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Melissa Mason's Answers

any idea what 2011 will bring us rate-wise?
We have seen historic lows within 2010, that being said 2011 has started still in the high 4's and low 5's. Even though the economy is strenthening the rates will rise probaly a point this year. If you are thinking about purchasing or refinancing it is important to know what the rate is at the...
Only deceased spouse on mortgage, but both on deed.
I think the 1st thing you need to find out about is the Succession of Real Estate laws in the State in which you live. This will give you an idea of your rights before you talk to the bank. I would talk to a Real Estate Lawyer for advise you can find one by either calling a Real Estate Company and ask who they use...
Buying a home while single vs being married
About the legal protections take a look at this link on how you should hold title in your property: it is really informative, and it will protect both of your interests' in the property. Housing prices are low and the interest rates are low,...
Are there any no doc loans or stated income loans available?
There are some programs available as long as you can put 35% down on a property the rates are not great but better than private money. Or if you are self-employed there are still programs availalbe for you but again you need to put down 25% or better.
6 Questions I have about refinancing...
1. $7,000 seems a little high on closing costs, definitely would look at what is included in that 7K.2. You will not have to pay for an additional 12 months but depending on when your insurance expires most lenders require that your insurance be active at least when you make your 1st payment. (example if you...
We are 67 years old and could not afford for our mortgage to increase. Please help
At 67 you may want to look into a reverse mortgage, if you qualify it could eliminate your payment altogether. If enought equity is in the home it may even provide you with a little income.
Please help..I need advice...
Here is the actual guideline from the HUD book 4155.1 Chapter 4 Section D:"3. Borrowers Employed by a Family Owned BusinessChange Date March 29, 20104155.1 4.D.3.aIncomeDocumentationRequirementIn addition to normal employment verification, a borrower employed by afamily owned businesses...
How can i get my FICO moved from 605 to 620?
We would actually need to see the credit report, it could be something simple like paying down a credit card or removing something from your credit. But you would have to provide a copy of your report for someone to give you specifics. I would be happy to help you contact me at 203-858-1401.
can someone explain how 203K loan work?
203K Loan is an Government Backed loan requiring a minimum Down Payment of 3.5%. I suggest that prior to finding a home when you identify a lender ask them to give you the upfront disclosures and paperwork for a 203K loan. As yourself and the licensed contractor have about 7 - 10 forms to fill out. Also it...
5/1 Arm Rate Question
I agree this needs to be more specific is the 2.87% a fixed rate or ARM Rate and are you entering a range of credit scores between 710 - 719?
Can private lenders legally decline a re-fi loan even as we meet all other requirements?
The problem with a big bank and online is that when they issue a denial it is very vague. There could be a few things going on here, with PMI they have a set reserve requirement and credit score if you are deficient on any of these they can deny renewal of your coverage. I would love to talk to you PRMI...
Is there a cap on the number of properties you can go with FHA?
Yes for the most part only one FHA loan per person, extenuating circumstances on letting you have two FHA loans, but one is not for investment properties. I am a lender in CT if you need any further assistance please call me at 203-400-6288
how long do preapprovals last?
Most Pre-approvals last 60 days however we will require that you update bank statements and paystubs to verify the information used to obtain the pre-approval is still valid. If you have any questions please call me at 203-400-6288 we are a direct lender in Trumbull CT.
Where can I look up a broker's NMLS?
You can put a license number or search by name on this site:www.nmlsconsumeraccess.orgMine is 70585 you can look it up to see if the mortgage person is licensed. If you need further assistance I am a Mortgage Banker in CT can be reached at 203-400-6288
Do underwriters call landlords for rent verification?
No that is usually done by a credit company (3rd party) unless something in the report looks suspect they may call personally
Should I short sell? Behind on mortgage payments
it really depends on the bank that holds your mortgage and if they are willing to work with you. I have an excellent realtor i can refer you to give me a call. Melissa Mason 203-858-1401

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