If you lock your mortgage then 1 week later rates go down Am I re-able to re-lock my rate with no penalty.
Man, people sure like to spew bad information on here. Most large lenders have a rate renegotiation policy. Its not always published and its something you usually have to ask about. Lord knows I dont mention it when locking in a loan because its more trouble explaining than its worth. Short answer: if there is big enough of a rate drop, lenders will re-hedge your rate with the fed reserve and tack on a hefty fee for the process. (ours is .5pt) so basically you need rates to drop 1pt to save .5pt. If you notice the average fixed rate take a huge drop on bankrate.com give a call and see what the lender will do. The policy is in place to protect people from going and re-locking elsewhere.
so yes you can, no not for no penalty
I have recently become a mortgage loan officer in the DFW area. There is not a lot of experience in my office. Any advice where I can get assistance to survive this market? I would be happy to learn how to close at least one loan per month then build from there. Thanks for your assistance.
If I was a loan officer, which Im not, I certainly would start my practice in the field that currently needs more experts in. In my opinion I would seek to start in the field of loss mitigation on existing loans preventing foreclosures and if I did a great job on those they would come back for refinance when things settle down. Here is information links on how to understand Loss mitigation
Preventing, Detecting and reporting mortgage loan fraud
https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf
Free Foreclosure assistance – Homeownership Preservation Foundation
http://www.995hope.org/
Fannie Mae Loss Mitigation policies on Foreclosures
https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp
Site #2
http://www.fanniemae.com/housingcommdev/resourceshomeed/lossmitigation.jhtml?p=Affordable%20Housing%20&%20Community%20Development
FHA Definition of terms used in Loss Mitigation on Foreclosures
http://www.fha.gov/sf/svc/faqmain.cfm
Government article and information on Foreclosures
http://www.occ.treas.gov/cdd/spring06b/cd/gsesusetech.htm
HUD: Servicing and Loss Mitigation on Foreclosures
http://www.hud.gov/offices/hsg/sfh/nsc/faqnsctc.cfm
Site #2
http://www.hud.gov/offices/hsg/sfh/nsc/nschome.cfm
HUD: Approved House Counseling Agencies includes foreclosure issues, by state
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
HUD: Article on Foreclosure Issues
http://www.huduser.org/Periodicals/ushmc/fall95/fall95.html
Best of luck on your new career
specifically, private equity funds that invest in hard assets in new york city real estate? i have a very basic understanding of pe’s so please explain in lamest language possible! thanks 
Hi (libra)lynn,
This is a very good question, because the mortgage crisis is affecting all areas of the economy and private equity is overlooked often. The Lehman Brothers had a pretty significant chunk of the private equity industry through their private equity division holding $30 billion in assets under management, according to their website. So, as you can imagine, the collapse of Lehman Brothers is potentially very dangerous to the private equity industry. There is hope that the private equity branch will be sold to a suitable buyer for a good price, but that’s all speculation.
As for your specific interest in New York City real estate:
I live in NYC and the whole mortgage mess does not spell good news for anyone really, especially the high volume of investors located in the city. I’m not sure how any specific private equity funds will fare but most major real estate funds have invested in real estate with the presumption that the housing market would continue to boom with the economy. However, around 2006 the housing market stopped climbing so dramatically, not exactly what the real estate investors hoped for. They expected prices to continue to rise so that they could get profit from their real estate investments, and when this did not occur–and still has not occurred–many funds lost considerable amounts of money.
New York City is special, in that it is an island, so the housing prices haven’t declined as much as far as I know. While there are lots of issues with NYC housing, the attraction of the major city and it’s geographic inability to expand for new development insulates it from collapsing to the degree of other areas and allows real estate prices to continue to climb.
I hope this was of some help to you,
Theo O’Brien
I would like to know the wholesale company that does the lending, not the broker.
I currently have some very good government rates. We are also a lender, not a dreaded broker.
If you would like more information, please contact me directly at timothy.kazee@americanhm. com and we can talk.
History of Economic disaster:
Fannie Mae is a "Govt Sponsored entity"; they buy mortgages from Banks and other Companies and are backed by THE TAXPAYERS FOR ALL LOSSES, BUT THEY KEEP ALL PROFITS.
1998-2008:
Banks forced to give bad loans, O down, no documentation for 120%,
and ACORN is accountable, backed by Democrats.
Executives at Fannie Mae receive huge bonuses if loan targets are met, so bad loans ar handed out like penny candy.
Franklin Raines and Jamie Gorelick are appointed to run Fannie Mae.
2003
Mr. Bush proposes new oversights Committee to clean up Fannie Mae, but DEMOCRATS DERAIL IT.
FRANKLIN RAINES GETS 100 MILLION DOLLARS IN BONUSES.
JAMIE GORELICK GETS 75 MILLION DOLLARS IN BONUSES.
2001
Enron files for bankruptcy, congress investigates, executives Skilling
and Lay go to jail for fraud.
Congress responds with the Sorbanes-Oxley act "more regulations
of corporations".
2004
An O.M.B. investigation finds massive fraudulant bookkeeping at Fannie Mae, under the care of GORELICK AND RAINES.
CONGRESS RESPONSE: NOTHING -no hearings, no jailtime, no
person punished, no bonuses paid back.
> Fannie Mae give millions to democratic causes ACORN and RAINBOW.
> Fannie Mae pays millions to 354 Congressmen and Senators from
BOTH parties.
WHO GOT THE MOST KICKBACKS?
1. Chris Dodd (D-CT) Chairman, Banking Houses & Urban Affairs.
2. Barack Obama (D-IL) Federal Financial Management Committee
3. Chuck Schuman (D-NY) Chairman, Finance Committee
4. Barney Frank (D-MA) Chairman, Hse Financial Services Committee
2005:
Franklin Raines and top execs forced to resign from Fannie Mae.
-no jail, no media reporting, keep all bonuses.
RESPONSE FROM DEMOCRATS: SILENCE.
RESPONSE FROM REPUBLICANS:
Sen. John McCain makes this statement:
"If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole".
MCCAIN CALLS FOR:
The Federal Housing Enterprise Regulatory Reform Act.
THIS LEGISLATION WOULD HAVE PREVENTED WHAT WE SEE
ON TV TODAY IN THIS ECONOMIC DISASTER THAT MCCAIN SAID
WOULD SURELY HAPPEN.
DEMOCRAT REPONSE:
>None of the top 4 kickback receivers supported the legislation.
>The legislation is quickly blocked and derailed immediately by democrats, never even making it out of the Committee.
>Democrats are on Youtube video, yelling that nothing is wrong, there
is no possibility of any economic crisis coming, and that the taxpayers
were completely safe. Democrats insist that no oversight is necessary with regard to freddie mac and fannie mae.
2008
Fannie Mae and Freddie Mac go bankrupt and the Government takes
them over completely.
Lehman goes Bankrupts from investing in the bad mortgages.
AIG gets $85 Billion in loan guarantees after insuring thousands of
bad mortgages.
FRANKLIN RAINES IS NOW THE ECONOMIC ADVISOR TO THE OBAMA CAMPAIGN, AND HE WANTS:
The Government to take over more of the economy.
WE ARE IN THIS BAD SPOT BECAUSE GOVERNMENT INTERFERED WITH THE HOUSING MARKET IN THE FIRST PLACE, BY: forcing banks to give mortgages to people who simply could not afford to pay them. Government interference forcing agencies to loan
money to people who could not afford to pay it back.
HOW WOULD EVEN MORE Government interference make this
better?
IF THE DEMOCRATS WOULD HAVE STAYED OUT OF THE BANKS
AND LENDING INSTITUTIONS BUSINESS AND ALLOW THEM TO REQUIRE DOCUMENTATION, GOOD CREDIT, AND A MEANS TO PAY THE MORTGAGE, we would not be suffering this economic disaster we see today.
Questions:
1/ Do you believe like Franklin Raines that Government interference in MORE CORPORATIONS AND BANKS would be good
for this Country?
2/ Do you think that Franklin Raines being the executive who walked
away with 100 billion dollars and a bankrupt Fannie Mae, is the right
person to be Obama’s Economic advisor and RUN THIS NATION?
3/ Do you know that it was Obama’s baby, ACORN, who provided
the strongarming that was done to force these banks into giving out
mortgages to people who could not afford them?
4/ Do you know that when working on the economic bailout last week,
that Obama and his Democrat partners tried to divert 20% of any money taxpayers would get back, over to ACORN instead?
Thanks for your answers.
Sources:
www.govtrack.com 9/17/08
New York Times 9/13/03
Herald Tribune 4/18/08
Congressional Record 5/25/06
no the government is terrible at running things
My first mortgage has a lower interest rate but a much higher amount. The home equity loan is a smaller amount but at a much higher interest rate.
You did not say how long you had been in your house and if the first mortgage was an adjustable or not, or if it is an interest only loan.
There are a couple of things you should consider before you start throwing your hard earned money around and perhaps for no reason what so ever. You are not paying principal for the first 5 years or so and if you have an interest only loan you will have t figure out if it is in your best interest to pay anything toward the principal.
You might want to sit down with a mortgage professional to see what your options are. It might be that combining the two loans with a refinance is a better 1st option for you. Then once you have accomplished that then start on your principal pay down.
You might consider a 4-1 payment option loan. You have four options to pay your loan and you are not penalized for which ever option you select and you can change your option when it suits you.
I find that most individuals refinance their homes approximately every 5 years for some reason. Of course this also seem to be a regional thing as it happens more often in the western Unites States more so than in the southern United States.
I hope this has been of some use to you good luck.
A creditor is about to take a charging order on my property. I want to know if this creditor has the right to discuss this issue with my mortgage lender and will they exchange informaton about me.
Absolutely: a charging order will fundamentally affect the rights the mortgage issuer has on the property. In any case, a charging order can only follow a county court judgement being issued against you, and these judgements are public information anyway.
Charging orders are rarely issued, so I am presuming it is a very large debt.
I want to try to qualify for a palm harbor manufactured home and was wondering if when I bring in my SE Tax forms from last year if they would verify them with the IRS. Is it a normal practice of mortgage lending? Or if there is even a way to do this?
Yes, they make you fill out IRS form 4506 and it may be verified with the IRS. With all the mortgage fraud in the last few years, they are verifying more and more tax returns with the IRS.
Getting ready to buy a house and just curious what people find comfortable. What is your mortgage payment (including taxes and insurance), and your household income, and are you comfortable with your mortgage?
Thanks!
To keep from getting in over your head and being financially stressed, your monthly total mortgage payment (PITI) should not exceed 25% of your take-home pay.
Lenders will tell you 30% or more, but that school of thought leads to families struggling with the reality of home ownership and all the other expenses.
Being a home owner is expensive: regular maintenance (air filters, cleaning products, light bulbs, etc.), major repairs like heat & air, roofs, window replacement, painting), yard upkeep, appliance repair and replacement, plumbing emergencies, garage door repair, furnishings and replacing old furniture from time to time, insect and termite control, fence replacement, and the list goes on and on.
Don’t buy the biggest place your lender will allow. Being in debt for your house will hamper you ability to save for future major financial obligations and wishes like vacations, family, retirement, medical expenses, and the occasional toy or trinket.
Financial Freedom is the largest reverse mortgage lender with about 56% of the market.
You can go to them direct or go with a mortgage broker that does reverse mortgages, most likely with Financial Freedom.
Over 95% of reverse mortgages are the FHA HECM loan product. Financial Freedom has their own Cash Account reverse mortgage product which is for very expensive homes.
Basically you are looking for the best loan officer out there, that will spend the time with you to answer all your questions and help you get the loan.
The small firm is most likely the better source to get your reverse mortgage. The terms are the same anyway. Its just a question of service.