Home Loans page 3

How does a person with a credit score of 560 get a loan to purchase a home for the first time?

need a home equity loan home equity 300,000 credit score 560?

I was wondering what all Virginia has to offer when it comes to home assistance? ?

Which mortgage company offers home loans to foreign nationals?

Who gives the best home loans to 1st time buyers with excellent credit in Northern virginia?

Home Owners - Question.?

I have a simple question about paying off home loan early?

Can a bank drop my name off my mortgage after doing a simple assumption?

Getting unsecured loan after bankruptcy?

OK heres the deal. I purchased my home when I was quite young [22] with a interest only 10/20 yr fixed mortgage back in 2005 at 6.75% [$154,410]. Its a small home and I want to keep it as an investment property [rent it out/sell it when i retire]. I want to refinance to a 15-yr note. I make much more money now and my credit score increased [760]. I went to lendingtree.com and I got the following. 4.375% [no pt] / 4.625% [1% point] [Home loan center] So that comes out to $1,147.79. The lenders fees are $3,200 [1,600 for pt and 1,600 for fees]. Not including $1,300 for third party fees [titeling, apraisle etc...]. So total to table is $4,500 to table. couple of questions. 1. Is this expensive [fees] or is this typical. I asked him what can he do about the $1,600 he said hes not budging on that. 2. Is points good? What am I actually doing when Im paying points. Is is that Im paying the total calculated interest early. Should I pay as much pts as possible? 3. My plan is when my wife starts working my income will exceed 6 figures. I want to purchase an additional house. Will this pre-existing house inhibit my ability to get financing for a more expensive home? 4. What questions do I need to ask these lenders. Should I simply ask for a good faith and compare them side by side. Will I waste time doing this. 5. The loan officers all try to push me and lock-in a rate because the market fluctuates. How true is this? Refinancing and need some assistance on knowing whats best?

You need to learn / read about loans before you proceed. Fees should always be able to be rolled into the loan. Point is not good. Blah, blah.. paycheck and yet you wonder if existing real estate would hinder your next purchase. Yes, you ask for a quote. Tell you what, I'd be happy to advise you further for a consult fee. In this economy there is no reason to lock into a rate. Guffaw - when the wife works you will earn $$$.

1. There will always be someone willing to do it for less. The question you should ask yourself is do you feel good working with your loan officer, how long have they been in business, and are you being well-taken care of. The fact of the matter is, you get what you pay for. 2. You should consult your CPA, but often, Points or Loan Origination is beneficial for the client because they are tax-deductible (at least 50%). Of course, it also raises the loan amount and this is how the lender gets paid. 3. Lending guidelines have changed, but usually additional houses will not deter you from obtaining financing (provided income and credit are still good) 4. The Federal Truth-In-Lending Disclosures provide an APR, which is good for comparing lenders' similar programs side-by-side. 5. The market does fluctuate; however, you should always get a second opinion regardless of what they say.