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Christopher Arco's Answers


Getting a Name off a loan without a refinance
A bit limited on this one, you may either sell or refinance the loan. The Note was secured using bother persons socials, so a re write or a pay off are the only options. You can however remove the person from Title, but they will still remain as a responsible party to the loan.
Broker Or Direct To The Bank?
Banks are great usually lower on front end fees, rates can be higher. Also, they ONLY have their own products to offer, sometimes a competitor has a better deal and that is where a Broker can help.
Second VA Loan?
you may ONLY have 1 VA loan at each time. You can refinance your existing then your VA will be elligable.
Only been employed in mi for 1 month. Left ca and job (34yrs). Who will give me a loan?
As long as you have 2 years previous employment and can show proof of income, then you should have no problems.
I am getting ready to refinance. The lender told me today if i get a 15 yr fixed fha loan. At 2.95% i have to pay closins costs.
1st you should try to decide which is more important to you. Rate, Fees or a combination of both. They both contribute to each other and 1 can be higher or lower depending on the other. If your going to keep the loan for 5+ years the Rate should be most important. If your plan on keeping the loan/home for less...
how to become a reverse mortgage lender
You will need to get Approved by HUD.
I short sold my house 1 year ago, I had some missed payments on my mortgage, when can I buy again?
it really depends what's report on your credit and what kind of mortgage you short soldthe time friends are 2 to 5 years depending on those details
Will I get better rates if I can actually pay off my mortgage like right away?
If you plan on paying the loan off in a year, you can get a 1 or 3 yr fixed loan instead of a 30 yr and the rates are lower for the shorter term loan. Just be sure you dont have a pre payment penalty.
I've had two late payments in the past year...can I not refinance?
You need at least 12 months since a late mortgage payment in order to qualify on a new loan.
If my husband and I are about to divorce should we wait to refinance?
That would depend on if you need both incomes to qualify for the loan. You dont have to be married to be on a loan together. If you planning on a divorce you should contact an attorney before the disposition of any assets.
I'm ready to buy, but my FICO says otherwise...
Ben you are very close. All you need is a 580 fico middle score to get an FHA loan. You can still qualify even if you are not living in the property as long as at least one other applicant will be living in the new home.
can I close in less than 30days
The answer is yes. You will need to make sure collect all of the necessary documents upfront and when your lender asks for any additional items you should get them same day if possible.
I am paying $270 into escrow - it seems too high?
The monthly escrow fee is for you property taxes and sometimes it can include your homeowners insurance. Ask your lender for the breakdown so that you have a better understanding of the costs.,
Is there a fee charged or any other obligation if I complete the online application?
We don't charge a fee!I would recommend limiting the number of applications you fill out to 1 or 2 lenders only. to make sure your credit isn't over shopped, which can hurt you credit score.Call us were easy to talk to:888-400-0433 x 313info@1stnwm.com
do lenders lend to students?
Congratulations!You can qualify for a loan with proof of employment (paycheck stub) and diploma or certificate. We are experienced, available and here to help.888-400-0433 x 313 info@1stnwm.com
What would be my FHA loan rates with a 726 credit score
currently the rates are in the mid to high 3%
Are underwriting and processing fees for new mortgage tax deductible
I am not a tax professional and you should consult one.From my experience only points charged are tax deductible.
want to get equity from the house mortgage is paid off how to do it?
You can apply for a cash-out refinance and take out up 75-80% of the value. I am available to help you, can be reached at 888-400-0433 x 313 Chris

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