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Peter Savino's Answers

Can a bank refuse to accept an appraisal that would cancel PMI?
Call your mortgage company and request for them to have their approved appraiser do the appraisal, when the person comes to the house, give them a copy of the report you have already. If yours was done correctly the two reports will look very similair. You may have to pay again but the result will be the...
Can I purchase a second home after recently refinancing my first home?
To answer your question correctly more information would be needed. One important question would be the loan to value (LTV) ratio you are looking for on the new purchase. Many banks have guidlines about such a purchase. These overlays are critical to your situation. Althought rent and or your financial...
I must move 65 miles away. Should I rent or buy a duplex which will help me cover a mortgage payment?
Not all home owners are able to be landlords, you need to figure out if you are that person or not. If a renter calls you on a friday night to fix something are you going to do it or call a repair man. From a financial point of view, to answer the question best, we would need to know the cost of the property, and how...
Is approval possible with little to no down payment? Good credit, but no savings.
Mr Sevenson, There are many government programs that allow home buyers little to no money down. FHA - allows 3.5% down payments VA and USDA- allows for 100% finance Here at 1st National Bank we close and directly fund these loans.Each one of these loan programs has items needed to qualify. Should you want...
My husband and i have a chapter 7 discharged almost 2 years ago. We recently got a loan mod on our first mortgage and are still wa
Dear J, Chances are you will not be able to get another mortgage for some time. Modifications are treated like foreclosures and short sales. If you chose to sell your home and are able to pay off the first and second mortgage your credit report may show a foreclosure being started. If that is the case you...
I'm relocating from Scotland. Is it possible ot get a US mortgage?
I have to agree with William from Velocity, Banks in the US, are currently being held to strick guidelines. 2 forms of US ID are required and 2 years of transcribed tax returns are the norm. If you meet these 2 items then you are almost there. If you do not, I would look to a Hard Money Lender, They will require...
impact on average people with the situation of stock marketing
Please re ask the question in a diffrent form to clarify what you are asking
how much are the closing costs?
There is 2 ways to look at this - how much are the total closing cost or how much are the closing cost that the buyer will have to pay. They are not the same. Should you want more information on exactly what I mean - please reach out to me. WWW.HOMEMORTGAGEXPERT.COM thank you Peter Savino
can a bank renege on a loan after the loan has closed using info they have had since the application?
Sounds like your current lenders compliance or closing dept does not agree with underwriting who cleared the loan to close in the first place. Who is your current bank, what are they asking your X to be to sign? He cant be signing the loan documents as he didnt sign the original loan application. I would...
Is it always a good idea to pay your mortgage off early?
To answer this correctly, we would need to know what you job is, and what your total finacial picture looks like. There are jobs where the home owner needs the deductions to save money on their IRS tax return. The most correct answer would be to ask a certified accountant, they will know what is best for you. ...
Is it easier to get approval for a mortgage loan by putting down more money?
You would think that more money down reduces the risk to the bank. but its not always easier. Speak to your loan officer about all the other factors that will come into play.
become a mortgage broker
Check your states requirements, But there are more requirements for a brokers lic. then working as a banker.
Do you have any programs for people younger than 62 that are on ssi and own a house
are you are asking about some kind reverse loan for Disabled Americas ??
looking at buying a home.
Brando, What I would recomend in that you obtain a letter of good standing with your child support. You will need it for the loan you will soon applying for. Now you stated your score is 654, was that a Bank pulled credit or a consumer report from you looking on line ? Bank credit is usually tougher then...
Scary letter received from Wells Fargo
What seems to have happened is that your original mortgage with Wells Fargo was as a primary residence. Now that you have moved to another home and have rented your old home they will want to change your mortgage to a Non owner occupancy loan. One way you can fight with them is based on the loan to value of the...
Can my son or daughter Assume my VA loan
There is a need for more information to understand the reason behind the question. There are options, should you want to discuss these options , give me a call 855 411 LEND , Thank you Peter
What happens if I make large payments to principle?
The term of your mortgage is reduced, but I have heard times where bank that holds your mortgage will lower the monthly payment and leave the term alone. I would recomend that you call them and discuss with them what they will do for you. One thing that will not change is the intrest rate.
I just refinanced my house, but considering converting it to an investment property and moving into a rental. Can I do this?
Each lender is going to have its own rules on this subject. I would recomend that you contact your mortgage company and ask questions. Make sure to get names and document answers. With the refi just occuring there may be an issue.
high income to debt ratios
Chris, First I would ask how you came up with the 93%. With out knowing the correct ratio, your question is really hard to answer accurately. I can help you should you want to speak further. thank you Peter 855 411 LEND

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