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Michael Mandis's Answers

New home, sold old one
It is never a good idea to use every penny of your liquid funds when buying a home. Unforeseen expenses can turn an otherwise happy time into a burden, if you don't have cash reserves set aside.I'd suggest negioating with the seller pay all of your closing cost. Put 15% Down, and take a small 2nd...
80-10-10 Loan Possible?
Howard County a declining market? I don't think so. I haven't seen an 80-10-10 product in a couple of years. Lenders don't have appetite for 2nd mortgages these days. We can do an 80-5-15, if the borrower can come up with 15% down. otherwise take a look at Lender Paid Mortgage insurance....
Can I refinance a property without being on the title/deed?
if you are to on the deed, but are on the note/mortgage as a co-signer, the actual owner can refinance and you can so-sign again for the refinance. But, like Joe said, you cannot refi a property you do not own.
With an 800+ credit rating..What is the current mortgage rate in HarfordCounty? Can get an estimate of closing costs?
You should be able to secure a 15-Fixed Rate Mortgage @ 3.25% - No Points. Closing costs will come in at about $3k + -.Call me at 410-683-1500 and I can prepare a more precise estimate for you. We are conveniently located in Cockeysville, MD.Since the rate on a 20-Year Fixed is not much better than a 30-Year, I...
Any ideas of where I can refi my loan?
We can do a Fannie HARP refi with unlimited LTV, under certain conditions. We are local. Call me at 410-683-1500 and we can discuss.
what is the most trustworthy mortgage company?
Ask 100 mortgage companies, and you'll get 100 different answers. I'd stay away from the internet lenders - they are unfamiliar with local charges/customs. I'd avoid and the giant lenders, where you are just a number. Choose a local, established mortgage broker/lender who has good...
refinance commercial property
I would check with Patapsco Bank, Hopkins Federal, Arundel Federal, and Mid-State Federal Savings.
Contact your lender and tell them that you want a file a Rebuttal. Make sure you get a copy of the appraisal, and check it thoroughly for errors. If it was an FHA appraisal, you do not have the option of getting another appraiser. The appraisal stays with the property for 6-months. If you applied for a...
What's a better option? IRRRL or conventional refinance with no mortgage insurance?
Joe Metzler's answer if dead on. VA is running about 3.25%, whereas conventional is about 3.5%You can find more info on the VA portal of our site
How to complain or hold a lender accountable?
I suspect your buyer's loan is in trouble, and the originator is dodging and weaving. You can try to contact the originator's supervisor, to find out exactly is delaying the loan, but he/she isn't under any obligation to speak with you in any detail about someone else's...
If someone has a bankruptcy can they get a home loan?
Sure, but it depends on a number of factors: Chap 7 or 13?, when was the discharge date, and how the credit has been managed since the BK.
Can I buy a home with no money down at all?
The only 2 loans widely offered that allows you to purchase a home with no money down are the VA Loan and the USDA Loan (Rural Development Loan). The USDA mortgage is a great way to go if you are not looking in a metro area.
Best to wait until later this week to lock in on a jumbo loan?
If you don't have to pay an extended lock fee, I would suggest locking. If the market improves, it isn't going to change your life, if it deteriorates, you are just going to kick yourself. It's always better to be locked, and wish you had floated, than float and wish you had locked.
Can you mortgage a home without fannie or freddie?
Sure. You have FHA as an option. If you want to explore that option, call me at 410-683-1500. I'd be happy to help.

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