regarding my refinance five months ago. I specifically asked the loan company for a fixed-rate mortgage with no prepayment penalties, with payments between...
View ArticleChoosing The Right Mortgage Lender
A new study suggests that one of the reasons many subprime loans have failed is because of very weak underwriting. “Underwriting” is the process by which a lender decides if a borrower is a good risk....
View ArticleGetting A Good Home Mortgage Rate
Q: My daughter is buying a house from me with 25 percent down in cash. We can close anytime and at age 28, she has excellent credit (over 700). Should she get a mortgage now or should we hold off a few...
View ArticleMonthly Payments On Mortgage Exceed Refinancing Terms
Q: I was going to refinance my loan on my house. The day I was going to go to the office to sign the closing papers, I asked again what the loan amount and monthly payment were going to be. Well, it...
View ArticleOwner Occupied Status Affects Mortgage Refinancing
Q: I have been renting a house for seven years. The owner has refinanced the house two times as owner occupied. Is this against the law? Thank you. A: When you fill out a mortgage application, the...
View ArticleFinancing Contigency For Home Buyer’s Financing
Q: I am a listing agent on a property under contract. The buyers mortgage company declined the buyers. The buyers still want to buy the house and want to seek other lending options. The buyers still...
View ArticleLien Protects Personal Loan For Home Financing
Q: My daughter wants to purchase a new home, and I want to help her with the financing. She currently owns the home she is in free and clear . Due to the down housing market, she wants to buy another...
View ArticleMortgage Delinquency is Down, Credit Delinquency is Up
Mortgage delinquency rates are down, credit delinquencies are up. CoreLogic reports 30-day-plus delinquency is the lowest it’s been in over a decade. It’s a good news, not-so-good news situation....
View ArticleWhat Mortgage Can I Get Approved For?
What mortgage can I get approved for? Fannie Mae found most Americans overestimate the credit score and down payment necessary to qualify for a mortgage. Credit scores and lending requirements are...
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