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Marcus Buchanan's Answers

Should I refinance?
While you are in a unique situation of only having 7 more years left on your current mortgage, refinancing is defiantly a great option for you especially now because today's rates are extremely low. With a rate of 3.5% for 15 years and some cash out to do some repairs, you will still be able to save...
What kind of credit do I need to get a mortgage?
Jaime, there are many programs out there that can help you, yes you would qualify for an FHA loan like the others have said. This is my reccomendation, try to skip doing the FHA loan if you can, use it as a last resort. As far as your cash that you have saved, lets try to keep that in your pocket for future uses;...
Should I refinance into a 15 year or 30 year?
Blaine,Currently with interest rates as low as they are you would benefit from refinancing. The question you will have to ask yourself is; are you going to be in the financial position to be able to make a higher payment on a 15 year mortgage for the next 15 years? Or would it make more sense to have the...
Unaffordable mortgage payments, need help
Greetings John, check to see if your property is a Fannie Mae or Freddie Mac If your property is owned by either one of these than you have some options. Please contact me at and i will assist you further with...
Wife has poor credit, should I not include her on mortgage?
Thomas,Lets look at it this way per se, the rates are so low right now, theres not going to be a huge difference whether or not your wife is on the loan right now, it all depends on what perticular type of transaction you are trying to do; conventional or FHA. FHA is not always credit driven when it come to...
What can I do to get the best mortgage for a rental?
Jane,Great questions, when it comes to investment properties or a second home the interests rates are a little bit higher than if it were to be owner occupied. Yes you can use the equity in your current home as a down payment to purchase another property this is an opportunity that is exercised quite...
VA Mortgage, can we include the costs for building a stable?
VA will not allow this however, check with the seller, sometimes the seller can make contributions towards the sale that includes the stable along with the sale price.
Home equity for remodel/credit debt
It is Possible, you can do it a few ways. one way is to refinance with cash out to pay off debt or take out a home equity line of credit. The benefit of doing an equity line of credit, you will only pay for the amount you are using. I would suggest the home equity line of credit, you only pay interest on the amount...
New to investment properties, help!
If you can put less down and get away with it, being that it will be rented out is the best way to go. Save the equity in your home for other things such as home repair and emergency funds. Most home equity lines of credit can be used as an open line of credit so you only pay on the amount your using at the time plus...
Should I refinance for 30 yrs or 25 yrs
Greetings, The gentleman that responded first is correct. Could you send me an email to, what i can do is send you a nice spreadsheet that breaks down the excelerated payment for you. Im not licensed to do loans in GA so please contact the gentleman Mike Burns. Marcus
Refinance from a 5.5% rate
Refinancing into a lower rate is always a good exercise in most cases. With your situation of a approx pmt of $1419 P.I. payment you could drop it to $993 saving you around $425 a month. Your closing cost will depend on whether or not you decide to pay any points for a lower rate. Not always reccommended. send me...
Refi to rent, or should I sell?
If your intentions are to rent it then refinancing would be a great move. However, if your going to sell it then there i say no to refinancing. Yes you can get cash out owner occupied or investment. If you could refinance it with cash out to do repairs and if all goes well a HELOC is always great to have for other...
Here is an option for you, contact a local rental agency and have them rent it out for you and when an offer comes your way sell it or keep it as an investment property.
What do I need for a mortgage.
Your fine, you will qualify in a heartbeat, you have a down payment, great credit, and enough income. They usually like to see atleast 3 trade lines, however this can be accomplished with 1. you have a credit card, 2. im sure you have a cell phone, 3 some other kind of payment coud be anything, cable,...
What is Investor Suspense Adjustment? It appeared on my mortgage statement
If this has appeared on your mortgage statement, its in regards to a recent situation you have encountered financialy due to the following: Modification, Bankruptcy, adjustment to an escrow account..... Do any of these situations match yours?
5-10% down no PMI/MIP
Greetings Sir, there is an new product that does allow for a 95% LTV with no Mortgage insurance............
How do I not pay PMI?
Hi Jon, there is an opportunity for your especially with 25% down, you can forget about PMI. I would suggest going with a local lender in your area, if you work with someone other than a large bank youll get much better competitive rate. Hope this helps.
Steven, The Rates are great, is this a owner occupied or investment. Please contact me via email or 707-636-3220. I prefer to get more details before i quote rates. thanks.
Mortgage with 3 different employeed residents.
If you can qualify without your son which it sounds like you can then there would be no reason to have him on it. Less paperwork and hassle.

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