Kimberly asked:


Everyone says that the closing cost should be around 2-3% of the loan – Does that include the Estimated Reserve/ Prepaid Cost? The type of loan is FHA with 3.5% down which is $7,437.50.

Also let me know if you see any bogus charges that I can dispute with the Mortgage Broker.

Thank you!

Here are the est. costs on the Good Faith Est.

Estimated Closing Cost -

Items payable in Connection with the Loan :
Loan Origination Fee @ 0.500% is $ $1,062.50
Appraisal Fee : $350.00
Credit Report : $30.00
Processing Fee : $445.00
Admin Fee : $895.00

Title Charges
Settlement or Closing Fee : $625.00
Title Insurance Fee : $25.00
Endorsements : $200.00

Government Recording and Transfer Charges :
Recording Fee : $200.00
State Tax/Stamps : 721.34
Intangible Tax : $412.19

Additional Settlement Charges :
Survey : $275.00
Termite/ Pest Inspection : $75.00
Scanning Fee to Fort Dox : $15.00

Estimated Reserve and Prepaid Cost :

Items Required by Lender to be paid in Advance
Prepaid Interest 10 days @ $30.0558 – $300.56
Mortage Insurance Premium : $3,544.68.00
Hazard Insurance Premium : $2,160.00

Reserves Deposited with Lender :
Hazard Ins. 2 months @180.00 = $360
Mortgage Ins. $92.84
Property Tax : 4 months @ $245.00 = $980.00

Benjamin

MARKEEONE asked:


I am upside down on my loan (492K vs. 392K). I am also behind on first mortage (have made re-payment arrangements). I have a 80-90% DTI and I can’t get anyone to refi me. If I can lower the value of my home (85% per new housing bill) to 349000 and get FHA funding I can get back on top. Is there anyone out there that might be able to help with refi?

Juan

Jay asked:


I know you have to have good credit. I will have a job that is 12.50 per hour full time. I will save all of that for 2 years and hope that will be a downpayment for a house that costs 75,000 in Texas. I stay with my grandmother so I can save.

1. Can someone explain how I would get a loan. Which is better FHA, or conventional.?

2. Do I get it from my bank or some mortage service.

3. Which is better 15 year or 30 year fixed .( i really dont know what fixed means)

4. And can you please help me with the other information I need to buy a house, because im 18 and dont know much.

5. For credit, I am going to build it, BUT I never had to use my credit card for payments for a car, or leasing an apartment, SO will it be reall hard to get a loan ?

Alan

BIGGS asked:


How can I get a good rate on a loan for a modular home and not have large payments for the rest of my life? What mortage company is the best to help me out?

Jane

Doug asked:


The bank that had the mortage that was paid off in 1996 is no longer in business. Plus I cannot locate any documentation stating this loan was paid off. It is no longer on my credit report. Any suggestions on how I can get this resolved?

Tony

Lender411 asked:


Has the housing market bottomed out? Is it possible that home prices are going to continue falling? Will mortgage rates continue to go down? Will they go up? Aspiring homeowners most likely wonder what the market future holds and whether or not they should buy now or wait a month or longer. It is tempting to jump right in and make a bid on that beautiful – foreclosed – home down the block, but is this really the best time or will the time get even better in a short period of time?

At the heart of this question is of course the other question: is there a bottom past which mortgage rates will not drop? If so, has this bottom yet been reached or is it still being approached? The secondary question that requires answering is whether or not home prices have dropped to their absolute bottom at this time. It is noteworthy that while speculation is running rampant, not even market analysts and those usually not shy to give their opinions about the housing bubble are markedly silent.

What holds true, however, are the facts. Mortgage rates are extremely low, and housing prices followed suit. If ever there was a time for new homebuyers to enter the market it is now. With the governmental incentives for first time homebuyers, the deal is sweetened even further and there truly is no time like the present to buy that first primary residence. At the same time, with home prices further falling, there is the question if it is advisable to perhaps wait out the market to see if another drop in housing prices leads to a further lowering of the interest rates and maybe even further incentives.

Savvy would be homeowners are counseled to research the home prices in the neighborhood into which they are hoping to buy into and see if the current prices are at – or close to – historic values. If so, it is a good idea to take a chance on the market. Moreover, the mortgage rate is unlikely to fall significantly more, and thus now is as good a time as any to get into the market. By the same token, since banks now require a substantial down payment, it is unlikely to be caught up in any further market correction if home prices continue to fall.

Of course, new homebuyers need to come to terms with the tightening mortgage lending practices. For example, zero down loans and stated income mortgages are now virtually unheard of. As a matter of fact, it is now harder than ever to qualify for a new home loan. In this manner those with adverse debt to income ratios and also insufficient income will be kept out of the market, no matter how desperate sellers currently might be. This is also pointing to another interesting bit of market wisdom: if you have good credit and all your ducks in a row, now is a good time to go ahead and make that home purchase. There is no guarantee that in a month from now you will still qualify for a home loan.

In order to compare the lowest mortgage rates, you can visit our site, www.Lender411.com.



Claudia

cardict asked:


I can not get a loan so what can I do ???… What I can do for this?? Please Help!!!!!

Frances

ObaMao asked:


Anyone looking closely at the Sandler’s dealings just prior to the sale of their World Savings to Wachovia can see an irregular pattern of sudden selling of mortgages to a significant amount of people who clearly could not afford them:

http://www.cbsnews.com/stories/2009/02/13/60minutes/main4801309.shtml

The sale netted the Sandlers $2.3 Billion and led to a complete collapse of Wachovia, once the poor mortgages that the Sandlers improperly made became delinquent, shortly after the sale.

What are the chances that BARACK OBAMA and ERIC HOLDER will properly investigate this, given the SANDLER’s status as Sugar Daddies of the Democratic Party!???

http://www.pittsburghlive.com/x/pittsburghtrib/opinion/columnists/s_612742.html
http://emac.blogs.foxbusiness.com/2009/02/13/inside-the-head-of-a-bank-ceo/

Pauline

Manu Geol asked:


“Reverse mortgages are cool” – I heard someone from Scranton say. And, in fact, I would agree with that totally.

Checking the reverse mortgage options for your Scranton house will start with you checking your eligibility / qualifications for getting a reverse mortgage loan. Though the eligibility/ qualifications for the reverse mortgage loan are dependent on the rules and laws prevalent in that state and at that time, there are some general rules that will mostly hold good (or hold good with a bit of variation). The first and the most important rule is the age of home owner. Since reverse mortgages are meant only for older home owners, you must first check the minimum age requirement even before you start considering a reverse mortgage loan (generally, this minimum age limit would be around 62 years or something like that). The other thing is that you must be living in the house (in this case your Scranton house) whose home equity you wish to use for getting the reverse home mortgage loan (and you must continue living in the home for the entire duration of the reverse mortgage loan). If you move to some other house or you sell it, you will need to payoff your Scranton house reverse mortgage loan. Another situation when the reverse mortgage loan will need to be paid off is when you die. Of course, the underlying assumption for reverse mortgages is that you own your house sufficiently (i.e. you have a large home equity).

So, reverse mortgages are really a good option (you can get mortgage advice and tips from a good websites online).



Joann